Business
Rocky Brands, Inc. Announces 2020 Fourth Quarter and Full Year 2020 Results
Fourth Quarter Revenue Increased 16.3% to $87.6 Million Fourth Quarter Gross Margins Increased 370 Basis Points Fourth Quarter Diluted Earnings Per Share
About this update from Rocky Brands, Inc.
[{"type":"text","content":"\nFourth Quarter Revenue Increased 16.3% to $87.6 Million\n\nFourth Quarter Gross Margins Increased 370 Basis Points\n\nFourth Quarter Diluted Earnings Per Share Increased 95.6% to $1.33\n\n NELSONVILLE, Ohio--(BUSINESS WIRE)--\nRocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its fourth quarter and year ended December 31, 2020.\n\nFourth Quarter 2020 Sales and Income\n\nFourth quarter net sales increased 16.3% to $87.6 million versus net sales of $75.3 million in the fourth quarter of 2019. Fourth quarter net income increased 91.1% to $9.7 million, or $1.33 per diluted share, compared to $5.1 million, or $0.68 per diluted share in the year ago period. Adjusted net income for the fourth quarter of 2020, which excludes acquisition related expenses, was $10.3 million, or $1.41 per diluted share.\n\nFiscal Year 2020 Sales and Income\n\nFor fiscal year 2020, net sales increased 2.6% to $277.3 million versus net sales of $270.4 million in fiscal year 2019. Net income increased 20.1% to $21.0 million, or $2.86 per diluted share, for fiscal year 2020, compared with a net income of $17.5 million, or $2.35 per diluted share, for fiscal 2019. Adjusted net income for fiscal 2020 was $23.1 million, or $3.14 per diluted share, compared to an adjusted net income of $16.9 million, or $2.27 per diluted share in 2019. (See below for a reconciliation of GAAP financial measures to non-GAAP financial measures).\n\n“We had an incredible fourth quarter with strong sales across our business leading to record revenue and profitability,” said Jason Brooks, President and Chief Executive Officer. “The solid foundation we’ve built at Rocky Brands over the past several years allowed the Company to successfully weather the initial challenges created by COVID-19 last spring, and more recently capitalize on the opportunities that emerged as the economy reopened and consumers returned to shopping at brick and mortar retail. Our performance during the second half of 2020 reflects the strong appeal of our brands and products, the advantages of our internal manufacturing, and our enhanced fulfillment capabilities. Our execution amidst the challenging operating environment has strengthened our customer and consumer relationships and provided us with great momentum to start 2021. We believe we have the right strategies in place to continue exp...