Business
Rocky Brands, Inc. Announces 2020 Second Quarter Results
Second Quarter Diluted Earnings Per Share of $0.33 Retail Sales Increased 15.8% to $16.3 Million Cash Flow from Operations Increased by $4.7 Million Company
About this update from Rocky Brands, Inc.
[{"type":"text","content":"\nSecond Quarter Diluted Earnings Per Share of $0.33\n\n\nRetail Sales Increased 15.8% to $16.3 Million \n\n\nCash Flow from Operations Increased by $4.7 Million\n\n\nCompany had Cash and Cash Equivalents of $25.8 Million and Zero Debt at June 30, 2020\n\n NELSONVILLE, Ohio--(BUSINESS WIRE)--\nRocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its second quarter ended June 30, 2020.\n\n\nSecond Quarter 2020 and Year-to-Date Sales and Income\n\n\nSecond quarter net sales were $56.2 million compared to $62.0 million in the second quarter of 2019. The Company reported second quarter net income of $2.4 million, or $0.33 per diluted share compared to net income of $3.2 million, or $0.42 per diluted share in the second quarter of 2019. Adjusted net income for the second quarter of 2020, which excludes expenses related to the temporary closure of the Company’s manufacturing facilities due to COVID-19, was $3.2 million, or $0.44 per diluted share.\n\n\nNet sales for the first six months of 2020 were $111.9 million compared with $127.9 million for the first six months of 2019. The Company reported net income of $3.6 million, or $0.49 per diluted share, and net income of $6.8 million, or $0.91 per diluted share for the six months ended June 30, 2020 and 2019, respectively. Adjusted net income for the first six months of 2020, which excludes expenses related to the temporary closure of the Company’s manufacturing facilities due to COVID-19, was $5.2 million, or $0.71 per diluted share.\n\n\nJason Brooks, President and Chief Executive Officer, commented, “Our business exhibited increasing strength as the quarter progressed despite the ongoing challenges created by COVID-19. The work we’ve done over the past several years strengthening our brands and product lines, enhancing our marketing programs and building out our digital capabilities has allowed us to capitalize on the accelerated shift in consumer spending online brought on by the pandemic. Between our branded websites and online marketplaces, total digital sales increased triple digits on a percentage basis in the second quarter driven by existing customers and a dramatic increase in new customer acquisition. Meanwhile, the strong relationships we have forged with our key wholesale accounts helped us weather the slowdown at brick and mortar retail from reduced tra...