Rocky Brands (Nasdaq: RCKY) Up after Posting Second Quarter Profit
After posting second quarter results yesterday, Rocky Brands (Nasdaq: RCKY) shares were up 9% to $8.00 on heavy volume. Posting profits and blowing away analysts estimates tend to have a positive effect on companies' share price. Analysts actually projected a loss of ($0.10) per share, where RCKY posted a profit of $0.08 per share.
For the second quarter of 2010, net sales increased 7.9% to $55.2 million versus net sales of $51.2 million in the second quarter of 2009. The Company reported net income of $0.5 million, or $0.08 per diluted share versus a net loss of $1.4 million, or ($0.25) per diluted share a year ago.
Excluding one-time charges of $0.6 million, net of tax, associated with the early repayment of a portion of the Company's senior term loan, second quarter 2010 net income improved to $1.1 million, or $0.17 per diluted share.
Mike Brooks, Chairman and Chief Executive Officer, commented in a press release, "There were several highlights from the second quarter, most notably the dramatic improvement in our bottom line. We paid off the majority of our high interest, senior term loan using proceeds from our successful equity offering and availability under our existing credit facility. We are very pleased with the progress we have made towards building a more efficient organization and we look forward to taking advantage of our improved position to better capitalize on the growth opportunities that are ahead."
Rocky Brands is a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names including Rocky, Georgia Boot, Durango, Lehigh, and the licensed brands Dickies, Michelin and Mossy Oak.
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