Rocky Brands Inc. (RCKY, Financial) filed Quarterly Report for the period ended 2010-09-30.
Rocky Brands Inc. has a market cap of $68.4 million; its shares were traded at around $9.28 with a P/E ratio of 9.8 and P/S ratio of 0.3. Rocky Brands Inc. had an annual average earning growth of 12.4% over the past 10 years.RCKY is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Gross margin. Gross margin for the three months ended September 30, 2010 was $27.2 million, or 36.4% of net sales, compared to $24.7 million, or 37.1% of net sales, in the same period last year. Wholesale gross margin for the three months ended September 30, 2010 was $21.4 million, or 36.1% of net sales, compared to $19.5 million, or 35.7% of net sales, in the same period last year. Retail gross margin for the three months ended September 30, 2010 was $5.1 million, or 45.9% of net sales, compared to $5.2 million, or 45.6% of net sales, for the same period in 2009. Military gross margin for the three months ended September 30, 2010 was $0.7 million, or 15.4% of net sales, compared to less than $0.1 million, or 4.2% of net sales, for the same period in 2009. The shipments in 2010 under the $29.0 million contract have a higher gross margin than shipments under previous contracts.
SG&A expenses. SG&A expenses were $19.2 million, or 25.6% of net sales, for the three months ended September 30, 2010, compared to $18.6 million, or 27.9% of net sales for the same period in 2009. The increase primarily reflects increases in incentive accruals of $1.2 million and freight expenses of $0.2 million, partially offset by decreases in compensation and benefits of $0.3 million, bad debt expense of $0.1 million and Lehigh store expenses of $0.2 million.
Net sales. Net sales for the nine months ended September 30, 2010 were $186.1 million compared to $167.8 million for the same period in 2009. Wholesale sales for the nine months ended September 30, 2010 were $135.8 million compared to $128.4 million for the same period in 2009. The $7.4 million increase in wholesale sales was primarily the result of increased sales in our work footwear category. Retail sales for the nine months ended September 30, 2010 were $35.1 million compared to $37.5 million for the same period in 2009. The $2.4 million decrease in retail sales resulted from plant closings and layoffs in the manufacturing sector as the current economic conditions have impacted a significant portion of our retail customer base. In addition, retail sales were negatively impacted by our ongoing transition to more internet driven transactions and the decision to remove a portion of our Lehigh mobile stores from operations which resulted in reductions in SG&A expenses. Military segment sales for the nine months ended September 30, 2010, were $15.2 million, compared to $1.9 million in the same period in 2009. Shipments in 2010 were under the $29.0 million contract, issued in July 2009.
Gross margin. Gross margin for the nine months ended September 30, 2010 was $65.0 million, or 35.0% of net sales, compared to $62.5 million, or 37.3% of net sales, in the same period last year. Wholesale gross margin for the nine months ended September 30, 2010 was $47.1 million, or 34.7% of net sales, compared to $44.6 million, or 34.7% of net sales, in the same period last year. Retail gross margin for the nine months ended September 30, 2010 was $15.9 million, or 45.3% of net sales, compared to $17.8 million, or 47.5% of net sales, for the same period in 2009. The 220 basis point decrease reflects reduced sales via our mobile stores, which carry the highest gross margin in our retail business. Military gross margin for the nine months ended September 30, 2010 was $2.1 million, or 13.7% of net sales, compared to $0.1 million or 4.4% of net sales for the same period in 2009. The shipments in 2010 under the $29.0 million contract have a higher gross margin than shipments under previous contracts.
Financing Activities. Cash provided by financing activities for the nine months ended September 30, 2010 was $11.9 million and reflects $14.1 million of proceeds from the aforementioned issuance of common stock, an increase in net borrowings under the revolving credit facility of $27.2 million and repayments on long-term debt of $29.4 million. Cash used in financing activities for the nine months ended September 30, 2009 was $5.8 million and reflects a decrease in net borrowings under the revolving credit facility of $3.9 million, debt financing costs associated with the amendment of our credit facility with GMAC of $1.5 million and repayments of long-term debt of $0.4 million.
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Rocky Brands Inc. has a market cap of $68.4 million; its shares were traded at around $9.28 with a P/E ratio of 9.8 and P/S ratio of 0.3. Rocky Brands Inc. had an annual average earning growth of 12.4% over the past 10 years.RCKY is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Net sales. Net sales for the three months ended September 30, 2010 were $74.8 million compared to $66.6 million for the same period in 2009. Wholesale sales for the three months ended September 30, 2010 were $59.4 million compared to $54.5 million for the same period in 2009. The $4.9 million increase in wholesale sales was the result of increased sales in our work footwear, duty footwear and apparel categories, partially offset by decreases in our outdoor footwear category. Retail sales for the three months ended September 30, 2010 were $11.1 million compared to $11.5 million for the same period in 2009. Military segment sales for the three months ended September 30, 2010, were $4.3 million, compared to $0.6 million in the same period in 2009. Shipments in 2010 were under the $29.0 million contract, issued in July 2009.Gross margin. Gross margin for the three months ended September 30, 2010 was $27.2 million, or 36.4% of net sales, compared to $24.7 million, or 37.1% of net sales, in the same period last year. Wholesale gross margin for the three months ended September 30, 2010 was $21.4 million, or 36.1% of net sales, compared to $19.5 million, or 35.7% of net sales, in the same period last year. Retail gross margin for the three months ended September 30, 2010 was $5.1 million, or 45.9% of net sales, compared to $5.2 million, or 45.6% of net sales, for the same period in 2009. Military gross margin for the three months ended September 30, 2010 was $0.7 million, or 15.4% of net sales, compared to less than $0.1 million, or 4.2% of net sales, for the same period in 2009. The shipments in 2010 under the $29.0 million contract have a higher gross margin than shipments under previous contracts.
SG&A expenses. SG&A expenses were $19.2 million, or 25.6% of net sales, for the three months ended September 30, 2010, compared to $18.6 million, or 27.9% of net sales for the same period in 2009. The increase primarily reflects increases in incentive accruals of $1.2 million and freight expenses of $0.2 million, partially offset by decreases in compensation and benefits of $0.3 million, bad debt expense of $0.1 million and Lehigh store expenses of $0.2 million.
Net sales. Net sales for the nine months ended September 30, 2010 were $186.1 million compared to $167.8 million for the same period in 2009. Wholesale sales for the nine months ended September 30, 2010 were $135.8 million compared to $128.4 million for the same period in 2009. The $7.4 million increase in wholesale sales was primarily the result of increased sales in our work footwear category. Retail sales for the nine months ended September 30, 2010 were $35.1 million compared to $37.5 million for the same period in 2009. The $2.4 million decrease in retail sales resulted from plant closings and layoffs in the manufacturing sector as the current economic conditions have impacted a significant portion of our retail customer base. In addition, retail sales were negatively impacted by our ongoing transition to more internet driven transactions and the decision to remove a portion of our Lehigh mobile stores from operations which resulted in reductions in SG&A expenses. Military segment sales for the nine months ended September 30, 2010, were $15.2 million, compared to $1.9 million in the same period in 2009. Shipments in 2010 were under the $29.0 million contract, issued in July 2009.
Gross margin. Gross margin for the nine months ended September 30, 2010 was $65.0 million, or 35.0% of net sales, compared to $62.5 million, or 37.3% of net sales, in the same period last year. Wholesale gross margin for the nine months ended September 30, 2010 was $47.1 million, or 34.7% of net sales, compared to $44.6 million, or 34.7% of net sales, in the same period last year. Retail gross margin for the nine months ended September 30, 2010 was $15.9 million, or 45.3% of net sales, compared to $17.8 million, or 47.5% of net sales, for the same period in 2009. The 220 basis point decrease reflects reduced sales via our mobile stores, which carry the highest gross margin in our retail business. Military gross margin for the nine months ended September 30, 2010 was $2.1 million, or 13.7% of net sales, compared to $0.1 million or 4.4% of net sales for the same period in 2009. The shipments in 2010 under the $29.0 million contract have a higher gross margin than shipments under previous contracts.
Financing Activities. Cash provided by financing activities for the nine months ended September 30, 2010 was $11.9 million and reflects $14.1 million of proceeds from the aforementioned issuance of common stock, an increase in net borrowings under the revolving credit facility of $27.2 million and repayments on long-term debt of $29.4 million. Cash used in financing activities for the nine months ended September 30, 2009 was $5.8 million and reflects a decrease in net borrowings under the revolving credit facility of $3.9 million, debt financing costs associated with the amendment of our credit facility with GMAC of $1.5 million and repayments of long-term debt of $0.4 million.
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