Date of Report (Date of earliest event reported)
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October 26, 2011
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ROCKY BRANDS, INC.
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(Exact name of registrant as specified in its charter)
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Ohio
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001-34382
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31-1364046
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(State or other jurisdiction
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(Commission
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(IRS Employer
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of incorporation)
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File Number)
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Identification No.)
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39 East Canal Street, Nelsonville, Ohio
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45764
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code
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(740) 753-1951
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Not Applicable
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(Former name or former address, if changed since last report.)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition.
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Item 9.01.
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Financial Statements and Exhibits.
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(d)
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Exhibits.
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Exhibit No.
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Description
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99*
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Press Release, dated October 26, 2011, entitled “Rocky Brands, Inc. Announces Third Quarter Fiscal 2011 Results.”
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*
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Such press release is being “furnished” (not filed) under Item 2.02 of this Current Report on Form 8-K.
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Rocky Brands, Inc.
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Date: October 26, 2011
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By:
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James E. McDonald
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James E. McDonald, Executive Vice
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President and Chief Financial Officer
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Exhibit No.
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Description
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99*
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Press Release, dated October 26, 2011, entitled “Rocky Brands, Inc. Announces Third Quarter Fiscal 2011 Results.”
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*
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Such press release is being “furnished” (not filed) under Item 2.02 of this Current Report on Form 8-K.
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ROCKY BRANDS, INC.
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Company Contact:
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Jim McDonald
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Chief Financial Officer
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(740) 753-1951
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Investor Relations:
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ICR, Inc.
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Brendon Frey
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(203) 682-8200
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September 30, 2011
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December 31, 2010
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September 30, 2010
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||||||||||
Unaudited
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Audited
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Unaudited
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||||||||||
ASSETS:
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||||||||||||
CURRENT ASSETS:
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Cash and cash equivalents
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$ | 3,330,196 | $ | 4,362,531 | $ | 3,965,906 | ||||||
Trade receivables – net
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63,339,879 | 47,593,807 | 61,261,175 | |||||||||
Other receivables
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1,055,666 | 911,103 | 1,319,589 | |||||||||
Inventories
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78,887,067 | 58,852,556 | 62,913,777 | |||||||||
Deferred income taxes
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1,238,989 | 1,218,101 | 1,490,601 | |||||||||
Prepaid expenses
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2,822,954 | 1,793,852 | 1,494,653 | |||||||||
Total current assets
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150,674,751 | 114,731,950 | 132,445,701 | |||||||||
FIXED ASSETS – net
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23,572,687 | 22,129,282 | 22,114,258 | |||||||||
IDENTIFIED INTANGIBLES
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30,505,267 | 30,495,485 | 30,504,785 | |||||||||
OTHER ASSETS
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737,489 | 1,222,712 | 1,896,914 | |||||||||
TOTAL ASSETS
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$ | 205,490,194 | $ | 168,579,429 | $ | 186,961,658 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY:
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CURRENT LIABILITIES:
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Accounts payable
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$ | 11,054,561 | $ | 9,024,851 | $ | 9,449,927 | ||||||
Current maturities – long term debt
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2,955 | 487,480 | 508,376 | |||||||||
Accrued expenses:
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Taxes - other
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420,082 | 590,217 | 490,978 | |||||||||
Income tax payable
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1,916,316 | 422,229 | 2,280,900 | |||||||||
Other
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8,232,441 | 6,050,964 | 6,612,636 | |||||||||
Total current liabilities
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21,626,355 | 16,575,741 | 19,342,817 | |||||||||
LONG TERM DEBT – less current maturities
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60,054,291 | 34,608,338 | 52,910,608 | |||||||||
DEFERRED INCOME TAXES
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9,521,852 | 9,374,685 | 9,060,211 | |||||||||
DEFERRED LIABILITIES
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535,937 | 3,017,107 | 3,925,393 | |||||||||
TOTAL LIABILITIES
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91,738,435 | 63,575,871 | 85,239,029 | |||||||||
SHAREHOLDERS' EQUITY:
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||||||||||||
Common stock, no par value;
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||||||||||||
25,000,000 shares authorized; issued and outstanding
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||||||||||||
September 30, 2011 - 7,489,995; December 31, 2010 -
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||||||||||||
7,426,787; September 30, 2010 - 7,409,537
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69,546,028 | 69,052,101 | 68,927,984 | |||||||||
Accumulated other comprehensive loss
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(2,608,298 | ) | (2,828,989 | ) | (2,947,290 | ) | ||||||
Retained earnings
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46,814,029 | 38,780,446 | 35,741,935 | |||||||||
Total shareholders' equity
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113,751,759 | 105,003,558 | 101,722,629 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
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$ | 205,490,194 | $ | 168,579,429 | $ | 186,961,658 |
Three Months Ended
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Nine Months Ended
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|||||||||||||||
September 30,
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September 30,
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|||||||||||||||
2011
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2010
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2011
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2010
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NET SALES
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$ | 71,020,546 | $ | 74,760,244 | $ | 175,609,453 | $ | 186,062,284 | ||||||||
COST OF GOODS SOLD
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45,430,389 | 47,575,649 | 110,136,023 | 121,021,756 | ||||||||||||
GROSS MARGIN
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25,590,157 | 27,184,595 | 65,473,430 | 65,040,528 | ||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
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18,026,065 | 19,159,541 | 53,108,445 | 53,347,582 | ||||||||||||
INCOME FROM OPERATIONS
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7,564,092 | 8,025,054 | 12,364,985 | 11,692,946 | ||||||||||||
OTHER INCOME AND (EXPENSES):
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Interest expense
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(252,858 | ) | (955,033 | ) | (760,844 | ) | (4,721,176 | ) | ||||||||
Other – net
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106,033 | 246,334 | 153,442 | 286,451 | ||||||||||||
Total other - net
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(146,825 | ) | (708,699 | ) | (607,402 | ) | (4,434,725 | ) | ||||||||
INCOME BEFORE INCOME TAXES
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7,417,267 | 7,316,355 | 11,757,583 | 7,258,221 | ||||||||||||
INCOME TAX EXPENSE
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2,205,000 | 2,634,000 | 3,724,000 | 2,613,000 | ||||||||||||
NET INCOME
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$ | 5,212,267 | $ | 4,682,355 | $ | 8,033,583 | $ | 4,645,221 | ||||||||
INCOME PER SHARE
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Basic
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$ | 0.70 | $ | 0.63 | $ | 1.07 | $ | 0.71 | ||||||||
Diluted
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$ | 0.70 | $ | 0.63 | $ | 1.07 | $ | 0.71 | ||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
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Basic
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7,489,995 | 7,407,409 | 7,485,529 | 6,522,058 | ||||||||||||
Diluted
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7,489,995 | 7,422,194 | 7,486,250 | 6,541,192 |