Exhibit 99

ROCKY BRANDS, INC.
Company Contact:	Jim McDonald
	Chief Financial Officer
	(740) 753-1951
Investor Relations:	ICR, Inc.
	Brendon Frey
	(203) 682-8200

Rocky Brands, Inc. Announces Second Quarter 2016 Results

Funded Debt Decreased 34.0% to $23.5 Million

NELSONVILLE, Ohio, July 28, 2016 – Rocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its second quarter ended June 30, 2016.

Second Quarter 2016 Sales and Income

Second quarter net sales were $62.6 million compared to $68.6 million in the second quarter of 2015. The Company reported a second quarter net loss of $1.8 million, or $0.23 per diluted share compared to net income of $2.0 million, or $0.26 per diluted share in the second quarter of 2015.

David Sharp, President and Chief Executive Officer, commented, “Much as they did in the first quarter, elevated inventories in the Western, Work, and Hunting channels negatively impacted sales and margins in our wholesale business.  Softening of local economies, especially those where oil and gas exploration had been significant, and weak store traffic across retail contributed to our poor performance. The wholesale sales decline was partially offset by a significant gain in our military sales. However, our need to ramp up our internal production capabilities to meet the increase in military footwear demand resulted in additional costs, including labor and training that has temporarily pressured gross margins. While we are disappointed in our recent results, we continue to be confident that the strategic course we’ve set for the company will lead to improved profitability and greater shareholder value over the long-term.”

Second Quarter Review

Net sales for the second quarter were $62.6 million compared to $68.6 million a year ago. Wholesale sales for the second quarter decreased 23% to $41.5 million compared to $53.9 million for the same period in 2015. Retail sales for the second quarter increased 2% to $10.4 million compared to $10.2 million for the same period last year. Military segment sales for the second quarter increased 139% to $10.7 million compared to $4.5 million in the second quarter of 2015.

Gross margin in the second quarter of 2016 was $16.3 million, or 26.0% of sales, compared to $22.6 million, or 33.0% of sales, for the same period last year. The 700 basis point decrease was primarily driven by increased costs related to the ramp up in production capabilities to meet the increased military footwear demand. Also, military segment sales carry lower initial gross margins than our wholesale and retail segments, therefore the increase in military segment sales in the quarter reduced the overall blended margin.

Selling, general and administrative (SG&A) expenses were $18.8 million, or 30.1% of net sales, for the second quarter of 2016 compared to $19.4 million, or 28.3% of net sales, a year ago. The $0.6 million decrease in SG&A expenses was primarily related to lower variable expenses associated with the decrease in wholesale sales.

Loss from operations was $2.5 million compared to income from operations of $3.3 million, or 4.7%, of net sales, a year ago.

Exhibit 99

Interest expense was $142,000 for the second quarter of 2016, versus $176,000 for the same period last year.

The Company’s funded debt decreased $12.1 million, or 34.0%, to $23.5 million at June 30, 2016 versus $35.6 million at June 30, 2015.

Inventory at June 30, 2016 was $87.6 million compared with $86.5 million on the same date a year ago. The slight increase in inventories year-over-year was driven by the buildup of raw materials ahead of the ramp up in military footwear production and lower than anticipated wholesale sales in the second quarter. The company is comfortable with the quality of its inventories.

Conference Call Information

The Company’s conference call to review second quarter 2016 results will be broadcast live over the internet today, Thursday, July 28, 2016 at 4:30 pm Eastern Time. The broadcast will be hosted at http://www.rockybrands.com.

About Rocky Brands, Inc.

Rocky Brands, Inc. 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®, Creative Recreation®, and the licensed brand Michelin®.

Safe Harbor Language

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Those statements include, but may not be limited to, all statements regarding intent, beliefs, expectations, projections, forecasts, and plans of the Company and its management, and include statements in this press release regarding improved profitability and increased shareholder value (paragraph 3). These forward-looking statements involve numerous risks and uncertainties, including, without limitation, the various risks inherent in the Company’s business as set forth in periodic reports filed with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2015 (filed March 3, 2016) and quarterly report on Form 10-Q for the period ended March 31, 2016 (filed April 29, 2016). One or more of these factors have affected historical results, and could in the future affect the Company’s businesses and financial results in future periods and could cause actual results to differ materially from plans and projections. Therefore there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the Company, or any other person should not regard the inclusion of such information as a representation that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to the management of the Company. The Company assumes no obligation to update any forward-looking statements.

Exhibit 99

Rocky Brands, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

	June 30, 2016		December 31, 2015		June 30, 2015
	Unaudited		Audited		Unaudited
ASSETS:
CURRENT ASSETS:
Cash and cash equivalents	$	2,470,576	$	3,407,140	$	4,526,938
Trade receivables – net		42,188,601		44,549,207		58,073,165
Other receivables		587,779		583,479		605,019
Inventories		87,555,956		76,991,059		86,478,155
Income tax receivable		2,179,525		128,699		56,540
Deferred income taxes		1,031,818		1,031,818		1,291,907
Prepaid expenses		2,886,973		2,530,517		2,672,643
Total current assets		138,901,228		129,221,919		153,704,367
FIXED ASSETS – net		27,896,273		27,836,527		25,258,833
IDENTIFIED INTANGIBLES		36,481,414		36,547,873		36,615,202
OTHER ASSETS		245,934		258,812		269,620
TOTAL ASSETS	$	203,524,849	$	193,865,131	$	215,848,022
LIABILITIES AND SHAREHOLDERS' EQUITY:
CURRENT LIABILITIES:
Accounts payable	$	21,892,208	$	9,118,555	$	19,436,481
Accrued other expenses		7,380,567		5,629,661		7,117,467
Total current liabilities		29,272,775		14,748,216		26,553,948
LONG TERM DEBT		23,503,226		23,700,089		35,593,360
DEFERRED INCOME TAXES		13,000,609		13,000,609		12,928,048
DEFERRED LIABILITIES		227,345		295,676		389,208
TOTAL LIABILITIES		66,003,955		51,744,590		75,464,564
SHAREHOLDERS' EQUITY:
Common stock, no par value;
25,000,000 shares authorized; issued and outstanding  June 30, 2016 - 7,481,022; December 31, 2015 - 7,567,271; June 30, 2015 - 7,562,069		69,890,665		70,882,392		70,667,372
Retained earnings		67,630,229		71,238,149		69,716,086
Total shareholders' equity		137,520,894		142,120,541		140,383,458
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	203,524,849	$	193,865,131	$	215,848,022

Exhibit 99

Rocky Brands, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2016			2015			2016			2015
NET SALES	$	62,560,094		$	68,583,196		$	120,090,039		$	134,034,499
COST OF GOODS SOLD		46,296,834			45,934,563			84,915,887			89,414,556
GROSS MARGIN		16,263,260			22,648,633			35,174,152			44,619,943
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		18,807,595			19,395,298			37,939,489			38,963,245
INCOME FROM OPERATIONS		(2,544,335	)		3,253,335			(2,765,337	)		5,656,698
OTHER INCOME AND (EXPENSES):
Interest expense		(142,215	)		(176,186	)		(278,191	)		(341,262	)
Other – net		19,221			4,524			86,749			(58,816	)
Total other - net		(122,994	)		(171,662	)		(191,442	)		(400,078	)
INCOME BEFORE INCOME TAXES		(2,667,329	)		3,081,673			(2,956,779	)		5,256,620
INCOME TAX EXPENSE		(908,000	)		1,079,000			(1,006,000	)		1,840,000
NET INCOME	$	(1,759,329	)	$	2,002,673		$	(1,950,779	)	$	3,416,620
INCOME PER SHARE
Basic	$	(0.23	)	$	0.26		$	(0.26	)	$	0.45
Diluted	$	(0.23	)	$	0.26		$	(0.26	)	$	0.45
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic		7,530,579			7,561,850			7,556,873			7,560,603
Diluted		7,530,579			7,578,713			7,556,873			7,572,467