Rocky Brands reports Q2 net income of $0.7 million

Mon. July 28, 2008; Posted: 01:44 AM

Jul 28, 2008 (Datamonitor via COMTEX) -- RCKY | Quote | Chart | News | PowerRating -- Rocky Brands, a footwear and apparel company, has reported net income of $0.7 million, or $0.13 per diluted share, for the second quarter of fiscal 2008, compared to a net loss of $1.4 million, or $0.25 per diluted share, in the same quarter of fiscal 2007.

For the second quarter of 2008, net sales increased 2.9% to $60.5 million versus net sales of $58.8 million in the second quarter of 2007. Gross margin was $24.4 million, or 40.3% of sales, compared to $23.9 million, or 40.7% of sales, for the same period last year.

Net sales were $120.99 million for the six months ended June 30, 2008, compared to $120.45 million in the same period of 2007. Net income was $1.03 million, compared to a net loss of $621,302 million for the same period of 2007.

Mike Brooks, chairman and CEO, said: "Our second quarter performance was highlighted by the successful execution of our continuing strategy to enhance profitability. Due largely to more favorable sell-in terms with our retail partners and better utilization of our company-owned factories wholesale gross margins increased 250 basis points."

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