Welcome to our dedicated page for Rocky Brands news (Ticker: RCKY), a resource for investors and traders seeking the latest updates and insights on Rocky Brands stock.
Rocky Brands, Inc. (NASDAQ: RCKY) is a prominent global designer, manufacturer, and marketer of premium-quality footwear and apparel. Established in 1932, the company has expanded its reach to over 70 countries, with its global headquarters in Nelsonville, Ohio. The headquarters employs around 400 local residents, while the company boasts over 2,800 employees worldwide, including an office in Los Angeles, CA, and international facilities in Canada, China, Puerto Rico, and the Dominican Republic.
Rocky Brands, Inc. is renowned for its compelling family of brands which includes Rocky®, Georgia Boot®, Durango®, Lehigh Outfitters®, and Creative Recreation®. The company also markets the licensed brand Michelin footwear. With a strong emphasis on product innovation, targeted sponsorships, and social interaction with consumers, Rocky Brands aims to enhance consumer life experiences and foster lifetime loyalty.
The company operates through three primary business segments: Wholesale, Retail, and Contract, with the Wholesale segment generating the majority of its revenue. Rocky Brands' mission is to grow through innovative product development and strategic marketing initiatives, ensuring the provision of premium products that meet the evolving needs of their diverse customer base.
Recent achievements for Rocky Brands include the expansion of their product lines, enhanced global distribution capabilities, and strategic partnerships aimed at strengthening their market presence. The company continues to focus on financial health, operational efficiency, and sustainable growth to secure its position as a global leader in the industry.
Rocky Brands (NASDAQ: RCKY) has appointed Robyn R. Hahn, President of the Small Business division for Westfield Insurance, to its Board of Directors, effective April 1, 2021. Hahn brings extensive experience in managing business functions, brand marketing, and operational leadership, which is expected to strengthen the company's governance. Her leadership roles in the insurance industry and prior executive positions at major companies will be advantageous as Rocky Brands progresses in its strategic goals.
Rocky Brands, Inc. (NASDAQ: RCKY) announced the completion of its acquisition of Honeywell's performance and lifestyle footwear business for $230 million. This acquisition includes well-known brands like The Original Muck Boot Company and XTRATUF. The acquired brands generated net revenue of $205 million in 2020 with an EBITDA of $24.5 million. The deal is expected to nearly double Rocky Brands' annual revenues, enhancing growth opportunities and stakeholder value.
Rocky Brands, Inc. (NASDAQ: RCKY) announced a new share repurchase program of up to $7,500,000 of its common stock, replacing the previous plan that expired on February 28, 2021. The repurchases will occur through open market or privately negotiated transactions, adhering to legal regulations and market conditions. This program is discretionary, giving the company the option to suspend purchases at any time.
Rocky Brands reported a strong fourth quarter and fiscal year 2020, with net sales increasing 16.3% to $87.6 million and net income rising 91.1% to $9.7 million. For the full year, net sales grew 2.6% to $277.3 million, while net income climbed 20.1% to $21.0 million. The company also announced plans for a $230 million acquisition of Honeywell's performance and lifestyle footwear business.
Gross margins improved in both quarter and year, reflecting better wholesale margins. Cash reserves increased 82.7% to $28.4 million by year-end.
Rocky Brands, Inc. (NASDAQ: RCKY) will announce its fourth quarter financial results for the period ending December 31, 2020, on February 24, 2021, after market close. A conference call to discuss these results is scheduled for 4:30 p.m. ET on the same day. Interested investors can join the call by dialing (877) 705-6003 domestically or (201) 493-6725 internationally. The call will also be available via a live webcast at www.rockybrands.com. A replay will be accessible until March 10, 2021, using the provided numbers.
Rocky Brands, Inc. (NASDAQ: RCKY) has declared a quarterly cash dividend of $0.14 per share, scheduled for payment on March 16, 2021, to shareholders of record by the close of business on March 2, 2021. Future dividends and their payment dates will be determined quarterly by the board of directors. Rocky Brands is known for its premium quality footwear and apparel, featuring brands like Rocky®, Georgia Boot®, and Michelin®.
Rocky Brands, Inc. (NASDAQ: RCKY) has entered into a definitive agreement to acquire Honeywell's performance and lifestyle footwear business, including The Original Muck Boot Company and XTRATUF brands, for $230 million. The acquisition is expected to enhance Rocky's portfolio and increase sales and profitability. The target business generated approximately $205 million in net revenue in 2020. The purchase will be financed through a combination of secured loans and cash. The acquisition is subject to regulatory approval and is anticipated to close in Q1 2021.
Rocky Brands, Inc. (NASDAQ: RCKY) announced its upcoming presentation at the 2021 ICR Conference on January 12, 2021, at 9:30 a.m. Eastern Time. The presentation will be available for live streaming online at https://investors.rockybrands.com. Rocky Brands is recognized for its premium footwear and apparel, boasting brands such as Rocky®, Georgia Boot®, Durango®, Lehigh®, and the Michelin® licensed brand.
Rocky Brands reported strong financial results for Q3 2020, with net sales increasing by 15.8% to $77.8 million compared to Q3 2019. Net income rose to $7.6 million, or $1.04 per diluted share. However, year-to-date sales decreased to $189.7 million from $195.1 million in 2019. Adjusted net income for the first nine months increased to $12.8 million or $1.74 per share, reflecting resilience despite COVID-19 challenges. The company maintained a strong balance sheet with zero debt and a cash increase of 209.7% to $19.9 million.
Rocky Brands, Inc. (NASDAQ: RCKY) announced plans to release its third-quarter financial results for the period ending September 30, 2020, on October 27, 2020, after market close. A conference call will follow at 4:30 p.m. ET on the same day for management to discuss the results. Investors can join the call by dialing (877) 705-6003 domestically or (201) 493-6725 internationally. A live webcast will be available on the company’s website. A replay of the call can be accessed until November 10, 2020, using the identification number 13712249.
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