Rocky Brands, Inc. Announces Fourth Quarter and 2007 Full Year Results
Rocky Brands, Inc. (Nasdaq: RCKY) this week announced financial results for its fourth quarter and year ended December 31, 2007.
For the fourth quarter of 2007, net sales increased 2.8% to $72.5 million versus net sales of $70.6 million in the fourth quarter of 2006. For the fourth quarter, the Company reported a net loss of $23.6 million, or ($4.31) per diluted share, versus a net loss of $0.08 million, or ($0.01) per diluted share, for the fourth quarter of 2006. Results for the fourth quarter of 2007 include a non-cash charge of $23.5 million, net of tax benefits, or ($4.29) per diluted share, for goodwill impairment, which is discussed below. Results for the fourth quarter of 2006 include a non-cash impairment charge of $0.5 million, net of tax benefits, or $0.09 per diluted share reflecting the write-down of intangible assets related to the Gates trademark. Excluding these charges, the Company reported a net loss of $0.1 million, or ($0.02) per diluted share in the fourth quarter of 2007 compared to a net income of $0.4 million, or $0.08 per diluted share in the fourth quarter of 2006.
Original post by no@spam.com (Maxamillion Blick)