USA: Rocky Nets Military Order, Posts Prelim Q3 Results
Footwear maker Rocky Shoes & Boots Inc has won an order to supply the US Military with about $30.0 million worth of hot weather boots, and has reported preliminary results for the third quarter.
Shipment of the boots is expected to start in the fourth quarter of 2005 and be completed by December next year.
Rocky predicted net sales of about $94m and diluted earnings per share of between $1.13 and $1.15, compared to earnings per share of $0.98 reported in the third quarter of fiscal 2004.
For the financial year ending 31 December 2005, the company now expects to report net sales in the range of $294m to $296m and earnings per share in the range of $2.25 to $2.29, compared to earnings per share of $1.74 reported in 2004.
Chairman and chief executive officer Mike Brooks said: "Our core outdoor footwear business was negatively impacted during the third quarter, primarily due to warm, dry weather in several of our major markets, as well as weak consumer confidence and a challenging retail environment.
"With that said, we are confident about our product offering and merchandising strategy for the Rocky brand and we remain focused on expanding our leadership status in the industry. Importantly, our work, western, and duty footwear categories continued to perform on or above plan."
Rocky currently anticipates its financial 2006 revenues will be in the range of $313m to $318m, including about $26m related to the order to fulfill a contract to the US Military. The company expects diluted earnings per share will be in the range of $3.05 to $3.15 for 2006.
Rocky will report actual third-quarter 2005 results on 26 October.
Rocky Shoes & Boots Inc designs, manufactures and markets premium quality outdoor, work, duty and western footwear, as well as branded apparel and accessories.
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