US: Rocky Shoes boosted by acquisition
A huge leap in revenue boosted by an acquisition has helped drive Rocky Shoes & Boots to report a record last quarter and full year.
For the final three months of 2005, the company said net sales increased 128% to a record US$74.9m compared to $32.9m for the corresponding period a year ago. Net income rose 19% to $2.6m. Diluted earnings per share increased to $0.46 versus $0.43 a year ago.
For the full year, net sales increased 124% to $296.0m. Net income rose 51% to $13.0m and diluted earnings per share rose 34% to $2.33.
Mike Brooks, chairman and CEO of Rocky Shoes & Boots, said: "Fiscal 2005 was an historic period for our company, highlighted by our record sales and profits. During the past 12-months we have made important strides expanding our position in the industry, diversifying our product mix, and broadening our channels of distribution.
"We also made key investments to our infrastructure and enhanced our operating platform in order to better support our future growth plans. Today, we operate a powerful portfolio of leading brands and we are dedicated to maximising the prospects for each of them."
The fiscal 2005 results reflect the acquisition of EJ Footwear, which contributed $163.4m in revenue during the 12-month period.
The company said it remains comfortable with its previously updated guidance for fiscal 2006. The company expects revenues to be in the range of $287m to $292m, and diluted earnings per share to be in the range of $2.28 to $2.38, including a non-cash charge of approximately $0.07 per share related to stock option expensing.
Excluding stock option expensing, the company expects diluted earnings per share to be in the range of $2.35 to $2.45. A statement said it is important to note that the Company's guidance for fiscal 2006 does not include any footwear sales to the military compared to approximately $27.7m in fiscal 2005.
Brooks concluded: "As we begin fiscal 2006, our entire organisation is completely focused on successfully executing our strategic plan. While we are pleased with our recent achievements, we believe we have just begun to scratch the surface in terms of our full potential. We move forward with a management team committed to capitalizing on the many opportunities we have created and returning significant value to our shareholders."
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