ROCKY BRANDS, INC.

Listed Company

RCKYCIK 0000895456NasdaqAcceleratedSmaller ReportingFootwear, (No Rubber)OhioFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$22.27M

Total Assets

$477.49M

Equity

$252.09M

Shares Out

7.54M

Op. Cash Flow

$16.30M

Business

ROCKY BRANDS, INC. designs, manufactures and markets premium quality footwear and apparel under a portfolio of proprietary and licensed brands. Its main products include branded footwear, apparel and accessories across target markets such as work, outdoor, western, commercial military, duty and military. The company operates through three reportable segments: Wholesale, Retail and Contract Manufacturing, distributing branded product to retailers, direct-to-consumer channels and through contract bids. Its products are sold primarily in the U.S., Canada, the U.K. and other international markets via wholesale partners, e-commerce, brick-and-mortar stores and government/military contracts.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
NET SALES	482	454	462	615	514
COST OF GOODS SOLD	285	275	283	390	320
GROSS MARGIN	197	179	179	225	195
OPERATING EXPENSES	160	148	143	181	159
INCOME FROM OPERATIONS	37	31	35	44	36
INTEREST EXPENSE AND OTHER net	−10	−17	−21	−18	−11
INCOME BEFORE INCOME TAX EXPENSE	27	14	14	26	25
INCOME TAX EXPENSE	5	3	4	5	5
NET INCOME	22	11	10	20	21
Basic (in dollars per share)	2.98	1.53	1.42	2.8	2.82
Diluted (in dollars per share)	2.96	1.52	1.41	2.78	2.77
Basic (in shares)	7	7	7	7	7
Diluted (in shares)	8	7	7	7	7

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	3	4	4	6	6
Trade receivables net	77	72	77	95	127
Other receivables	5	1	2	908,000	242,000
Inventories net	181	167	169	235	232
Income tax receivable	1	0	1	0	4
Prepaid expenses	4	3	3	4	5
Total current assets	271	246	258	341	375
LEASED ASSETS	4	6	8	11	11
PROPERTY, PLANT & EQUIPMENT net	50	50	52	57	60
GOODWILL	48	48	48	50	50
IDENTIFIED INTANGIBLES net	103	106	113	122	126
OTHER ASSETS	2	1	965,000	942,000	917,000
TOTAL ASSETS	477	457	479	582	625
Accounts payable	53	58	50	70	115
Current portion of long-term debt	8	8	3	3	3
Accrued Liabilities and Other Current Liabilities	35	24	18	—	—
Total current liabilities	96	90	72	96	140
Long-term debt	114	120	170	254	267
LONG-TERM LEASES	2	4	5	8	9
DEFERRED INCOME TAXES	12	10	7	8	10
DEFERRED LIABILITIES	879,000	712,000	716,000	586,000	519,000
TOTAL LIABILITIES	225	225	256	367	427
Common stock, no par value; 25,000,000 shares authorized; issued and outstanding December 31, 2025 - 7,505,139; December 31, 2024 - 7,454,465	0	0	72	70	68
Additional paid-in-capital	76	74	—	—	—
Retained earnings	176	158	152	146	130
Total shareholders' equity	252	232	224	215	198
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	477	457	479	582	625

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	10	10	11	12	11
Noncash lease expense	3	3	0	0	—
Deferred income taxes	2	3	−531,000	−2	2
Stock compensation expense	2	1	1	1	1
Provision for bad debts	987,000	2	451,000	3	302,000
Amortization of debt issuance costs and loan fees	670,000	611,000	853,000	853,000	675,000
Gain on insurance proceeds received for damaged equipment	−253,000	0	—	—	—
Intangible impairment charge	0	4	0	0	—
Loss on term loan extinguishment	0	1	0	0	—
Receivables	−10	3	18	28	−42
Contract receivables	0	927,000	−927,000	1	4
Inventories	−14	3	60	−5	−114
Other current assets	−616,000	353,000	706,000	440,000	−10
Other assets	−173,000	−107,000	3	389,000	−152,000
Accounts payable	−6	8	−21	−46	79
Operating lease liability	−3	−3	0	0	—
Accrued and other liabilities	12	5	−7	468,000	2
Income taxes	−2	2	−2	5	−5
Contract liabilities	0	−927,000	927,000	−1	−5
Net cash provided by (used in) operating activities	16	53	74	19	−55
Purchases of fixed assets	−7	−5	−4	−7	−21
Insurance proceeds received for damaged equipment	372,000	0	—	—	—
Proceeds from sale of business	0	2	17	0	0
Net cash provided by (used in) investing activities	−6	−3	13	−1	−233
Proceeds from revolving credit facility	54	140	56	37	180
Repayments on revolving credit facility	−52	−140	−102	−40	−34
Proceeds on term loan	0	50	0	0	130
Repayments on term loan	−8	−94	−38	−11	−2
Payments of debt issuance costs and loan fees	−268,000	−2	0	0	−4
Proceeds from stock options	800,000	600,000	1	500,000	800,000
Repurchase of common stock	−201,000	0	—	0	0
Dividends paid on common stock	−5	−5	−5	−5	−4
Net cash used in financing activities	−11	−51	−88	−18	266
DECREASE IN CASH AND CASH EQUIVALENTS	−817,000	−751,000	−1	−190,000	−22

Filings

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