洛基品牌第二季淨銷售增12% 受惠關稅退稅及品牌需求 每股盈利1.83美元

EX-99
2
ex_973045.htm
EXHIBIT 99

 ex_973045.htm
 

 

Exhibit 99

 

Rocky Brands, Inc. Announces Second Quarter 2026 Results

 

Net Sales Increased 12.0% to $118.4 Million

Wholesale Segment Sales Increased 7.9% to $78.8 Million

Retail Segment Sales Increased 21.8% to $36.2 Million

 

NELSONVILLE, Ohio, July 28, 2026 – Rocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its second quarter ended June 30, 2026.

 

Second Quarter 2026 Overview

 

 
 
 ●

 
 Net sales increased 12.0% to $118.4 million versus $105.6 million in the year-ago quarter
 

 
 ●
 Gross margin increased to 51.4% of net sales compared to 41.0% of net sales in the year-ago quarter
 

 
 ●
 Income from operations increased to $19.7 million compared to $7.2 million in the year-ago quarter
 

 
 ●
 Net income increased to $13.9 million, or $1.83 per diluted share, as compared to net income of $3.6 million, or $0.48 per diluted share, in the year-ago quarter
 

 
 ●
 Adjusted net income increased to $14.4 million, or $1.90 per diluted share, as compared to $4.1 million, or $0.55 per diluted share, in the year-ago quarter
 

 
 ●
 Inventories as of June 30, 2026 decreased 7.1% to $173.5 million compared to $186.8 million at June 30, 2025
 

 
 ●
 Total debt as of June 30, 2026 decreased 7.6% to $122.4 million compared to $132.5 million at June 30, 2025
 

 

"Our second quarter performance was highlighted by 12% sales growth as demand further accelerated from the strong trends we experienced last year and early in 2026,” said Jason Brooks, Chairman, President and Chief Executive Officer. “Several of our brands grew strong double digits led by XTRATUF and followed by Georgia Boot and Rocky, as well as our Lehigh safety shoe business. Selling was robust across channels with particular strength on our direct-to-consumer websites, while strong bookings in the quarter will provide good Wholesale segment momentum for the second half of the year. The significant year-over-year improvement in earnings reflects the positive impact from the actual and expected recovery of IEEPA tariffs recognized in the second quarter. These refunds more than offset the incremental costs incurred as a result of adjusting our initial manufacturing, sourcing, and shipping plans to meet customer demand.”

 

Second Quarter 2026 Review

 

Second quarter 2026 net sales increased 12.0% to $118.4 million compared with $105.6 million in the second quarter of 2025. Wholesale segment net sales for the second quarter increased 7.9% to $78.8 million compared to $73.1 million in the second quarter of 2025. Retail segment net sales for the second quarter increased 21.8% to $36.2 million compared to $29.7 million in the second quarter of 2025. Contract Manufacturing segment net sales for the second quarter increased 17.2% to $3.3 million compared to $2.8 million in the second quarter of 2025.

 

Gross margin in the second quarter of 2026 was $60.8 million, or 51.4% of net sales, compared to $43.3 million, or 41.0% of net sales, for the same period last year. The increase in gross margin as a percentage of net sales was primarily due to the recognition of actual and expected IEEPA tariff refunds, which lowered cost of goods sold in the current quarter, partially offset by tariff costs and sourcing variances. The net impact of the tariff activity in the second quarter of 2026 was an approximate $15.0 million reduction to cost of goods sold.

 

Operating expenses were $41.1 million, or 34.7% of net sales, for the second quarter of 2026 compared to $36.1 million, or 34.2% of net sales, for the same period a year ago. Excluding $0.7 million of acquisition-related amortization in the second quarter of 2026 and 2025, adjusted operating expenses were $40.4 million, or 34.2% of net sales, in the current year period and $35.4 million, or 33.5% of net sales, in the year-ago period. The increase in operating expenses as a percentage of net sales was due to an approximate $1.1 million write-off of accounts receivable associated with a customer bankruptcy in the second quarter of 2026.

 

Income from operations for the second quarter of 2026 was $19.7 million, or 16.6% of net sales, compared to $7.2 million, or 6.8% of net sales, for the same period a year ago. Adjusted income from operations for the second quarter of 2026 was $20.4 million, or 17.2% of net sales, compared to adjusted income from operations of $7.8 million, or 7.4% of net sales, a year ago, reflecting the net impact of tariffs, including the recognition of the aforementioned tariff refunds, in the second quarter of 2026.

 

Interest expense for the second quarter of 2026 was $2.1 million compared with $2.5 million for the prior year period. The decrease in interest expense was driven by lower debt levels.

 

The Company reported second quarter 2026 net income of $13.9 million, or $1.83 per diluted share, compared to $3.6 million, or $0.48 per diluted share, in the second quarter of 2025. Adjusted net income for the second quarter of 2026 was $14.4 million, or $1.90 per diluted share, compared to $4.1 million, or $0.55 per diluted share, in the year-ago period.

 

Balance Sheet Review

 

Cash and cash equivalents were $2.6 million as of June 30, 2026 compared to $2.8 million and $2.9 million as of June 30, 2025 and December 31, 2025, respectively.

 

Other receivables were $20.1 million as of June 30, 2026 compared to $0.1 million and $5.0 million as of June 30, 2025 and December 31, 2025, respectively. The increase in other receivables as of June 30, 2026 compared to June 30, 2025 and December 31, 2025 was primarily due to the IEEPA tariff refund receivable.

 

As of June 30, 2026, total debt, net of unamortized debt issuance costs of $1.5 million, was $122.4 million, consisting of a $22.6 million senior term loan and $101.3 million of borrowings under the Company's senior secured asset-backed credit facility. As of June 30, 2026, total debt, net of unamortized debt issuance costs, was down 7.6% from June 30, 2025, and was down 0.2% compared to December 31, 2025. 

 

Inventories as of June 30, 2026, were $173.5 million, down 7.1% compared to $186.8 million on the same date a year ago and down 4.2% compared to $181.1 million as of December 31, 2025. 

 

1

 

 

Conference Call Information

 

The Company's conference call to review second quarter 2026 results will be broadcast live over the internet today, Tuesday, July 28, 2026, at 4:30 pm Eastern Time. Investors and analysts interested in participating in the call are invited to dial (877) 704-4453 (domestic) or (201) 389-0920 (international). The conference call will also be available to interested parties through a live webcast at www.rockybrands.com. Please visit the website and select the “Investors” link at least 15 minutes prior to the start of the call to register and download any necessary software.

 

About Rocky Brands, Inc.

 

Rocky Brands, Inc. is a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names. Brands in the portfolio include Rocky®, Georgia Boot®, Durango®, Lehigh®, The Original Muck Boot Company®, XTRATUF® and Ranger®. More information can be found at RockyBrands.com.

 

 

Safe Harbor Language

 

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Those statements include, but may not be limited to, all statements regarding intent, beliefs, expectations, projections, forecasts, and plans of the Company and its management and include statements in this press release regarding the Company's expectation that strong bookings in the second quarter will provide momentum for the second half of the year (Paragraph 2). These forward-looking statements involve numerous risks and uncertainties, including, without limitation, the various risks inherent in the Company’s business as set forth in periodic reports filed with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2025 (filed March 11, 2026) and quarterly report on Form 10-Q for the quarter ended March 31, 2026 (filed May 5, 2026). One or more of these factors have affected historical results and could in the future affect the Company’s businesses and financial results in future periods and could cause actual results to differ materially from plans and projections. Therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation or warranty by the Company or any other person that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to the management of the Company. The Company assumes no obligation to update any forward-looking statements.

 

 

 
 
 Company Contact:

 
 
 Tom Robertson

 
 

 
  
 
 Chief Operating Officer, Chief Financial Officer and Treasurer

 
 

 
  
 
 (740) 753-9100

 
 

 
  
  
 

 
 
 Investor Relations:

 
 
 Brendon Frey

 
 

 
  
 
 ICR, Inc.

 
 

 
  
 
 (203) 682-8200

 
 

 

2

 

 

Rocky Brands, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share amounts)

(Unaudited)

 

 
  
  
 
 June 30,

 
  
  
 
 December 31,

 
  
  
 
 June 30,

 
  
 

 
  
  
 
 2026

 
  
  
 
 2025

 
  
  
 
 2025

 
  
 

 
 
 ASSETS:

 
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 CURRENT ASSETS:

 
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Cash and cash equivalents

 
  
 $
 2,627
  
  
 $
 2,902
  
  
 $
 2,779
  
 

 
 
 Trade receivables – net

 
  
  
 76,887
  
  
  
 77,055
  
  
  
 66,367
  
 

 
 
 Other receivables

 
  
  
 20,084
  
  
  
 4,952
  
  
  
 142
  
 

 
 
 Inventories – net

 
  
  
 173,525
  
  
  
 181,134
  
  
  
 186,836
  
 

 
 
 Income tax receivable

 
  
  
 -
  
  
  
 1,050
  
  
  
 -
  
 

 
 
 Prepaid expenses

 
  
  
 5,506
  
  
  
 3,623
  
  
  
 5,345
  
 

 
 
 Total current assets

 
  
  
 278,629
  
  
  
 270,716
  
  
  
 261,469
  
 

 
 
 LEASED ASSETS

 
  
  
 7,497
  
  
  
 4,175
  
  
  
 4,724
  
 

 
 
 PROPERTY, PLANT & EQUIPMENT – net

 
  
  
 52,360
  
  
  
 49,929
  
  
  
 50,908
  
 

 
 
 GOODWILL

 
  
  
 47,844
  
  
  
 47,844
  
  
  
 47,844
  
 

 
 
 IDENTIFIED INTANGIBLES – net

 
  
  
 101,639
  
  
  
 103,033
  
  
  
 104,428
  
 

 
 
 OTHER ASSETS

 
  
  
 1,939
  
  
  
 1,791
  
  
  
 1,647
  
 

 
 
 TOTAL ASSETS

 
  
 $
 489,908
  
  
 $
 477,488
  
  
 $
 471,020
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 LIABILITIES AND SHAREHOLDERS' EQUITY:

 
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 CURRENT LIABILITIES:

 
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Accounts payable

 
  
 $
 58,747
  
  
 $
 52,958
  
  
 $
 61,483
  
 

 
 
 Current portion of long-term debt

 
  
  
 8,361
  
  
  
 8,361
  
  
  
 8,361
  
 

 
 
 Accrued expenses and other liabilities

 
  
  
 26,759
  
  
  
 34,813
  
  
  
 24,931
  
 

 
 
 Total current liabilities

 
  
  
 93,867
  
  
  
 96,132
  
  
  
 94,775
  
 

 
 
 LONG-TERM DEBT

 
  
  
 114,030
  
  
  
 114,281
  
  
  
 124,167
  
 

 
 
 LONG-TERM LEASES

 
  
  
 5,110
  
  
  
 1,727
  
  
  
 2,156
  
 

 
 
 DEFERRED INCOME TAXES

 
  
  
 12,381
  
  
  
 12,381
  
  
  
 10,044
  
 

 
 
 DEFERRED LIABILITIES

 
  
  
 888
  
  
  
 879
  
  
  
 813
  
 

 
 
 TOTAL LIABILITIES

 
  
  
 226,276
  
  
  
 225,400
  
  
  
 231,955
  
 

 
 
 SHAREHOLDERS' EQUITY:

 
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Common stock, no par value;

 
  
  
 -
  
  
  
 -
  
  
  
 -
  
 

 
 
 25,000,000 shares authorized; issued and outstanding June 30, 2026 - 7,487,899; December 31, 2025 - 7,505,139; June 30, 2025 - 7,461,167

 
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Additional paid-in-capital

 
  
  
 74,935
  
  
  
 76,090
  
  
  
 74,470
  
 

 
 
 Retained earnings

 
  
  
 188,697
  
  
  
 175,998
  
  
  
 164,595
  
 

 
 
 Total shareholders' equity

 
  
  
 263,632
  
  
  
 252,088
  
  
  
 239,065
  
 

 
 
 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

 
  
 $
 489,908
  
  
 $
 477,488
  
  
 $
 471,020
  
 

 

3

 

 

Rocky Brands, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except share amounts)

(Unaudited)

 

 
  
  
 
 Three Months Ended

 
  
  
 
 Six Months Ended

 
  
 

 
  
  
 
 June 30,

 
  
  
 
 June 30,

 
  
 

 
  
  
 
 2026

 
  
  
 
 2025

 
  
  
 
 2026

 
  
  
 
 2025

 
  
 

 
 
 NET SALES

 
  
 $
 118,368
  
  
 $
 105,647
  
  
 $
 242,769
  
  
 $
 219,720
  
 

 
 
 COST OF GOODS SOLD

 
  
  
 57,564
  
  
  
 62,366
  
  
  
 136,531
  
  
  
 129,431
  
 

 
 
 GROSS MARGIN

 
  
  
 60,804
  
  
  
 43,281
  
  
  
 106,238
  
  
  
 90,289
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 OPERATING EXPENSES

 
  
  
 41,119
  
  
  
 36,125
  
  
  
 82,919
  
  
  
 74,427
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 INCOME FROM OPERATIONS

 
  
  
 19,685
  
  
  
 7,156
  
  
  
 23,319
  
  
  
 15,862
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 INTEREST EXPENSE AND OTHER – net

 
  
  
 (1,995
 )
  
  
 (2,519
 )
  
  
 (4,029
 )
  
  
 (4,874
 )
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 INCOME BEFORE INCOME TAX EXPENSE

 
  
  
 17,690
  
  
  
 4,637
  
  
  
 19,290
  
  
  
 10,988
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 INCOME TAX EXPENSE

 
  
  
 3,809
  
  
  
 1,029
  
  
  
 4,151
  
  
  
 2,438
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 NET INCOME

 
  
 $
 13,881
  
  
 $
 3,608
  
  
 $
 15,139
  
  
 $
 8,550
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 INCOME PER SHARE

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Basic

 
  
 $
 1.85
  
  
 $
 0.48
  
  
 $
 2.01
  
  
 $
 1.15
  
 

 
 
 Diluted

 
  
 $
 1.83
  
  
 $
 0.48
  
  
 $
 1.99
  
  
 $
 1.14
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Basic

 
  
  
 7,509
  
  
  
 7,461
  
  
  
 7,522
  
  
  
 7,460
  
 

 
 
 Diluted

 
  
  
 7,598
  
  
  
 7,493
  
  
  
 7,607
  
  
  
 7,493
  
 

 

4

 

 

Rocky Brands, Inc. and Subsidiaries

Reconciliation of GAAP Measures to Non-GAAP Measures

(In thousands, except share amounts)

(Unaudited)

 

 
  
  
 
 Three Months Ended

 
  
  
 
 Six Months Ended

 
  
 

 
  
  
 
 June 30,

 
  
  
 
 June 30,

 
  
 

 
  
  
 
 2026

 
  
  
 
 2025

 
  
  
 
 2026

 
  
  
 
 2025

 
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 OPERATING EXPENSES

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 OPERATING EXPENSES, AS REPORTED

 
  
 $
 41,119
  
  
 $
 36,125
  
  
 $
 82,919
  
  
 $
 74,427
  
 

 
 
 LESS: ACQUISITION-RELATED AMORTIZATION

 
  
  
 (692
 )
  
  
 (692
 )
  
  
 (1,384
 )
  
  
 (1,384
 )
 

 
 
 ADJUSTED OPERATING EXPENSES

 
  
 $
 40,427
  
  
 $
 35,433
  
  
 $
 81,535
  
  
 $
 73,043
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 INCOME FROM OPERATIONS, AS REPORTED

 
  
 $
 19,685
  
  
 $
 7,156
  
  
 $
 23,319
  
  
 $
 15,862
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 ADJUSTED INCOME FROM OPERATIONS

 
  
  
 20,377
  
  
  
 7,848
  
  
  
 24,703
  
  
  
 17,246
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 NET INCOME

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 NET INCOME, AS REPORTED

 
  
 $
 13,881
  
  
 $
 3,608
  
  
 $
 15,139
  
  
 $
 8,550
  
 

 
 
 TOTAL NON-GAAP ADJUSTMENTS

 
  
  
 692
  
  
  
 692
  
  
  
 1,384
  
  
  
 1,384
  
 

 
 
 TAX IMPACT OF ADJUSTMENTS

 
  
  
 (149
 )
  
  
 (154
 )
  
  
 (298
 )
  
  
 (307
 )
 

 
 
 ADJUSTED NET INCOME

 
  
 $
 14,424
  
  
 $
 4,146
  
  
 $
 16,225
  
  
 $
 9,627
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 NET INCOME PER SHARE, AS REPORTED

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 BASIC

 
  
 $
 1.85
  
  
 $
 0.48
  
  
 $
 2.01
  
  
 $
 1.15
  
 

 
 
 DILUTED

 
  
 $
 1.83
  
  
 $
 0.48
  
  
 $
 1.99
  
  
 $
 1.14
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 ADJUSTED NET INCOME PER SHARE

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 BASIC

 
  
 $
 1.92
  
  
 $
 0.56
  
  
 $
 2.16
  
  
 $
 1.29
  
 

 
 
 DILUTED

 
  
 $
 1.90
  
  
 $
 0.55
  
  
 $
 2.13
  
  
 $
 1.28
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 WEIGHTED AVERAGE SHARES OUTSTANDING

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 BASIC

 
  
  
 7,509
  
  
  
 7,461
  
  
  
 7,522
  
  
  
 7,460
  
 

 
 
 DILUTED

 
  
  
 7,598
  
  
  
 7,493
  
  
  
 7,607
  
  
  
 7,493
  
 

 

5

 

 

Use of Non-GAAP Financial Measures

 

In addition to GAAP financial measures, we present the following non-GAAP financial measures: "non-GAAP adjusted operating expenses," "non-GAAP adjusted income from operations," "non-GAAP adjusted net income," and "non-GAAP adjusted net income per share." Adjusted results exclude the impact of items that management believes affect the comparability or underlying business trends in our consolidated financial statements in the periods presented. We believe that these non-GAAP measures are useful to management and investors and other users of our consolidated financial statements as an additional tool for evaluating operating performance. We believe they also provide a useful baseline for analyzing trends in our operations.

 

Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. See "Reconciliation of GAAP Measures to Non-GAAP Measures" accompanying this press release.

 

 
  
 Definition
 Usefulness to management and investors
 

 
 
 Acquisition-related amortization

 
 
 Amortization of acquisition-related intangible assets consists of amortization of intangible assets such as brands and customer relationships acquired in connection with the acquisition of the performance and lifestyle footwear business of Honeywell International Inc. Charges related to the amortization of these intangibles are recorded in operating expenses in our GAAP financial statements. Amortization charges are recorded over the estimated useful life of the related acquired intangible asset and are generally recorded over multiple years.

 
 
 We excluded amortization charges for our acquisition-related intangible assets for purposes of calculating certain non-GAAP measures because these charges are inconsistent in size and are significantly impacted by the valuation of our acquisition. These adjustments facilitate a useful evaluation of our current operating performance and comparison to past operating performance and provide investors with additional means to evaluate cost and expense trends.

 
 

 

6