Rocky Brands, Inc. Announces Footwear Order from the Defense Logistics Agency
May 23 2019 - 4:15PM
Business Wire
Rocky Brands, Inc. (NASDAQ:RCKY) today announced that it has
received a purchase agreement from the Defense Logistics Agency to
produce general purpose safety boots for the United States
Navy.
Under the terms of the purchase agreement, the Defense Logistics
Agency has the right to purchase approximately $27 million of these
boots through May 2022. The first shipment from this agreement is
expected to occur in the third quarter of 2019. All of these boots
will be manufactured in the Company’s factory in Moca, Puerto
Rico.
Jason Brooks, Chief Executive Officer, stated, “We are very
pleased to have been awarded this contract to produce safety boots
for the U.S. Navy. This order is on top of our existing agreements
and will add approximately $2 million in incremental military
segment sales this calendar year. Importantly, with the increased
operating efficiencies in our company-operated manufacturing
facility from the growth in our commercial military business, we
expect gross margins for this most recent contract to be in-line
with recent segment trends.”
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 including Rocky®, Georgia
Boot®, Durango®, Lehigh®, and the licensed brand Michelin®.
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 expected
timing of shipments (paragraph 2) and expectations as to gross
margins (paragraph 3). 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, 2018 (filed March 13, 2019) and
quarterly report on Form 10-Q for the period ended March 31, 2019
(filed May 9, 2019). 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 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190523005788/en/
ROCKY BRANDS, INC.Company:Thomas D. Robertson Chief
Financial Officer(740) 753-1951
Investor Relations:ICR, Inc.Brendon Frey(203) 682-8200
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