Rocky Brands Inc. on Thursday swung to a fourth-quarter profit from a loss the prior year.
The firm earned $909,500, or 16 cents a share, in the quarter ended Dec. 31, versus a loss of $2.2 million, or 41 cents, a year ago. Revenues totaled $61.7 million, down from $66.1 million last year; wholesale revenues fell 7 percent to $45.9 million.
The company said that excluding restructuring charges, earnings would have totaled 24 cents.
Operating expenses fell to $19.1 million from $26.5 million the prior year.
“Throughout 2009 we focused on taking costs out of our business and improving the efficiency of our organization. Our efforts led to fourth-quarter operating results that exceeded expectations and represented a solid ending to the year,” Mike Brooks, chairman and CEO, said in a written statement. “At the same time, we have made meaningful progress restructuring our retail division, as well as developing innovative new product lines and brand extensions for our wholesale channels. We begin 2010 optimistic about our growth prospects and committed to leveraging our leaner operating platform to drive enhanced profitability.”
For the year, earnings were flat at $1.2 million, or 21 cents. Net sales totaled $229.5 million, versus $259.5 million a year ago.