ROCKY BRANDS, INC. (RCKY): debt financing — Rocky Brands Q3 net income up 20% to $6.8M; adjusted EPS $1.09; debt down 24.9% YoY

ROCKY BRANDS, INC.

2023-Q3 EPS reported $0.50 revenue$335,881,000

Net sales $125.6M, down 14.8% YoY (adjusted -12.7%); wholesale -17.4%, retail +4.7%.
Gross margin 37.0% (+180bps); operating income $14.3M (+22.8%); net income $6.8M ($0.93/diluted).
Adjusted net income $8.0M ($1.09/diluted) vs $5.5M ($0.74) a year ago.
Inventories down 26.5% to $194.7M; total debt down 24.9% to $213.9M.
Entered amendments to ABL and Term Loan agreements for EBITDA adjustments, pricing grid, and leverage ratio changes through June 2025.

item 1.01 item 2.03 item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ROCKY BRANDS, INC. amended term loan with TCW Asset Management Company LLC at adjust the performance pricing grid.

Instrument: term loan
Counterparty: TCW Asset Management Company LLC
Rate: adjust the performance pricing grid
Event: amendment

Exact text from the filing

on October 31, 2023, the Company and TCW entered into a Sixth Amendment to the Term Loan Agreement ("Term Loan Amendment"), among other things, to provide certain EBITDA adjustments with respect to its financial covenants, adjust the performance pricing grid, and adjust the total leverage ratio periodically through June 30, 2025.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ROCKY BRANDS, INC. amended credit facility with Bank of America, N.A. at adjust the performance pricing grid.

Instrument: credit facility
Counterparty: Bank of America, N.A.
Rate: adjust the performance pricing grid
Event: amendment

Exact text from the filing

On October 31, 2023, the Company entered into a Fifth Amendment to the ABL Loan Agreement ("ABL Amendment") to provide certain EBITDA adjustments with respect to its financial covenant.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.98

ROCKY BRANDS, INC. reported third quarter ended September 30, 2023 results: revenue $125.6 million, net income $6.8 million, EPS $0.93 per diluted share.

Period: third quarter ended September 30, 2023
Revenue: $125.6 million
Net income: $6.8 million
EPS: $0.93 per diluted share
Result: reported results

Exact text from the filing

1, 2023 – Rocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its third quarter ended September 30, 2023. Third Quarter 2023 Overview ● Net sales were $125.6 million, a decrease of 14.8% (or 12.7% on an adjusted basis) ● Wholesale segment sales decreased 17.4% (or 14.9% on an adjusted basis) ● Retail segment sales increased 4.7% ● Gross

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ROCKY BRANDS, INC. filing history →

Source: SEC EDGAR

accession 0001437749-23-029762

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