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Rocky Brands, Inc. Announces Extension of Credit Facility
Rocky Brands, Inc.
Jim McDonald
(740) 753-1951
Chief Financial Officer |
Investor Relations:
Integrated Corporate Relations, Inc.
Brendon Frey / Chad Jacobs
(203) 682-8200 |
NELSONVILLE, Ohio -- March 31, 2009 -- Rocky Brands, Inc. (NASDAQ: RCKY) today announced that it has amended its credit facility with GMAC Commercial Finance LLC to extend the facility's maturity through April 30, 2012. The credit facility was originally scheduled to mature on January 5, 2010. In addition, the amendment reduces the commitment under the facility from $100 million to $85 million.
Mike Brooks, Chairman and Chief Executive Officer, commented, "We are very pleased with our ability to extend our credit facility well into 2012, particularly in this difficult lending environment. We have a very good working relationship with GMAC Commercial Finance and we believe their commitment to us underscores the positive progress we have made improving profitability and strengthening our balance sheet. In addition, we proactively reduced the amount of the facility in order to save expenses associated with charges on the undrawn portion of the credit facility as we do not expect to have a need for more than $85 million at any point through April 2012. We move forward well positioned to fund our working capital requirements and support the growth of our business."
As of December 31, 2008, the Company had $44.8 million outstanding under its credit facility.
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 Outdoor Gear(R), Georgia Boot(R), Durango(R), Lehigh(R), and the licensed brands Dickies(R), Michelin(R) and Mossy Oak(R).
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
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 credit facility (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, 2008 (filed March 3, 2009). 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 Company, or any other person should not regard the inclusion of such information as a representation 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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