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Rocky Brands swings to loss in Q1

Rocky Brands Inc. said its normalized net income for the first quarter amounted to a loss of 2 cents per share, compared with the S&P Capital IQ consensus estimate of 14 cents per share.

The per-share result swung to a loss from the prior-year profit of 18 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $180,910, compared with income of $1.4 million in the year-earlier period.

The normalized profit margin declined to negative 0.3% from 2.1% in the year-earlier period.

Total revenue declined 12.1% year over year to $57.5 million from $65.5 million, and total operating expenses fell 8.4% year over year to $57.8 million from $63.0 million.

Reported net income came to a loss of $227,500, or a loss of 3 cents per share, compared to income of $1.4 million, or 19 cents per share, in the year-earlier period.