Rocky Brands enters new military contracts, announces CFO transition
Rocky Brands announced on Friday new US military contracts for “Hot Weather” and “Temperate Weather” combat boots. The “Hot Weather” boot contract is for one year and $8.4 million, and the “Temperate Weather” boot contract is for $30 million over three years. The company expects to begin fulfilling both orders in early 2017.
Rocky Brands’ military segment has performed well for the company and nearly doubled from 2015. The company’s third quarter net sales increased to $73.2 million due in part to its military contracts.
In addition, the company is currently in the process of fulfilling orders to produce “Hot Weather” combat boots under contracts announced in February 2013 and October 2016 and to produce “Temperate Weather” combat boots under a contract announced in February 2016.
Rocky Brands also announced on Friday that Mike Staude has been named Interim Chief Financial Officer following the resignation of James E. McDonald. Staude joined Rocky Brands in August 2007 as Director of Accounting and served as VP of Accounting and most recently SVP of Finance.
The company noted that McDonald, the former EVP and CFO did not resign due to a disagreement or any matter relating to accounting policies or practices.
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