McRae Industries, Inc. Reports Earnings for the First Quarter of Fiscal 2012

December 19, 2011



McRae Industries, Inc. (OTCPink: MRINA.PK) reported revenue for its fiscal 2012 first quarter ended October 29, 2011 increased 2.5% to $20.2 million compared to $19.7 million during the first quarter of fiscal 2011.  Revenue benefited from a nearly 12.6% increase in sales from the companies western/lifestyle boot products.  Sales from these product reached $14.1 million in the first quarter of fiscal 2012 compared to $12.5 million in fiscal 2011.  This increase was partially offset by a 14.2% decrease in sales from the company’s work boot products.  Sales of work boots fell to $6.1 million in fiscal 2012 compared to $7.1 million in the first quarter of fiscal 2011.  The decrease in work boot sales was the result of a weak construction industry and reduced sales of military boots to the government.

Net income increased 7.7% to $1.4 million or  $0.76 per share in the first quarter of fiscal 2012 versus net income of $1.3 million or $0.71 per share in the first quarter of fiscal 2011.  Net income primarily benefited from the increased revenues previously mentioned.

The balance sheet is strong with cash/cash equivalents of $8.7 million, current assets of $42.7 million, total assets of $54.44 million and total liabilities of only $6.22 million.  Of the $42.7 million in current assets, Inventories represented 43.3% of the total and accounts/notes receivable represented 35.6% of the total.

McRae Industries, Inc. designs and manufacture footwear.  The product focus on the design and manufacture of boots including military combat boots.  The companies brands include Dan Post Boots, Laredo Western Boots, Dingo, John Deere, Johnny Poppers and McRae Industrial.

Source: McRae Industries, Inc.


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