Rockford Corporation Annual Report: Year Ended December 31, 2011

April 2, 2012

Rockford Corporation (OTCPink: ROFO.PK) reported net sales for its year ended December 31, 2011 increased 12.2% to $60.8 million compared to net sales of $54.2 million for the prior year.  For the fourth quarter of 2011, net sales increased 11.9% to $13 million versus net sales of $11.7 million for the fourth quarter of 2010.  Net sales for both 2011 periods benefited primarily from the company’s core aftermarket and international sales channels.

Net income for 2011 increased 96.1% to $5.32 million or $0.58 per diluted share compared to $2.71 million or $0.30 per diluted share for 2010.  For the fourth quarter of 2011, net income increased 436% to $1.11 million or $0.12 per diluted share versus net income of $207 thousand or $0.02 per diluted share for the fourth quarter of 2010.  Net income for both 2011 periods benefited from higher revenues and increased gross profit margins which was partially offset by higher sales and marketing expenses for the year.

As of December 31, 2011, the balance sheet reflected current assets of $19.93 million, total assets of $21.52 million, current liabilities of $10.36 million and total liabilities of $10.39 million.  During 2011, shareholders equity increased 46.9% to $11.13 million.

Rockford Corporation is engaged in the marketing and distribution of high-performance audio systems for the mobile audio aftermarket and the OEM market.

Source: Rockford Corporation


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