Rocky Brands (RCKY) 10-Q 1 May 14 2014 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information (USD $)	3 Months Ended
	Mar. 31, 2014	Apr. 25, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'Rocky Brands, Inc.	'
Document Type	'10-Q	'
Current Fiscal Year End Date	'--12-31	'
Entity Common Stock, Shares Outstanding	'	7,539,808
Entity Public Float	$6,842,694	'
Amendment Flag	'false	'
Entity Central Index Key	'0000895456	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Filer Category	'Accelerated Filer	'
Entity Well-known Seasoned Issuer	'No	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

ROCKY_BRANDS_INC_AND_SUBSIDIAR

ROCKY BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
CURRENT ASSETS:	'	'	'
Cash and cash equivalents	$4,203,846	$4,215,617	$1,865,887
Trade receivables – net	52,735,602	49,069,668	42,329,436
Other receivables	357,133	325,888	461,297
Inventories	78,308,659	78,171,670	68,258,101
Income tax receivable	759,938	242,228	1,077,092
Deferred income taxes	1,104,050	1,104,050	1,252,030
Prepaid expenses	2,708,168	2,529,407	2,903,410
Total current assets	140,177,396	135,658,528	118,147,253
FIXED ASSETS – net	27,971,316	26,205,080	24,465,470
IDENTIFIED INTANGIBLES	36,773,351	36,807,099	30,490,800
OTHER ASSETS	322,863	354,051	328,242
TOTAL ASSETS	205,244,926	199,024,758	173,431,765
CURRENT LIABILITIES:	'	'	'
Accounts payable	19,583,618	11,486,473	11,426,322
Salaries and wages	899,044	659,002	771,501
Taxes - other	563,816	901,116	633,200
Accrued freight	1,055,875	1,143,848	699,073
Commissions	522,301	698,435	325,061
Accrued duty	1,680,971	1,444,369	'
Other	1,110,371	1,083,196	1,222,878
Total current liabilities	25,415,996	17,416,439	15,078,035
LONG TERM DEBT	36,590,000	38,388,198	20,252,298
DEFERRED INCOME TAXES	11,750,718	11,750,718	11,148,333
DEFERRED LIABILITIES	255,906	255,906	255,906
TOTAL LIABILITIES	74,012,620	67,811,261	46,734,572
Common stock, no par value;	'	'	'
25,000,000 shares authorized; issued and outstanding March 31, 2014 - 7,539,808; December 31, 2013 - 7,536,448 and March 31, 2013 - 7,516,448	70,202,570	70,153,570	69,862,770
Retained earnings	61,029,736	61,059,927	56,834,423
Total shareholders' equity	131,232,306	131,213,497	126,697,193
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$205,244,926	$199,024,758	$173,431,765

ROCKY_BRANDS_INC_AND_SUBSIDIAR1

ROCKY BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Shares authorized	25,000,000	25,000,000	25,000,000
Shares Outstanding	7,539,808	7,536,448	7,516,448

ROCKY_BRANDS_INC_AND_SUBSIDIAR2

ROCKY BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
NET SALES	$65,783,284	$53,715,476
COST OF GOODS SOLD	43,930,135	35,044,706
GROSS MARGIN	21,853,149	18,670,770
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	20,515,539	17,164,182
INCOME FROM OPERATIONS	1,337,610	1,506,588
OTHER INCOME AND (EXPENSES):	'	'
Interest expense, net	-218,673	-129,558
Other – net	-6,149	-4,934
Total other - net	-224,822	-134,492
INCOME BEFORE INCOME TAXES	1,112,788	1,372,096
INCOME TAX EXPENSE	389,000	480,000
COMPREHENSIVE INCOME	$723,788	$892,096
NET INCOME PER SHARE	'	'
Basic (in Dollars per share)	$0.10	$0.12
Diluted (in Dollars per share)	$0.10	$0.12
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	'	'
Basic (in Shares)	7,539,733	7,516,162
Diluted (in Shares)	7,539,733	7,516,162

ROCKY_BRANDS_INC_AND_SUBSIDIAR3

ROCKY BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income	$723,788	$892,096
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	1,645,382	1,532,135
Loss (gain) on disposal of fixed assets	42,772	-10,046
Stock compensation expense	49,000	168,000
Change in assets and liabilities	'	'
Receivables	-3,697,179	2,340,308
Inventories	-136,989	-1,061,856
Other current assets	-696,471	-1,852,776
Other assets	31,188	35,506
Accounts payable	7,897,364	1,709,723
Accrued and other liabilities	-97,588	-759,729
Net cash provided by operating activities	5,761,267	2,993,361
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchase of fixed assets	-3,248,711	-1,949,812
Investment in trademarks and patents	'	-4,901
Proceeds from sale of fixed assets	27,850	13,702
Net cash used in investing activities	-3,220,861	-1,941,011
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Proceeds from revolving credit facility	18,224,187	12,535,958
Repayments of revolving credit facility	-20,022,385	-15,745,000
Dividends paid on common stock	-753,979	'
Net cash used in financing activities	-2,552,177	-3,209,042
DECREASE IN CASH AND CASH EQUIVALENTS	-11,771	-2,156,692
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	4,215,617	4,022,579
CASH AND CASH EQUIVALENTS, END OF PERIOD	$4,203,846	$1,865,887

1_INTERIM_FINANCIAL_REPORTING

1. INTERIM FINANCIAL REPORTING	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
		1	INTERIM FINANCIAL REPORTING
	In the opinion of management, the accompanying interim unaudited condensed consolidated financial statements reflect all adjustments that are necessary for a fair presentation of the financial results. All such adjustments reflected in the unaudited interim condensed consolidated financial statements are considered to be of a normal and recurring nature. The results of the operations for the three months ended March 31, 2014 and 2013 are not necessarily indicative of the results to be expected for the whole year. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2013.

2_TRADE_RECEIVABLES

2. TRADE RECEIVABLES	3 Months Ended
	Mar. 31, 2014
Policy Text Block [Abstract]	'
Trade and Other Accounts Receivable, Policy [Policy Text Block]	'
		2	TRADE RECEIVABLES
	Trade receivables are presented net of the related allowance for uncollectible accounts of approximately $860,000, $781,000 and $697,000 at March 31, 2014, December 31, 2013 and March 31, 2013, respectively. The allowance for uncollectible accounts is calculated based on the relative age and size of trade receivable balances. Our credit policy generally provides that trade receivables will be deemed uncollectible and written-off once we have pursued all reasonable efforts to collect on the account.

3_INVENTORIES

3. INVENTORIES	3 Months Ended
	Mar. 31, 2014
Inventory Disclosure [Abstract]	'
Inventory Disclosure [Text Block]	'
		3	INVENTORIES
	Inventories are comprised of the following:
			March 31,			December 31,			March 31,
			2014			2013			2013
			(Unaudited)						(Unaudited)
	Raw materials		$	13,368,153		$	10,958,796		$	13,363,226
	Work-in-process			1,035,510			660,910			663,388
	Finished goods			64,013,146			66,657,704			54,341,967
	Reserve for obsolescence or lower of cost or market			(108,150	)		(105,740	)		(110,480	)
	Total		$	78,308,659		$	78,171,670		$	68,258,101

4_SUPPLEMENTAL_CASH_FLOW_INFOR

4. SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2014
Supplemental Cash Flow Elements [Abstract]	'
Cash Flow, Supplemental Disclosures [Text Block]	'
		4	SUPPLEMENTAL CASH FLOW INFORMATION
	Supplemental cash flow information is as follows:
			(Unaudited)
			Three Months Ended
			March 31,
			2014		2013
	Interest		$	193,354	$	130,957
	Federal, state and local income taxes, net of refunds		$	906,060	$	1,872,280
	Fixed asset purchases in accounts payable		$	659,722	$	404,855

5_PER_SHARE_INFORMATION

5. PER SHARE INFORMATION	3 Months Ended
	Mar. 31, 2014
Table Text Block [Abstract]	'
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block]	'
		5	PER SHARE INFORMATION
	Basic earnings per share (“EPS”) is computed by dividing net income applicable to common shareholders by the weighted average number of common shares outstanding during each period. The diluted earnings per share computation includes common share equivalents, when dilutive. There are no adjustments to net income necessary in the calculation of basic and diluted earnings per share.
	A reconciliation of the shares used in the basic and diluted income per common share computation for the three months ended March 31, 2014 and 2013 is as follows:
			(Unaudited)
			Three Months Ended
			March 31,
			2014		2013
	Weighted average shares outstanding			7,539,733		7,516,162
	Dilutive stock options			-		-
	Dilutive weighted average shares outstanding			7,539,733		7,516,162
	Anti-dilutive stock options/weighted average shares outstanding			-		9,322

6_RECENT_FINANCIAL_ACCOUNTING_

6. RECENT FINANCIAL ACCOUNTING STANDARDS	3 Months Ended
	Mar. 31, 2014
Policy Text Block [Abstract]	'
New Accounting Pronouncements, Policy [Policy Text Block]	'
		6	RECENT FINANCIAL ACCOUNTING STANDARDS
	Recently adopted accounting standards
	In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The update provides that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments in this update do not require new recurring disclosures. The amendments are effective prospectively for reporting periods beginning after December 15, 2013. The adoption of this standard did not have a material effect on our consolidated financial statements.
	Accounting standards not yet adopted
	In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of an Entity. The amendments in this update change the requirements for reporting discontinued operations in Subtopic 205-20. A discontinued operation may include a component of an entity or a group of components of an entity, or a business or nonprofit activity. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs: 1. The component of an entity or group of components of an entity meets the criteria in paragraph 205-20-45-1E to be classified as held for sale. 2. The component of an entity or group of components of an entity is disposed of by sale. 3. The component of an entity or group of components of an entity is disposed of other than by sale (for example, by abandonment or in a distribution to owners in a spinoff). The update is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years

7_INCOME_TAXES

7. INCOME TAXES	3 Months Ended
	Mar. 31, 2014
Policy Text Block [Abstract]	'
Income Tax, Policy [Policy Text Block]	'
		7	INCOME TAXES
	We file income tax returns in the U.S. Federal jurisdiction and various state and foreign jurisdictions. We are no longer subject to U.S. Federal tax examinations for years before 2010. State jurisdictions that remain subject to examination range from 2009 to 2012. Foreign jurisdiction tax returns that remain subject to examination range from 2007 to 2012 for Canada and from 2007 to 2012 for Puerto Rico. We do not believe there will be any material changes in our uncertain tax positions over the next 12 months.
	Our policy is to accrue interest and penalties on any uncertain tax position as a component of income tax expense. As of March 31, 2014, no such expenses were recognized during the quarter.
	We provided for income taxes at an estimated effective tax rate of 35% and 35% for the three months ended March 31, 2014 and 2013, respectively.

8_INTANGIBLE_ASSETS

8. INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2014
Disclosure Text Block [Abstract]	'
Intangible Assets Disclosure [Text Block]	'
		8	INTANGIBLE ASSETS
	A schedule of intangible assets is as follows:
			Gross		Accumulated		Carrying
	March 31, 2014 (unaudited)		Amount		Amortization		Amount
	Trademarks:
	Wholesale		$	32,343,578	$	-	$	32,343,578
	Retail			2,900,000		-		2,900,000
	Patents			2,584,855		2,228,415		356,440
	Customer relationships			2,200,000		1,026,667		1,173,333
	Total Identified Intangibles		$	40,028,433	$	3,255,082	$	36,773,351
	31-Dec-13
	Trademarks:
	Wholesale		$	32,343,578	$	-	$	32,343,578
	Retail			2,900,000		-		2,900,000
	Patents			2,584,855		2,214,667		370,188
	Customer relationships			2,200,000		1,006,667		1,193,333
	Total Identified Intangibles		$	40,028,433	$	3,221,334	$	36,807,099
	March 31, 2013 (unaudited)
	Trademarks:
	Wholesale		$	27,243,578	$	-	$	27,243,578
	Retail			2,900,000		-		2,900,000
	Patents			2,521,304		2,174,082		347,222
	Customer relationships			1,000,000		1,000,000		-
	Total Identified Intangibles		$	33,664,882	$	3,174,082	$	30,490,800
	Amortization expense for intangible assets was $33,748 and $12,903 for the three months ended March 31, 2014 and 2013, respectively. The weighted average amortization period for patents is 15 years.
	Estimate of Aggregate Amortization Expense for the years ending December 31,:
	2015		$	134,246
	2016			131,471
	2017			126,904
	2018			120,760
	2019			112,776
	As discussed further in Note 13, during late 2013, we acquired substantially all the assets of Kommonwealth, Inc. including the Creative Recreation trademark. As part of this acquisition, we recorded the fair value of the trademark of $5.1 million and the fair value of the customer relationship of $1.2 million. The trademark is an indefinite-lived intangible asset and will be reviewed annually for impairment or as events occur that would require a more frequent review. The customer relationship intangible will be amortized over 15 years.

9_CAPITAL_STOCK

9. CAPITAL STOCK	3 Months Ended
	Mar. 31, 2014
Share-based Arrangements with Employees and Nonemployees [Abstract]	'
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	'
		9	CAPITAL STOCK
	On May 11, 2004, our shareholders approved the 2004 Stock Incentive Plan. The Plan includes 750,000 of our common shares that may be granted for stock options and restricted stock awards. As of March 31, 2014, we were authorized to issue approximately 229,010 shares under our existing plans.
	The Plan generally provides for grants with the exercise price equal to fair value on the date of grant, graduated vesting periods of up to five years, and lives not exceeding ten years. There were 23,000 stock options granted on January 2, 2014, each with an exercise price of $14.57. There were also 23,000 restricted stock units and 23,000 performance share units granted on January 2, 2014, which restricted stock units will vest 20% per year beginning on January 2, 2015 and which performance share units will vest based upon performance in fiscal 2014 and fiscal 2015.
	During the three month period ended March 31, 2014, we issued 3,360 shares of common stock to members of our Board of Directors. We recorded compensation expense of $49,000, which was the fair market value of the shares on the grant date. The shares are fully vested but cannot be sold for one year.
	In June 2009, our Board of Directors adopted a Rights Agreement, which provides for one preferred share purchase right to be associated with each share of our outstanding common stock. Shareholders exercising these rights would become entitled to purchase shares of Series B Junior Participating Cumulative Preferred Stock. The rights are exercisable after the time when a person or group of persons without the approval of the Board of Directors acquire beneficial ownership of 20 percent or more of our common stock or announce the initiation of a tender or exchange offer which if successful would cause such person or group to beneficially own 20 percent or more of our common stock. Such exercise would ultimately entitle the holders of the rights to purchase at the exercise price, shares of common stock of the surviving corporation or purchaser, respectively, with an aggregate market value equal to two times the exercise price. The person or groups effecting such 20 percent acquisition or undertaking such tender offer would not be entitled to exercise any rights. The Rights Agreement was renewed in June 2012 and expires in June 2017.

10_SEGMENT_INFORMATION

10. SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
		10	SEGMENT INFORMATION
	We have identified three reportable segments: Wholesale, Retail and Military. Wholesale includes sales of footwear and accessories to several classifications of retailers, including sporting goods stores, outdoor specialty stores, mail order catalogs, independent retailers, mass merchants, retail uniform stores, and specialty safety shoe stores. Retail includes all sales from our consumer websites, stores and all sales in our Lehigh division. Military includes sales to the U.S. Military. The following is a summary of segment results for the Wholesale, Retail, and Military segments.
			(Unaudited)
			Three Months Ended
			March 31,
			2014		2013
	NET SALES:
	Wholesale		$	53,080,807	$	41,998,417
	Retail			11,105,011		10,837,645
	Military			1,597,466		879,414
	Total Net Sales		$	65,783,284	$	53,715,476
	GROSS MARGIN:
	Wholesale		$	16,620,634	$	13,569,861
	Retail			5,021,663		4,979,400
	Military			210,852		121,509
	Total Gross Margin		$	21,853,149	$	18,670,770
	Segment asset information is not prepared or used to assess segment performance.

11_LONGTERM_DEBT

11. LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2014
Long-term Debt, Description [Abstract]	'
Long-term Debt, Description	'
		11	LONG-TERM DEBT
	In October 2010, we entered into a financing agreement with PNC Bank (“PNC”) to provide a $70 million credit facility. The term of the facility is five years and the current interest rate is generally LIBOR plus 1.50%.
	Our credit facility contains a restrictive covenant which requires us to maintain a fixed charge coverage ratio. This restrictive covenant is only in effect upon a triggering event taking place (as defined in the credit facility agreement). At March 31, 2014, no triggering event had occurred and the covenant was not in effect.
	The total amount available under our revolving credit facility is subject to a borrowing base calculation based on various percentages of accounts receivable and inventory. As of March 31, 2014, we had $36.6 million in borrowings under this facility and total capacity of $70 million.

12_FINANCIAL_INSTRUMENTS

12. FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
		12	FINANCIAL INSTRUMENTS
	Generally accepted accounting standards establish a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level l measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under generally accepted accounting standards are described below:
	Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.
	Level 2: Inputs to the valuation methodology include:
		·	Quoted prices for similar assets or liabilities in active markets;
		·	Quoted prices for identical or similar assets or liabilities in inactive markets;
		·	Inputs other than quoted prices that are observable for the asset or liability;
		·	Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
	If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.
	Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
	The only asset or liability measured at fair value on a recurring basis by the Company at March 31, 2014, December 31, 2013 and March 31, 2013 was cash and cash equivalents of $4,203,846, $4,215,617 and $1,865,887, respectively. Cash and cash equivalents are considered to be Level 1.
	The fair values of cash, accounts receivable, other receivables and accounts payable approximated their carrying values because of the short-term nature of these instruments. Accounts receivable consists primarily of amounts due from our customers, net of allowances. Other receivables consist primarily of amounts due from employees (sales persons’ advances in excess of commissions earned and employee travel advances); other customer receivables, net of allowances; and expected insurance recoveries. The carrying amounts of our revolving line of credit, our mortgages and other short-term financing obligations also approximate fair value, as they are comparable to the available financing in the marketplace during the year.

13_ACQUISITION_OF_CREATIVE_REC

13. ACQUISITION OF CREATIVE RECREATION	3 Months Ended
	Mar. 31, 2014
Business Combinations [Abstract]	'
Business Combination Disclosure [Text Block]	'
		13	ACQUISITION OF CREATIVE RECREATION
	On December 13, 2013, we completed the acquisition of certain assets of Kommonwealth, Inc. including the Creative Recreation trademark, a lifestyle footwear brand best known for its popular crossover between athletic sneakers and dress shoes. The total purchase price was $8,722,843 including cash and assumption of certain liabilities. The acquisition was funded by our existing cash balances and funds available under our existing revolving credit facility.
	12
	The acquisition was accounted for under the purchase method of accounting in accordance with ASC 805, Business Combinations, with the excess of the fair market value of the assets acquired and liabilities assumed in excess of the purchase price recorded as a gain on purchase. Based on the purchase price allocation, the purchase price resulted in a gain on purchase. The purchase price allocation is based upon certain estimates made by management with the assistance of an independent, third-party valuation company.
	Purchase Price Allocation
	We negotiated the respective purchase prices of the assets based on the expected cash flows to be derived from the assets after integration into our existing sourcing and distribution networks. The acquisition purchase price was allocated based on the fair values of the assets acquired and liabilities assumed, which are based on management estimates and the assistance of third-party appraisals. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed.
	Purchase Price		$	2,229,000
	Allocation of Purchase Price
	Accounts receivable			(1,081,764	)
	Inventories			(1,162,360	)
	Prepaid expenses and deposits			(82,339	)
	Property and equipment			(698,355	)
	Trademarks			(5,100,000	)
	Customer relationships			(1,200,000	)
	Total assets acquired			(9,324,818	)
	Accounts payable			6,493,843
	Net gain on purchase		$	(601,975	)
	Intangible assets related to the acquisitions represent the fair value of trademarks and customer relationships. See Note 8 intangible assets.

3_INVENTORIES_Tables

3. INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2014
Inventory Disclosure [Abstract]	'
Inventory Related Text	'Inventories are comprised of the following:
		March 31,			December 31,			March 31,
		2014			2013			2013
		(Unaudited)						(Unaudited)
	Raw materials	$	13,368,153		$	10,958,796		$	13,363,226
	Work-in-process		1,035,510			660,910			663,388
	Finished goods		64,013,146			66,657,704			54,341,967
	Reserve for obsolescence or lower of cost or market		(108,150	)		(105,740	)		(110,480	)
	Total	$	78,308,659		$	78,171,670		$	68,258,101

4_SUPPLEMENTAL_CASH_FLOW_INFOR1

4. SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2014
Supplemental Cash Flow Elements [Abstract]	'
Supplemental Cash Flow Information Related Text	'Supplemental cash flow information is as follows:
		(Unaudited)
		Three Months Ended
		March 31,
		2014		2013
	Interest	$	193,354	$	130,957
	Federal, state and local income taxes, net of refunds	$	906,060	$	1,872,280
	Fixed asset purchases in accounts payable	$	659,722	$	404,855

5_PER_SHARE_INFORMATION_Tables

5. PER SHARE INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2014
Table Text Block [Abstract]	'
Earnings Per Share, Policy [Policy Text Block]	'
		(Unaudited)
		Three Months Ended
		March 31,
		2014		2013
	Weighted average shares outstanding		7,539,733		7,516,162
	Dilutive stock options		-		-
	Dilutive weighted average shares outstanding		7,539,733		7,516,162
	Anti-dilutive stock options/weighted average shares outstanding		-		9,322

8_INTANGIBLE_ASSETS_Tables

8. INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2014
Disclosure Text Block [Abstract]	'
Schedule of Finite-Lived Intangible Assets by Major Class [Table Text Block] (Deprecated 2012-01-31)	'
		Gross		Accumulated		Carrying
	March 31, 2014 (unaudited)	Amount		Amortization		Amount
	Trademarks:
	Wholesale	$	32,343,578	$	-	$	32,343,578
	Retail		2,900,000		-		2,900,000
	Patents		2,584,855		2,228,415		356,440
	Customer relationships		2,200,000		1,026,667		1,173,333
	Total Identified Intangibles	$	40,028,433	$	3,255,082	$	36,773,351
	31-Dec-13
	Trademarks:
	Wholesale	$	32,343,578	$	-	$	32,343,578
	Retail		2,900,000		-		2,900,000
	Patents		2,584,855		2,214,667		370,188
	Customer relationships		2,200,000		1,006,667		1,193,333
	Total Identified Intangibles	$	40,028,433	$	3,221,334	$	36,807,099
	March 31, 2013 (unaudited)
	Trademarks:
	Wholesale	$	27,243,578	$	-	$	27,243,578
	Retail		2,900,000		-		2,900,000
	Patents		2,521,304		2,174,082		347,222
	Customer relationships		1,000,000		1,000,000		-
	Total Identified Intangibles	$	33,664,882	$	3,174,082	$	30,490,800
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	'
	2015	$	134,246
	2016		131,471
	2017		126,904
	2018		120,760
	2019		112,776

10_SEGMENT_INFORMATION_Tables

10. SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Segment Reporting, General Information (Deprecated 2012-01-31)	'
		(Unaudited)
		Three Months Ended
		March 31,
		2014		2013
	NET SALES:
	Wholesale	$	53,080,807	$	41,998,417
	Retail		11,105,011		10,837,645
	Military		1,597,466		879,414
	Total Net Sales	$	65,783,284	$	53,715,476
	GROSS MARGIN:
	Wholesale	$	16,620,634	$	13,569,861
	Retail		5,021,663		4,979,400
	Military		210,852		121,509
	Total Gross Margin	$	21,853,149	$	18,670,770

13_ACQUISITION_OF_CREATIVE_REC1

13. ACQUISITION OF CREATIVE RECREATION (Tables)	3 Months Ended
	Mar. 31, 2014
Business Combinations [Abstract]	'
Schedule of Purchase Price Allocation [Table Text Block] (Deprecated 2013-01-31)	'
	Purchase Price	$	2,229,000
	Allocation of Purchase Price
	Accounts receivable		(1,081,764	)
	Inventories		(1,162,360	)
	Prepaid expenses and deposits		(82,339	)
	Property and equipment		(698,355	)
	Trademarks		(5,100,000	)
	Customer relationships		(1,200,000	)
	Total assets acquired		(9,324,818	)
	Accounts payable		6,493,843
	Net gain on purchase	$	(601,975	)

2_TRADE_RECEIVABLES_Details

2. TRADE RECEIVABLES (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Policy Text Block [Abstract]	'	'	'
Allowance for Doubtful Accounts Receivable	$860,000	$781,000	$697,000

3_INVENTORIES_Details_Inventor

3. INVENTORIES (Details) - Inventory Detail (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Inventory Detail [Abstract]	'	'	'
Raw materials	$13,368,153	$10,958,796	$13,363,226
Work-in-process	1,035,510	660,910	663,388
Finished goods	64,013,146	66,657,704	54,341,967
Reserve for obsolescence or lower of cost or market	-108,150	-105,740	-110,480
Total	$78,308,659	$78,171,670	$68,258,101

4_SUPPLEMENTAL_CASH_FLOW_INFOR2

4. SUPPLEMENTAL CASH FLOW INFORMATION (Details) - Supplemental Cash Flow Information (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Supplemental Cash Flow Information [Abstract]	'	'
Interest	$193,354	$130,957
Federal, state and local income taxes, net of refunds	906,060	1,872,280
Fixed asset purchases in accounts payable	$659,722	$404,855

5_PER_SHARE_INFORMATION_Detail

5. PER SHARE INFORMATION (Details) - Reconciliation of Diluted Shares	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Reconciliation of Diluted Shares [Abstract]	'	'
Weighted average shares outstanding	7,539,733	7,516,162
Dilutive weighted average shares outstanding	7,539,733	7,516,162
Anti-dilutive stock options/weighted average shares outstanding	'	9,322

7_INCOME_TAXES_Details

7. INCOME TAXES (Details)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Policy Text Block [Abstract]	'	'
Effective Income Tax Rate Reconciliation, Percent	35.00%	35.00%

8_INTANGIBLE_ASSETS_Details

8. INTANGIBLE ASSETS (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Disclosure Text Block [Abstract]	'	'
Finite-Lived Intangible Assets, Amortization Expense	$33,748	$12,903
Indefinite-lived Intangible Assets, Acquired During Period	5,100,000	'
Finite-lived Intangible Assets Acquired	$1,200,000	'

8_INTANGIBLE_ASSETS_Details_In

8. INTANGIBLE ASSETS (Details) - Intangible Assets (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Wholesale (Member) | Carrying Amount (Member)	'	'	'
Trademarks:	'	'	'
Indefinite Lived Intangible Assets	$32,343,578	$32,343,578	$27,243,578
Wholesale (Member)	'	'	'
Trademarks:	'	'	'
Indefinite Lived Intangible Assets	32,343,578	32,343,578	27,243,578
Retail (Member) | Carrying Amount (Member)	'	'	'
Trademarks:	'	'	'
Indefinite Lived Intangible Assets	2,900,000	2,900,000	2,900,000
Retail (Member)	'	'	'
Trademarks:	'	'	'
Indefinite Lived Intangible Assets	2,900,000	2,900,000	2,900,000
Accumulated Amortization (Member) | Patents [Member]	'	'	'
Trademarks:	'	'	'
Finite Lived Intangible Assets	2,228,415	2,214,667	2,174,082
Accumulated Amortization (Member) | Customer Relationships [Member]	'	'	'
Trademarks:	'	'	'
Finite Lived Intangible Assets	1,026,667	1,006,667	1,000,000
Total Indentified Intangibles	3,255,082	3,221,334	3,174,082
Carrying Amount (Member) | Patents [Member]	'	'	'
Trademarks:	'	'	'
Finite Lived Intangible Assets	356,440	370,188	347,222
Carrying Amount (Member) | Customer Relationships [Member]	'	'	'
Trademarks:	'	'	'
Finite Lived Intangible Assets	1,173,333	1,193,333	'
Total Indentified Intangibles	36,773,351	36,807,099	30,490,800
Patents [Member]	'	'	'
Trademarks:	'	'	'
Finite Lived Intangible Assets	2,584,855	2,584,855	2,521,304
Customer Relationships [Member]	'	'	'
Trademarks:	'	'	'
Finite Lived Intangible Assets	2,200,000	2,200,000	1,000,000
Total Indentified Intangibles	$40,028,433	$40,028,433	$33,664,882

8_INTANGIBLE_ASSETS_Details_Es

8. INTANGIBLE ASSETS (Details) - Estimate of Aggregate Amortization Expense for the years ending December 31,: (USD $)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Estimate of Aggregate Amortization Expense for the years ending December 31,: [Abstract]	'	'	'	'	'
2015	'	'	'	'	$134,246
2016	'	'	'	131,471	'
2017	'	'	126,904	'	'
2018	'	120,760	'	'	'
2019	$112,776	'	'	'	'

9_CAPITAL_STOCK_Details

9. CAPITAL STOCK (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Share-based Arrangements with Employees and Nonemployees [Abstract]	'
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	750,000
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options	229,010
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	23,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share)	$14.57
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	23,000
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	23,000
Stock Granted During Period, Shares, Share-based Compensation	3,360
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures (in Dollars)	$49,000

10_SEGMENT_INFORMATION_Details

10. SEGMENT INFORMATION (Details) - Segment Information (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Wholesale (Member)	'	'
GROSS MARGIN:	'	'
Gross Margin	$16,620,634	$13,569,861
Retail (Member)	'	'
GROSS MARGIN:	'	'
Gross Margin	5,021,663	4,979,400
Military (Member)	'	'
GROSS MARGIN:	'	'
Gross Margin	210,852	121,509
Total Gross Margin	21,853,149	18,670,770
Wholesale (Member)	'	'
NET SALES:	'	'
Net Sales	53,080,807	41,998,417
Retail (Member)	'	'
NET SALES:	'	'
Net Sales	11,105,011	10,837,645
Military (Member)	'	'
NET SALES:	'	'
Net Sales	1,597,466	879,414
Total Net Sales	$65,783,284	$53,715,476

11_LONGTERM_DEBT_Details

11. LONG-TERM DEBT (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014
Long-term Debt, Description [Abstract]	'
Line of Credit Facility, Maximum Borrowing Capacity	$70
Line of Credit Facility, Interest Rate During Period	1.50%
Long-term Line of Credit	36.6
Line of Credit Facility, Current Borrowing Capacity	$70

12_FINANCIAL_INSTRUMENTS_Detai

12. FINANCIAL INSTRUMENTS (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Fair Value Disclosures [Abstract]	'	'	'
Cash and Cash Equivalents, Fair Value Disclosure	$4,203,846	$4,215,617	$1,865,887

13_ACQUISITION_OF_CREATIVE_REC2

13. ACQUISITION OF CREATIVE RECREATION (Details) (USD $)	Mar. 31, 2014
Business Combinations [Abstract]	'
Business Combination, Consideration Transferred, Other	$8,722,843

13_ACQUISITION_OF_CREATIVE_REC3

13. ACQUISITION OF CREATIVE RECREATION (Details) - Purchase Price Allocation (USD $)	3 Months Ended
	Mar. 31, 2014
Purchase Price Allocation [Abstract]	'
Purchase Price	$2,229,000
Accounts receivable	-1,081,764
Inventories	-1,162,360
Prepaid expenses and deposits	-82,339
Property and equipment	-698,355
Trademarks	-5,100,000
Customer relationships	-1,200,000
Total assets acquired	-9,324,818
Accounts payable	6,493,843
Net gain on purchase	($601,975)