McRAE INDUSTRIES, INC. REPORTS EARNINGS FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF FISCAL 2022

FIRST NINE MONTHS FISCAL 2022 COMPARED TO FIRST NINE MONTHS FISCAL 2021

Consolidated net revenues for the first nine months of fiscal 2022 totaled $91.8 million as compared to $60.8 million for the first nine months of fiscal 2021. Our western and lifestyle product sales totaled $67.5 million for the first nine months of fiscal 2022 as compared to $40.3 million for the first nine months of fiscal 2021, with the increase resulting from an increase in all product lines.  Net revenues from our work boot business increased from $20.5 million for the first nine months of fiscal 2021 to $22.3 million for the first nine months of fiscal 2022.  This increase was a result of increased production of our military boots, as well as an increase in our Dan Post work boot sales.

Consolidated gross profit totaled $26.8 million for the first nine months of fiscal 2022 as compared to $16.5 million for the first nine months of fiscal 2021. Gross profit attributable to our western and lifestyle products increased to $23.9 million for the first nine months of fiscal 2022, as compared to $14.5 million for the first nine months of fiscal 2021.  Our work boot products gross profit increased from $1.9 million for the first nine months of fiscal 2021 to $2.4 million for the first nine months of fiscal 2022.

Consolidated selling, general and administrative expenses totaled approximately $16.7 million for the first nine months of fiscal 2022 as compared to $13.5 million for the first nine months of fiscal 2021. This increase resulted primarily from increased commissions, advertising, and employee benefit expenses.

As a result of the above, the consolidated operating profit amounted to $10.1 million for the first nine months of fiscal 2022 as compared to $3.0 million for the first nine months of fiscal 2021.

Financial Condition and Liquidity

Our financial condition remained strong at April 30, 2022 as cash and cash equivalents totaled $22.4 million as compared to $23.5 million at July 31, 2021. Our working capital increased from $58.0 million at July 31, 2021 to $65.0 million at April 30, 2022.

We currently have two lines of credit totaling $6.75 million, all of which was fully available at April 30, 2022. One credit line totaling $1.75 million (which is restricted to one hundred percent of the outstanding receivables due from the Government) expires in January 2023. Our $5.0 million line of credit, which also expires in January 2023, is secured by the inventory and accounts receivable of our Dan Post Boot Company subsidiary.

For the first nine months of fiscal 2022, operating activities provided approximately $0.4 million of cash. Net earnings, as adjusted for depreciation and other non-cash items, contributed approximately $8.3 million of cash.  Increased inventory and accounts receivable used approximately $9.0 million; while decreased liabilities provided approximately $1.2 million.

Net cash used in investing activities totaled approximately $0.6 million, primarily due to the sale of securities offset by the purchase of securities.

Net cash used in financing activities totaled $0.9 million, which was used primarily for dividend payments.

We believe that our current cash and cash equivalents, cash generated from operations, and available credit lines will be sufficient to meet our capital requirements for the remainder of fiscal 2022.

Forward-Looking Statements

This press release includes certain forward-looking statements.  Important factors that could cause actual results or events to differ materially from those projected, estimated, assumed or anticipated in any such forward-looking statements include: uncertainties associated with COVID-19 or coronavirus, including its possible effects on our operations, supply chain, and the demand for our products and services, our ability to complete the sale of our properties held for investment that are under contract, the effect of competitive products and pricing, risks unique to selling goods to the Government (including variation in the Government's requirements for our products and the Government's ability to terminate its contracts with vendors), changes in fashion cycles and trends in the western boot business, loss of key customers, acquisitions, supply interruptions, additional financing requirements, our expectations about future Government orders for military boots, loss of key management personnel, our ability to successfully develop new products and services, and the effect of general economic conditions in our markets.

McRae Industries, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
		April 30, 2022		July 31, 2021
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable		$2,846		$2,714
Accrued employee benefits		1,568		660
Accrued payroll and payroll taxes		801		700
Income tax payable		118		236
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