SOURCE: Rockford Corporation

January 25, 2012 16:00 ET

Rockford Corporation Announces Earnings Guidance for Fiscal 2011 and New Stock Buy Back Program

TEMPE, AZ--(Marketwire - Jan 25, 2012) - Rockford Corporation (PINKSHEETS: ROFO) today announced it expects to earn a profit of approximately $5.4 million or $0.58 per diluted share for the year ended December 31, 2011. Rockford expects to report revenue of approximately $60.8 million for the year ended December 31, 2011.

Rockford also announced that its Board of Directors has approved a new program to purchase up to 765,000 shares, or approximately 10%, of Rockford's outstanding Common Stock in the open market or through privately negotiated transactions. Rockford has approximately 7.7 million shares outstanding currently. The program will expire on March 31, 2013, but may be suspended or discontinued at any time. Rockford has repurchased approximately 2.0 million shares under its previously announced stock buyback programs.

Rockford management will direct the program. Rockford has not established specific goals as to the number of shares to be acquired or the purchase price. Decisions about these matters will be based on market conditions, working capital requirements, general business conditions and other relevant factors. If conditions are not favorable, then no purchases will be made.

This program will be funded using available cash and borrowings from Rockford's existing credit facility. If any shares are purchased they may be retired or they may be made available for employee benefit plans or other corporate purposes. Rockford has no specific plans that would result in a sale of any Common Shares that Rockford may purchase under the program.

About Rockford Corporation
Setting the standard for excellence in the mobile audio industry, Rockford Corporation markets and distributes high-performance audio systems for the mobile audio aftermarket and OEM market. Headquartered in Tempe, Arizona, Rockford Corporation distributes its products under the brands: Rockford Fosgate®, Rockford Acoustic Design®, Lightning Audio®, Brax™, Helix™ and Renegade®. For more information, please visit: www.rockfordfosgate.com, www.rockfordacousticdesign.com, www.lightningaudio.com, www.braxhifi.com, www.helixhifi.com and www.renegadecaraudio.com.

Forward-looking Statement Disclosure

We make forward-looking statements in this press release including but not limited to statements about our results of operations. These statements may be identified by the use of forward-looking terminology such as "may," "will," "believe," "expect," "anticipate," "estimate," "continue," or other similar words.

Forward-looking statements are subject to many risks and uncertainties. Rockford cautions you not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Actual results may differ materially from those anticipated in our forward-looking statements. Rockford disclaims any obligation or undertaking to update these forward-looking statements to reflect changes in our expectations or changes in events, conditions, or circumstances on which our expectations are based.

When considering our forward-looking statements, you should keep in mind the risk factors discussed in our press releases and earnings reports, as well as the risk factors generally applicable to a small business such as ours. We particularly call your attention to the risk factors and other cautionary statements identified on our investor relations web-site, http://www.rockfordcorp.com/RiskFactors titled "Risk Factors That May Affect Rockford's Operating Results, Business Prospects and Stock Price" (the "Risk Disclosure"). We updated the Risk Disclosure as of March 31, 2011. Our business is subject to the risk factors noted in the Risk Disclosure, other risk factors identified above and other risk factors we have not anticipated or discussed. These risk factors could cause our actual results to differ significantly from those anticipated in our forward-looking statements.

Contact Information

  • Executive Contact:
    Richard Vasek
    Chief Financial Officer
    Rockford Corporation
    (480) 517-3169