Rockford Fosgate is a manufacturer of aftermarket and OEM car audio and In-Car Entertainment (ICE) products and accessories, as well as limited Pro Audio, and personal electronics such as earphones. Lightning Audio is a subsidiary brand of the company.
Based in Rockford, Illinois, Rockford Products Corporation is a worldwide manufacturer, importer, and distributor of fasteners, cold-formed components, and other industrial products. Although the company had become a multi-million dollar enterprise by the early 2000s, like many manufacturing operations Rockford Products has modest roots and is the result of one man's idea.
Rockford Corporation (Rockford), incorporated on July 22, 1980, designs and distributes mobile audio products, primarily under the Rockford Fosgate, Lightning Audio, and Rockford Acoustic Design brands. Prior to 2009, Rockford also assembled certain of its products, but, as of December 31, 2009, Rockford outsourced all of its production. The Company’s mobile audio products are sold primarily in the audio aftermarket to consumers who want to improve the existing systems in their cars, trucks, boats, and airplanes, and through original equipment manufacturer (OEM) relationships with select vehicle manufacturers. Its products include digital and analog amplifiers, subwoofers, enclosures and accessories.
The Company sells its mobile audio products in the United States through approximately 5,000 independent retail stores, including specialty dealers, audio/video retailers, national consumer electronics chains, mass merchandisers, catalog merchants, and Internet retailers. Internationally, it sells its mobile audio products in over 70 countries through independent distributors and sales representatives. Rockford supplies OEM components and systems to Ford Motor Company, Nissan Motor Company and Mitsubishi Motors.
By the early 1980s, Gerald S. Broski had been named president of Rockford. The decade would prove to be a challenging one for the company, as the manufacturing sector was negatively affected by a sagging economy and increasing competition from foreign companies. Early in the decade, the company was forced to lay off employees, issue pay cuts, and replace annual cost-of-living increases with a merit system. By January 1983, staff had been reduced to 1,000 workers and orders had fallen approximately 50 percent below normal levels.
Other changes also were underway. In 1981, Rockford Aerospace Products was sold and operations at Rockford International were moved from Elk Grove Village, Illinois, to Rockford. The following year, Rockford Screw Products of California ceased to exist. By the 1980s Rockford's customer base had changed considerably from past decades, when the aircraft industry represented the firm's top segment. In the early 1980s almost one-third of business was attributed to the automotive industry, along with the automotive aftermarket (10 percent), and companies manufacturing appliances, recreation and farm equipment.
In 1984, John J. Rauh was named president of Rockford Products, and the company announced plans to expand Plant 3 on Harrison Ave. by 33,000 square feet in order to accommodate increased production of automotive front-end assemblies. The expansion was Rockford's first in more than ten years and involved the addition of 30 employees.
By 1985, the company's workforce numbered approximately 850, down from a high of 1,755 during the late 1960s. Late that year, company ownership changed hands once again. Through an employee stock ownership plan, a group of seven executives at Rockford arranged to buy the firm back from Rexnord.
In March 1987, the new board of directors fired President and CEO Jack Rauh. According to the March 7, 1987, Rockford Register Star, Rauh was released because "the company was not meeting certain agreements it had made with lenders." Within a week of Rauh's departure, a program to accelerate a $20 million debt payoff related to the Rexnord buyout was announced. It involved pay and benefit cuts that angered workers, causing approximately 75 percent of employees to walk off the job, a situation that was quickly settled. In April, shortly after Rauh was fired, the company appointed R. Ray Wood as its new president and CEO.
From 1990 to 1995, Rockford was able to expand its product line and execute a variety of targeted sales and marketing programs that helped to increase sales. In 1997, the company received ISO 9002 and QS 9000 certifications in recognition of quality. By the early 2000s, Rockford's sales were still far below the levels it had achieved during the late 1970s. However, the company continued to make and import fasteners from its three plants in Rockford, Illinois. The company also began to reach out more internationally, joining Germany's Altenlohn, Brinck & Co. and Japan's Osaka Rashi to create the International Coldforming Alliance (ICA). According to the May 2000 issue of Appliance Manufacturer, the alliance allowed each member firm to share knowledge and resources and more effectively compete in the global marketplace.
Although many of the fastener industry's dynamics had changed since Swan Hillman founded the company in 1929, Rockford's 800 workers, each with a stake in the company's success, remained committed to serving the needs of customers in the 21st century.
Principal Competitors: Textron Inc.
OVERALL
Beta: 0.75
Market Cap (Mil.): $24.78
Shares Outstanding (Mil.): 8.40
Annual Dividend: --
Yield (%): --
FINANCIALS
ROFO.PK Industry Sector
P/E (TTM): 8.14 42.14 19.29
EPS (TTM): 2,108.98 -- --
ROI: 46.57 2.33 1.61
ROE: 47.46 2.76 2.45
Statistics:
Private Company
Incorporated: 1929 as Rockford Screw Products Company
Employees: 800
Sales: $15 million (2001 est.)
NAIC: 326199 All Other Plastics Product Manufacturing; 332722 Bolt, Nut, Screw, Rivet, and Washer Manufacturin
Key Dates:
1929: Rockford Screw Products Company is formed.
1934: Rockford moves its offices and manufacturing operations to larger facilities; expansion occurs on a regular basis during the 1930s and 1940s.
1944: The company enjoys a three-year stint as the nation's leading aircraft bolt fabricator.
1954: A profit-sharing plan for workers is instituted.
1955: Rockford partners with the National Auto Parts Association (NAPA) to offer packaged standard fasteners.
1967: The company ranks among the nation's five largest manufacturers of fasteners.
1969: The company's name is changed to Rockford Products Corporation to reflect expanded offerings.
1976: Rexnord Inc. purchases the company for $34.6 million.
1983: In a sagging economy, Rockford workforce is downsized and sales fall.
1985: Seven executives at Rockford Products arrange to buy the firm back from Rexnord.
Name Age Since Current Position
Jerry Goldress 80 1998 Chairman of the Board
William Jackson 48 2007 President, Director
Richard Vasek 44 2004 Chief Financial Officer, Vice President - Finance, Secretary
Mark Matson 49 2006 Vice President - Global Operations
Nicholas Bartol 56 1985 Director
Timothy Bartol 53 1998 Director
Ralph Godfrey 69 1999 Director
John Lloyd 57 1988 Director
COMPANY ADDRESS
Rockford Corp
600 South Rockford Drive
Tempe AZ 85281
Based in Rockford, Illinois, Rockford Products Corporation is a worldwide manufacturer, importer, and distributor of fasteners, cold-formed components, and other industrial products. Although the company had become a multi-million dollar enterprise by the early 2000s, like many manufacturing operations Rockford Products has modest roots and is the result of one man's idea.
Rockford Corporation (Rockford), incorporated on July 22, 1980, designs and distributes mobile audio products, primarily under the Rockford Fosgate, Lightning Audio, and Rockford Acoustic Design brands. Prior to 2009, Rockford also assembled certain of its products, but, as of December 31, 2009, Rockford outsourced all of its production. The Company’s mobile audio products are sold primarily in the audio aftermarket to consumers who want to improve the existing systems in their cars, trucks, boats, and airplanes, and through original equipment manufacturer (OEM) relationships with select vehicle manufacturers. Its products include digital and analog amplifiers, subwoofers, enclosures and accessories.
The Company sells its mobile audio products in the United States through approximately 5,000 independent retail stores, including specialty dealers, audio/video retailers, national consumer electronics chains, mass merchandisers, catalog merchants, and Internet retailers. Internationally, it sells its mobile audio products in over 70 countries through independent distributors and sales representatives. Rockford supplies OEM components and systems to Ford Motor Company, Nissan Motor Company and Mitsubishi Motors.
By the early 1980s, Gerald S. Broski had been named president of Rockford. The decade would prove to be a challenging one for the company, as the manufacturing sector was negatively affected by a sagging economy and increasing competition from foreign companies. Early in the decade, the company was forced to lay off employees, issue pay cuts, and replace annual cost-of-living increases with a merit system. By January 1983, staff had been reduced to 1,000 workers and orders had fallen approximately 50 percent below normal levels.
Other changes also were underway. In 1981, Rockford Aerospace Products was sold and operations at Rockford International were moved from Elk Grove Village, Illinois, to Rockford. The following year, Rockford Screw Products of California ceased to exist. By the 1980s Rockford's customer base had changed considerably from past decades, when the aircraft industry represented the firm's top segment. In the early 1980s almost one-third of business was attributed to the automotive industry, along with the automotive aftermarket (10 percent), and companies manufacturing appliances, recreation and farm equipment.
In 1984, John J. Rauh was named president of Rockford Products, and the company announced plans to expand Plant 3 on Harrison Ave. by 33,000 square feet in order to accommodate increased production of automotive front-end assemblies. The expansion was Rockford's first in more than ten years and involved the addition of 30 employees.
By 1985, the company's workforce numbered approximately 850, down from a high of 1,755 during the late 1960s. Late that year, company ownership changed hands once again. Through an employee stock ownership plan, a group of seven executives at Rockford arranged to buy the firm back from Rexnord.
In March 1987, the new board of directors fired President and CEO Jack Rauh. According to the March 7, 1987, Rockford Register Star, Rauh was released because "the company was not meeting certain agreements it had made with lenders." Within a week of Rauh's departure, a program to accelerate a $20 million debt payoff related to the Rexnord buyout was announced. It involved pay and benefit cuts that angered workers, causing approximately 75 percent of employees to walk off the job, a situation that was quickly settled. In April, shortly after Rauh was fired, the company appointed R. Ray Wood as its new president and CEO.
From 1990 to 1995, Rockford was able to expand its product line and execute a variety of targeted sales and marketing programs that helped to increase sales. In 1997, the company received ISO 9002 and QS 9000 certifications in recognition of quality. By the early 2000s, Rockford's sales were still far below the levels it had achieved during the late 1970s. However, the company continued to make and import fasteners from its three plants in Rockford, Illinois. The company also began to reach out more internationally, joining Germany's Altenlohn, Brinck & Co. and Japan's Osaka Rashi to create the International Coldforming Alliance (ICA). According to the May 2000 issue of Appliance Manufacturer, the alliance allowed each member firm to share knowledge and resources and more effectively compete in the global marketplace.
Although many of the fastener industry's dynamics had changed since Swan Hillman founded the company in 1929, Rockford's 800 workers, each with a stake in the company's success, remained committed to serving the needs of customers in the 21st century.
Principal Competitors: Textron Inc.
OVERALL
Beta: 0.75
Market Cap (Mil.): $24.78
Shares Outstanding (Mil.): 8.40
Annual Dividend: --
Yield (%): --
FINANCIALS
ROFO.PK Industry Sector
P/E (TTM): 8.14 42.14 19.29
EPS (TTM): 2,108.98 -- --
ROI: 46.57 2.33 1.61
ROE: 47.46 2.76 2.45
Statistics:
Private Company
Incorporated: 1929 as Rockford Screw Products Company
Employees: 800
Sales: $15 million (2001 est.)
NAIC: 326199 All Other Plastics Product Manufacturing; 332722 Bolt, Nut, Screw, Rivet, and Washer Manufacturin
Key Dates:
1929: Rockford Screw Products Company is formed.
1934: Rockford moves its offices and manufacturing operations to larger facilities; expansion occurs on a regular basis during the 1930s and 1940s.
1944: The company enjoys a three-year stint as the nation's leading aircraft bolt fabricator.
1954: A profit-sharing plan for workers is instituted.
1955: Rockford partners with the National Auto Parts Association (NAPA) to offer packaged standard fasteners.
1967: The company ranks among the nation's five largest manufacturers of fasteners.
1969: The company's name is changed to Rockford Products Corporation to reflect expanded offerings.
1976: Rexnord Inc. purchases the company for $34.6 million.
1983: In a sagging economy, Rockford workforce is downsized and sales fall.
1985: Seven executives at Rockford Products arrange to buy the firm back from Rexnord.
Name Age Since Current Position
Jerry Goldress 80 1998 Chairman of the Board
William Jackson 48 2007 President, Director
Richard Vasek 44 2004 Chief Financial Officer, Vice President - Finance, Secretary
Mark Matson 49 2006 Vice President - Global Operations
Nicholas Bartol 56 1985 Director
Timothy Bartol 53 1998 Director
Ralph Godfrey 69 1999 Director
John Lloyd 57 1988 Director
COMPANY ADDRESS
Rockford Corp
600 South Rockford Drive
Tempe AZ 85281