-
Achieves Fourth Quarter Earnings per Diluted Share of
$0.19 -
Reports Fiscal 2012 Full-Year Earnings per Diluted Share of
$0.69 , Including Charges of$0.04 -
Raises Quarterly Cash Dividend by 33% to
$0.10 per Share
As the Company previously reported, net sales for the fiscal 2012 fourth quarter increased to
Gross profit for the fiscal 2012 fourth quarter increased to
Selling and administrative expense as a percentage of net sales improved to 29.2% in the fiscal 2012 fourth quarter from 31.3% in the fourth quarter of the prior year. Overall selling and administrative expense increased
Net income for the fourth quarter of fiscal 2012 was
For the fiscal 2012 full year, net sales increased to
"We are pleased to deliver a quarter of strong sales, expanded gross margins, expense leverage, meaningful earnings growth and very healthy cash flow," said
Mr. Miller continued, "We have continued to enjoy very healthy sales during the first quarter of fiscal 2013 to date, as we have benefitted from favorable winter weather conditions in many of our markets and the continued increase in demand for firearms and ammunition products. Although our recent performance has been encouraging and we are pleased with the progress on our merchandise and marketing initiatives implemented over the last year, we recognize that the economy remains challenging for many, with ongoing pressures that could certainly impact consumer spending. We continue to focus our efforts on broadening our appeal to today's consumer and driving sales by offering an unmatched combination of value, selection and convenience."
Quarterly Cash Dividend
The Company's Board of Directors has approved an increase of the Company's quarterly cash dividend to
Share Repurchases
During the fiscal 2012 fourth quarter, the Company repurchased 40,000 shares of its common stock for a total expenditure of
Guidance
For the fiscal 2013 first quarter, the Company expects same store sales in the positive high single-digit range and earnings per diluted share in the range of
Store Openings
During the fourth quarter of fiscal 2012, the Company opened eight stores, including one relocation, and closed one store. The Company ended fiscal 2012 with 414 stores in operation. During the fiscal 2013 first quarter, the Company currently anticipates opening one new store and has closed one store as part of a relocation that began in fiscal 2012. For the fiscal 2013 full year, the Company currently anticipates opening approximately 15 to 20 new stores, including three relocations, and closing approximately three relocated stores.
Conference Call Information
The Company will host a conference call and audio webcast today,
About
Big 5 is a leading sporting goods retailer in the western
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties and other factors that may cause Big 5's actual results in current or future periods to differ materially from forecasted results. Those risks and uncertainties include, among other things, continued or worsening weakness in the consumer spending environment and the U.S. financial and credit markets, fluctuations in consumer holiday spending patterns, breach of data security or other unauthorized disclosure of sensitive personal or confidential information, the competitive environment in the sporting goods industry in general and in Big 5's specific market areas, inflation, product availability and growth opportunities, changes in the current market for (or regulation of) firearms, ammunition and certain related accessories, seasonal fluctuations, weather conditions, changes in cost of goods, operating expense fluctuations, litigation risks, disruption in product flow, changes in interest rates, credit availability, higher costs associated with sources of credit resulting from uncertainty in financial markets and economic conditions in general. Those and other risks and uncertainties are more fully described in Big 5's filings with the
| BIG 5 SPORTING GOODS CORPORATION | ||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||
| (Unaudited) | ||
| (In thousands, except share amounts) | ||
|
December 30, 2012 |
January 1, 2012 |
|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 7,635 | $ 4,900 |
| Accounts receivable, net of allowances of $99 and $142, respectively | 15,297 | 13,106 |
| Merchandise inventories, net | 270,350 | 264,278 |
| Prepaid expenses | 8,784 | 7,972 |
| Deferred income taxes | 9,905 | 8,410 |
| Total current assets | 311,971 | 298,666 |
| Property and equipment, net | 72,089 | 75,369 |
| Deferred income taxes | 14,795 | 13,236 |
| Other assets, net of accumulated amortization of $637 and $383, respectively | 3,372 | 2,360 |
| Goodwill | 4,433 | 4,433 |
| Total assets | $ 406,660 | $ 394,064 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $ 92,688 | $ 77,593 |
| Accrued expenses | 67,553 | 62,547 |
| Current portion of capital lease obligations | 1,720 | 1,617 |
| Total current liabilities | 161,961 | 141,757 |
| Deferred rent, less current portion | 21,386 | 22,483 |
| Capital lease obligations, less current portion | 2,855 | 3,145 |
| Long-term debt | 47,461 | 63,476 |
| Other long-term liabilities | 8,577 | 6,613 |
| Total liabilities | 242,240 | 237,474 |
| Commitments and contingencies | ||
| Stockholders' equity: | ||
| Common stock, $0.01 par value, authorized 50,000,000 shares; issued 23,783,084 and 23,483,815 shares, respectively; outstanding 21,741,248 and 21,890,970 shares, respectively | 238 | 235 |
| Additional paid-in capital | 102,658 | 99,665 |
| Retained earnings | 87,464 | 79,037 |
| Less: Treasury stock, at cost; 2,041,836 and 1,592,845 shares, respectively | (25,940) | (22,347) |
| Total stockholders' equity | 164,420 | 156,590 |
| Total liabilities and stockholders' equity | $ 406,660 | $ 394,064 |
| BIG 5 SPORTING GOODS CORPORATION | ||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
| (Unaudited) | ||||
| (In thousands, except per share data) | ||||
| Fiscal Quarter Ended | Fiscal Year Ended | |||
|
December 30, 2012 |
January 1, 2012 |
December 30, 2012 |
January 1, 2012 |
|
| Net sales | $ 243,608 | $ 226,723 | $ 940,490 | $ 902,134 |
| Cost of sales | 165,216 | 156,034 | 637,721 | 610,531 |
| Gross profit | 78,392 | 70,689 | 302,769 | 291,603 |
| Selling and administrative expense (1) (2) | 71,237 | 70,846 | 276,797 | 272,436 |
| Operating income (loss) | 7,155 | (157) | 25,972 | 19,167 |
| Interest expense | 557 | 723 | 2,202 | 2,561 |
| Income (loss) before income taxes | 6,598 | (880) | 23,770 | 16,606 |
| Income taxes | 2,566 | (871) | 8,855 | 4,933 |
| Net income (loss) (1) (2) | $ 4,032 | $ (9) | $ 14,915 | $ 11,673 |
| Earnings per share: | ||||
| Basic | $ 0.19 | — | $ 0.70 | $ 0.54 |
| Diluted (1) (2) | $ 0.19 | — | $ 0.69 | $ 0.53 |
| Dividends per share | $ 0.075 | $ 0.075 | $ 0.30 | $ 0.30 |
| Weighted-average shares of common stock outstanding: | ||||
| Basic | 21,338 | 21,647 | 21,394 | 21,656 |
| Diluted | 21,673 | 21,647 | 21,616 | 21,869 |
| (1) In the fourth quarter and full year of fiscal 2012, the Company recorded pre-tax charges of $0.1 million and $1.2 million, respectively, related to store closing costs. These charges reduced net income in the fourth quarter and full year of fiscal 2012 by $48,000 and $0.8 million, respectively, or $0.00 per diluted share and $0.03 per diluted share, respectively. | ||||
| (2) In fiscal 2012, the Company recorded a pre-tax non-cash impairment charge of $0.2 million, and in the fourth quarter and full year of fiscal 2011, the Company recorded pre-tax non-cash impairment charges of $1.5 million and $2.1 million, respectively, related to certain underperforming stores. These impairment charges reduced net income in fiscal 2012, and the fourth quarter and full year of fiscal 2011, by $0.1 million, $1.1 million and $1.5 million, respectively, or $0.01 per diluted share, $0.05 per diluted share and $0.07 per diluted share, respectively. | ||||
CONTACT:Big 5 Sporting Goods Corporation Barry Emerson Sr. Vice President and Chief Financial Officer (310) 536-0611ICR, Inc. John Mills Senior Managing Director (310) 954-1105