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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 12, 2005
BIG 5 SPORTING GOODS CORPORATION
(Exact name of registrant as specified in charter)
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Delaware
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000-49850
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95-4388794 |
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(State or Other Jurisdiction
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(Commission File Number) |
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(IRS Employer |
of Incorporation)
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Identification No.) |
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2525 East El Segundo Boulevard,
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90245 |
El Segundo California |
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(Address of principal executive offices)
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(Zip Code) |
Registrants telephone number, including area code: (310) 536-0611
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2):
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o Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425) |
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o Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12) |
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o Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b)) |
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o Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (7 CFR 240.13e-4(c)) |
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard;
Transfer of Listing.
On August 12, 2005, Big 5 Sporting Goods Corporation (the Company) notified Nasdaqs Listing
Qualifications Staff that the Company fails to comply with the requirements of Nasdaq Marketplace
Rule 4310(c)(14) for continued listing due to the delayed filing with the Securities and Exchange
Commission of its Quarterly Report on Form 10-Q for the fiscal
quarter ended July 3, 2005 (the
second quarter fiscal 2005 Form 10-Q). As previously reported, the Company previously received
notices of determination by the Nasdaq Listing Qualifications Staff that the Company fails to
comply with the requirements of Nasdaq Marketplace Rule 4310(c)(14) for continued listing due to
the delayed filing with the Securities and Exchange Commission of its Annual Report on Form 10-K
for the fiscal year ended January 2, 2005 (the fiscal 2004 Form 10-K) and its Quarterly Report on
Form 10-Q for the fiscal quarter ended April 3, 2005 (the
first quarter fiscal 2005 Form 10-Q)
and that its securities are therefore subject to delisting from the Nasdaq National Market.
On June 1, 2005, the Company received an extension from the NASDAQ Listing Qualifications
Panel (the Panel) until August 12, 2005 to file its fiscal 2004 Form 10-K and its first quarter
fiscal 2005 Form 10-Q and to continue the listing of the Companys common stock on the NASDAQ
National Market pending such filings. However, the Company was not able to file such reports by
the extension deadline and has so notified the Panel and requested a further extension. The
Company has also requested an extension of time to file its second
quarter fiscal 2005 Form 10-Q.
The Company will announce the Panels decision promptly after a decision is received. There can be
no assurance that an extension will be granted. If an extension is not granted, the Companys
common stock could be delisted from the NASDAQ National Market. In such event, the Company expects
that its shares would trade in the over-the-counter market and the Company would apply for
relisting of its shares on the NASDAQ National Market as soon as its SEC filings were current.
Work
on the review and associated audit of the Companys fiscal 2004 Form 10-K has been substantially completed. The Company expects that the review and audit will be
completed and the fiscal 2004 Form 10-K will be filed shortly. The Company also expects that the review of the
first quarter fiscal 2005 Form 10-Q will be completed and that it
will be able to file the first quarter fiscal 2005 Form
10-Q shortly after the fiscal 2004 Form 10-K is filed. The
Company will file its second quarter fiscal 2005 Form 10-Q as soon
as practicable following the filing of the first quarter fiscal 2005 Form 10-Q.
Item 8.01. Other Matters.
The Company issued a press release on August 15, 2005 regarding the matters described in Item
3.01, receipt of an extension of time to deliver its audited financial statements to the lenders
under its financing agreement and the declaration of the Companys quarterly dividend. A copy of
the press release is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
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Exhibit No. |
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Description |
99.1
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Press release, dated August 15, 2005, issued by Big 5 Sporting Goods Corporation. |
EXHIBIT 99.1 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BIG 5 SPORTING GOODS CORPORATION |
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(Registrant) |
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Date: August 15, 2005 |
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/s/ Steven G. Miller |
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Steven G. Miller |
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President and Chief Executive Officer |
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exv99w1
Contact:
John Mills
Integrated Corporate Relations, Inc.
(310) 395-2215
BIG 5 SPORTING GOODS CORPORATION REQUESTS NASDAQ EXTENSION
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Declares Quarterly Cash Dividend |
El Segundo, CA August 15, 2005 Big 5 Sporting Goods Corporation (Nasdaq: BGFVE), a
leading sporting goods retailer, today announced that it has submitted a request to the NASDAQ
Listing Qualifications Panel for an additional extension of the deadline for the Company to file
its Annual Report on Form 10-K for fiscal 2004 and its Quarterly Report on Form 10-Q for the first
quarter of fiscal 2005. The Panel had previously agreed to continue the listing of the Companys
securities on the NASDAQ National Market provided that the Company filed its Annual Report on Form
10-K for fiscal 2004 and its Quarterly Report on Form 10-Q for the first quarter of fiscal 2005 on
or before August 12, 2005. The Company notified the Panel that it would be unable to meet the
August 12 deadline and requested a further extension. There can be no assurance that an extension
will be granted. If an extension is not granted, the Companys common stock could be delisted from
the NASDAQ National Market. In such event, the Company expects that its shares would trade in the
over-the-counter market and the Company would apply for relisting of its shares on the NASDAQ
National Market as soon as its SEC filings were current.
Work on the review and associated audit of the Companys Annual Report on Form 10-K for fiscal 2004
has been substantially completed. The Company expects that the review and audit will be completed
and the Form 10-K will be filed shortly. The Company also expects that the review of the Quarterly
Report on Form 10-Q for the first quarter of fiscal 2005 will be completed and that it will be able
to file that Form 10-Q shortly after the Annual Report on Form 10-K is filed. The Company also was
unable to file its Quarterly Report on Form 10-Q for the second quarter of fiscal 2005 by the
August 12, 2005 deadline and will file a Form 12b-25 with the Securities and Exchange Commission to
report this. The completion and review of this Quarterly Report has been delayed pending the
completion and filing of the Companys Form 10-K for fiscal 2004 and its Form 10-Q for the first
quarter of fiscal 2005. The Company will file the Quarterly Report on Form 10-Q for the second
quarter of fiscal 2005 as soon as practicable following the filing of the Quarterly Report on Form
10-Q for the first quarter of fiscal 2005. The late filing of the Companys Quarterly Report on
Form 10-Q for the second quarter of fiscal 2005 constitutes an additional basis for the delisting
of the Companys common stock from the NASDAQ National Market and the Company has notified Nasdaqs
Listing Qualifications Staff of the late filing. The Company has also requested an extension of
time to file this Form 10-Q.
Big 5 Sporting Goods
2-2-2
As the Company announced on July 29, 2005, additional corrections to its prior financial statements
will be required as part of the previously announced restatement of such financial statements. The
expected cumulative net impact on the Companys net income of all additional corrections that the
Company is aware of at this time, as well as the adjustments relating to the previously announced
lease accounting changes and sales return reserve, for fiscal years 2002 through 2004 remains less
than 3% of aggregate net income as preliminarily reported on February 9, 2005 for such fiscal year
periods, which reflected the preliminary adjustments to address the previously announced error in
an account within accounts payable. As also stated in the July 29, 2005 announcement, these
matters will reduce net income for prior periods, which the Company anticipates will be reflected
in a balance sheet adjustment for fiscal 2002.
Financing Agreement
The Company also has obtained from the lenders under its financing agreement an extension to August
31, 2005 to deliver its audited financial statements for fiscal 2004 as required by its financing
agreement. While the Company expects to be able to deliver such audited financial statements by
then, if the Company is not able to do so, it intends to seek another extension, although there is
no assurance that one will be granted. The Company is in compliance with all of the covenants
contained in its financing agreement.
Declaration of Quarterly Cash Dividend
The Company also announced that its Board of Directors has voted to declare a cash dividend,
at an annual rate of $0.28 per share of outstanding common stock. The next quarterly dividend, of
$0.07 per share, will be paid on September 15, 2005, to stockholders of record as of September 1,
2005.
About Big 5 Sporting Goods Corporation
Big 5 is a leading sporting goods retailer in the United States, operating 312 stores in 10 states
under the Big 5 Sporting Goods name. Big 5 provides a full-line product offering in a traditional
sporting goods store format that averages 11,000 square feet. Big 5s product mix includes athletic
shoes, apparel and accessories, as well as a broad selection of outdoor and athletic equipment for
team sports, fitness, camping, hunting, fishing, tennis, golf, snowboarding and in-line skating.
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, which may cause Big 5s actual results in future periods to differ materially from
forecasted results. Those risks and uncertainties include, among other things, the competitive
environment in the sporting goods industry in general and in Big 5s specific market areas,
inflation, product availability and growth opportunities, seasonal fluctuations, weather
conditions, changes in costs of goods, changes in interest rates and economic conditions in
general. Those and other risks are more fully described in Big 5s filings with the Securities and
Exchange Commission, including its Annual Report on Form 10-K/A filed on October 25, 2004 and its
Quarterly Report on Form 10-Q for the quarter ended September 26, 2004. Big 5 disclaims any
obligation to update any such factors or to publicly announce results of any revisions to any of
the forward-looking statements contained herein to reflect future events or developments.