The Company will host a conference call today at 3:30 p.m. CT/4:30
p.m. ET to discuss these results. The call may be accessed by
dialing 866-510-0711. Use passcode 93378535. A replay will be
available for 30 days and can be accessed by dialing 888-286-8010
using passcode 57188844. Collegiate Pacific Inc. (AMEX:BOO) today
reported results for its third fiscal quarter ending March 31,
2007. Commenting on results for the Quarter and Year-to-date
periods, Adam Blumenfeld, CEO stated, �We are pleased to report
solid results for the third quarter and to have reached $.40 in
fully diluted earnings per share for the first nine months of the
fiscal year, despite notable distractions such as mid-year
completion of the Sport Supply Group acquisition, our pending
transition to Sport Supply Group�s SAP operating platform, and our
first audit of internal controls which we are required to complete
to comply with Sarbanes-Oxley as of June 30, 2007. �For the Quarter
ended March 31, 2007, consolidated net sales grew 6.4% to $63.2
million, primarily attributable to a 17% organic growth rate from
our road sales force from end of season basketball uniform
deliveries and solid uniform demand from spring sports.
Consolidated gross margin percentages improved by 80 basis points
to 36.1% versus 35.3% in the year ago period. This was driven
primarily from our catalog division, which experienced a 150 basis
point improvement in gross margin percentages to 37.5% from 36% in
the year ago period. Consolidated net income and EPS improved 41%
and 42%, respectively, for the quarter versus the year ago period,
due in part to the elimination of minority interest in Sport Supply
Group as well as synergies gained as we continue to integrate the
companies. This bottom line leverage is reflective of our
continuing efforts to streamline operating expenses and allow for
sales growth and gross margin expansion to have a more
demonstrative impact on earnings in future periods. �For the nine
month period ending March 31, 2007, consolidated net sales grew
5.7% to $181 million versus $171 million in the year ago period.
Our catalog, Internet and road sales force were all contributors to
this top line growth. Consolidated gross margin percentages
improved by 200 basis points to 35.6% versus 33.6% in the year ago
period. This significant improvement in gross margin was driven
primarily from our catalog and Internet sales efforts, which
experienced a 370 basis point improvement to 37.2% versus 33.5% in
the year ago period, largely due to pricing and product mix
improvements. The margin strength in our catalog and Internet
businesses has no doubt acted as somewhat of a counterbalance to
slower top line growth in these entities; however, the trade-off
has been a profitable one. Road sales gross margins have remained
relatively stable year over year in the 33-34% range. Year to date
consolidated net income and earnings per share grew 47% and 48%,
respectively.� Commenting on plans for the future, Mr. Blumenfeld
stated, �As we prepare to enter year two of the Company�s three
year plan, we remain committed to our previously stated vision:
integrate, optimize and grow. We intend to complete the migration
to one Catalog IT platform by June 30, 2007 and one Road Sales
Group IT Platform in the next 12-18 months. We intend to continue
consolidating our Dallas, TX distribution and assembly facilities
in the coming months and to complete this effort in large part by
the end of the calendar year. �We will focus on reducing operating
expenses, enhancing gross margins and growing profitable sales for
the benefit of generating greater cash flows and accelerating our
repayment of bank debt. As we consolidate warehouses, we will
reduce the number of SKUs we carry. This should improve inventory
turns and enhance cash flows. As we move to liquidate excess SKUs,
we intend to free up warehouse space, convert inventory to cash and
speed the repayment of debt. As we combine certain catalog brands
and divisions, we intend to reduce the number of paper catalogs we
distribute by as much as 25% and rely heavily on our CRM-driven
telesales professionals and road sales pros to reach deeper
vertically into our customer and prospect databases. Each of these
initiatives is, in our view, the proper path to take to achieve our
three year plan, but each can produce fluctuations in short term
operating metrics � such as a slowing of the catalog sales growth
rate or a masking of organic gross margin progress � even while
producing greater cash flow for the Company. Generally speaking, we
see FY08 as a year with organic sales growth similar to FY07,
continued gross margin improvements, and a meaningful reduction in
the growth of operating expenses � the result of which should be
improved operating leverage and strong double digit growth in
operating profits and net income. �With the acquisition of Sport
Supply Group now complete, the Company is transitioning from a
phase of hyper top-line growth to, we believe, one of more robust
bottom line performance. While our enthusiasm to expand market
share and evaluate partnership opportunities will always remain a
cornerstone of the Company�s strategy, investors should be mindful
of our immediate focus, which is the proper consolidation and
optimization of our business units and intention to substantially
improve our bottom line results in the coming years.� This press
release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include statements relating to
Collegiate Pacific's anticipated financial performance, business
prospects, new developments and similar matters, and/or statements
preceded by, followed by or that include the words "believes,"
"could," "expects," "anticipates," "estimates," "intends," "plans,"
or similar expressions. These forward-looking statements are based
on management's current expectations and assumptions, which are
inherently subject to uncertainties, risks and changes in
circumstances that are difficult to predict. Actual results may
differ materially from those suggested by the forward-looking
statements due to a variety of factors, including changes in
business, political, and economic conditions due to the threat of
future terrorist activity or otherwise, the ability to successfully
complete integration related activities, actions and initiatives by
current and potential competitors, and certain other additional
factors described in Collegiate Pacific's filings with the
Securities and Exchange Commission. Other unknown or unpredictable
factors also could have material adverse effects on Collegiate
Pacific's future results, performance or achievements. In light of
these risks, uncertainties, assumptions and factors, the
forward-looking events discussed in this press release may not
occur. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date stated,
or if no date is stated, as of the date of this press release.
Collegiate Pacific is not under any obligation and does not intend
to make publicly available any update or other revisions to any of
the forward-looking statements contained in this press release to
reflect circumstances existing after the date of this press release
or to reflect the occurrence of future events even if experience or
future events make it clear that any expected results expressed or
implied by those forward-looking statements will not be realized.
COLLEGIATE PACIFIC INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED
BALANCE SHEETS (In thousands, except share and per share amounts) �
March 31, 2007 June 30, 2006 ASSETS (Unaudited) CURRENT ASSETS:
Cash and cash equivalents $ 3,185� $ 4,079� Accounts receivable,
net of allowance for doubtful accounts of $2,035 and $1,496
respectively 37,029� 31,004� Inventories 35,591� 37,185� Current
portion of deferred taxes 2,957� 2,625� Prepaid income taxes 1,627�
1,607� Prepaid expenses and other current assets 2,538� 2,199�
Total current assets 82,927� 78,699� PROPERTY AND EQUIPMENT, net of
accumulated depreciation of $4,357 and $2,755, respectively 9,784�
10,087� DEFERRED DEBT ISSUANCE COSTS, net of accumulated
amortization of $1,781 and $1,076, respectively 2,563� 2,782�
INTANGIBLE ASSETS, net of accumulated amortization of $3,110 and
$2,188, respectively 8,293� 9,014� GOODWILL 54,567� 40,280�
DEFERRED INCOME TAXES 2,655� 3,156� OTHER ASSETS, net 152� 417�
Total assets $ 160,941� $ 144,435� LIABILITIES AND STOCKHOLDERS'
EQUITY CURRENT LIABILITIES: Accounts payable $ 14,469� $ 14,802�
Accrued liabilities 6,275� 5,896� Dividends payable 256� 256�
Accrued interest 1,055� 329� Current portion of long-term debt
3,368� 2,210� Deferred tax liability 41� 15� Total current
liabilities 25,464� 23,508� DEFERRED TAX LIABILITY 3,077� 3,259�
NOTES PAYABLE AND OTHER LONG-TERM DEBT 81,735� 62,284� COMMITMENTS
AND CONTINGENCIES MINORITY INTEREST IN SUBSIDIARY --� 8,150�
STOCKHOLDERS� EQUITY: Preferred stock, $0.01 par value, 1,000,000
shares authorized; no shares issued --� --� Common stock, $0.01 par
value, 50,000,000 shares authorized; 10,319,586 and 10,315,191
shares issued and 10,233,560 and 10,229,165 shares outstanding,
respectively 103� 103� Additional paid-in capital 43,199� 43,162�
Retained earnings 8,020� 4,626� Treasury stock at cost, 86,026
shares (657) (657) Total stockholders' equity 50,665� 47,234� Total
liabilities and stockholders' equity $ 160,941� $ 144,435� �
COLLEGIATE PACIFIC INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (Unaudited) (In thousands, except share and
per share amounts) � Three Months Ended Nine Months Ended March 31,
March 31, 2007� 2006� 2007� 2006� � Net sales $ 63,235� $ 59,418� $
180,782� $ 171,094� Cost of sales 40,404� 38,421� 116,513� 113,640�
� Gross profit 22,831� 20,997� 64,269� 57,454� � Selling, general
and administrative expenses 18,421� 17,253� 52,474� 49,181� �
Operating profit 4,410� 3,744� 11,795� 8,273� � Other income
(expense): Interest income 28� 25� 142� 99� Interest expense
(1,707) (1,261) (4,424) (3,379) Other income 17� 155� 109� 244� �
Total other expense (1,662) (1,081) (4,173) (3,036) � Income before
minority interest in income of consolidated subsidiary and income
taxes 2,748� 2,663� 7,622� 5,237� � Income tax provision 1,010�
787� 2,929� 1,813� � Minority interest in income of consolidated
subsidiary, net of tax 0� 644� 531� 588� � Net income $ 1,738� $
1,232� $ 4,162� $ 2,836� � Weighted average number of shares
outstanding: Basic 10,233,560� 10,183,973� 10,231,051� 10,174,843�
Diluted 13,774,358� 10,359,528� 10,375,469� 10,389,740� � Net
income per share common stock � basic $ 0.17� $ 0.12� $ 0.41� $
0.28� Net income per share common stock � diluted $ 0.17� $ 0.12� $
0.40� $ 0.27� Dividends declared per share common stock $ 0.025� $
0.025� $0.075� $0.075�
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