Big 5 Sporting Goods Corporation Receives Determination From Nasdaq to Continue Listing of Shares Following Filing of Fiscal 200
09 9월 2005 - 6:20AM
PR Newswire (US)
* Effect of Restatement Consistent With Previously Announced
Estimates EL SEGUNDO, Calif., Sept. 8 /PRNewswire-FirstCall/ -- Big
5 Sporting Goods Corporation (NASDAQ:BGFVE), a leading sporting
goods retailer, announced that today it received a determination
from the Nasdaq Listing Qualifications Panel (the "Panel") to
continue the listing of the Company's common stock on the Nasdaq
National Market following the Company's filing of its Annual Report
on Form 10-K for fiscal 2004 (the "fiscal 2004 Form 10-K") with the
Securities and Exchange Commission. The Panel had previously
granted the Company an extension to August 31, 2005 to file the
fiscal 2004 Form 10-K. The Company subsequently requested that the
Panel grant an additional extension of time to file its fiscal 2004
Form 10-K, and before receiving any determination from the Panel,
the Company filed the fiscal 2004 Form 10-K on September 6, 2005.
In the decision received today, the Panel denied the Company's
request for a further extension, but determined to continue the
listing of the Company's shares because the Company had filed its
fiscal 2004 Form 10-K before adverse action by the Panel. The
fiscal 2004 Form 10-K includes the previously announced restatement
of the Company's prior reported financial statements for fiscal
years ended December 28, 2003 and December 29, 2002, as well as the
quarterly periods of fiscal 2003 and the first three quarterly
periods of fiscal 2004. The Company restated its prior period
financial statements to correct a previously-announced error in an
account within accounts payable that the Company discovered during
its normal year-end account closing process for fiscal 2004. In
addition, the Company also made changes to its accounting treatment
for certain leases following the February 7, 2005 letter from the
Securities and Exchange Commission's Chief Accountant clarifying
the Commission staff's interpretation of certain lease accounting
issues and spread over appropriate quarterly periods a previously
implemented sales return reserve. The Company and its independent
professional advisors also conducted a review of the Company's
prior financial statements on behalf and under the supervision of
the Audit Committee, and this review identified additional items
for correction in the restatement. Details regarding the
restatement are included in the Company's fiscal 2004 Form 10-K.
The impact on previously reported net income of the adjustments
necessary to correct the error in an account within accounts
payable was $(1.8) million and $(1.4) million in fiscal 2002 and
fiscal 2003, respectively, and there was no change to net income
for fiscal 2004 as preliminarily reported on February 9, 2005. The
cumulative, net impact on previously reported net income of all
other restatement items, including the lease accounting changes and
reallocation of the sales return reserve implemented by the Company
in the third quarter of fiscal 2004, was $0.02 million, $(1.4)
million and $(0.7) million in fiscal 2002, fiscal 2003 and fiscal
2004 as preliminarily reported, respectively. The cumulative, net
impact of these additional restatement items represented less than
3% of aggregate net income for fiscal 2002 through fiscal 2004 as
restated to reflect the correction of the error in an account
within accounts payable. The restatement also reduced net income
for prior periods, which was reflected in an opening balance sheet
adjustment of $(3.2) million for fiscal 2002. Net income for the
2004 fourth quarter, after giving effect to all restatement
adjustments, was $9.5 million, or $0.42 per diluted share, versus
preliminarily reported net income of $11.6 million, or $0.51 per
diluted share. Net income for the 2004 fiscal year, after all
restatement adjustments, was $33.5 million, or $1.47 per diluted
share, versus preliminarily reported net income of $34.3 million,
or $1.50 per diluted share. The Company is working to file its
Quarterly Reports on Form 10-Q for the first and second quarters of
fiscal 2005 as soon as possible. In order to continue to have its
common stock listed on the Nasdaq National Market, the Company must
file these Quarterly Reports by the September 30, 2005 extended
deadline previously set by the Panel. The determination received
from the Panel today stated that if the Company is unable to file
these Quarterly Reports by the September 30, 2005 deadline, no
further extension requests will be considered and the Company's
common stock will be immediately delisted from the Nasdaq National
Market. There can be no assurance that the Company will be able to
file these Quarterly Reports by the September 30, 2005 deadline.
About Big 5 Sporting Goods Corporation Big 5 is a leading sporting
goods retailer in the United States, operating 311 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 5's 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 5's
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 5's 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 5's filings with
the Securities and Exchange Commission, including its Annual Report
on Form 10-K filed on September 6, 2005. 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.
DATASOURCE: Big 5 Sporting Goods Corporation CONTACT: John Mills of
Integrated Corporate Relations, Inc., +1-310-395-2215, for Big 5
Sporting Goods Corporation
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