The Sportsman's Guide Releases Record 2005 First Quarter Results
05 5월 2005 - 7:01AM
PR Newswire (US)
The Sportsman's Guide Releases Record 2005 First Quarter Results
Record Quarterly Net Sales Above and Earnings per Share at High End
of Most Recent Guidance SOUTH ST. PAUL, Minn., May 4
/PRNewswire-FirstCall/ -- The Sportsman's Guide, Inc. (NASDAQ:SGDE)
today reported results for the quarter ended March 31, 2005 that,
with respect to net sales, were above most recent guidance and,
with respect to fully diluted earnings per share, were at the high
end of that guidance. Net sales for the Company's first quarter
were $64.3 million, compared with $44.6 million reported for the
same period in 2004. The quarter over quarter 44.2% increase in
consolidated net sales was due in large part to the acquisition of
The Golf Warehouse ("TGW") in June of 2004 and net sales increasing
12% at The Sportsman's Guide ("TSG"). The increase at TSG was
largely the result of increased Internet sales. Net earnings for
the quarter were $2.1 million, or $0.26 per fully diluted share, a
79.6% increase over the $1.2 million, or $0.15 per fully diluted
share, reported for the same period in 2004. The per share
calculations for the most recent period have been adjusted to
reflect the Company's recent 3-for-2 stock split, distributed to
shareholders on April 15, 2005. Without the effect of the split,
fully diluted earnings per share for the quarter ended March 31,
2005 would have been $0.39 per share, compared to $0.22 per share
for the same period in 2004. Gregory R. Binkley, President and
Chief Executive Officer of the Company, stated, "We had a very
strong first quarter due to a number of factors. We saw strong net
sales at both TGW and TSG. TSG's double digit sales growth was
particularly gratifying and was due to our success in generating
higher levels of Internet-related sales. The increase in total net
sales and in the percentage of Internet-related sales is also the
result of the continued strong performance of TGW. The impact of
these factors pushed consolidated Internet-related sales to over
50% of total catalog and Internet sales for the very first time in
our history." The Company will hold a conference call to discuss
the results of the quarter at 10:30 am, CDT, Thursday, May 5, 2005.
Gregory R. Binkley, President and Chief Executive Officer of the
Company, and Charles B. Lingen, Executive Vice President and Chief
Financial Officer, will be present on the call. Participants may
access the call by dialing 1-800-362-0574 and asking for The
Sportsman's Guide conference call. The call may also be accessed
via the Internet at http://www.sportsmansguideir.com/ . The Company
also noted that its Annual Meeting of Shareholders will be held on
Friday, May 6, 2005, at 1:00 pm, CDT, at the Company's executive
offices at 411 Farwell Avenue, South St. Paul, Minn. The
Sportsman's Guide is an Internet and catalog retailer offering
value-priced outdoor gear and general merchandise, with a special
emphasis on outdoor clothing, outdoor equipment, golf apparel and
equipment and footwear. The Company sells through both Internet Web
sites and catalogs. The Company's Web sites include
http://www.sportsmansguide.com/ , http://www.tgw.com/ and
http://www.bargainoutfitters.com/ . - financial highlights to
follow - This release contains forward looking statements which are
subject to change based on various important factors, including but
not limited to general economic conditions, a changing market
environment for the Company's products and the market acceptance of
the Company's catalogs, Internet sites and offerings. The
Sportsman's Guide, Inc. and Subsidiaries Consolidated Balance
Sheets (Unaudited) (In thousands of dollars) March 31, March 31,
December 31, 2005 2004 2004 ASSETS CURRENT ASSETS Cash and cash
equivalents $2,851 $16,694 $8,616 Accounts receivable - net 2,996
2,147 3,955 Inventory 30,380 23,032 29,148 Promotional material
4,085 3,622 3,578 Prepaid expenses and other 3,577 2,489 3,123
Income taxes receivable -- 655 -- Deferred income taxes 907 2,220
1,122 Total current assets 44,796 50,859 49,542 PROPERTY AND
EQUIPMENT, NET 2,493 1,947 2,693 OTHER ASSETS Goodwill 17,183 --
17,176 Trade and domain name 10,200 -- 10,200 Other intangibles 613
-- 658 Total other assets 27,996 -- 28,034 Total assets $75,285
$52,806 $80,269 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT
LIABILITIES Accounts payable $20,501 $16,024 $23,832 Accrued
expenses and other current liabilities 15,982 12,347 19,987 Total
current liabilities 36,483 28,371 43,819 LONG-TERM LIABILITIES
5,501 173 5,388 Total liabilities 41,984 28,544 49,207
SHAREHOLDERS' EQUITY 33,301 24,262 31,062 Total liabilities and
shareholders' equity $75,285 $52,806 $80,269 The Sportsman's Guide,
Inc. and Subsidiaries Consolidated Statements of Earnings
(Unaudited) For the quarters ended March 31, 2005 and 2004 (In
thousands, except per share data) For the quarters ended March 31,
2005 2004 Net sales $64,326 $44,594 Cost of sales 44,544 30,466
Gross profit 19,782 14,128 Selling, general and administrative
expenses 16,472 12,346 Earnings from operations 3,310 1,782
Interest expense (64) -- Miscellaneous income, net 68 42 Earnings
before income taxes 3,314 1,824 Income tax expense 1,218 657 Net
earnings $2,096 $1,167 Net earnings per share: Basic $.29 $ .16
Diluted $.26 $ .15 Weighted average common and common equivalent
shares outstanding: Basic 7,107 7,130 Diluted 8,066 8,052 CONTACT:
William P. Bartkowski MeritViewPartners 612.605.8616 DATASOURCE:
The Sportsman's Guide, Inc. CONTACT: William P. Bartkowski of
MeritViewPartners, +1-612-605-8616 Web site:
http://www.sportsmansguideir.com/ http://www.sportsmansguide.com/
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