Sportsmans Guide (NASDAQ:SGDE)
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The Sportsman's Guide Releases First Quarter 2004 Results
Net Earnings Up 22% Over Comparable 2003 Quarter; Earnings Per Share at High
End of Recent Guidance; Internet-related Sales as Percentage of Total Catalog
and Internet Sales Hit All-time High
SOUTH ST. PAUL, Minn., April 28 /PRNewswire-FirstCall/ -- The Sportsman's
Guide, Inc. today reported the results of operations for the quarter ended
March 31, 2004. Sales for the quarter were $44.6 million compared to the $43.7
million reported for the same period one year ago. The Company reported net
earnings of $1.2 million, or $0.22 per fully diluted share for the quarter, a
22% increase when compared to the $957,000, or $0.19 per fully diluted share,
reported for the three months ended March 31, 2003. The increase in net
earnings and earnings per share from last year's first quarter was due
primarily to higher Internet-related sales and lower levels of selling, general
and administrative expenses. Internet-related sales for the first quarter of
2004 were just over 40% of total catalog and Internet sales, setting an all
time record. Internet-related sales as a percentage of total catalog and
Internet sales were approximately 34% for the first quarter of 2003.
Gregory R. Binkley, President and Chief Executive Officer of the Company,
stated, "Once again our ongoing strategy of moving more of our business to the
Internet has resulted in better than expected earnings growth and
profitability."
Total catalog circulation for the first quarter was 11.0 million catalogs,
compared to 11.3 million during the first quarter of 2003. The Company mailed
nine catalog editions, consisting of three main catalogs, three Buyer's Club
Advantage(TM) catalogs and three specialty catalogs during the quarter ended
March 31, 2004, compared to nine catalog editions for the same quarter in 2003.
"The increase in Internet-related sales is the result of enhancements that we
continue to make to our websites and the improvements that we continue to make
to our marketing and merchandising programs," Binkley concluded.
The Sportsman's Guide is a company offering value-priced outdoor gear and
general merchandise, with a special emphasis on outdoor clothing, equipment and
footwear, sold through both catalogs and Internet websites. The Company's
websites include http://www.sportsmansguide.com/ , and
http://www.bargainoutfitters.com/ .
- financial highlights 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.
Balance Sheets
(Unaudited)
(In thousands of dollars)
March 31, March 31, December 31,
2004 2003 2003
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 16,694 $ 10,880 $ 32,054
Accounts receivable - net 2,147 1,950 3,034
Inventory 23,032 22,528 18,874
Promotional material 3,622 3,693 2,565
Prepaid expenses and other 2,489 1,806 1,871
Income taxes receivable 655 -- --
Deferred income taxes 2,220 1,650 3,176
Total current assets 50,859 42,507 61,574
PROPERTY AND EQUIPMENT, NET 1,947 2,531 2,248
Total assets $ 52,806 $ 45,038 $ 63,822
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 16,024 $ 13,731 $ 18,950
Accrued expenses and other
current liabilities 12,347 9,629 17,877
Total current liabilities 28,371 23,360 36,827
LONG-TERM LIABILITIES 173 85 187
Total liabilities 28,544 23,445 37,014
SHAREHOLDERS' EQUITY 24,262 21,593 26,808
Total liabilities and
shareholders' equity $ 52,806 $ 45,038 $ 63,822
The Sportsman's Guide, Inc.
Consolidated Statements of Earnings
(Unaudited)
For the quarters ended
March 31, 2004 and 2003
(In thousands, except per share data)
For the quarters ended March 31,
2004 2003
Sales $44,594 $43,749
Cost of sales 30,466 29,552
Gross profit 14,128 14,197
Selling, general and administrative expenses 12,346 12,730
Earnings from operations 1,782 1,467
Miscellaneous income, net 42 29
Earnings before income taxes 1,824 1,496
Income tax expense 657 539
Net earnings $1,167 $ 957
Net earnings per share:
Basic $.25 $.20
Diluted $.22 $.19
Weighted average common and common equivalent
shares outstanding:
Basic 4,753 4,757
Diluted 5,368 5,119
CONTACT: 612-344-1000
William P. Bartkowski
BlueFire Partners
612-344-1012 (direct)
DATASOURCE: The Sportsman's Guide, Inc.
CONTACT: William P. Bartkowski of BlueFire Partners, for The Sportsman's
Guide, Inc., +1-612-344-1000, or direct, +1-612-344-1012
Web site: http://www.bargainoutfitters.com/
http://www.sportsmansguide.com/