Sportsmans Guide (NASDAQ:SGDE)
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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/