Collegiate Pacific Provides Update
12 Avril 2007 - 3:30PM
Business Wire
Collegiate Pacific Inc. (AMEX � BOO) today provided an update on
several areas of activity including Q307 preliminary revenue
estimates, integrating its recent acquisition of Sport Supply
Group, SAP and SOX readiness work, commencement of repaying its
commercial debt, and attention to improve shareholder values. Adam
Blumenfeld, CEO, stated: �For the period ending March 31, 2007,
preliminary un-audited sales estimates indicate revenue of
approximately $63 million; about 6.5% organic growth compared to
the year ago period. The Company intends to release its full fiscal
Q307 earnings during the first half of May.� Regarding operational
progress, Mr. Blumenfeld noted: �The Company is progressing nicely
along its plans to consolidate the marketing, manufacturing and
distribution assets of its catalog divisions. We believe we are on
track to begin FY08 (July 1, 2007) with our cataloging divisions
properly migrated onto the SAP operating platform, which Sport
Supply Group has been using productively since 1999. We remain on
pace with our Sarbanes-Oxley testing and look forward to the
completion of the process. We have re-organized certain divisions
within our DOKS road sales platform and consolidated a number of
administrative functions. These projects, among others, are
demanding significant amounts of time and money during FY07. While
we anticipate a continuation of integration-related activities in
the future as we aim to optimize the platform, we are happy with
our progress to date in these critical categories.� �The Company is
also pleased to begin the repayment of its commercial bank debt in
a meaningful way during the next few weeks. Since completing our
new $55 million credit facility in November 2006, the Company to
date has repaid $3.6 Million. Over the next few weeks we intend to
use strong cash flows created during the first part of this spring
season to pay down an additional $2.5 million or greater in bank
term debt. Currently the Company has more than adequate flexibility
under its line, with availability of about $17 million. Repayment
of debt, an increase in cash flow and substantially higher
operating profits are the top priorities of this management team
going forward. As mentioned in prior periods, this effort will
include a heightened emphasis on the reduction of operating
expenses, improving gross margins, and a disciplined approach to
profitable sales growth.� With respect to recent volatility in the
Company�s shares, Mr. Blumenfeld stated: �While we are not happy
with recent share price levels, the board of directors remains
committed to reviewing and considering all available options to
improve shareholder value and allow for a fair reflection of the
Company�s franchise value in the marketplace.� 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.
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