The Sportsman's Guide Releases 2004 Third Quarter Results
Consolidated Net Earnings Up Nearly 51% on Sales Growth of 37%;
Acquisition of TGW and Strong Internal Growth Fuel Record Results
SOUTH ST. PAUL, Minn., Nov. 2 /PRNewswire-FirstCall/ -- The
Sportsman's Guide, Inc. (NASDAQ:SGDE) today reported record results
of operations for the quarter ended September 30, 2004. Sales for
the quarter were $56.6 million, a 37% increase over the $41.2
million reported for the same period one year ago. The Company
reported net earnings of $1.1 million, and earnings of $0.20 per
fully diluted share for the quarter, compared to $710,000, or $0.13
per fully diluted share, reported for the three months ended
September 30, 2003. For the nine months ended September 30, 2004,
sales were $140.0 million, an increase of just under 14% when
compared to the $123.0 million reported for the same period in
2003. The Company recorded net earnings of $3.0 million, or $0.57
per fully diluted share, for the first three quarters of the year,
compared to net earnings of $2.3 million, or $0.44 per fully
diluted share, for the first nine months ended September 30, 2003.
Company officials noted that the increase in sales for the third
quarter of 2004 was due to the acquisition of The Golf Warehouse,
TGW.com, on June 29, 2004 and increases in Internet-related sales
for the Company's base business. Sales at the base business grew 8%
and its Internet-related sales were in excess of 41% of total sales
in the quarter, compared to approximately 36% of total sales for
the same period in 2003. Gregory R. Binkley, President and Chief
Executive Officer of the Company, stated, "The strong results for
the quarter were driven by two key factors. The first is our early
summer acquisition of The Golf Warehouse. It performed extremely
well in the period. In addition, we have also seen year over year
improvements in sales and in Internet-related sales in our base
business that are encouraging." Binkley went on to state, "The
addition of TGW, with the majority of its sales generated through
the Internet, has changed our Company's profile as we are now more
of an on-line retailer than we were previously." The Company will
hold a conference call on Wednesday, November 3, 2004 to discuss
the results of the quarter. Gregory R. Binkley, President and Chief
Executive Officer, and Charles B. Lingen, Executive Vice President
and Chief Financial Officer, will be present on the call to provide
commentary and to take questions. The call will be begin at 10:30
am, CST. Participants may access the call by dialing
1-800-209-8032. The call may also be accessed via the Internet at
http://www.sportsmansguideir.com/ . The Sportsman's Guide offers
value-priced outdoor gear and general merchandise, with a special
emphasis on outdoor clothing, equipment and footwear, through
direct mail catalogs and two Internet sites. On June 29, 2004 the
Company acquired The Golf Warehouse, TGW.com, the Wichita,
Kansas-based leading online and catalog retailer of golf equipment,
apparel and accessories. The Company's e-commerce websites include
http://www.sportsmansguide.com/ , http://www.bargainoutfitters.com/
and http://www.tgw.com/ . Investor information is available on the
Company's investor relations website:
http://www.sportsmansguideir.com/ . 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. - financial highlights
follow - The Sportsman's Guide, Inc. and Subsidiaries Consolidated
Balance Sheets (Unaudited) (In thousands of dollars) September 30,
September 30, December 31, 2004 2003 2003 ASSETS CURRENT ASSETS
Cash and cash equivalents $715 $10,810 $32,054 Accounts receivable
- net 2,725 1,853 3,034 Inventory 38,439 29,710 18,874 Promotional
material 3,999 3,920 2,565 Prepaid expenses and other 2,650 2,020
1,871 Income taxes receivable 1,505 -- -- Deferred income taxes 951
2,270 3,176 Total current assets 50,984 50,583 61,574 PROPERTY AND
EQUIPMENT, NET 2,691 2,296 2,248 OTHER ASSETS Goodwill 17,219 -- --
Trade and domain name 10,200 -- -- Non-compete agreements, net 475
-- -- Customer lists, net 229 -- -- Other 10 -- -- Total other
assets 28,133 -- -- Total assets $81,808 $52,879 $63,822
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Bank
overdraft $3,246 $-- $-- Revolving credit line 4,470 -- -- Note
payable - bank 2,500 -- -- Accounts payable 20,657 18,463 18,950
Accrued expenses and other current liabilities 14,829 11,545 17,877
Total current liabilities 45,702 30,008 36,827 LONG-TERM
LIABILITIES 10,267 246 187 Total liabilities 55,969 30,254 37,014
SHAREHOLDERS' EQUITY 25,839 22,625 26,808 Total liabilities and
shareholders' equity $81,808 $52,879 $63,822 The Sportsman's Guide,
Inc. and Subsidiaries Consolidated Statements of Earnings
(Unaudited) For The Three Months And Nine Months Ended September
30, 2004 and 2003 (In thousands, except per share data) Three
months ended Nine months ended September 30, September 30, 2004
2003 2004 2003 Sales $56,554 $41,213 $140,009 $123,003 Cost of
sales 40,139 28,672 97,329 84,321 Gross profit 16,415 12,541 42,680
38,682 Selling, general and administrative expenses 14,564 11,424
37,839 35,056 Earnings from operations 1,851 1,117 4,841 3,626
Interest expense 168 -- 168 -- Miscellaneous income (expense), net
-- (10) 80 (14) Earnings before income taxes 1,683 1,107 4,753
3,612 Income tax expense 614 397 1,720 1,299 Net earnings $1,069
$710 $3,033 $2,313 Net earnings per share: Basic $.23 $.15 $.64
$.49 Diluted $.20 $.13 $.57 $.44 Weighted average common and common
equivalent shares outstanding: Basic 4,701 4,801 4,719 4,769
Diluted 5,312 5,355 5,320 5,241 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, +1-612-344-1012, direct, or +1-612-344-1000 Web site:
http://www.sportsmansguideir.com/ http://www.tgw.com/
http://www.sportsmansguide.com/ http://www.bargainoutfitters.com/
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