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Big 5 Sporting receives Determination Form from NASDAQ

09 Sep '05

3 min read

California based leading branded sporting goods and accessories retailer Big 5 Sporting Goods Corporation announced it received a determination from the Nasdaq Listing Qualifications Panel (the "Panel") to continue the listing of the Company's common stock on the Nasdaq National Market following the Company's filing of its Annual Report on Form 10-K for fiscal 2004 (the "fiscal 2004 Form 10-K") with the Securities and Exchange Commission. The Panel had previously granted the Company an extension to August 31, 2005 to file the fiscal 2004 Form 10-K.

The fiscal 2004 Form 10-K includes the previously announced restatement of the Company's prior reported financial statements for fiscal years ended December 28, 2003 and December 29, 2002, as well as the quarterly periods of fiscal 2003 and the first three quarterly periods of fiscal 2004.

The Company restated its prior period financial statements to correct a previously announced error in an account within accounts payable that the Company discovered during its normal year-end account closing process for fiscal 2004.

The Company and its independent professional advisors also conducted a review of the Company's prior financial statements on behalf and under the supervision of the Audit Committee, and this review identified additional items for correction in the restatement. Details regarding the restatement are included in the Company's fiscal 2004 Form 10-K.

Net income for the 2004 fourth quarter, after giving effect to all restatement adjustments, was $9.5 million, or $0.42 per diluted share, versus preliminarily reported net income of $11.6 million, or $0.51 per diluted share. Net income for the 2004 fiscal year, after all restatement adjustments, was $33.5 million, or $1.47 per diluted share, versus preliminarily reported net income of $34.3 million, or $1.50 per diluted share.

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