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Big 5 Sporting Goods to enhance Finance & Accounting Dept

06 Aug '05

4 min read

Ms. Chambers previously served as the Company's Assistant Controller since 1993. Mr. Robershaw joined the Company in 2002 as Assistant Treasurer.

Steven G. Miller, the Company's Chairman, President and Chief Executive Officer, said "They want to thank Chuck Kirk for his many years of dedicated service as our CFO. They look forward to continuing to work with Chuck and believe that our Company will continue to benefit from his considerable retail expertise and experience."

At the same time, they believe that it is in the best interests of the Company and its stockholders that they engage a new CFO who is a certified public accountant and who possesses more financial accounting and public reporting expertise. They continue to work diligently to complete the restatement process as quickly as possible.

The Company does not expect that the change in Mr. Kirk's role will cause any additional delay in the completion of its previously announced restatement or the filing of its Annual Report on Form 10-K for fiscal 2004 and Quarterly Reports on Form 10-Q for the first and second quarters of fiscal 2005.

Additionally, as the Company announced on July 29, 2005, additional corrections to its prior financial statements will be required as part of the restatement.

The expected cumulative net impact on the Company's net income of all additional corrections that the Company is aware of at this time, as well as the adjustments relating to thepreviously announced lease accounting changes and sales return reserve, for fiscal years 2002 through 2004 remains less than 3% of aggregate net income as preliminarily reported on February 9, 2005 for such fiscal year periods, which reflected the preliminary adjustments to address the previously announced error in an account within accounts payable.

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