As also stated in the July 29, 2005 announcement, these matters will reduce net income for prior periods, which the Company anticipates will be reflected in a balance sheet adjustment for fiscal 2002.
The Company is continuing to work diligently to complete the review process in connection with the restatement so that its fiscal 2004 financial statements and the associated audit by KPMG LLP may be completed in order to permit the filing of the Company's Annual Report for fiscal 2004 and Quarterly Reports for the first two quarters of fiscal 2005.
If the Company is unable to file the Annual Report for fiscal 2004 and the Quarterly Report for the first quarter of fiscal 2005 by the August 12, 2005 extension date given it by the NASDAQ Listing Qualifications Panel, it will request a further extension, but such an extension may not be granted, in which case its common stock could be delisted from the NASDAQ National Market.
American retail chain Big 5 is a leading sporting goods retailer in the United States, operating 312 stores in 10 states under the "Big 5 Sporting Goods" name. It provides a full-line product offering in a traditional sporting goods store format that averages approximately 11,000 square feet.
The product mix includes athletic shoes, apparel and accessories, as well as a broad selection of outdoor and athletic equipment for team sports, fitness, camping, hunting, fishing, tennis, golf, snowboarding and in-line skating.
Big 5 Sporting Goods Corporation
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