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Online sales push Sportsman's Guide revenues for Q2

10
Aug '05
Leading value priced outdoor gear and general merchandise marketer The Sportsman's Guide Inc reported results for the quarter ended June 30, 2005 with respect to fully diluted earnings per share, were above most recent guidance and, with respect to net sales, were at the high end of that guidance.

Net sales for the Company's second quarter were $63.8 million, compared with $39.6 million reported for the same period in 2004. The quarter over quarter 61.2 percent increase in consolidated net sales was primarily the result of including net sales from The Golf Warehouse ("TGW") and higher net sales from The Sportsman's Guide ("TSG").

The acquisition of TGW was effective June 29, 2004, making the third quarter of 2004 the first quarter for inclusion of TGW's net sales, operations and earnings. Net sales for TSG increased 9.1 percent when compared to the three months ended June 30, 2004 as a result of higher Internet sales. For the six months ended June 30, 2005, net sales were $128.4 million, a 52.1 percent increase over the $84.4 million reported for the first half of 2004.

Net earnings for the quarter were $2.5 million, or $0.31 per fully diluted share, a 102 percent increase over the $1.2 million, or $0.16 per fully diluted share, reported for the same period in 2004. For the first two quarters of 2005 net earnings were $4.8 million, or $0.59 per fully diluted share, compared to $2.5 million, or $0.32 per fully diluted share for the first six months of 2004. The earnings per share numbers for 2004 have been restated to reflect the Company's recently announced change in accounting policy for Buyer's Club revenues and adjusted to reflect the 3-for-2 stock split, distributed April 15, 2005.


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