Sporting goods retailer Big 5 files Qtly reports on 10-Q Form

01 Oct '05

4 min read

Retail chain operator Big 5 Sporting Goods Corporation announced that it has filed its Quarterly Reports on Form 10-Q for the first and second quarters of fiscal 2005 with the Securities and Exchange Commission.

The Company previously announced that it had received an extension from the Nasdaq Listing Qualifications Panel until September 30, 2005 to file these Quarterly Reports. Having become current with its SEC filings, the Company expects that the fifth character "E" will soon be removed from its trading symbol on the Nasdaq Stock Market and its trading symbol will be restored to BGFV.

The Forms 10-Q filed by the Company include financial results for the fiscal 2005 first and second quarters and the twenty-six weeks ended July 3, 2005.

First Quarter Results
For the fiscal 2005 first quarter, net sales increased 4.5% to $190.1 million from net sales, as previously restated, of $181.9 million in the first quarter of fiscal 2004. Same store sales for the period increased 1.8% versus the same 13-week period last year, representing the Company's 37th consecutive quarter of same store sales growth over comparable prior periods.

Net income for the first quarter of fiscal 2005 decreased to $6.4 million, or $0.28 per diluted share, compared to previously restated net income of $7.9 million, or $0.34 per diluted share, in the same period last year. Prior to completing the restatement of prior period financial statements, the Company had announced preliminary net income of $7.2 million, or $0.32 per diluted share, for the fiscal 2005 first quarter.

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