SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) August 19, 2003
Hibbett Sporting Goods, Inc.
(Exact Name Of Registrant As Specified In Its Charter)
Commission file number: 000-20969
Delaware 63-1074067
(State of (I.R.S. Employer
Incorportation) Indentification No.)
451 Industrial Lane
Birmingham, Alabama 35211
(Address of Principal Executive Offices)
(205) 942-4292
(Registrant's telephone number, including area code)
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
( c )
Exhibits.
This exhibit is furnished pursuant to Item 12 and shall not be deemed to be
"filed".
Exhibit No. Description
99.1 Press Release Dated August 19, 2003
Item 12 - Results of Operations and Financial Condition
Hibbett Sporting Goods, Inc. announced its financial results for the second
fiscal quarter ended August 2, 2003, in a press release issued on August 19,
2003. A copy of the press release is attached hereto as Exhibit 99.1.
The information in this Report, including the exhibit attached hereto, is
furnished solely pursuant to Item 12 of this Form 8-K. Consequently, it is not
deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of
1934, or otherwise subject to the liabilities of that section. It may only be
incorporated by reference in another filing under the Exchange Act or Securities
Act of 1933 if such subsequent filing specifically references this Form 8-K.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HIBBETT SPORTING GOODS, INC.
By /s/ Gary A. Smith
Gary A. Smith
Vice President and Chief Financial Officer
August 19, 2003
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EXHIBIT INDEX
Exhibit
99.1 Press Release dated August 19, 2003
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EXHIBIT 99.1
[Hibbett Sporting Goods, Inc. Letterhead]
Contact: Gary Smith
Chief Financial Officer
(205) 942-4292
HIBBETT REPORTS RECORD SECOND QUARTER EARNINGS RESULTS
- Earnings per Share Increases 23.5%
- Raises Annual Earnings Guidance
BIRMINGHAM, Ala. (August 19, 2003) - Hibbett Sporting Goods, Inc.
(NASDAQ/NM: HIBB), a rapidly growing, full-line sporting goods retailer, today
announced results for the second quarter ended August 2, 2003.
Net sales for the 13-week period ended August 2, 2003, increased 8.8% to
$71.7 million compared with $65.9 million for the 13-week period ended August 3,
2002. Comparable store sales increased 1.1% in the second quarter of fiscal
2004. Net income for the second fiscal quarter increased 21.8% to $3.2 million
compared with $2.7 million in the second fiscal quarter of last year. Earnings
per diluted share increased 23.5% to $0.21 from $0.17 in the prior year.
Net sales for the 26-week period ended August 2, 2003, increased 10.7% to
$151.3 million compared with $136.7 million for the 26-week period ended August
3, 2002. Comparable store sales increased 2.9% in the first half of fiscal 2004.
Net income for the first half of fiscal 2004 increased 23.6% to $8.5 million
compared with $6.9 million in the first half of fiscal 2003. Diluted earnings
per share increased 22.2% to $0.55 from $0.45 in the prior year.
Hibbett opened 16 new stores and closed two stores during the second
quarter, bringing the store base to 390 stores, and plans to open a total of
approximately 55 to 60 new stores, net of store closings, in fiscal year 2004.
The per share results reported herein reflect the effect of the
three-for-two stock split, which was distributed on July 15, 2003, to
stockholders of record on June 27, 2003.
The Company also issued guidance for the third quarter ended November 1,
2003, of earnings per diluted share of approximately $0.24 to $0.26. The Company
raised guidance for fiscal 2004 to approximately $1.10 to $1.12 per diluted
share.
Mickey Newsome, President and Chief Executive Officer, stated, "This
quarter's results are a testament to a great merchandising plan and disciplined
expense control. We offset a lower-than-expected comparable store sales figure
during the quarter by selling more merchandise at full price. The resulting
higher product margins, lower inventories per store and continued leveraging of
our corporate and distribution center expenses yielded a solid improvement in
our operating margins. We were pleased with sales trends in the quarter even
though we encountered tough comparisons from last year's clearance sales and the
unseasonably wet weather. The apparel category was particularly strong during
the quarter, led by pro licensed apparel. Looking ahead to the third quarter, we
are encouraged by recent sales trends, an exciting merchandise assortment and a
clean inventory position that allows us to make opportunistic buys."
Investor Conference Call and Simulcast
Hibbett Sporting Goods, Inc. will conduct a conference call at 10:00 am EDT
on August 20, 2003, to discuss the second quarter results. The number to call
for this interactive teleconference is (913) 981-5571. A replay of the
conference call will be available until August 27th, by dialing (719) 457-0820
and entering the passcode, 431043.
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The Company will also provide an online Web simulcast and rebroadcast of
its fiscal 2004-second quarter conference call. The live broadcast of Hibbett's
quarterly conference call will be available online at www.streetevents.com and
www.companyboardroom.com on August 20, 2003, beginning at 10:00 a.m. EDT. The
online replay will follow shortly after the call and continue through September
3, 2003.
Hibbett Sporting Goods, Inc. is a rapidly growing operator of full-line
sporting goods stores in small to mid-sized markets, predominantly in the
southeastern United States. The Company's primary store format is Hibbett
Sports, a 5,000-square-foot store located in enclosed malls and dominant strip
centers.
Certain matters discussed in this press release are subject to certain
risks and uncertainties that could cause actual results to differ materially,
including, but not limited to general and regional economic conditions, industry
trends, merchandise trends, vendor relationships, customer demand, and
competition. A complete description of these factors, as well as others which
could affect the Company's business, is set forth in the Company's periodic
filings, including its Form 10-K/A dated May 1, 2003, and its Registration
Statement on Form S-3 filed August 23, 2002, as amended.
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HIBBETT SPORTING GOODS, INC. AND SUBSIDIARIES
Unaudited Statements of Operations
(Dollars in thousands, except per share amounts)
13 Weeks Ended 26 Weeks Ended
---------------------------------------------------
August 2, August 3, August 2, August 3,
2003 2002 2003 2002
---------------------------------------------------
Net sales ................................... $ 71,731 $ 65,919 $ 151,324 $ 136,709
Cost of goods sold, including warehouse,
distribution, and store occupancy costs 49,744 45,816 104,379 94,609
--------- --------- --------- ---------
Gross profit ........................... 21,987 20,103 46,945 42,100
Store operating, selling, and administrative
expenses ............................... 15,105 14,116 30,056 27,737
Depreciation and amortization ............... 1,796 1,710 3,550 3,381
--------- --------- --------- ---------
Operating income ....................... 5,086 4,277 13,339 10,982
Interest (income) expense, net .............. (20) 86 (43) 150
--------- --------- --------- ---------
Income before provision for income taxes 5,106 4,191 13,382 10,832
Provision for income taxes .................. 1,864 1,530 4,884 3,954
--------- --------- --------- ---------
Net income ............................. 3,242 2,661 8,498 6,878
========= ========= ========= =========
Net Income per common share:
Basic earnings per share ............... $ 0.21 $ 0.18 $ 0.56 $ 0.46
========= ========= ========= =========
Diluted earnings per share ............. $ 0.21 $ 0.17 $ 0.55 $ 0.45
========= ========= ========= =========
Weighted average shares outstanding:
Basic .................................. 15,320 15,073 15,250 15,010
========= ========= ========= =========
Diluted ................................ 15,659 15,397 15,556 15,361
========= ========= ========= =========
Unaudited Condensed Balance Sheet
(In thousands)
August 2, August 3, February 1,
2003 2002 2003
--------- ---------- -----------
Assets
Cash and cash equivalents ......................... $ 23,030 $ 3,638 $ 12,016
Accounts receivable, net .......................... 3,470 2,516 3,371
Inventories ....................................... 93,755 94,372 86,246
Prepaid expenses and other ........................ 6,929 5,548 1,558
-------- -------- --------
Total current assets ......................... 127,184 106,074 103,191
Property and equipment, net ....................... 25,432 26,006 26,205
Other assets ...................................... 243 1,190 184
-------- -------- --------
Total assets ................................. $152,859 $133,270 $129,580
======== ======== ========
Liabilities and Stockholders' Investment
Accounts payable .................................. $ 38,125 $ 33,285 $ 24,869
Accrued expenses .................................. 5,819 5,503 7,361
-------- -------- --------
Total current liabilities .................... 43,944 38,788 32,230
Long-term debt .................................... -- 5,439 --
Stockholders' investment .......................... 108,915 89,043 97,350
-------- -------- --------
Total liabilities and stockholders' investment $152,859 $133,270 $129,580
======== ======== ========
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