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) November 20, 2003
Hibbett Sporting Goods, Inc.
(Exact Name Of Registrant As Specified In Its Charter)
Commission file number: 000-20969
Delaware 63-1074067
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(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 November 20, 2003
Item 12 - Results of Operations and Financial Condition
Hibbett Sporting Goods, Inc. announced its financial results for the third
fiscal quarter ended November 1, 2003, in a press release issued on November 20,
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
November 20, 2003
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EXHIBIT INDEX
Exhibit
99.1 Press Release dated November 20, 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 EARNINGS PER SHARE INCREASE OF 61.9%
- Comparable Store Sales Up 6.9%
- Raises Guidance for Fiscal 2004
BIRMINGHAM, Ala. (November 20, 2003) - Hibbett Sporting Goods, Inc.
(NASDAQ/NM: HIBB), a rapidly growing, full-line sporting goods retailer, today
announced record results for the third quarter ended November 1, 2003.
Net sales for the 13-week period ended November 1, 2003, increased 17.0% to
$78.4 million compared with $67.0 million for the 13-week period ended November
2, 2002. Comparable store sales increased 6.9% in the third quarter of fiscal
2004. Net income for the third fiscal quarter increased 65.0% to $5.4 million
compared with $3.3 million in the third fiscal quarter of last year. Earnings
per diluted share increased 61.9% to $0.34 from $0.21 in the prior year.
Net sales for the 39-week period ended November 1, 2003, increased 12.8% to
$229.7 million compared with $203.7 million for the 39-week period ended
November 2, 2002. Comparable store sales increased 4.2% in the first nine months
of fiscal 2004. Net income for the first nine months of fiscal 2004 increased
36.9% to $13.9 million compared with $10.1 million in the first nine months of
fiscal 2003. Diluted earnings per share increased 34.9% to $0.89 from $0.66 in
the prior year.
Hibbett opened 17 new stores and closed three stores during the third
quarter, bringing the store base to 404 stores, and remains on schedule 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 that was distributed on July 15, 2003, to stockholders
of record on June 27, 2003.
The Company also issued guidance for the fourth quarter ended January 31,
2004, of earnings per diluted share of approximately $0.33 to $0.35, with a
comparable store sales increase in the range of 4% to 5%, bringing fiscal 2004
guidance to $1.22 to $1.24 per diluted share. The Company reported earnings of
$0.28 (adjusted) per diluted share and a comparable store sales increase of 2.4%
in the fourth quarter of fiscal 2003 and earnings of $0.96 per diluted share for
fiscal 2003.
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Mickey Newsome, President and Chief Executive Officer, stated, "We
demonstrated solid execution in all facets of our business during the third
quarter. Each product category performed well with comparable sales up double
digits in apparel, mid-single digits in footwear and positive in equipment.
Apparel continues to benefit from licensed and performance active wear, while
footwear continues to be driven by retro, classic and performance footwear. The
equipment category showed significant improvement year over year as a result of
improved buying and execution.
"With more of our product offerings selling at regular price than a year
ago, we continue to report what we believe are industry-leading operating
margins among publicly held full-line sporting goods retailers. In two of three
quarters this year, we posted an operating margin in excess of ten percent. We
have long stated the benefits of being a small market and low-cost operator, and
our results in the first nine months of fiscal 2004 prove it again. With strong
sales trends throughout the third quarter and so far in the fourth quarter, we
expect our continued focus on customer service and leveraging of inventory
efficiencies to produce another successful quarter for Hibbett and our
stockholders."
Investor Conference Call and Simulcast
Hibbett Sporting Goods, Inc. will conduct a conference call at 10:00 am EST
on November 21, 2003, to discuss the third quarter results. The number to call
for this interactive teleconference is (913) 981-5522. A replay of the
conference call will be available until August 28th, by dialing (719) 457-0820
and entering the passcode, 790227.
The Company will also provide an online Web simulcast and rebroadcast of
its fiscal 2004-third quarter conference call. The live broadcast of Hibbett's
quarterly conference call will be available online at www.streetevents.com and
www.fulldisclosure.com on November 21, 2003, beginning at 10:00 a.m. EST. The
online replay will follow shortly after the call and continue through December
5, 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. .
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HIBBETT SPORTING GOODS, INC. AND SUBSIDIARIES
UNAUDITED STATEMENTS OF OPERATIONS
(Dollars In Thousands, Except Per Share Amounts)
13 Weeks Ended 39 Weeks Ended
------------------------- -------------------------
November 1, November 2, November 1, November 2,
2003 2002 2003 2002
----------- ----------- ----------- -----------
Net sales ........................................... $ 78,418 $ 67,004 $ 229,742 $ 203,714
Cost of goods sold, including warehouse,
distribution, and store occupancy costs ........ 51,971 46,404 156,349 141,014
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Gross profit ................................... 26,447 20,600 73,393 62,700
Store operating, selling, and administrative expenses 16,194 13,715 46,251 41,452
Depreciation and amortization ....................... 1,820 1,733 5,370 5,113
--------- --------- --------- ---------
Operating income ............................... 8,433 5,152 21,772 16,135
Interest (income) expense, net ...................... (33) 21 (75) 172
--------- --------- --------- ---------
Income before provision for income taxes ....... 8,466 5,131 21,847 15,963
Provision for income taxes .......................... 3,090 1,873 7,974 5,827
--------- --------- --------- ---------
Net income ..................................... $ 5,376 $ 3,258 $ 13,873 $ 10,136
========= ========= ========= =========
Net Income per common share:
Basic earnings per share ....................... $ 0.35 $ 0.22 $ 0.91 $ 0.67
========= ========= ========= =========
Diluted earnings per share ..................... $ 0.34 $ 0.21 $ 0.89 $ 0.66
========= ========= ========= =========
Weighted average shares outstanding:
Basic .......................................... 15,397 15,084 15,299 15,035
========= ========= ========= =========
Diluted ........................................ 15,793 15,307 15,652 15,337
========= ========= ========= =========
Unaudited Condensed Balance Sheet
(In Thousands)
----------- ----------- -----------
November 1, November 2, February 1,
2003 2002 2003
----------- ----------- -----------
Assets
Cash and cash equivalents ......................... $ 25,875 $ 288 $ 12,016
Accounts receivable, net .......................... 3,494 2,956 3,371
Inventories ....................................... 102,033 99,917 86,246
Prepaid expenses and other ........................ 4,305 4,370 1,558
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Total current assets ......................... 135,707 107,531 103,191
Property and equipment, net ....................... 25,621 25,724 26,205
Other assets ...................................... 280 1,205 184
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Total assets ................................. $161,608 $134,460 $129,580
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Liabilities and Stockholders' Investment
Accounts payable .................................. $ 38,443 $ 32,788 $ 24,869
Accrued expenses .................................. 7,281 7,147 7,361
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Total current liabilities .................... 45,724 39,935 32,230
Long-term debt .................................... -- 2,126 --
Stockholders' investment .......................... 115,884 92,399 97,350
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Total liabilities and stockholders' investment $161,608 $134,460 $129,580
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