Big 5 Sporting Goods Corporation Announces Fiscal 2012 Fourth Quarter and Full Year Results

Big 5 Sporting Goods Corporation Announces Fiscal 2012 Fourth Quarter and Full
Year Results

  *Achieves Fourth Quarter Earnings per Diluted Share of $0.19
  *Reports Fiscal 2012 Full-Year Earnings per Diluted Share of $0.69,
    Including Charges of $0.04
  *Raises Quarterly Cash Dividend by 33% to $0.10 per Share

EL SEGUNDO, Calif., Feb. 26, 2013 (GLOBE NEWSWIRE) -- Big 5 Sporting Goods
Corporation (Nasdaq:BGFV), a leading sporting goods retailer, today reported
financial results for the fiscal 2012 fourth quarter and full year ended
December 30, 2012.

As the Company previously reported, net sales for the fiscal 2012 fourth
quarter increased to $243.6 million from net sales of $226.7 million for the
fourth quarter of fiscal 2011. Same store sales increased 6.5% for the fourth
quarter of fiscal 2012.

Gross profit for the fiscal 2012 fourth quarter increased to $78.4 million
from $70.7 million in the fourth quarter of the prior year. The Company's
gross profit margin was 32.2% in the fiscal 2012 fourth quarter versus 31.2%
in the fourth quarter of the prior year. The improvement in gross profit
margin reflects an increase in merchandise margins of approximately 20 basis
points and lower store occupancy and distribution costs as a percentage of net
sales.

Selling and administrative expense as a percentage of net sales improved to
29.2% in the fiscal 2012 fourth quarter from 31.3% in the fourth quarter of
the prior year.Overall selling and administrative expense increased $0.4
million for the quarter over the prior year due primarily to higher
store-related expense reflecting an increased store count and increased
employee benefit-related costs, partially offset by lower advertising
expense.Selling and administrative expense in the fourth quarter of the prior
year included a non-cash pre-tax impairment charge of $1.5 million.

Net income for the fourth quarter of fiscal 2012 was $4.0 million, or $0.19
per diluted share, compared to a net loss for the fourth quarter of fiscal
2011 of $9,000, or $0.00 per diluted share, including a non-cash impairment
charge of $0.05 per diluted share.

For the fiscal 2012 full year, net sales increased to $940.5 million from net
sales of $902.1 million for fiscal 2011. Same store sales increased 2.5% in
fiscal 2012 from the prior year. Net income in fiscal 2012 was $14.9 million,
or $0.69 per diluted share, including $0.04 of store closing and non-cash
impairment charges, compared to net income in fiscal 2011 of $11.7 million, or
$0.53 per diluted share, including non-cash impairment charges of $0.07 per
diluted share.

"We are pleased to deliver a quarter of strong sales, expanded gross margins,
expense leverage, meaningful earnings growth and very healthy cash flow," said
Steven G. Miller, the Company's Chairman, President and Chief Executive
Officer. "As previously reported, our fourth quarter same store sales increase
of 6.5% represented our largest quarterly same store sales increase in over
ten years.Our sales comped positively in the mid-single-digit range for our
October and November periods and comped positively in the high single-digit
range for our December period.All three of our major merchandise categories
comped positively for the quarter, with hardgoods being our strongest category
followed by apparel and footwear.Our hardgoods category benefitted from the
well-publicized national increase in demand for firearms and ammunition
products. Despite the sales mix shift favoring these lower margin products,
we expanded overall product selling margins for the quarter.We also are
pleased to have further strengthened our balance sheet, as our operating cash
flow for the year of $39.6 million allowed us to reduce borrowings under our
credit facility by 25% to $47.5 million at year-end compared to the end of
fiscal 2011, invest in new and relocated stores and return $10 million to
shareholders through cash dividends and stock repurchases."

Mr. Miller continued, "We have continued to enjoy very healthy sales during
the first quarter of fiscal 2013 to date, as we have benefitted from favorable
winter weather conditions in many of our markets and the continued increase in
demand for firearms and ammunition products.Although our recent performance
has been encouraging and we are pleased with the progress on our merchandise
and marketing initiatives implemented over the last year, we recognize that
the economy remains challenging for many, with ongoing pressures that could
certainly impact consumer spending. We continue to focus our efforts on
broadening our appeal to today's consumer and driving sales by offering an
unmatched combination of value, selection and convenience."

Quarterly Cash Dividend

The Company's Board of Directors has approved an increase of the Company's
quarterly cash dividend to $0.10 per share of outstanding common stock, for an
annual rate of $0.40 per share.Previously, the Company's quarterly cash
dividend was $0.075 per share, for an annual rate of $0.30 per share.The
quarterly cash dividend of $0.10 per share of outstanding common stock will be
paid on March 22, 2013 to stockholders of record as of March 8, 2013.

Share Repurchases

During the fiscal 2012 fourth quarter, the Company repurchased 40,000 shares
of its common stock for a total expenditure of $0.4 million.As of the end of
the fourth quarter, the Company had approximately $9.6 million available for
future stock repurchases under its $20.0 million share repurchase program
authorized in the fiscal 2007 fourth quarter.

Guidance

For the fiscal 2013 first quarter, the Company expects same store sales in the
positive high single-digit range and earnings per diluted share in the range
of $0.18 to $0.24, including an anticipated tax benefit of $0.01 per diluted
share. This guidance reflects the aforementioned increase in demand for
firearms and ammunition products and favorable winter weather conditions
compared to the prior year, partially offset by a negative impact from the
calendar shift of the Easter holiday, during which the Company's stores are
closed, out of the second quarter and into the first quarter of fiscal
2013.For comparative purposes, the Company's earnings per diluted share for
the first quarter of fiscal 2012 were $0.01.

Store Openings

During the fourth quarter of fiscal 2012, the Company opened eight stores,
including one relocation, and closed one store.The Company ended fiscal 2012
with 414 stores in operation.During the fiscal 2013 first quarter, the
Company currently anticipates opening one new store and has closed one store
as part of a relocation that began in fiscal 2012. For the fiscal 2013 full
year, the Company currently anticipates opening approximately 15 to 20 new
stores, including three relocations, and closing approximately three relocated
stores.

Conference Call Information

The Company will host a conference call and audio webcast today, February 26,
2013, at 2:00 p.m. Pacific (5:00 p.m. EST) to discuss financial results for
the fourth quarter and full year of fiscal 2012.To access the conference
call, participants in North America should dial (888) 510-1765, and
international participants should dial (719) 457-2664. Participants are
encouraged to dial in to the conference call ten minutes prior to the
scheduled start time.The call will also be broadcast live over the Internet
and accessible through the Investor Relations section of the Company's website
at www.big5sportinggoods.com.Visitors to the website should select the
"Investor Relations" link to access the webcast.The webcast will be archived
and accessible on the same website for 30 days following the call.A telephone
replay will be available through March 5, 2013 by calling (877) 870-5176 to
access the playback; passcode is 8146106.

About Big 5 Sporting Goods Corporation

Big 5 is a leading sporting goods retailer in the western United States,
operating 414 stores in 12 states under the "Big 5 Sporting Goods" name as of
the end of the fiscal year ended December 30, 2012. Big 5 provides a full-line
product offering in a traditional sporting goods store format that averages
11,000 square feet. Big 5's 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 roller sports.

Except for historical information contained herein, the statements in this
release are forward-looking and made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks and uncertainties and other factors
that may cause Big 5's actual results in current or future periods to differ
materially from forecasted results. Those risks and uncertainties include,
among other things, continued or worsening weakness in the consumer spending
environment and the U.S. financial and credit markets, fluctuations in
consumer holiday spending patterns, breach of data security or other
unauthorized disclosure of sensitive personal or confidential information, the
competitive environment in the sporting goods industry in general and in Big
5's specific market areas, inflation, product availability and growth
opportunities, changes in the current market for (or regulation of) firearms,
ammunition and certain related accessories, seasonal fluctuations, weather
conditions, changes in cost of goods, operating expense fluctuations,
litigation risks, disruption in product flow, changes in interest rates,
credit availability, higher costs associated with sources of credit resulting
from uncertainty in financial markets and economic conditions in general.
Those and other risks and uncertainties are more fully described in Big 5's
filings with the Securities and Exchange Commission, including its Annual
Report on Form 10-K for fiscal 2011 and Quarterly Report on Form 10-Q for the
third quarter of fiscal 2012. Big 5 conducts its business in a highly
competitive and rapidly changing environment. Accordingly, new risk factors
may arise. It is not possible for management to predict all such risk factors,
nor to assess the impact of all such risk factors on Big 5's business or the
extent to which any individual risk factor, or combination of factors, may
cause results to differ materially from those contained in any forward-looking
statement. Big 5 undertakes no obligation to revise or update any
forward-looking statement that may be made from time to time by it or on its
behalf.


BIG 5 SPORTING GOODS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share amounts)
                                                                  
                                                      December 30, January 1,
                                                       2012         2012
ASSETS                                                             
                                                                  
Current assets:                                                    
Cash and cash equivalents                             $7,635     $4,900
Accounts receivable, net of allowances of $99 and     15,297       13,106
$142, respectively
Merchandise inventories, net                          270,350      264,278
Prepaid expenses                                      8,784        7,972
Deferred income taxes                                 9,905       8,410
Total current assets                                  311,971      298,666
                                                                  
Property and equipment, net                            72,089       75,369
Deferred income taxes                                  14,795       13,236
Other assets, net of accumulated amortization of $637  3,372        2,360
and $383, respectively
Goodwill                                               4,433        4,433
Total assets                                          $406,660   $394,064
                                                                  
LIABILITIES AND STOCKHOLDERS' EQUITY                               
                                                                  
Current liabilities:                                               
Accounts payable                                      $92,688    $77,593
Accrued expenses                                      67,553       62,547
Current portion of capital lease obligations          1,720        1,617
Total current liabilities                             161,961      141,757
                                                                  
Deferred rent, less current portion                    21,386       22,483
Capital lease obligations, less current portion        2,855        3,145
Long-term debt                                         47,461      63,476
Other long-term liabilities                            8,577        6,613
Total liabilities                                     242,240      237,474
                                                                  
Commitments and contingencies                                      
                                                                  
Stockholders' equity:                                              
Common stock, $0.01 par value, authorized 50,000,000
shares; issued 23,783,084 and 23,483,815 shares,       238          235
respectively; outstanding 21,741,248
and21,890,970shares,respectively
Additional paid-in capital                             102,658      99,665
Retained earnings                                      87,464       79,037
Less:Treasury stock, at cost; 2,041,836 and 1,592,845 (25,940)     (22,347)
shares, respectively
Total stockholders' equity                            164,420      156,590
Total liabilities and stockholders' equity            $406,660   $394,064



BIG 5 SPORTING GOODS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
                                                               
                                                               
                       Fiscal Quarter Ended        Fiscal Year Ended
                       December 30,   January 1,   December 30,   January 1,
                        2012           2012         2012           2012
                                                               
                                                               
Net sales               $243,608     $226,723   $940,490     $902,134
                                                               
Cost of sales           165,216       156,034     637,721       610,531
                                                               
Gross profit            78,392        70,689      302,769       291,603
                                                               
Selling and
administrative expense  71,237        70,846      276,797       272,436
^(1) (2)
                                                               
Operating income (loss) 7,155         (157)        25,972        19,167
                                                               
Interest expense        557           723         2,202         2,561
                                                               
Income (loss) before    6,598          (880)        23,770         16,606
income taxes
                                                               
Income taxes            2,566         (871)       8,855         4,933
                                                               
Net income (loss) ^(1)  $4,032       $(9)       $14,915      $11,673
(2)
                                                               
Earnings per share:                                             
Basic                   $0.19        —          $0.70        $0.54
Diluted ^(1) (2)        $0.19        —          $0.69        $0.53
                                                               
Dividends per share     $0.075       $0.075     $0.30        $0.30
                                                               
Weighted-average shares
of common stock                                                 
outstanding:
Basic                   21,338         21,647       21,394         21,656
Diluted                21,673         21,647       21,616         21,869
                                                               
(1) In the fourth quarter and full year of fiscal 2012, the Company recorded
pre-tax charges of $0.1 million and $1.2 million, respectively, related to
store closing costs. These charges reduced net income in the fourth quarter
and full year of fiscal 2012 by $48,000 and $0.8 million, respectively, or
$0.00 per diluted share and $0.03 per diluted share, respectively.
(2) In fiscal 2012, the Company recorded a pre-tax non-cash impairment charge
of $0.2 million, and in the fourth quarter and full year of fiscal 2011, the
Company recorded pre-tax non-cash impairment charges of $1.5 million and $2.1
million, respectively, related to certain underperforming stores. These
impairment charges reduced net income in fiscal 2012, and the fourth quarter
and full year of fiscal 2011, by $0.1 million, $1.1 million and $1.5 million,
respectively, or $0.01 per diluted share, $0.05 per diluted share and $0.07
per diluted share, respectively.

CONTACT: Big 5 Sporting Goods Corporation
         Barry Emerson
         Sr. Vice President and Chief Financial Officer
         (310) 536-0611
        
         ICR, Inc.
         John Mills
         Senior Managing Director
         (310) 954-1105
 
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