Big 5 Sporting Goods Corporation Announces Fiscal 2013 First Quarter Results

Big 5 Sporting Goods Corporation Announces Fiscal 2013 First Quarter Results

  *Reports Same Store Sales Increase of 10.5%
  *Achieves First Quarter Earnings per Diluted Share of $0.34
  *Declares Quarterly Cash Dividend of $0.10 per Diluted Share

EL SEGUNDO, Calif., April 30, 2013 (GLOBE NEWSWIRE) -- Big 5 Sporting Goods
Corporation (Nasdaq:BGFV), a leading sporting goods retailer, today reported
financial results for the fiscal 2013 first quarter ended March 31, 2013.

For the fiscal 2013 first quarter, net sales increased to $246.3 million from
net sales of $218.5 million for the first quarter of fiscal 2012. Same store
sales increased 10.5% for the first quarter of fiscal 2013. As anticipated,
first quarter sales were negatively affected by 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 this year.

Gross profit for the fiscal 2013 first quarter increased to $80.5 million from
$67.4 million in the first quarter of the prior year.The Company's gross
profit margin was 32.7% in the fiscal 2013 first quarter versus 30.9% in the
first quarter of the prior year. The improvement in gross profit margin
reflects an increase in merchandise margins of 113 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
27.6% in the fiscal 2013 first quarter from 30.5% in the first quarter of the
prior year.Overall selling and administrative expense increased $1.3 million
for the quarter over the prior year due primarily to higher employee labor and
benefit-related costs, higher credit card fees and higher operating costs to
support an increase in store count, partially offset by lower advertising
expense.

Net income for the first quarter of fiscal 2013 was $7.5 million, or $0.34 per
diluted share, compared to net income of $156,000, or $0.01 per diluted share,
for the first quarter of fiscal 2012.

"We are pleased to deliver a quarter of very strong earnings growth, driven by
a double-digit increase in same store sales, improvements in customer traffic
and average sale and expansion of merchandise and operating margins," said
Steven G. Miller, the Company's Chairman, President and Chief Executive
Officer."Our operating results significantly exceeded the upper end of our
guidance range issued in late February as a result of a stronger than
anticipated performance during our March period.We believe these results for
the quarter reflect the ongoing enhancements to our merchandise and marketing
programs, the continued benefit from the national increase in demand for
firearms and ammunition products and more favorable weather conditions in a
majority of our markets versus the prior year. Our positive sales trends have
continued into the second quarter and we feel well positioned to deliver
strong results as we move through the spring and into the summer season."

Quarterly Cash Dividend

The Company's Board of Directors has declared a quarterly cash dividend of
$0.10 per diluted share, which will be paid on June 14, 2013 to stockholders
of record as of May 31, 2013.

Guidance

For the fiscal 2013 second quarter, the Company expects same store sales in
the positive mid-single-digit range and earnings per diluted share in the
range of $0.20 to $0.26.This guidance reflects the benefit 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, as well as
increased expenses associated with the development of our e-commerce
platform.For comparative purposes, the Company's earnings per diluted share
for the second quarter of fiscal 2012 were $0.12, including $0.03 per diluted
share of store closing and non-cash impairment charges.

Store Openings

During the first quarter of fiscal 2013, the Company opened one new store and
closed one store as part of a relocation that began in fiscal 2012, ending the
quarter with 414 stores in operation.During the fiscal 2013 second quarter,
the Company anticipates opening two new stores. For the fiscal 2013 full
year, the Company currently anticipates opening approximately 15 to 20 net new
stores.

Conference Call Information

The Company will host a conference call and audio webcast today, April 30,
2013, at 2:00 p.m. Pacific (5:00 p.m. EDT) to discuss financial results for
the first quarter of fiscal 2013.To access the conference call, participants
in North America should dial (888) 505-4375, and international participants
should dial (719) 457-2697.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 May 7, 2013 by calling (877) 870-5176 to
access the playback; passcode is 7576733.

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 quarter ended March 31, 2013. 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, winter and
summer recreation 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 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)
                                                            
                                                            
                                                  March 31,  December 30,
                                                   2013       2012
ASSETS                                                                      
                                                            
Current assets:                                              
Cash and cash equivalents                         $5,357   $7,635
Accounts receivable, net of allowances of $113    10,554     15,297
and $99, respectively
Merchandise inventories, net                      271,871    270,350
Prepaid expenses                                  8,736      8,784
Deferred income taxes                             10,114    9,905
Total current assets                              306,632    311,971
                                                            
Property and equipment, net                        70,048     72,089
Deferred income taxes                              13,948     14,795
Other assets, net of accumulated amortization of   3,321      3,372
$700 and $637, respectively
Goodwill                                           4,433      4,433
Total assets                                      $398,382 $406,660
                                                            
LIABILITIES AND STOCKHOLDERS' EQUITY                                        
                                                            
Current liabilities:                                         
Accounts payable                                  $104,634 $92,688
Accrued expenses                                  57,665     67,553
Current portion of capital lease obligations      1,831      1,720
Total current liabilities                         164,130    161,961
                                                            
Deferred rent, less current portion                20,736     21,386
Capital lease obligations, less current portion    2,556      2,855
Long-term debt                                     31,947    47,461
Other long-term liabilities                        8,609      8,577
Total liabilities                                 227,978    242,240
                                                            
Commitments and contingencies                                
                                                            
Stockholders' equity:                                        
Common stock, $0.01 par value, authorized
50,000,000 shares; issued 23,934,367 and           240        238
23,783,084 shares, respectively; outstanding
21,892,531 and 21,741,248 shares, respectively
Additional paid-in capital                        103,305    102,658
Retained earnings                                 92,799     87,464
Less:Treasury stock, at cost; 2,041,836 shares   (25,940)   (25,940)
Total stockholders' equity                        170,404    164,420
Total liabilities and stockholders' equity        $398,382 $406,660
                                                            
                                                            
BIG 5 SPORTING GOODS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
                                                            
                                                            
                                                  13 Weeks Ended
                                                  March 31,  April 1,
                                                   2013       2012
                                                            
Net sales                                          $246,266 $218,496
                                                            
Cost of sales                                      165,791   151,068
                                                            
Gross profit                                       80,475    67,428
                                                            
Selling and administrative expense                 67,928    66,585
                                                            
Operating income                                   12,547    843
                                                            
Interest expense                                   453       600
                                                            
Income before income taxes                         12,094     243
                                                            
Income taxes                                       4,580     87
                                                            
Net income                                         $7,514   $156
                                                            
Earnings per share:                                          
Basic                                              $0.35    $0.01
Diluted                                            $0.34    $0.01
                                                            
Dividends per share                                $0.10    $0.075
                                                            
Weighted-average shares of common stock                      
outstanding:
Basic                                              21,453     21,489
Diluted                                            21,822     21,654

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