Big 5 Sporting Goods Corporation Announces Fiscal 2013 Fourth Quarter and Full Year Results

Big 5 Sporting Goods Corporation Announces Fiscal 2013 Fourth Quarter and Full
Year Results

  *Achieves Fourth Quarter Earnings per Diluted Share Increase of 21% to
    $0.23
  *Reports Fiscal 2013 Full-Year Earnings per Diluted Share Increase of 84%
    to $1.27, Including Charges of $0.04
  *Declares Quarterly Cash Dividend of $0.10 per Share

EL SEGUNDO, Calif., Feb. 25, 2014 (GLOBE NEWSWIRE) -- Big 5 Sporting Goods
Corporation (Nasdaq:BGFV), a leading sporting goods retailer, today reported
financial results for the fiscal 2013 fourth quarter and full year ended
December 29, 2013.

As the Company previously reported, net sales for the fiscal 2013 fourth
quarter increased to $248.0 million from net sales of $243.6 million for the
fourth quarter of fiscal 2012. Same store sales decreased 0.5% for the fourth
quarter of fiscal 2013. For comparison purposes, the Company's same store
sales increased 6.5% for the fourth quarter of fiscal 2012 over the fourth
quarter of the prior year.

Gross profit for the fiscal 2013 fourth quarter increased to $80.8 million
from $78.4 million in the fourth quarter of the prior year. The Company's
gross profit margin was 32.6% in the fiscal 2013 fourth quarter versus 32.2%
in the fourth quarter of the prior year. The improvement in gross profit
margin reflects an increase in merchandise margins of 47 basis points.

Selling and administrative expense as a percentage of net sales improved to
28.9% in the fiscal 2013 fourth quarter from 29.2% in the fourth quarter of
the prior year.

Net income for the fourth quarter of fiscal 2013 was $5.2 million, or $0.23
per diluted share, including expenses associated with the development of the
Company's new e-commerce platform of $0.01 per diluted share, compared to net
income for the fourth quarter of fiscal 2012 of $4.0 million, or $0.19 per
diluted share.

For the fiscal 2013 full year, net sales increased to $993.3 million from net
sales of $940.5 million for fiscal 2012. Same store sales increased 3.9% in
fiscal 2013 from the prior year. Net income in fiscal 2013 was $27.9 million,
or $1.27 per diluted share, including $0.04 per diluted share for legal
settlement charges and $0.02 per diluted share for e-commerce development
expenses, compared to net income in fiscal 2012 of $14.9 million, or $0.69 per
diluted share, including $0.04 per diluted share of store closing and non-cash
impairment charges.

"We are pleased to have delivered another quarter of earnings growth in a very
challenging retail environment," said Steven G. Miller, the Company's
Chairman, President and Chief Executive Officer. "As we previously reported,
our fourth quarter sales comparisons were impacted by cycling against the
surge of firearm and ammunition sales during the prior year, as well as the
lack of favorable winter weather across our western markets. We were able to
offset most of the sales softness caused by these factors with positive
performance in a number of our other product categories, which we believe
reflects the favorable customer response to our merchandising and marketing
strategies. For the quarter, same store sales in our apparel category
increased in the low double-digit range, footwear sales were slightly positive
and hardgoods sales decreased in the mid-single-digit range, primarily due to
the lower demand for firearms and ammunition products. Our ability to improve
product margins and control operating expenses enabled us to achieve over 20%
growth in earnings for the quarter and conclude fiscal 2013 with 84% earnings
growth over the prior year."

Mr. Miller continued, "While we are pleased with our performance in 2013, we
anticipate a very challenging first quarter of 2014 as we face comparisons
against the peak of the surge in demand for firearms and ammunition products
and favorable winter weather last year. For the start of the first quarter, we
have experienced exceptionally unfavorable winter weather in most of our key
western markets, with extreme drought conditions leading to reduced demand for
winter products. Given these factors and the resulting impact on traffic
levels in our stores, we are currently anticipating a high single-digit
decrease in same store sales for the first quarter. Excluding winter and
firearms and ammunition products, our sales are performing positively for the
quarter to date. As we look beyond the first quarter, we believe that these
pressures will ease to a large degree and we should be in a position to
produce positive same store sales over the balance of the year."

Quarterly Cash Dividend

The Company's Board of Directors has declared a quarterly cash dividend of
$0.10 per share of outstanding common stock, which will be paid on March 21,
2014 to stockholders of record as of March 7, 2014.

Guidance

For the fiscal 2014 first quarter, the Company expects same store sales in the
negative high single-digit range and earnings per diluted share in the range
of $0.05 to $0.11. This guidance reflects the anticipated continued decrease
in demand for firearms and ammunition products and reduced demand for winter
products as a result of unfavorable winter weather conditions experienced for
the first quarter to date compared to the prior year. In addition, first
quarter guidance includes approximately $0.01 per diluted share in anticipated
expenses associated with the development of the Company's e-commerce platform.
For comparative purposes, the Company's same store sales increased 10.5% and
earnings per diluted share were $0.34 for the first quarter of fiscal 2013.

Store Openings

During the fourth quarter of fiscal 2013, the Company opened nine stores,
ending fiscal 2013 with 429 stores in operation. During the fiscal 2014 first
quarter, the Company has closed four stores, three as part of relocations that
began in fiscal 2013. For the fiscal 2014 full year, the Company currently
anticipates opening approximately 15 net new stores.

Conference Call Information

The Company will host a conference call and audio webcast today, February 25,
2014, at 2:00 p.m. Pacific (5:00 p.m. EST) to discuss financial results for
the fourth quarter and full year of fiscal 2013.To access the conference
call, participants in North America should dial (888) 539-3612, and
international participants should dial (719) 325-2464.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 4, 2014 by calling (877) 870-5176 to
access the playback; passcode is 9565830.

About Big 5 Sporting Goods Corporation

Big 5 is a leading sporting goods retailer in the western United States,
operating 429 stores in 12 states under the "Big 5 Sporting Goods" name as of
the end of the fiscal year ended December 29, 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,
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, higher
than expected costs related to the development of an e-commerce platform,
delay in completing the e-commerce platform or lower than expected
profitability of the e-commerce platform, litigation risks, disruption in
product flow, changes in interest rates, credit availability, higher expense
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 and Quarterly Report on Form 10-Q for the third quarter of fiscal 2013.
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.

                           FINANCIAL TABLES FOLLOW

BIG 5 SPORTING GOODS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share amounts)
                                                           
                                                           
                                                           
                                          December 29, 2013 December 30, 2012
ASSETS
                                                           
Current assets:                                             
Cash and cash equivalents                  $9,400          $7,635
Accounts receivable, net of allowances of  16,301           15,297
$105 and $99, respectively
Merchandise inventories, net               300,952          270,350
Prepaid expenses                           6,356            8,784
Deferred income taxes                      12,000           9,905
Total current assets                       345,009           311,971
                                                           
Property and equipment, net                75,608           72,089
Deferred income taxes                      13,564           14,795
Other assets, net of accumulated
amortization of $891 and $637,             3,274            3,372
respectively
Goodwill                                   4,433            4,433
Total assets                               $441,888        $406,660
                                                           
LIABILITIES AND STOCKHOLDERS' EQUITY
                                                           
Current liabilities:                                        
Accounts payable                           $104,826        $92,688
Accrued expenses                           69,923           67,553
Current portion of capital lease           1,567            1,720
obligations
Total current liabilities                  176,316           161,961
                                                           
Deferred rent, less current portion        21,078           21,386
Capital lease obligations, less current    1,595            2,855
portion
Long-term debt                             43,018           47,461
Other long-term liabilities                9,111            8,577
Total liabilities                          251,118           242,240
                                                           
Commitments and contingencies                               
                                                           
Stockholders' equity:                                       
Common stock, $0.01 par value, authorized
50,000,000 shares; issued 24,339,537 and
23,783,084 shares, respectively;           244              238
outstanding 22,297,701 and 21,741,248
shares, respectively
Additional paid-in capital                 109,901          102,658
Retained earnings                          106,565           87,464
Less:Treasury stock, at cost; 2,041,836   (25,940)         (25,940)
shares
Total stockholders' equity                 190,770           164,420
Total liabilities and stockholders' equity $441,888        $406,660


BIG 5 SPORTING GOODS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
                                                             
                                                             
                      Fiscal Quarter Ended        Fiscal Year Ended
                      December 29,  December 30,  December 29,  December 30,
                       2013          2012          2013          2012
                                                             
                                                             
Net sales ^(1)         $248,037    $243,608    $993,323    $940,490
                                                             
Cost of sales          167,235      165,216      664,583      637,721
                                                             
Gross profit ^(1)      80,802       78,392       328,740      302,769
                                                             
Selling and
administrative expense 71,773       71,237       281,313      276,797
^(1) ^(2) (3)
                                                             
Operating income       9,029        7,155         47,427       25,972
                                                             
Interest expense       479          557          1,745        2,202
                                                             
Income before income   8,550         6,598         45,682        23,770
taxes
                                                             
Income taxes           3,360        2,566        17,736       8,855
                                                             
Net income ^(1) ^(2)   $5,190      $4,032      $27,946     $14,915
(3)
                                                             
Earnings per share:                                           
Basic                  $0.24       $0.19       $1.28       $0.70
                                                             
Diluted ^(1) ^(2) (3)  $0.23       $0.19       $1.27       $0.69
                                                             
Dividends per share    $0.10       $0.075      $0.40       $0.30
                                                             
Weighted-average
shares of common stock                                        
outstanding:
Basic                  21,960        21,338        21,765        21,394
                                                             
Diluted               22,207        21,673        22,083        21,616
                                                             
^(1) In fiscal 2013, the Company recorded a pre-tax charge of $1.3 million for
legal settlements, of which $0.3 million was classified as a reduction to net
sales and $1.0 million was classified as selling and administrative expense.
This charge reduced net income by $0.8 million, or $0.04 per diluted share.
                                                             
^(2) In the fourth quarter and full fiscal year ended December 30, 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 same periods by $48,000 and $0.8 million, respectively, or $0.00 per
diluted share and $0.03 per diluted share, respectively.These charges were
recorded in selling and administrative expense.
                                                             
^(3) In fiscal 2013 and 2012, the Company recorded pre-tax non-cash impairment
charges of $0.1 million and $0.2 million, respectively, related to certain
underperforming stores. These charges reduced net income in fiscal 2013 and
2012 by $44,000, or $0.00 per diluted share, and $0.1 million, or $0.01 per
diluted share, respectively. These charges were recorded in selling and
administrative expense.

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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