Collegiate Pacific Announces Second Quarter Operating Results Meet Expectations.Business Editors DALLAS--(BUSINESS WIRE)--Feb. 9, 2004 Collegiate col·le·giate adj. 1. Of, relating to, or held to resemble a college. 2. Of, for, or typical of college students. 3. Of or relating to a collegiate church. Pacific Inc. (Amex:BOO), the nation's fastest growing manufacturer and supplier of sports equipment primarily to the institutional markets, today reported it's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have operating results for its three and six month periods ended December December: see month. 31, 2003. Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Blumenfeld Blumenfeld is a surname and may refer to:
For the Second Fiscal Quarter Ended December 31, 2003 ----------------------------------------------------- Current financial ratio increases to 10:1 Net Sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight rise 21% to $4.24 million Seasonal net loss reduced by 12% Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. seasonal loss reduced 25% to ($.04) vs. ($.05) "Our second fiscal quarter each fiscal year is generally used as a staging platform for our historically stronger January-June selling periods and is heavily influenced by national holidays, school closings and weather conditions. With sequential One after the other in some consecutive order such as by name or number. quarterly net sales set to grow by over 100% this fiscal year over our fiscal year ended June 30, 2003, we experienced a disproportionate dis·pro·por·tion·ate adj. Out of proportion, as in size, shape, or amount. dis  pro·por increase in operating expenses Operating expensesThe amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. during our second fiscal quarter this year in anticipation of the acceleration of net sales. This increase is part of the normal "table-setting" process. For the Six Months Ended December 31, 2003 ------------------------------------------ Net Sales increased 23% to $10.2 million Operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. increased 85% Pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern profits increased 183% Net income increased 37% "We believe the operating results for the six months ended December 31 each fiscal year offer a more representative view of the company's net sales and net income for seasonal comparisons. For the six months ended December 31, 2003, virtually every measurable financial component - net sales, gross margins, operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. ratios and operating and net income levels improved. Our customer mix continues to be one of our strongest assets and responses to our increased product offerings has been rewarding. "Our balance sheet remains strong with over $5 million in cash on hand and no outstanding bank debt. Our current ratio is a very solid 10:1. We continue to receive new capital from the exercise of our outstanding warrants. As of February February: see month. 6, 2004, Collegiate Pacific had approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 2.3 million publicly traded warrants outstanding that, if fully converted, would produce $11.5 million in new equity capital for the company. We maintain an active list of acquisition candidates and intend to put new capital to work for the benefit of our shareholders as quickly and efficiently as possible. "We continue down the path of both internal and external expansion. We completed the acquisition of Tomark Sports in January January: see month. 2004 and today announced execution of the definitive agreement to acquire Kessler Kessler may refer to:
As previously announced, Collegiate Pacific will host a conference call this afternoon at 3:30 p.m., cst, to discuss today's announcements. To access and participate in the conference call, please call 1.800.901.5259 five minutes prior to the start of the call and enter participant passcode #36572562. Collegiate Pacific is the nation's fastest growing manufacturer and supplier of sports equipment primarily to the institutional and team dealer markets. The Company offers more than 4,500 products to 65,000 existing customers. Certain of the above statements contained in this press release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. The company has based these forward-looking statements on its current expectations and projections about future events, based on the information currently available to it. The forward-looking statements include statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's anticipated financial performance, business prospects, new developments, new strategies and similar matters. The following important factors, in addition to those described in the company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-KSB for the year ended June 30, 2003, especially in the Risk Factors and the Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial sections, and its Quarterly Reports on Form 10-QSB and its Current Reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. (each of which is available upon request from the company or on the company's website, www.cpacsports.com, under the heading "Investors") may affect the future results of the company and cause those results to differ materially from those expressed in the forward-looking statements, material adverse changes in the economic conditions in the Company's markets, including as a result of terrorist attacks, competition from others, how much the Company may receive from the exercise of outstanding stock options and warrants, if anything, whether or not the Company consummates its transaction with Kesslers Team Sports and the ability to obtain and retain key executives and employees. We disclaim dis·claim v. dis·claimed, dis·claim·ing, dis·claims v.tr. 1. To deny or renounce any claim to or connection with; disown. 2. To deny the validity of; repudiate. 3. any obligation to update these forward-looking statements.
COLLEGIATE PACIFIC INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, June 30,
2003 2003
-------------- -----------
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $ 5,468,982 $ 365,713
Accounts receivable, net of
allowance for doubtful
accounts of $77,923 and
$121,139 at December 31,
2003 and June 30, 2003,
respectively 1,784,163 2,702,551
Inventories 4,368,635 3,691,615
Prepaid expenses and other
assets 908,332 218,030
Current portion of deferred
income taxes 102,171 102,171
--------------- -------------
Total current assets 12,632,283 7,080,080
Property, plant and equipment, net
of accumulated depreciation of
$726,364 and $629,205 at December
31, 2003 and June 30, 2003,
respectively 544,375 541,055
Other assets:
License agreements, net of
accumulated amortization
of $132,427 and $118,915
at December 31, 20032
and June 30, 2003,
respectively 103,200 116,514
Goodwill 544,375 544,375
Deferred income taxes 304,646 304,646
Other assets, net 227,633 238,654
--------------- ---------------
$ 14,287,972 $8,825,324
=============== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 899,912 $1,642,732
Accrued expenses 203,876 205,505
Dividends payable 147,226 107,704
Income taxes payable 20,427 54,789
--------------- ---------------
Total current liabilities 1,271,441 2,010,730
Revolving line of credit -- 800,000
--------------- ---------------
Total liabilities 1,271,441 2,810,730
Stockholders' equity:
Common stock, $.01 par value;
authorized 50,000,000
shares; issued 5,889,046
and 4,308,169 shares at
December 31, 2003 and June
30, 2003, respectively 58,890 43,082
Additional paid-in capital 13,611,758 6,387,090
Retained earnings 3,333 201,065
Treasury shares at cost:
86,026 and 80,326 at December
31, 2003 and June 30, 2003,
respectively (657,450) (616,643)
--------------- ---------------
Total stockholders' equity 13,016,531 6,014,594
--------------- ---------------
$ 14,287,972 $8,825,324
=============== ===============
COLLEGIATE PACIFIC INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
2003 2002 2003 2002
----------- ----------- ------------ -----------
Net sales $4,238,444 $3,508,767 $10,212,036 $8,274,958
Cost of sales 2,718,844 2,217,659 6,444,195 5,227,673
----------- ----------- ------------ -----------
Gross margin 1,519,600 1,291,108 3,767,841 3,047,285
Selling, general and
administrative
expenses 1,824,741 1,505,791 3,618,187 2,966,429
----------- ----------- ------------ -----------
Operating profit
(loss) (305,141) (214,683) 149,654 80,856
Other income
(expense)
Interest expense (13,143) (19,288) (23,861) (35,843)
Other income 9,992 2,910 10,269 3,096
----------- ----------- ------------ -----------
Income before
provision for taxes (308,292) (231,061) 136,062 48,109
Income tax
(benefit)
expense (105,068) - 69,994 -
----------- ----------- ------------ -----------
Net income (loss) $(203,224) $(231,061) $66,068 $48,109
=========== =========== ============ ===========
Net income (loss) per
share - basic $(0.04) $(0.05) $0.01 $0.01
=========== =========== ============ ===========
Net income (loss) per
share - diluted $(0.04) $(0.05) $0.01 $0.01
=========== =========== ============ ===========
Weighted average
shares
outstanding:
Basic 5,616,399 4,224,186 4,953,501 4,227,696
=========== =========== ============ ===========
Diluted 5,616,399 4,224,186 6,385,389 4,927,029
=========== =========== ============ ===========
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion