Collegiate Pacific Inc. Q306 Fully Diluted EPS Rises 50% to $.12 vs. $.08 in Q305.DALLAS Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. -- 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 AMEX See: American Stock Exchange : BOO): E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]--Net Sales up 120% to $59.4 Million vs. $27.0 Million E[acute accent]--Operating Profit up 88% to $3.2 Million vs. $2.0 Million E[acute accent]--Gross Profit Margins Exceed 35% for the Quarter E[acute accent]Collegiate Pacific Inc. (AMEX: BOO) today announced results for its third fiscal quarter ended March 31, 2006. The company will host a conference call to discuss the results of the quarter and future plans today, May 15, 2006 at 10AM CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. / 11AM EST EST electroshock therapy. EST abbr. electroshock therapy . The dial in number for the call is 800-299-7928. The password for the call is 92158914. A replay of the call may be accessed for 30 days by using dial in number 888-286-8010 and password 35888336. E[acute accent]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. J. Blumenfeld Blumenfeld is a surname and may refer to:
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 , operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. and fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the third fiscal quarter. To achieve this substantial increase in profitability while absorbing the final costs of our S-3 registration process, which was completed in February February: see month. , is most gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. and a tribute to our hard working employees across the country." E[acute accent]Adam Blumenfeld, President of Collegiate Pacific stated: "We are extremely pleased with operations for the quarter. The 120% increase in sales for the quarter was underscored by double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" organic sales growth for businesses owned at least 12 months - suggesting continued strong demand from our core base of customers. Our catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. group and team dealer group (Dixie Dixie popular name for Southern states in U.S. and for song. [Am. Hist.: EB, III: 587] See : Southern States , OTS See Office of Thrift Supervision. , Kesslers and Salkeld Salkeld may refer to:
This page or section lists people with the surname Salkeld. - "DOKS") contributed to the significant, sequential gross margin improvement in the quarter to 35.3%. Margins increased sequentially by approximately 200 basis points over Q206 and actually surpassed Q305 on a comparative basis by 20 basis points. This accomplishment is meaningful as the Company acquired several businesses which carry historically lower gross margins (28-32% range) within the last 12 months. This margin strength and improvement, we believe, is a testament to successful implementation of pricing and selling strategies across our catalog and DOKS road sales groups, effective cross selling of our high margin proprietary products through our road sales professionals, and the effects of our continuing efforts at reducing cost of goods. We are particularly pleased to have demonstrated such margin enhancement during a period of inflated fuel and raw material costs worldwide. It speaks, we believe, to our continued ability to attract and retain customers through the company's bundling of proprietary services and products such as 24-hour quick shipping and best of breed Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the technology - reducing the customers' focus and dependency dependency In international relations, a weak state dominated by or under the jurisdiction of a more powerful state but not formally annexed by it. Examples include American Samoa (U.S.) and Greenland (Denmark). on price." E[acute accent]"The company continues to review new product lines, new business development relationships, and acquisition targets, which may either extend our geographic reach or provide unique product and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. brands that allow for deeper, vertical penetration into our marketplace. We intend to continue to leverage our position as the nation's largest one-stop shop One-Stop Shop A company or a location that offers a multitude of services to a client or a customer. The idea is to provide convenient and efficient service and also to create the opportunity for the company to sell more products to clients and customers. for sporting goods Noun 1. sporting goods - sports equipment sold as a commodity commodity, trade good, good - articles of commerce sports equipment - equipment needed to participate in a particular sport equipment and team uniforms to the institutional market." E[acute accent]Company Announces Sales Force Expansion Plans E[acute accent]Mr. Adam Blumenfeld continued: "Given the growing success and managerial talent of our DOKS road sales team, the company is embarking upon a long term aggressive salesman acquisition plan to bolster This article is about the pillow called a bolster. For other meanings of the word "bolster", see bolster (disambiguation). A bolster (etymology: Middle English, derived from Old English, and before that the Germanic word bulgstraz the size and geographic reach of its 175 man sales force. Over a multi year period, the company seeks to add seasoned sales teams and/or individuals that can contribute to revenues and earnings on a near immediate basis. Our management infrastructure has proven capable of effectively managing growth in existing territories and we will now look to expand this footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. - thereby bringing our combination of factory direct equipment and branded team uniforms to a broader swath of high schools and colleges across the country."
COLLEGIATE PACIFIC INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, June 30,
2006 2005
---- ----
ASSETS (Unaudited)
CURRENT ASSETS:
Cash and cash equivalents $4,410,957 $40,325,716
Accounts receivable, net of allowance
for doubtful accounts of $1,551,497
and $1,042,496, respectively 37,003,133 18,131,753
Inventories 37,841,033 17,478,805
Current portion of deferred taxes 803,278 775,231
Prepaid income taxes 262,920 644,596
Prepaid expenses and other current
assets 3,888,002 601,439
------------- -------------
Total current assets 84,209,323 77,957,540
PROPERTY AND EQUIPMENT, net of accumulated
depreciation of $2,321,171 and $1,294,135,
respectively 10,204,815 1,501,096
DEFERRED DEBT ISSUANCE COSTS, net of
accumulated amortization of $905,325 and
$392,932, respectively 2,505,034 3,017,427
INTANGIBLE ASSETS, net of accumulated
amortization of $1,977,190 and $853,333,
respectively 9,234,100 1,862,606
GOODWILL 43,090,458 23,848,345
OTHER ASSETS, net 592,622 409,068
------------- -------------
Total assets $149,836,352 $108,596,082
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $17,797,867 $9,782,479
Accrued liabilities 6,865,093 1,724,783
Dividends payable 254,853 255,144
Accrued interest 1,032,986 250,000
Current portion of long-term debt 12,161,922 329,867
------------- -------------
Total current liabilities 38,112,721 12,342,273
DEFERRED TAX LIABILITY 497,405 700,146
NOTES PAYABLE AND OTHER LONG-TERM DEBT 55,138,337 50,448,153
MINORITY INTEREST IN SUBSIDIARY 8,111,294 --
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value,
1,000,000 shares authorized; no
shares issued or outstanding -- --
Common stock, $0.01 par value,
50,000,000 shares authorized;
10,271,778 and 10,205,780 shares
issued and 10,185,752 and 10,119,754
shares outstanding, respectively 102,718 102,058
Additional paid-in capital 42,709,494 41,911,008
Retained earnings 5,821,834 3,749,895
Treasury stock at cost, 86,026 shares (657,451) (657,451)
------------- -------------
Total stockholders' equity 47,976,595 45,105,510
------------- -------------
Total liabilities and
stockholders' equity $149,836,352 $108,596,082
============= =============
COLLEGIATE PACIFIC INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Nine Months Ended
March 31, March 31,
------------------------- --------------------------
2006 2005 2006 2005
---- ---- ---- ----
(As restated)
Net sales $59,417,658 $27,018,429 $171,093,834 $78,523,315
Cost of sales 38,420,621 17,544,088 113,639,708 52,012,219
------------ ------------ ------------- ------------
Gross profit 20,997,037 9,474,341 57,454,126 26,551,096
Selling, general
and administrative
expenses 17,252,696 7,484,598 49,180,817 20,149,485
------------ ------------ ------------- ------------
Operating
profit 3,744,341 1,989,743 8,273,309 6,361,611
------------ ------------ ------------- ------------
Other income (expense):
Interest
income 25,005 179,288 99,343 237,732
Interest
expense (1,261,064) (899,372) (3,378,970) (1,240,891)
Other income 155,198 32,774 243,671 153,337
------------ ------------ ------------- ------------
Total other
(expense) (1,080,861) (687,310) (3,035,956) (849,822)
------------ ------------ ------------- ------------
Income before
minority
interest in
income of
consolidated
subsidiary
and income
taxes 2,663,480 1,302,433 5,237,353 5,511,789
Income tax
provision 787,326 514,772 1,813,376 2,266,426
Minority interest
in income of
consolidated
subsidiary, net
of tax 643,856 -- 587,665 --
------------ ------------ ------------- ------------
Net income $1,232,298 $787,661 $2,836,312 $3,245,363
============ ============ ============= ============
Weighted average number of shares
outstanding:
Basic 10,183,973 10,094,747 10,174,843 10,002,640
============ ============ ============= ============
Diluted 10,359,528 10,410,933 10,389,740 10,277,970
============ ============ ============= ============
Net income per
share common
stock - basic $0.12 $0.08 $0.28 $0.32
============ ============ ============= ============
Net income per
share common
stock - diluted $0.12 $0.08 $0.27 $0.32
============ ============ ============= ============
Dividends declared
per share common
stock $0.025 $0.025 $0.075 $0.075
============ ============ ============= ============
E[acute accent]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 300,000 prospective and existing customers. The company distributes approximately 1.5 million catalogs annually and employs approximately 175 professional road salesmen. This press release contains "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. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements include statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Collegiate Pacific's anticipated financial performance, business prospects, new developments and similar matters, and/or statements preceded by, followed by or that include the words "believes," "could," "expects," "anticipates," "estimates," "intends," "plans," or similar expressions. These forward-looking statements are based on management's current expectations and assumptions, which are inherently subject to uncertainties, risks and changes in circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or that are difficult to predict. Actual results may differ materially from those suggested by the forward-looking statements due to a variety of factors, including changes in business, political, and economic conditions due to the threat of future terrorist activity or otherwise, actions and initiatives by current and potential competitors, and certain other additional factors described in Collegiate Pacific's filings with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have material adverse effects on Collegiate Pacific's future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Collegiate Pacific is not under any obligation and does not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. |
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