Collegiate Pacific Reports Q1 2005 Fully Diluted EPS of $0.21 Per Share; Fully Diluted EPS $0.21 vs. $0.05 in Year Ago Period; Company to Accelerate Growth Plans.

DALLAS -- Collegiate Pacific (AMEX:BOO) reported Q1 fiscal 2005 results today for the three month period ended Sept. 30, 2004.

Highlights for the first quarter are as follows:

--Net Sales -- up 364% -- $27.7 million vs. $5.9 million during Q1 last year

--Operating Profit -- up 655% -- $3.4 million vs. $0.5 million during Q1 last year

--Net Income -- up 669% -- $2.07 million vs. $0.3 million during Q1 last year

--Diluted EPS $0.21 vs. $0.05 during Q1 last year (on 74% more shares outstanding)

In discussing the quarter and earnings, Michael Blumenfeld, CEO, stated, "The integration of our newly acquired properties coupled with solid organic growth produced net sales beyond our expectations, and significant earnings leverage for our first quarter of fiscal 2005. The Company experienced strength across all operating entities and in fact produced more net income in Q1 2005 than the Company produced during all four quarters of FY04. These results are a tribute to our newly acquired partners and existing staff -- all of whom shared in achieving these outstanding results.

"Given the operating platform now in place and the results achieved, we will move to secure new properties and corporate relationships somewhat faster than originally planned. We will seek those operations that either strengthen our proprietary product mix or add to our geographic reach with respect to sales force and distribution. We intend to target only those entities that can achieve the earnings accretion we are currently enjoying with our recent acquisitions and internal business units. Several potential candidates are under review. Our goal is to essentially double the size of our revenue base to approximately $200 million with an accelerated contribution to earnings.

"Our balance sheet remains one of the strongest in the sports equipment industry with approximately $43 million in shareholder equity and working capital of $21 million. Despite the dramatic increase in revenues, the Company has maintained a near debt free structure; providing us the financial flexibility to move quickly and efficiently when opportunities present themselves."

Adam Blumenfeld, President, commented: "We are extremely pleased with the performance of the 120 new road sales professionals, and our ability to effectively train the team and integrate the selling platform. Our training focus will now shift from Football to Baseball as we head into the January - June time frame. We welcome the opportunity of moving these newly acquired sales teams from their strong suit -- football -- into Collegiate Pacific's strongest sport category -- baseball -- over the next six to nine months. We have engaged in an intensive education program with the Dixie, Kessler and Tomark teams and preparation is ongoing. We will continue to invest in high quality personnel and other platform-building activities to support this sales force initiative, as we build a long term foundation for what we consider to be a rapidly developing growth opportunity."

Discussion of Financial and Operating Results

Collegiate Pacific grew net sales 364% to $27.7 million, driven primarily by the businesses we acquired during fiscal 2004 and the first quarter of fiscal 2005. The growth in our existing catalog operations and consolidated organic growth also contributed to the growth in net sales. The Company envisions as part of its strategic, long term planning, that future sales growth will be shared with the newly acquired sales force, which the Company believes will result in enhanced account penetration and retention. Operating profit increased to $3.4 million, benefiting from higher net sales, partially offset by higher selling, general and administrative expenses. Net income grew by 669% to $2.07 million, driven primarily by higher net sales and a decrease in selling, general and administrative expenses as a percentage of net sales, all of which was offset by the increase in income tax expense.

COLLEGIATE PACIFIC INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED BALANCE SHEETS

                                         September 30,     June 30,
                                             2004            2004
                                        ---------------- -------------
                ASSETS                    (Unaudited)
CURRENT ASSETS:
  Cash and cash equivalents                  $3,340,861    $7,473,145
  Accounts receivable, net of allowance
   for doubtful accounts of $892,772
   and $635,531, respectively                19,702,429    10,683,860
  Inventories                                11,155,151     9,214,063
  Current portion of deferred taxes             149,414       149,414
  Prepaid expenses and other current
   assets                                       884,069       496,912
                                        ---------------- -------------
    Total current assets                     35,231,924    28,017,394

PROPERTY AND EQUIPMENT, net of
 accumulated depreciation of  $959,293
 and $870,394, respectively                   1,186,008       831,205
INTANGIBLE ASSETS, net of accumulated
 amortization of $428,338 and $346,238,
 respectively                                   359,733       429,833
GOODWILL                                     20,440,802    17,308,487
DEFERRED INCOME TAXES                           100,812       100,812
OTHER ASSETS, net                               281,527       259,012
                                        ---------------- -------------

    Total assets                            $57,600,806   $46,946,743
                                        ================ =============

   LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
  Accounts payable                          $10,258,413    $4,983,603
  Accrued liabilities                         1,627,168     1,283,553
  Dividends payable                             251,135       247,128
  Current portion of long-term debt             224,800       124,800
  Income taxes payable                        1,400,091       700,850
                                        ---------------- -------------
    Total current liabilities                13,761,607     7,339,934
REDEEMABLE COMMON STOCK (see Note 2)                 --     7,250,000
LONG-TERM DEBT                                  935,837        73,200
COMMITMENTS AND CONTINGENCIES                        --            --
STOCKHOLDERS' EQUITY:
  Preferred stock, $0.01 par value,
   1,000,000 shares authorized; no
   shares issued                                     --            --
  Common stock, $0.01 par value,
   50,000,000 shares authorized;
   10,045,404 and 9,884,142 shares
   issued, respectively                         100,454        98,842
  Additional paid-in capital                 40,266,824    31,469,423
  Retained earnings                           3,193,535     1,372,795
  Treasury stock at cost, 86,026
   shares, respectively                        (657,451)     (657,451)
                                        ---------------- -------------
    Total stockholders' equity               42,903,362    32,283,609
                                        ---------------- -------------

    Total liabilities and stockholders'
     equity                                 $57,600,806   $46,946,743
                                        ================ =============


               COLLEGIATE PACIFIC INC. AND SUBSIDIARIES
              CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                              (Unaudited)

                                                 Three Months Ended
                                                   September 30,
                                              ------------------------
                                                 2004         2003
                                              ------------ -----------

Net sales                                     $27,710,288  $5,973,592
Cost of sales                                  18,317,237   3,725,352
                                              ------------ -----------

    Gross profit                                9,393,051   2,248,240

Selling, general and administrative expenses    5,876,714   1,781,180
Amortization expense                               82,100      12,266
                                              ------------ -----------

    Operating profit                            3,434,237     454,794
                                              ------------ -----------

Other income (expense):
  Interest income                                  15,445          --
  Interest expense                                 (6,856)    (10,718)
  Other                                            49,379         278
                                              ------------ -----------

    Total other income (expense)                   57,968     (10,440)
                                              ------------ -----------

    Income before income taxes                  3,492,205     444,354

Provision for income taxes                      1,420,330     175,062
                                              ------------ -----------

    Net income                                 $2,071,875    $269,292
                                              ============ ===========

Weighted average number of shares
 outstanding:
    Basic                                       9,908,227   4,290,603
                                              ============ ===========
    Diluted                                    10,102,793   5,779,308
                                              ============ ===========

Net income per share common stock -- basic          $0.21       $0.06
                                              ============ ===========
Net income per share common stock -- diluted        $0.21       $0.05
                                              ============ ===========

Conference Call

Collegiate Pacific will host a conference call with investors and analysts to discuss the company's first quarter financial results and certain forward-looking information today at 10:30 a.m. Central Time. Interested parties may participate on the call by dialing in at least five minutes prior to the start time. The call may be accessed by dialing 800-659-2032 and entering participant passcode number 26926864. A replay of the call will be available for 30 days by calling 888-286-8010 and using passcode 80845262.

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 80,000 existing customers. The Company distributes approximately 1.5 million catalogs annually and employs over 120 professional road salesmen.

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements relating to 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 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.