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Short news...4/22/04
APRIL 22, 2004 --
Now we know why Footstar's stock went wild yesterday, with more than seven million shares being traded, and why Foot Locker's stock took a hit. The sale of 353 Footaction doors to Foot Locker for $160 million ran into a problem. The Finish Line came into the act and bid $195 for the entire chain. Foot Locker was forced to up its bid to $225 million. The original offer looked like a steal. An added benefit to Foot Locker was it would block Finish Line's door growth up I-95 via acquisition. But The Finish Line bid drove up Foot Locker's price another $65 million. "We are very pleased that the Bankruptcy Court approved our offer for the Footaction stores," said Matt Serra, Foot Locker's CEO. "We now look forward to working with the management of Footstar to expedite the closing of the transaction. We are quite disciplined with the use of our cash resources and we believe that this acquisition makes good strategic sense for our company and for our shareholders. Due to our strong financial position, we expect the proposed acquisition to be initially funded from cash and be accretive to Foot Locker's fully diluted earnings per share within the first full year of operation." Footstar also announced that it has entered into agreements to assign 15 Just For Feet leases to third parties resulting in approximately $750,000 in net cash proceeds to the company and the avoidance of approximately $5 million of bankruptcy rejection claims related to these leases.
Cybex International reported Q1 net sales of $24,310,000, representing an increase of 18%. Net income was $375,000, or $0.03 per diluted share, compared to a net loss of $1,787,000, or $0.20 per diluted share.
Wells Fargo Securities raised Timberland's EPS estimates and price target. WFS has rated the stock as a buy. The 2004 EPS estimate was raised to $3.82 to $4.10. The price target was raised to $73 from $68. WFS also has a buy on Wolverine World Wide. It raised the FY 2004 EPS estimate to $1.53 from $1.43. The price target was raised to $31 from $26.
EMU Australia brought Michael Fischer and Tiana Phillips to the EMU North American team. In his new role, Fischer will serve as the customer service and product line manager and will assist with product development and design for footwear, accessories and outerwear. Phillips will serve as an in-house customer service representative and will be charged with facilitating and tracking all customer orders and promotional requests. Fischer came to EMU from a strong background in merchandise buying and product design. Most recently, Fischer was the design director for SeasonFive Clothing Co., a snowboarding, skateboarding, and surf clothing brand. Before SeasonFive, Fisher served as the business manager and buyer for Colorado's first snowboard shop, The Wright Life in Fort Collins. Before joining EMU, Phillips handled advertising and public relations for The Surfer's Path Magazine and Dig BMX Magazine.
Thule, the manufacturer of sport racks and car carrying solutions, hired Chris Roberts as the Southeastern Thule envoy. Launched in 2003, the Thule Envoy program was created to promote dealer and consumer relations through hosting in-store training, assisting with retailer sales events, and attending outdoor related events.
Under Armour Performance Apparel will unveil its first-ever team uniforms during halftime of the "Red and White" Terrapin football game this Saturday, April 24 at Byrd Stadium. The spring "Red and White" game takes place annually on The University of Maryland's Maryland Day, which this year is expected to draw more than 70,000 parents, students and families. This year's game features a halftime presentation as the Terrapin's new Under Armour football uniforms make their debut. Terp enthusiasts will for the first time be able to purchase Under Armour fan accessories, including Terp hats (starting at $27.00), a LooseGear Terp T-shirt and a LooseGear Terp "Protect This House" T-shirt ($25.00). Both T-shirts feature Under Armour's signature Moisture Transport System at in- and off-campus locations throughout the mid-Atlantic region by late summer.
Century Inc.'s advertising department walked away with honors at the 2003 Advertising Club's awards banquet. "Power Packaging," Century’s new line of product packaging was the recipient of a gold ADDY, while the Century Sporting Goods catalog took honors with a silver ADDY in its categories.
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