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 Breaking Headlines


TSA Has Flat Income Including Merger Costs

MAY 26, 2004 -- The Sports Authority's Q1 net income was $4.1 million, or $0.15 per diluted share, including the effect of after-tax merger integration costs of $5.2 million, or $0.20 per diluted share. In Q103, the company earned $4.2 million, or $0.35 a share. The number of shares more than doubled follwoing the merger of TSA and Gart Sports Co. Excluding merger integration costs, Q104 net income was $9.3 million, or $0.35 per diluted share, compared to $0.34 per diluted share in Q103, which included a net gain of approximately $0.16 per diluted share associated with non-recurring events and a related income tax benefit, as reported by the former Gart Sports on a stand-alone basis. Excluding these items, Q103's earnings were $0.18 per diluted share. Pro-forma combined earnings for the prior year's quarter were $0.12 per diluted share.

Total sales for the 13 weeks ended May 1, 2004 were $572.0 million compared to $228.4 million as reported by the former Gart Sports on a stand-alone basis. Q104 comp-store sales for the combined company increased 0.3% from last year's combined company results.

The company opened seven stores and closed five former TSA and one former Gart Sports store during the quarter to arrive at a total number of stores in operation as of May 1 of 385 stores in 45 states.

Doug Morton, CEO, stated, "We are pleased with our first quarter results given the on-going efforts to integrate the two companies. We were particularly pleased with the strong gross margin performance delivered in the quarter combined with our ability to reduce inventories, on a per square foot basis, by approximately one percent versus the prior year. We are also pleased with the sales results delivered from the initial remodels performed on the former Sports Authority stores. We are committed to providing an improved shopping experience for all of our customers."

The company is forecasting Q2 sales to be approximately $630 million and comp-store sales to be flat compared to the same quarter last year. The company expects to report net income of approximately $18.6 million, and diluted EPS of $0.70, based on 26.6 million diluted shares outstanding in the quarter. All earnings estimates are exclusive of merger integration costs. The company expects to open two new stores during the quarter.

For FY04, TSA expects sales to be approximately $2.5 billion. TSA expects to report net income in the range of $68.8 to $70.1 million, and diluted EPS between $2.59 to $2.65, based on an estimated 26.6 million diluted shares outstanding. All earnings estimates are exclusive of merger integration costs. TSA expects to open 23 new stores during the year and expects to close up to a total of 15 stores. The number of stores in operation at the end of FY04 is expected to be 392.




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