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Today's news...3/24/05

MARCH 24, 2005 --

Finish Line Completes FY05 Report

Earlier this month, The Finish Line was not able to report its 4Q and FY05 earnings due to the new SEC opinion on lease accounting. It had to restate earnings for the prior two years and complete the numbers for FY05. 4Q net sales increased 18% to $361.4 million. Comp-store net sales increased 8% on top of a 19% increase reported in FQ04. Net income for 4Q was $28.2 million or 57¢ per diluted share vs $21.1 million or 43¢ per diluted share on a restated basis for 4Q04, an increase of 33% in diluted income per share. The 4Q05 EPS was a penny above estimates.

FY05 net sales increased 18% to $1.167 compared to $985.9 million in FY04. Comp-store net sales increased 9% on top of a 20% increase in FY04. Reported net income for FY05 was $61.3 million or $1.24 per diluted share versus $47.3 million or 98¢ per diluted share on a restated basis for FY04. Included in FY04 is the benefit from the gain on the tornado insurance settlement of 1¢ per diluted share. Excluding the insurance settlement, FY04 adjusted net income per diluted share would have been 97¢. As a result, FY05 EPS of $1.24 increased 28%.

Schutt Sports Revamps Web Stite

Schutt Sports is introducing a new look to its website, www.schuttsports.com. The new website is aimed at giving customers easier navigation, more detailed product information, and a greater feel for the Schutt brand than ever before.

"The Schutt Sports website is a great vehicle for communicating the Schutt positioning of an authentic and innovative brand used by the world's top teams," said David Jones, director of marketing. "Consumers will be able to get information on our products and company and easily find the closest dealer for quick service."

The new site gives customers quick and easy navigation through Schutt's five product categories along with photos and information on every product. Browsers can also view Schutt's history of innovation in each sport, get behind-the-scenes looks at its manufacturing and reconditioning processes, find and request quotes from local dealers, and catch up on the latest Schutt news. The website also debuts new interactive features such as a daily trivia contest and online chat events.

Brean Murray initiated coverage of Skechers with a buy.

Rumors are flying that The Super Show is seeking to co-locate with MAGIC in Las Vegas.

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Copyright 2005 Sporting Goods Business

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Finish Line
diluted share on a restated basis

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