-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, E/psFS4strqa/zDmK26MTs6wXjaCgB1ALyMRS1xQEC6pk+oop5I5MIJXt9373iao rcq/gPTGh26bbvLx2XRZPg== 0000926236-03-000130.txt : 20030812 0000926236-03-000130.hdr.sgml : 20030812 20030812155027 ACCESSION NUMBER: 0000926236-03-000130 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030812 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030812 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SPORT SUPPLY GROUP INC CENTRAL INDEX KEY: 0000872855 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-CATALOG & MAIL-ORDER HOUSES [5961] IRS NUMBER: 752241783 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10704 FILM NUMBER: 03837618 BUSINESS ADDRESS: STREET 1: 1901 DIPLOMAT DRIVE CITY: FARMERS BRANCH STATE: TX ZIP: 75234-8914 BUSINESS PHONE: 9724849484 8-K 1 ssg04q1-8k.txt CURRENT REPORT AUGUST 12, 2003 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 12, 2003 --------------- SPORT SUPPLY GROUP, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 001-10704 75-2241783 --------------- ------------ ------------- (State or Other (Commission (IRS Employer Jurisdiction of File Number) Identification No.) Incorporation) 1901 Diplomat Drive, Farmers Branch, Texas 75234 -------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (972) 484-9484 ITEM 7: EXHIBITS Exhibit No. Description ----------- ----------- 99.1 Press Release of Sport Supply Group, Inc. dated August 12, 2003 (furnished and not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and not deemed incorporated by reference in any filing under the Securities Act of 1934, as amended) ITEM 12: RESULTS OF OPERATIONS AND FINANCIAL CONDITION On August 12, 2003, Sport Supply Group, Inc., a Delaware corporation (the "Company"), filed with the Securities and Exchange Commission (the "Commission"), a Press Release discussing its financial results for the quarter ended June 27, 2003. A copy of the Press Release is attached hereto as Exhibit 99.1 and incorporated herein by reference. The information in this report is being furnished pursuant to Item 12 Results of Operations and Financial Condition . In accordance with General Instruction B.6 of Form 8-K, the information in this report shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1934, as amended. The furnishing of the information set forth in this report is not intended to, and does not, constitute a determination or admission as to the materiality or completeness of such information. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: August 12, 2003 SPORT SUPPLY GROUP, INC. By: /s/ Robert K. Mitchell ---------------------- Robert K. Mitchell Chief Financial Officer Index to Exhibits Exhibit No. Description ----------- ----------- 99.1 Press Release of Sport Supply Group, Inc. dated August 12, 2003 (furnished and not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and not deemed incorporated by reference in any filing under the Securities Act of 1934, as amended) EX-99.1 3 exh99-1.txt PRESS RELEASE FINANCIAL RESULTS FOR QUARTER ENDED JUNE 27, 2003 EXHIBIT 99.1 ------------ [SPORT SUPPLY LOGO] FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION: Tuesday, August 12, 2003 At the Company: John P. Walker President, SSG 972/406-7108 SPORT SUPPLY GROUP REPORTS PROFITABLE RESULTS FOR FIRST QUARTER ENDED JUNE 27, 2003 Dallas, Texas Tuesday, August 12, 2003 - Sport Supply Group, Inc. (OTCBB: SSPY), a leading sporting goods distributor and e commerce company, today announced profitable results for the three months ended June 27, 2003. Net income before cumulative effect of accounting change for the quarter ended June 2003 was $115 thousand compared to $210 thousand for the quarter ended June 2002. Earnings per share for the quarter, before cumulative effect of accounting change, was $0.01 per diluted share as compared to $0.02 the previous year. The June 2002 quarter reflects a one-time, $7.4 million non- cash charge associated with the cumulative accounting effect of implementing Financial Accounting Standards Board Statement 142 (Accounting for Goodwill and Other Intangible Assets). The loss for the quarter ending June 2002 was ($0.81) per diluted share after this non-cash charge. The Company reported continued customer migration to its websites. Orders entered over its websites increased by 91% for the quarter and sales over its websites increased by more than 50% from the same quarter last year. During the quarter the Company processed more than 9,100 orders over the web as compared to 4,800 orders last year for the comparable period. John P. Walker, President stated, "The results of the June quarter continue to build upon our core strategy of making the company more efficient while at the same time executing our core fundamentals. "While state and federal budget cuts have affected school spending, we have been successful in increasing our core business with schools during the quarter. Our results reflect softness in our resale and dealer revenues while our traditional direct mail business performed better as compared to the same quarter last year. We continue to see strong migration to the company's websites that will allow us to continue to enjoy significant savings in overhead. "We are continuing our revenue diversification strategies to broaden our market reach and expand our sales of sporting goods beyond our traditional institutional sporting goods customer base. Sales and marketing programs directed to big-box retail, corporations, associations and consumers are being launched. We anticipate these efforts will contribute revenue later this fiscal year." Sport Supply Group is a leading direct marketer and B2B e commerce supplier of sporting goods equipment to the institutional and youth sports market place. Athletes, coaches and instructors in schools, colleges, universities, governmental agencies, camps and youth organizations across the country use the Company's products. For more information about Sport Supply Group or to sign up as an associate for your organizations own on-line sporting goods store, please visit www.sportsupplygroup.com. ---------------------------------------------------------------------------- This news release, other than the historical information, consists of forward looking statements that involve risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Reports on Form 10-K and Form 10-Q. Such forward-looking statements are made based on management's belief as well as assumptions made by, and information currently available to, management pursuant to the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. Actual results may vary materially. ---------------------------------------------------------------------------- Sport Supply Group Inc Summary Financial Information First Quarter Ended June 27, 2003 Summary Operating Results Quarter Ended ---------------------------- June 2003 June 2002 ---------------------------- (unaudited) (unaudited) Revenues 25,961,460 26,773,157 Gross Profit 7,374,801 8,139,289 SG&A Expenses 6,937,190 7,553,030 Internet Expenses 117,340 73,619 ---------------------------- Operating Income 320,271 512,640 Interest & Other Expense 136,249 176,074 Taxes On Income 68,979 126,844 ---------------------------- Net Income Before Cumulative Effect of Accounting Change 115,043 209,722 Cumulative Effect of Accounting Change (7,442,432) Net Income (Loss) After Cumulative Effect of Accounting Change 115,043 (7,232,710) ---------------------------- EPS - Before Accounting Change $ .01 $ 0.02 EPS - After Accounting Change $ .01 $ (0.81) ---------------------------- Summary Balance Sheets June 27, 2003 March 28, 2003 ---------------------------- (unaudited) Cash and Equivalents 929,530 2,142,302 Accounts Receivable 13,495,781 20,245,675 Inventory 19,741,323 19,564,314 Other Current Assets 2,199,751 2,102,125 ---------------------------- Total Current Assets 36,366,385 44,054,416 Property 8,124,317 8,519,936 Other Assets 8,877,263 9,421,287 ---------------------------- Total Assets 53,367,965 61,995,639 ============================ Current Liabilities 9,139,845 16,338,359 Long Term Debt 16,067,550 17,611,753 Stockholders' Equity 28,160,570 28,045,527 ---------------------------- Total Liabilities and Equity 53,367,965 61,995,639 ============================ Please refer to our Form 10-Q as filed with the SEC for complete financial information. -----END PRIVACY-ENHANCED MESSAGE-----