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Big 5 Sporting Goods Corporation Announces Fiscal 2010 Third Quarter Results

Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties and other factors that may cause Big 5's actual results in current or future periods to differ materially from forecasted results. Those risks and uncertainties include, among other things, continued or worsening weakness in the consumer spending environment and the U.S. financial and credit markets, the competitive environment in the sporting goods industry in general and in Big 5's specific market areas, inflation, product availability and growth opportunities, seasonal fluctuations, weather conditions, changes in cost of goods, operating expense fluctuations, disruption in product flow, changes in interest rates, credit availability, and higher costs associated with sources of credit resulting from uncertainty in financial markets and economic conditions in general. Those and other risks and uncertainties are more fully described in Big 5's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K/A for the fiscal year ended January 3, 2010 and Quarterly Report on Form 10-Q for the fiscal quarter ended July 4, 2010. Big 5 conducts its business in a highly competitive and rapidly changing environment. Accordingly, new risk factors may arise. It is not possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on Big 5's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Big 5 undertakes no obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.

BIG 5 SPORTING GOODS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share amounts)
     
  October 3, 2010 January 3, 2010
ASSETS
     
Current assets:    
 Cash and cash equivalents $4,140 $5,765
 Accounts receivable, net of allowances of $93 and $223, respectively 8,628 13,398
 Merchandise inventories, net 251,310 230,911
 Prepaid expenses 10,336 9,683
 Deferred income taxes   8,330  7,723
 Total current assets 282,744 267,480
Property and equipment, net 79,976 81,817
Deferred income taxes 13,697 11,327
Other assets, net of accumulated amortization of $0 and $346, respectively 1,491 1,065
Goodwill 4,433 4,433
 Total assets $382,341 $366,122
     
LIABILITIES AND STOCKHOLDERS' EQUITY
     
Current liabilities:    
 Accounts payable $90,817 $85,721
 Accrued expenses  54,388 59,314
 Current portion of capital lease obligations 2,060 1,904
 Total current liabilities 147,265 146,939
Deferred rent, less current portion 24,092 23,832
Capital lease obligations, less current portion 1,886 2,278
Long-term revolving credit borrowings 55,228 54,955
Other long-term liabilities   6,538  6,257
 Total liabilities 235,009 234,261
     
Commitments and contingencies    
     
Stockholders' equity:    
 Common stock, $0.01 par value, authorized 50,000,000 shares;    
 issued 23,299,657 and 23,050,061 shares, respectively;    
 outstanding 21,816,362 and 21,566,766 shares, respectively 233 230
 Additional paid-in capital 97,379 95,259
 Retained earnings 71,086 57,738
 Less: Treasury stock, at cost; 1,483,295 shares (21,366) (21,366)
 Total stockholders' equity 147,332 131,861
 Total liabilities and stockholders' equity $382,341 $366,122
 
BIG 5 SPORTING GOODS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
         
  13 Weeks Ended 39 Weeks Ended
  October 3, 2010 September 27, 2009 October 3, 2010 September 27, 2009
         
Net sales $231,753 $231,582 $670,102 $657,913
         
Cost of sales  154,337  153,073  448,170  441,002
         
Gross profit  77,416  78,509  221,932  216,911
         
Selling and administrative expense   66,301  65,327  194,366  190,194
         
Operating income  11,115 13,182 27,566 26,717
         
Interest expense  603  562  1,370  1,883
         
Income before income taxes  10,512 12,620 26,196 24,834
         
Income taxes  3,689  4,609  9,588  9,409
         
Net income  $6,823 $8,011 $16,608 $15,425
         
Earnings per share :        
Basic $0.32 $0.37 $0.77 $0.72
         
Diluted $0.31 $0.37 $0.76 $0.72
         
Dividends per share $0.05 $0.05 $0.15 $0.15
         
Weighted-average shares of common stock outstanding:        
Basic  21,580  21,435  21,539  21,426
         
Diluted  21,845  21,747  21,873  21,545
CONTACT:  Big 5 Sporting Goods Corporation
          Barry Emerson, Sr. Vice President and Chief Financial Officer
          (310) 536-0611
         
          ICR, Inc.
          John Mills, Senior Managing Director
          (310) 954-1105

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