This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Big 5 Sporting Goods Corporation Announces Fiscal 2010 Fourth Quarter And Full-Year Results; Increases Quarterly Cash Dividend By 50%

Mr. Miller continued, "Despite our fourth quarter sales being slightly below expectations, we are pleased to have further strengthened our balance sheet at the end of 2010, as our positive cash flow allowed us to further reduce borrowings under our credit facility by 12% to $48.3 million at year-end compared to the end of fiscal 2009. Our sound financial condition and anticipated continued healthy cash flow has enabled us to enhance shareholder value through the 50 percent dividend increase that we announced today. Although continued uncertainty in the economy and a lack of visibility as to the timing and degree of a recovery has made it difficult to predict consumer demand, we continue to believe that our proven business strategy will positively impact sales, earnings and cash flow, and over the long-term will deliver a solid performance for our shareholders."

Quarterly Cash Dividend

The Company's Board of Directors has approved an increase in the Company's quarterly cash dividend to $0.075 per share of outstanding common stock, for an annual rate of $0.30 per share. Previously, the Company's quarterly cash dividend was $0.05 per share, for an annual rate of $0.20 per share. The quarterly cash dividend of $0.075 per share of outstanding common stock will be paid on March 22, 2011 to stockholders of record as of March 8, 2011.

Guidance

For the fiscal 2011 first quarter, the Company expects same store sales in the negative low single-digit to positive low single-digit range and earnings per diluted share in the range of $0.15 to $0.22. For comparative purposes, the Company's earnings per diluted share for the first quarter of fiscal 2010 were $0.23.  

Store Openings

During the fourth quarter of fiscal 2010, the Company opened seven new stores, including three relocations of existing stores that have closed in the first quarter of fiscal 2011 or will close later in the year. The Company's store count at the end of fiscal 2010 increased to 398 stores from 384 stores at the end of fiscal 2009. During the first quarter to date, the Company has opened two new stores, both of which were relocations, and closed two stores that were relocated in late 2010. Excluding stores closed as part of relocations that began last year, the Company currently anticipates opening between 10 and 15 net new stores during fiscal 2011.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,157.13 +76.99 0.43%
S&P 500 2,124.25 +6.56 0.31%
NASDAQ 5,116.1860 +24.1010 0.47%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs