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

Conference Call Information

The Company will host a conference call and audio webcast today, March 1, 2011, at 2:00 p.m. Pacific (5:00 p.m. EST) to discuss financial results for the fiscal 2010 fourth quarter and full year. To access the conference call, participants in North America should dial (888) 378-4361, and international participants should dial (719) 325-2352. Participants are encouraged to dial in to the conference call ten minutes prior to the scheduled start time. The call will also be broadcast live over the Internet and accessible through the Investor Relations section of the Company's website at www.big5sportinggoods.com . Visitors to the website should select the "Investor Relations" link to access the webcast. The webcast will be archived and accessible on the same website for 30 days following the call. A telephone replay will be available through March 15, 2011 by calling (877) 870-5176; passcode is 7158027.

About Big 5 Sporting Goods Corporation

Big 5 is a leading sporting goods retailer in the western United States, operating 396 stores in 12 states under the "Big 5 Sporting Goods" name. Big 5 provides a full-line product offering in a traditional sporting goods store format that averages 11,000 square feet. Big 5's product mix includes athletic shoes, apparel and accessories, as well as a broad selection of outdoor and athletic equipment for team sports, fitness, camping, hunting, fishing, tennis, golf, snowboarding and roller sports.

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 October 3, 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.

FINANCIAL TABLES FOLLOW

     
     
BIG 5 SPORTING GOODS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share amounts)
     
  January 2, 2011 January 3, 2010
ASSETS
     
Current assets:    
Cash and cash equivalents  $ 5,620  $ 5,765
Accounts receivable, net of allowances of $201 and $223, respectively 15,000 13,398
Merchandise inventories, net 254,217 230,911
Prepaid expenses 7,588 9,683
Deferred income taxes   9,447  7,723
Total current assets 291,872 267,480
     
Property and equipment, net 81,333 81,817
Deferred income taxes 12,396 11,327
Other assets, net of accumulated amortization of $69 and $346, respectively 2,322 1,065
Goodwill 4,433 4,433
Total assets  $ 392,356  $ 366,122
     
LIABILITIES AND STOCKHOLDERS' EQUITY
     
Current liabilities:    
Accounts payable  $ 94,818  $ 85,721
Accrued expenses  64,392 59,314
Current portion of capital lease obligations 1,925 1,904
Total current liabilities 161,135 146,939
     
Deferred rent, less current portion 24,349 23,832
Capital lease obligations, less current portion 1,569 2,278
Long-term debt 48,313 54,955
Other long-term liabilities   6,264  6,257
Total liabilities 241,630 234,261
     
Commitments and contingencies    
     
Stockholders' equity:    
Common stock, $0.01 par value, authorized 50,000,000 shares;    
issued 23,315,832 and 23,050,061 shares, respectively;    
outstanding 21,832,537 and 21,566,766 shares, respectively 233 230
Additional paid-in capital 97,910 95,259
Retained earnings 73,949 57,738
Less: Treasury stock, at cost; 1,483,295 shares (21,366) (21,366)
Total stockholders' equity 150,726 131,861
Total liabilities and stockholders' equity  $ 392,356  $ 366,122
         
         
BIG 5 SPORTING GOODS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
         
         
  Fiscal Quarter Ended (1) Fiscal Year Ended (1)
  January 2, 2011 January 3, 2010 January 2, 2011 January 3, 2010
         
Net sales (2)  $ 226,711  $ 237,629  $ 896,813  $ 895,542
         
Cost of sales   150,931  156,790  599,101  597,792
         
Gross profit (2)  75,780  80,839  297,712  297,750
         
Selling and administrative expense (2) (3)  69,122  69,874  263,488  260,068
         
Operating income  6,658 10,965 34,224 37,682
         
Interest expense  738  582  2,108  2,465
         
Income before income taxes  5,920 10,383 32,116 35,217
         
Income taxes  1,966  3,997  11,554  13,406
         
Net income (2) (3)  $ 3,954  $ 6,386  $ 20,562  $ 21,811
         
Earnings per share (2) (3):        
Basic  $ 0.18  $ 0.30  $ 0.95  $ 1.02
         
Diluted  $ 0.18  $ 0.29  $ 0.94  $ 1.01
         
Dividends per share  $ 0.05  $ 0.05  $ 0.20  $ 0.20
         
Weighted-average shares of common stock outstanding:        
Basic  21,590  21,457 21,552  21,434
         
Diluted  21,923  21,840 21,890  21,657
         
(1) Fiscal 2010 comprised a 13-week fourth quarter and a 52-week fiscal year, whereas fiscal 2009 comprised a 14-week fourth quarter and a 53-week fiscal year.
(2) In the fourth quarter of fiscal 2010, the Company recorded a net pre-tax charge of $2.3 million, reflecting a legal settlement accrual, of which $0.8 million was classified as a reduction to net sales and $1.5 million was classified as selling and administrative expense. This charge reduced net income in fiscal 2010 by $1.5 million, or $0.07 per diluted share. 
(3) In the fourth quarter of fiscal 2009, the Company recorded a net pre-tax charge of $1.0 million, which reflected a legal settlement accrual offset by proceeds received from the settlement of a lawsuit relating to credit card fees. This charge reduced net income in fiscal 2009 by $0.6 million, or $0.03 per diluted share. 
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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