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Hibbett Reports Fourth Quarter And Fiscal 2012 Results

A WARNING ABOUT FORWARD LOOKING STATEMENTS: Certain matters discussed in this press release are “forward looking statements” as that term is used in the Private Securities Litigation Reform Act of 1995. Forward looking statements address future events, developments or results and typically use words such as believe, anticipate, expect, intend, plan, forecast, guidance, outlook, or estimate . For example, our forward looking statements include statements regarding store opening, expansion and closing plans, liquidity, sales trends, earnings per diluted share and comparable store sales for Fiscal 2013. Such statements are subject to risks and uncertainties that could cause actual results to differ materially, including economic conditions, industry trends, merchandise trends, vendor relationships, customer demand, and competition. For a discussion of these factors, as well as others which could affect our business, you should carefully review our Annual Report and other reports filed from time to time with the Securities and Exchange Commission, including the “Risk Factors,” “Business” and “MD&A” sections in our Annual Report on Form 10-K filed on March 29, 2011, and the “MD&A” section on our Quarterly Reports on Form 10-Q filed on June 3, September 6, and December 6, 2011. In light of these risks and uncertainties, the future events, developments or results described by our forward looking statements in this document could turn out to be materially and adversely different from those we discuss or imply. We are not obligated to release publicly any revisions to any forward looking statements contained in this press release to reflect events or circumstances occurring after the date of this report and you should not expect us to do so.

Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
Thirteen Weeks Ended Fifty-Two Weeks Ended
January 28, January 29, January 28, January 29,
2012 2011 2012 2011
Net sales $ 190,681 $ 173,209 $ 732,645 $ 664,954

Cost of goods sold, distribution center and store occupancy costs
  122,521   112,749   470,237   434,552
Gross profit 68,160 60,460 262,408 230,402

Store operating, selling and administrative expenses
39,817 37,773 155,672 143,232
Depreciation and amortization   3,291   3,385   13,205   13,623
Operating income 25,052 19,302 93,531 73,547
Interest expense, net   50   41   217   105
Income before provision for income taxes 25,002 19,261 93,314 73,442
Provision for income taxes   9,178   6,804   34,254   27,042
Net income $ 15,824 $ 12,457 $ 59,060 $ 46,400
Net income per common share:
Basic earnings per share $ 0.60 $ 0.45 $ 2.19 $ 1.63
Diluted earnings per share $ 0.59 $ 0.44 $ 2.15 $ 1.60
Weighted average shares outstanding:
Basic   26,452   27,958   26,978   28,426
Diluted   26,983   28,578   27,506   29,033
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
January 28, January 29,
2012 2011
Cash and cash equivalents $ 55,138 $ 75,517
Accounts receivable, net 6,123 5,385
Inventories, net 195,071 174,878
Prepaid expenses and other   12,441   13,561
Total current assets 268,773 269,341
Property and equipment, net 39,596 40,056
Other assets   5,327   4,868
Total assets $ 313,696 $ 314,265
Liabilities and Stockholders' Investment
Accounts payable $ 73,735 $ 75,986
Short-term capital leases 173 312
Accrued expenses   17,750   18,036
Total current liabilities 91,658 94,334
Non-current liabilities 18,288 19,843
Stockholders' investment   203,750   200,088
Total liabilities and stockholders' investment $ 313,696 $ 314,265

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