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.
|HIBBETT SPORTS, INC. AND SUBSIDIARIES|
|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,|
Cost of goods sold, distribution center and store occupancy costs
Store operating, selling and administrative expenses
|Depreciation and amortization||3,291||3,385||13,205||13,623|
|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 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:|
|Unaudited Condensed Consolidated Balance Sheets|
|January 28,||January 29,|
|Cash and cash equivalents||$||55,138||$||75,517|
|Accounts receivable, net||6,123||5,385|
|Prepaid expenses and other||12,441||13,561|
|Total current assets||268,773||269,341|
|Property and equipment, net||39,596||40,056|
|Liabilities and Stockholders' Investment|
|Short-term capital leases||173||312|
|Total current liabilities||91,658||94,334|
|Total liabilities and stockholders' investment||$||313,696||$||314,265|
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