Sport Supply Group Inc (RBI, Financial) filed Quarterly Report for the period ended 2009-09-30.
Collegiate Pacific Inc. is in the mail order marketing of sports equipment business. They sell products primarily to institutional customers located throughout the United States. Their principal customers include country clubs schools YMCAs YWCAs and similar recreational organizations municipal recreation departments and other governmental agencies. Sport Supply Group Inc has a market cap of $126.8 million; its shares were traded at around $10.22 with a P/E ratio of 12.1 and P/S ratio of 0.5. The dividend yield of Sport Supply Group Inc stocks is 1%.
Net Sales. Net sales for the quarter ended September 30, 2009 were $77.5 million compared to $73.6 million for the quarter ended September 30, 2008, an increase of $3.9 million, or 5.3%. The following schedule provides the components of net sales:
Gross Profit. Gross profit for the quarter ended September 30, 2009 increased $1.0 million to $27.9 million, or 36.0% of net sales, compared with $26.9 million, or 36.6% of net sales, for the quarter ended September 30, 2008. Sporting goods equipment and soft goods gross profit as a percentage of net sales decreased 0.5% and 0.8%, respectively, for the quarter ended September 30, 2009 compared to the quarter ended September 30, 2008. Freight costs were $1.1 million and $0.9 million, respectively, in excess of freight revenues for the quarter ended September 30, 2009 compared to the quarter ended September 30, 2008. These decreases in gross profit percentages are the result of aggressive pricing and promotional programs used to increase sales in response to the current challenging competitive market pressures. We believe the continuing competitive and customer budgetary challenges discussed above may continue to challenge our ability to improve gross profit as a percentage of net sales as our economy moves through and out of the current recession.
Selling, General and Administrative Expenses. Selling, general and administrative (“SG&A”) expenses for the quarter ended September 30, 2009 were $19.2 million, or 24.7% of net sales, compared with $18.3 million, or 24.8% of net sales, for the quarter ended September 30, 2008. The increase in SG&A expenses was primarily attributable to $0.4 million of SG&A expenses related to the increased operating costs from the June 2009 and July 2009 acquisitions of the three new team dealer operations and a $0.4 million increase in stock-based compensation related to the awards issued in June 2009 on an accelerated vesting schedule in lieu of cash bonuses.
Operating Profit. Operating profit for the quarter ended September 30, 2009 increased to $8.8 million, or 11.3% of net sales, compared to operating profit of $8.7 million, or 11.8% of net sales, for the quarter ended September 30, 2008. The $0.1 million increase in operating profit was attributable to the increase in gross profit of $1.0 million being partially offset by increased SG&A expenses of $0.9 million.
Other Expense. Other expense was $0.5 million for the quarter ended September 30, 2009, compared to $0.6 million for the quarter ended September 30, 2008. The table below shows the components of other expense.
Read the The complete ReportRBI is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC.
Collegiate Pacific Inc. is in the mail order marketing of sports equipment business. They sell products primarily to institutional customers located throughout the United States. Their principal customers include country clubs schools YMCAs YWCAs and similar recreational organizations municipal recreation departments and other governmental agencies. Sport Supply Group Inc has a market cap of $126.8 million; its shares were traded at around $10.22 with a P/E ratio of 12.1 and P/S ratio of 0.5. The dividend yield of Sport Supply Group Inc stocks is 1%.
Highlight of Business Operations:
At September 30, 2009 and June 30, 2009, our total allowance for doubtful accounts remained at $1.5 million, representing approximately 3.3% and 4.3%, respectively, of our accounts receivable. This decrease as a percent of accounts receivable is primarily attributable to the growth in our current accounts receivable balances due to the $17.8 million increase in revenue from the fourth quarter ended June 30, 2009 to the first quarter ended September 30, 2009. We have not experienced a deterioration in our past due accounts receivable. We evaluate our allowance for doubtful accounts each quarter based on the criteria discussed above.Net Sales. Net sales for the quarter ended September 30, 2009 were $77.5 million compared to $73.6 million for the quarter ended September 30, 2008, an increase of $3.9 million, or 5.3%. The following schedule provides the components of net sales:
Gross Profit. Gross profit for the quarter ended September 30, 2009 increased $1.0 million to $27.9 million, or 36.0% of net sales, compared with $26.9 million, or 36.6% of net sales, for the quarter ended September 30, 2008. Sporting goods equipment and soft goods gross profit as a percentage of net sales decreased 0.5% and 0.8%, respectively, for the quarter ended September 30, 2009 compared to the quarter ended September 30, 2008. Freight costs were $1.1 million and $0.9 million, respectively, in excess of freight revenues for the quarter ended September 30, 2009 compared to the quarter ended September 30, 2008. These decreases in gross profit percentages are the result of aggressive pricing and promotional programs used to increase sales in response to the current challenging competitive market pressures. We believe the continuing competitive and customer budgetary challenges discussed above may continue to challenge our ability to improve gross profit as a percentage of net sales as our economy moves through and out of the current recession.
Selling, General and Administrative Expenses. Selling, general and administrative (“SG&A”) expenses for the quarter ended September 30, 2009 were $19.2 million, or 24.7% of net sales, compared with $18.3 million, or 24.8% of net sales, for the quarter ended September 30, 2008. The increase in SG&A expenses was primarily attributable to $0.4 million of SG&A expenses related to the increased operating costs from the June 2009 and July 2009 acquisitions of the three new team dealer operations and a $0.4 million increase in stock-based compensation related to the awards issued in June 2009 on an accelerated vesting schedule in lieu of cash bonuses.
Operating Profit. Operating profit for the quarter ended September 30, 2009 increased to $8.8 million, or 11.3% of net sales, compared to operating profit of $8.7 million, or 11.8% of net sales, for the quarter ended September 30, 2008. The $0.1 million increase in operating profit was attributable to the increase in gross profit of $1.0 million being partially offset by increased SG&A expenses of $0.9 million.
Other Expense. Other expense was $0.5 million for the quarter ended September 30, 2009, compared to $0.6 million for the quarter ended September 30, 2008. The table below shows the components of other expense.
Read the The complete ReportRBI is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC.
