As also stated in the July 29, 2005 announcement, these matters will reduce net income for prior periods, which the Company anticipates will be reflected in a balance sheet adjustment for fiscal 2002.
Financing Agreement
The Company also has obtained from the lenders under its financing agreement an extension to August 31, 2005 to deliver its audited financial statements for fiscal 2004 as required by its financing agreement.
While the Company expects to be able to deliver such audited financial statements by then, if the Company is not able to do so, it intends to seek another extension, although there is no assurance that one will be granted. The Company is in compliance with all of the covenants contained in its financing agreement.
Declaration of Quarterly Cash Dividend
The Company also announced that its Board of Directors (BOD) has voted to affirm a cash dividend, at an annual rate of $0.28 per share of outstanding common stock. The next quarterly dividend, of $0.07 per share, will be paid on September 15, 2005, to stockholders of record as of September 1, 2005.
Big 5 Sporting Goods Corporation is operating 312 stores in 10 states under the "Big 5 Sporting Goods" name. It offers 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 in-line skating.
Big 5 Sporting Goods Corporation
marketing@alchempro.com
