Dick's Sporting Goods Reports Fourth Quarter and Full Year 2009 Results
- Fourth Quarter 2009 Same Store Sales Increased 2.5%
- Fourth Quarter 2009 Earnings Per Share Increased 4% Over Fourth Quarter 2008 Non-GAAP Earnings Per Share
- Company Ended 2009 Without Any Outstanding Borrowings Under Its Credit Facility and Increased Its Cash Position from $75 million to $226 million year over year
PITTSBURGH, March 9 /PRNewswire-FirstCall/ -- Dick's Sporting Goods, Inc. (NYSE: DKS) today reported sales and earnings results for the fourth quarter and full year ended January 30, 2010.
Fourth Quarter Results
The Company reported consolidated net income for the fourth quarter ended January 30, 2010 of $67.4 million, or $0.56 per diluted share (GAAP and non-GAAP). For the fourth quarter ended January 31, 2009, the Company reported consolidated non-GAAP net income of $62.2 million, or $0.54 per diluted share. Non-GAAP earnings exclude a non-cash impairment charge and merger and integration costs. On a GAAP basis, the Company reported a consolidated net loss for the fourth quarter ended January 31, 2009 of $105.6 million, or $0.94 per diluted share.
Net sales for the fourth quarter of 2009 increased by 10.7% to $1.3 billion due primarily to a 2.5% increase in consolidated comparable store sales, the opening of new stores and the addition of e-commerce sales. The 2.5% consolidated same store sales increase consisted of a 2.4% increase in Dick's Sporting Goods stores and a 5.9% increase in Golf Galaxy stores.
"Despite the difficult economic environment of 2009, our associates successfully generated more sales, effectively managed inventory levels, and continued to exercise financial discipline. As a result, we generated higher profits, leveraged expenses, further strengthened our balance sheet and believe we gained market share in 2009," said Edward W. Stack, Chairman and CEO. "Looking to 2010, we expect to generate double-digit earnings growth and positive operating cash flow while further investing in the long-term growth of the company."
Stores
In 2009, the Company opened 24 new Dick's Sporting Goods stores, relocated one Dick's Sporting Goods store, closed one Dick's Sporting Goods store, opened one new Golf Galaxy store, converted the Golf Shop to a Golf Galaxy store, closed two Chick's Sporting Goods stores and converted the remaining Chick's Sporting Goods stores to Dick's Sporting Goods stores.
As of January 30, 2010, the Company operated 419 Dick's Sporting Goods stores in 40 states, with approximately 23.3 million square feet and 91 Golf Galaxy stores in 31 states, with approximately 1.5 million square feet.
Balance Sheet
The Company ended the fiscal year with a strong balance sheet, including $225.6 million in cash and cash equivalents and no outstanding borrowings under its $440 million Credit Agreement. In the first quarter of 2009, the Company repaid $172.5 million for its senior convertible notes and during fiscal 2009 increased its net cash position by $324 million. At the end of 2009, the balance sheet included financing lease obligations of $131 million, which reflects the accounting for the Company's new headquarters, now referred to as its Store Support Center. Excluding inventory related to its e-commerce business, inventory per square foot declined 0.8% at the end of the fiscal 2009 compared to the end of fiscal 2008.
Full Year Results
The Company reported consolidated non-GAAP net income for the 52 weeks ended January 30, 2010 of $141.4 million, or $1.20 per diluted share. For the 52 weeks ended January 31, 2009, the Company reported consolidated non-GAAP net income of $134.1 million, or $1.15 per diluted share. Non-GAAP earnings exclude merger and integration costs and a non-cash impairment charge.
On a GAAP basis, the Company reported consolidated net income for the 52 weeks ended January 30, 2010 of $135.4 million, or $1.15 per diluted share, compared to a net loss of $39.9 million, or $0.36 per diluted share for the 52 weeks ended January 31, 2009. The GAAP to non-GAAP reconciliation is included in a table later in the release under the heading "Non-GAAP Net Income and Earnings Per Share Reconciliation."
Net sales increased 6.8% to $4.4 billion primarily due to the opening of new stores and the addition of e-commerce sales, partially offset by a consolidated comparable store sales decrease of 1.4%.
Current 2010 Outlook
The Company's current outlook for 2010 is based on current expectations and includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act as described later in this release. Although the Company believes that comments reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.
- Full Year 2010
- Based on an estimated 120 million diluted shares outstanding, the Company currently anticipates reporting consolidated earnings per diluted share of approximately $1.32 - 1.35. For the full year 2009, the Company reported consolidated earnings per diluted share of $1.20, excluding merger and integration costs. On a GAAP basis, the Company reported consolidated earnings per diluted share of $1.15 in 2009.
- Consolidated comparable store sales are currently expected to increase approximately 2 to 3% compared to a 1.4% decrease in 2009. The comparable store sales calculation for the full year 2010 includes Dick's Sporting Goods stores, Golf Galaxy stores and e-commerce business. The comparable store sales calculation for the full year 2009 included Dick's Sporting Goods stores and Golf Galaxy stores only. The comparable store sales calculation for both 2009 and 2010 exclude converted Chick's Sporting Goods stores, which will enter the annual comparable store sales calculation in 2011.
- The Company currently expects to open at least 24 new Dick's Sporting Goods stores and approximately five new Golf Galaxy stores.
- First Quarter 2010
- Based on an estimated 120 million diluted shares outstanding, the Company anticipates reporting consolidated earnings per diluted share of approximately $0.12 - 0.13 in the first quarter of 2010. In the first quarter of 2009, the Company reported earnings per diluted share of $0.11, excluding merger and integration costs. On a GAAP basis for the first quarter of 2009, the Company reported earnings per diluted share of $0.09.
- Consolidated comparable store sales are expected to increase approximately 2 to 3% compared to a 6% decrease in the first quarter last year. The comparable store sales calculation for the first quarter 2010 includes Dick's Sporting Goods stores, Golf Galaxy stores and e-commerce. The comparable store sales calculation for the first quarter 2009 includes Dick's Sporting Goods stores and Golf Galaxy stores only. The comparable store sales calculation for both the first quarter of 2009 and 2010 exclude converted Chick's Sporting Goods stores, which will enter the quarterly comparable store sales calculation in the third quarter of 2010.
- The Company expects to open approximately five new Dick's Sporting Goods stores in the first quarter.
New Accounting Pronouncement
In May 2008, the FASB issued new accounting guidance, which impacts the accounting treatment for convertible debt instruments that allow for either mandatory or optional cash settlements. This accounting standard impacted the Company's senior convertible notes and required the Company to recognize additional non-cash interest expense based on the market rate for similar debt instruments without the conversion feature. This guidance was effective for fiscal periods beginning in 2009 and required retrospective application. The Company adopted this accounting standard in the first quarter of 2009, and accordingly, the prior periods' financial statements included herein have been adjusted. Adoption of this standard reduced previously reported earnings per diluted share for the fourth quarter and full year fiscal 2008 by $0.01 and $0.04, respectively.
Conference Call Info
The Company will be hosting a conference call today at 10:00 a.m. eastern time to discuss the fourth quarter and full year results. Investors will have the opportunity to listen to the earnings conference call over the internet through the Company's web site located at http://www.dickssportinggoods.com/investors. To listen to the live call, please go to the web site at least fifteen minutes early to register, download and install any necessary audio software.
For those who cannot listen to the live broadcast, the web cast will be archived on the Company's web site for 30 days. In addition, a dial-in replay will be available shortly after the call. To listen to the replay, investors should dial 888-286-8010 (domestic callers) or 617-801-6888 (international callers) and enter confirmation code 80150628. The dial-in replay will be available for 30 days following the live call.
Forward-Looking Statements Involving Known and Unknown Risks and Uncertainties
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. You can identify these statements by forward-looking words such as "may," "will," "expect," "anticipate," "believe," "guidance," "estimate," "intend," "predict," and "continue" or similar words. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Those risks and uncertainties include, without limitation, the current economic and financial downturn and its effect on consumer spending, changes in macro economic factors and market conditions, including the housing market and fuel costs, that impact the level of consumer spending for the types of merchandise sold by the Company, potential volatility in our stock price and the tightening of availability and higher costs associated with current and new sources of credit resulting from uncertainty in financial markets, changes in consumer demand, the retailing environment and customer preferences and spending habits, competitive pressures, pricing and promotional activities of competitors, changes in law and regulation including consumer protection and labor, currency exchange rate fluctuations, weather conditions, litigation, risks and costs associated with combining businesses and/or assimilating acquired companies and our ability to manage our operations and growth. Known and unknown risks and uncertainties are more fully described in the Company's Annual Report on Form 10-K for the year ended January 31, 2009 as filed with the Securities and Exchange Commission on March 20, 2009, and other reports filed with the Securities and Exchange Commission. The Company disclaims any obligation and does not intend to update any forward-looking statements except as may be required by the securities laws.
About Dick's Sporting Goods, Inc.
Dick's Sporting Goods, Inc. is an authentic full-line sporting goods retailer offering a broad assortment of brand name sporting goods equipment, apparel, and footwear in a specialty store environment. As of January 30, 2010 the Company operated 419 Dick's Sporting Goods stores in 40 states primarily throughout the eastern half of the U.S. The Company also owns Golf Galaxy, Inc., a multi-channel golf specialty retailer, with 91 stores in 31 states, e-commerce websites and catalog operations.
Dick's Sporting Goods, Inc. news releases are available at http://www.dickssportinggoods.com/ (click on the Investor Relations link at the top of the home page).
Contact: |
|
Timothy E. Kullman, EVP – Finance, Administration and Chief Financial Officer or |
|
Anne-Marie Megela, Director, Investor Relations |
|
724-273-3400 |
|
DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(In thousands, except per share data)
13 Weeks Ended
--------------------------------------------
January 30, % of January 31, % of
2010 Sales 2009 Sales(1)
---------- ----- ---------- -------
Adjusted
Net sales $1,336,590 100.00% $1,207,531 100.00%
Cost of goods sold,
including occupancy and
distribution costs 946,809 70.84 855,348 70.83
---------- ----- ---------- -------
GROSS PROFIT 389,781 29.16 352,183 29.17
Selling, general and
administrative expenses 276,727 20.70 241,676 20.01
Impairment of goodwill and
other intangible assets - - 164,255 13.60
Impairment of store assets - - 29,095 2.41
Merger and integration
costs - - 9,903 0.82
Pre-opening expenses (15) (0.00) 126 0.01
---------- ----- ---------- -------
INCOME (LOSS) FROM
OPERATIONS 113,069 8.46 (92,872) (7.69)
Interest expense, net 541 0.04 6,000 0.50
---------- ----- ---------- -------
INCOME (LOSS) BEFORE
INCOME TAXES 112,528 8.42 (98,872) (8.19)
Provision for income taxes 45,168 3.38 6,721 0.56
---------- ----- ---------- -------
NET INCOME (LOSS) $67,360 5.04% $(105,593) (8.74%)
======= ==== ========= ======
EARNINGS (LOSS) PER COMMON SHARE:
Basic $0.59 $(0.94)
Diluted $0.56 $(0.94)
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING:
Basic 114,640 112,115
Diluted 119,666 112,115
(1) Column does not add due to rounding
DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(In thousands, except per share data)
52 Weeks Ended
--------------------------------------------
January 30, % of January 31, % of
2010 Sales 2009 Sales(1)
---------- ----- ---------- -------
Adjusted
Net sales $4,412,835 100.00% $4,130,128 100.00%
Cost of goods sold,
including occupancy
and distribution costs 3,195,899 72.42 2,946,079 71.33
---------- ----- ---------- -------
GROSS PROFIT 1,216,936 27.58 1,184,049 28.67
Selling, general and
administrative expenses 972,025 22.03 928,170 22.47
Impairment of goodwill and
other intangible assets - - 164,255 3.98
Impairment of store assets - - 29,095 0.70
Merger and integration
costs 10,113 0.23 15,877 0.38
Pre-opening expenses 9,227 0.21 16,272 0.39
---------- ----- ---------- -------
INCOME FROM OPERATIONS 225,571 5.11 30,380 0.74
Gain on sale of asset - - (2,356) (0.06)
Interest expense, net 2,395 0.05 18,915 0.46
---------- ----- ---------- -------
INCOME BEFORE INCOME TAXES 223,176 5.06 13,821 0.33
Provision for income taxes 87,817 1.99 53,686 1.30
---------- ----- ---------- -------
NET INCOME (LOSS) $135,359 3.07% $(39,865) (0.97%)
======== ==== ======== =====
EARNINGS (LOSS) PER COMMON SHARE:
Basic $1.20 $(0.36)
Diluted $1.15 $(0.36)
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING:
Basic 113,184 111,662
Diluted 117,955 111,662
(1) Column does not add due to rounding
DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(Dollars in thousands)
January 30, January 31,
2010 2009
--------- ---------
Adjusted
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $225,611 $74,837
Accounts receivable, net 35,435 57,803
Income taxes receivable 8,420 5,638
Inventories, net 895,776 854,771
Prepaid expenses and other current assets 57,119 46,194
Deferred income taxes - 10,621
--------- ---------
Total current assets 1,222,361 1,049,864
--------- ---------
Property and equipment, net 662,304 515,982
Construction in progress -
leased facilities - 52,054
Intangible assets, net 47,557 46,846
Goodwill 200,594 200,594
Other assets:
Deferred income taxes 66,089 67,709
Investments 10,880 2,629
Other 35,548 26,168
--------- ---------
Total other assets 112,517 96,506
--------- ---------
TOTAL ASSETS $2,245,333 $1,961,846
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $431,366 $299,113
Accrued expenses 246,414 208,286
Deferred revenue and other liabilities 108,230 102,866
Income taxes payable 8,687 2,252
Current portion of other long-term
debt and leasing obligations 978 606
--------- ---------
Total current liabilities 795,675 613,123
--------- ---------
LONG-TERM LIABILITIES:
Senior convertible notes - 172,179
Revolving credit borrowings - -
Other long-term debt and leasing
obligations 141,265 8,758
Non-cash obligations for construction
in progress -leased facilities - 52,054
Deferred revenue and other liabilities 225,166 222,155
--------- ---------
Total long-term liabilities 366,431 455,146
--------- ---------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock 898 871
Class B common stock 250 253
Additional paid-in capital 526,715 477,919
Retained earnings 548,391 413,032
Accumulated other comprehensive income 6,973 1,502
--------- ---------
Total stockholders' equity 1,083,227 893,577
--------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $2,245,333 $1,961,846
========== ==========
DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(Dollars in thousands)
52 Weeks Ended
------------------------
January 30, January 31,
2010 2009
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES: Adjusted
Net income (loss) $135,359 $(39,865)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation and amortization 100,948 90,732
Impairment of goodwill and other
intangible assets - 164,255
Impairment of store assets - 29,095
Amortization of discount on
convertible notes 321 7,557
Deferred income taxes 9,151 (45,906)
Stock-based compensation 21,314 25,600
Excess tax benefit from stock-based
compensation (16,041) (1,786)
Tax benefit from exercise of stock options 1,276 369
Other non-cash items 1,588 1,016
Gain on sale of asset - (2,356)
Changes in assets and liabilities:
Accounts receivable 6,823 3,090
Income taxes payable/receivable 19,658 (63,254)
Inventories (41,005) 29,581
Prepaid expenses and other assets (24,996) (10,868)
Accounts payable 132,858 (56,709)
Accrued expenses 33,785 (7,881)
Deferred construction allowances 9,046 19,452
Deferred revenue and other liabilities 11,244 17,689
Net cash provided by operating activities 401,329 159,811
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (140,269) (191,423)
Purchase of corporate aircraft - (25,107)
Proceeds from sale of corporate aircraft - 27,463
Proceeds from sale-leaseback transactions 31,640 44,873
Net cash used in investing activities (108,629) (144,194)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Revolving credit borrowings, net - -
Purchase of convertible notes (172,500) -
Payments on other long-term debt and
leasing obligations (2,566) (6,793)
Construction allowance receipts 7,022 11,874
Proceeds from sale of common stock
under employee stock purchase plan 1,199 5,174
Proceeds from exercise of stock options 9,375 7,320
Excess tax benefit from stock-based
compensation 16,041 1,786
Repurchase of common stock - (386)
Decrease in bank overdraft (605) (9,927)
--------- ---------
Net cash (used in) provided by financing
activities (142,034) 9,048
--------- ---------
EFFECT OF EXCHANGE RATE CHANGES ON CASH
AND CASH EQUIVALENTS 108 (135)
--------- ---------
NET INCREASE IN CASH AND CASH EQUIVALENTS 150,774 24,530
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 74,837 50,307
CASH AND CASH EQUIVALENTS, END OF PERIOD $225,611 $74,837
======== =======
Supplemental disclosure of cash flow
information:
Construction in progress - leased facilities $(52,054) $28,310
Accrued property and equipment $(1,656) $(18,986)
Cash paid for interest $4,501 $8,021
Cash paid for income taxes $63,378 $167,721
Store Count and Square Footage
The following represents a reconciliation of beginning and ending stores and square footage for the periods indicated:
Fiscal 2009 Fiscal 2008
------------------------------ ------------------------------
Dick's Chick's Dick's Chick's
Sporting Golf Sporting Sporting Golf Sporting
Goods Galaxy Goods Total Goods Galaxy Goods Total
-------- ------ -------- ----- -------- ------ -------- -----
Beginning
stores 384 89 14 487 340 79 15 434
Q1 New 9 1 - 10 8 4 - 12
Q2 New 4 - - 4 9 1 - 10
Q3 New 11 - - 11 26 1 - 27
Q4 New - - - - - 4 - 4
-------- ------ -------- ----- -------- ------ -------- -----
408 90 14 512 383 89 15 487
======== ====== ======== ===== ======== ====== ======== =====
Closed (1) - (2) (3) - - - -
-------- ------ -------- ----- -------- ------ -------- -----
Converted 12 1 (12) 1 1 - (1) -
-------- ------ -------- ----- -------- ------ -------- -----
Ending stores 419 91 - 510 384 89 14 487
======== ====== ======== ===== ======== ====== ======== =====
Relocated
stores 1 - - - 1 - - 1
======== ====== ======== ===== ======== ====== ======== =====
Square Footage:
(in millions)
Dick's Chick's
Sporting Golf Sporting
Goods Galaxy Goods Total
-------- ------ -------- -----
Q1 2008 19.5 1.3 0.8 21.6
Q2 2008 20.0 1.3 0.8 22.1
Q3 2008 21.4 1.4 0.7 23.5
Q4 2008 21.4 1.5 0.7 23.6
------- ---- --- --- ----
Q1 2009 22.0 1.5 0.6 24.1
Q2 2009 22.7 1.5 - 24.2
Q3 2009 23.4 1.5 - 24.9
Q4 2009 23.3 1.5 - 24.8
Non-GAAP Financial Measures
In addition to reporting the Company's financial results in accordance with generally accepted accounting principles ("GAAP"), the Company provides information regarding net income and earnings per diluted share adjusted for merger and integration costs, pro-forma comparable store sales, inventory per square foot, adjusted for e-commerce inventory, earnings before interest, taxes and depreciation ("EBITDA") as well as a reconciliation from the Company's gross capital expenditures, net of tenant allowances. The following measures are considered non-GAAP and are not preferable to GAAP financial information; however, the Company believes this information provides additional measures of performance that the Company's management, analysts and investors can use to compare core, operating results between reporting periods. These non-GAAP measures are provided below and on the Company's website at http://www.dickssportinggoods.com/ (click on the Investor Relations link at the top of the home page). The Company's website is not part of this press release.
Non-GAAP Net Income and Earnings Per Share
Reconciliation
(in thousands, except per share data):
Fiscal 2009
52 Weeks Ended January 30, 2010
---------------------------------
Merger and
As Integration Non-GAAP
Reported Costs Total
---------- ----------- ----------
Net sales $4,412,835 $- $4,412,835
Cost of goods sold, including
occupancy and distribution costs 3,195,899 - 3,195,899
---------- ----------- ----------
GROSS PROFIT 1,216,936 - 1,216,936
Selling, general and administrative
expenses 972,025 - 972,025
Merger and integration costs 10,113 (10,113) -
Pre-opening expenses 9,227 - 9,227
---------- ----------- ----------
INCOME FROM OPERATIONS 225,571 10,113 235,684
Interest expense, net 2,395 - 2,395
---------- ----------- ----------
INCOME BEFORE INCOME TAXES 223,176 10,113 233,289
Provision for income taxes 87,817 4,045 91,862
---------- ----------- ----------
NET INCOME $135,359 $6,068 $141,427
========== =========== ==========
EARNINGS PER COMMON SHARE:
Basic $1.20 $1.25
Diluted $1.15 $1.20
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic 113,184 113,184
Diluted 117,955 117,955
Refer to the Company’s press release dated March 10, 2009 announcing its
results for the fourth quarter and year ended January 31, 2009 for a
reconciliation of non-GAAP net income and earnings per share for fiscal
2008.
Pro-forma Comparable Store Sales
The following pro-forma comparable store sales present information as if Golf Galaxy had been acquired at the beginning of the periods presented. The sales have been adjusted to conform to the Company's reporting calendar and method of reporting comparable sales. Golf Galaxy is included in the quarterly comparable store base beginning in Q2 2008, which is the first full quarter following the anniversary of the date of acquisition.
Dick's
Sporting Golf
Goods Galaxy Consolidated
-------- ------ ------------
52 Weeks ended January 31, 2009 -4.8% -7.7% -5.0%
Inventory per Square Foot
The following inventory per square foot calculations reconcile consolidated inventory per square foot to inventory per square foot excluding inventory related to our e-commerce business.
January 30, January 31,
2010 2009
----------- -----------
Consolidated inventory $895,776 A $854,771 A
Less: e-commerce inventory (6,951) (3,132)
----------- -----------
Inventory excluding e-commerce 888,825 C 851,639 C
Consolidated square feet 24,816 B 23,593 B
Consolidated inventory per square foot (A/B) 36.10 36.23
% decrease 2009 compared to 2008 -0.4%
Inventory per square foot excluding
e-commerce (C/B) 35.82 36.10
% decrease 2009 compared to 2008 -0.8%
EBITDA
EBITDA should not be considered as an alternative to net income or any other generally accepted accounting principles measure of performance or liquidity. EBITDA, as the Company has calculated it, may not be comparable to similarly titled measures reported by other companies. EBITDA is a key metric used by the Company that provides a measurement of profitability that eliminates the effect of changes resulting from financing decisions, tax regulations, and capital investments.
13 Weeks Ended
---------------------------
January 30, January 31,
EBITDA 2010 2009
------ ---------- ----------
(dollars in thousands)
Net income (loss) $67,360 $(105,593)
Provision for income taxes 45,168 6,721
Interest expense, net 541 6,000
Depreciation and amortization 24,989 24,906
Less: Depreciation and amortization
(merger integration) - (1,941)
Add: Merger and integration costs - 9,903
Add: Impairment of goodwill and other
intangible assets - 164,255
Add: Impairment of store assets - 29,095
---------- ----------
EBITDA $138,058 $133,346
========== ===========
% increase in EBITDA 4%
52 Weeks Ended
---------------------------
January 30, January 31,
EBITDA 2010 2009
------ ---------- ----------
(dollars in thousands)
Net income (loss) $135,359 $(39,865)
Provision for income taxes 87,817 53,686
Interest expense, net 2,395 18,915
Depreciation and amortization 100,948 90,732
Less: Depreciation and amortization
(merger integration) (2,478) (2,392)
Add: Merger and integration costs 10,113 15,877
Less: Gain on sale of asset - (2,356)
Add: Impairment of goodwill and other
intangible assets - 164,255
Add: Impairment of store assets - 29,095
---------- ----------
EBITDA $334,154 $327,947
========== ==========
% increase in EBITDA 2%
Reconciliation of Gross Capital Expenditures to Capital Expenditures
The following table represents a reconciliation of the Company's gross capital expenditures to its capital expenditures, net of tenant allowances.
52 Weeks Ended
----------------------------
January 30, January 31,
2010 2009
---------- ----------
(dollars in thousands)
Gross capital expenditures $(140,269) $(191,423)
Proceeds from sale-leaseback transactions 31,640 44,873
Changes in deferred construction allowances 9,046 19,452
Construction allowance receipts 7,022 11,874
----- ------
Net capital expenditures $(92,561) $(115,224)
======== =========
SOURCE Dick's Sporting Goods, Inc.
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