10-Q 1 bgfv-20221002.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 2, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from _____________________ to ____________________

Commission file number: 000-49850

 

BIG 5 SPORTING GOODS CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

95-4388794

(State or Other Jurisdiction of Incorporation or Organization)

 

(I.R.S. Employer Identification No.)

 

 

 

2525 East El Segundo Boulevard

El Segundo, California

 

90245

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (310) 536-0611

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

BGFV

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

There were 22,184,330 shares of common stock, with a par value of $0.01 per share, outstanding as of October 25, 2022.

 

 


 

BIG 5 SPORTING GOODS CORPORATION

INDEX

 

 

 

Page

PART I – FINANCIAL INFORMATION

 

 

 

 

Item 1

Financial Statements

3

 

Unaudited Condensed Consolidated Balance Sheets as of October 2, 2022 and January 2, 2022

3

 

Unaudited Condensed Consolidated Statements of Operations for the Thirteen and Thirty-Nine Weeks Ended October 2, 2022 and October 3, 2021

4

 

Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the Thirteen and Thirty-Nine Weeks Ended October 2, 2022 and October 3, 2021

5

 

Unaudited Condensed Consolidated Statements of Cash Flows for the Thirty-Nine Weeks Ended October 2, 2022 and October 3, 2021

6

 

Notes to Unaudited Condensed Consolidated Financial Statements

7

 

Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34)

20

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

21

Item 3

Quantitative and Qualitative Disclosures About Market Risk

30

Item 4

Controls and Procedures

31

 

 

PART II – OTHER INFORMATION

 

 

 

 

Item 1

Legal Proceedings

32

Item 1A

Risk Factors

32

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

32

Item 3

Defaults Upon Senior Securities

33

Item 4

Mine Safety Disclosures

33

Item 5

Other Information

33

Item 6

Exhibits

33

 

 

SIGNATURES

34

 

 

 

 


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

BIG 5 SPORTING GOODS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)

 

 

 

October 2,
2022

 

 

January 2,
2022

 

ASSETS

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

34,439

 

 

$

97,420

 

Accounts receivable, net of allowances of $24 and $62, respectively

 

 

9,333

 

 

 

13,654

 

Merchandise inventories, net

 

 

316,464

 

 

 

279,981

 

Prepaid expenses

 

 

16,140

 

 

 

16,293

 

Total current assets

 

 

376,376

 

 

 

407,348

 

Operating lease right-of-use assets, net

 

 

285,481

 

 

 

270,110

 

Property and equipment, net

 

 

57,778

 

 

 

60,401

 

Deferred income taxes

 

 

10,452

 

 

 

12,097

 

Other assets, net of accumulated amortization of $1,243 and $905, respectively

 

 

5,193

 

 

 

3,997

 

Total assets

 

$

735,280

 

 

$

753,953

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

84,626

 

 

$

104,359

 

Accrued expenses

 

 

67,765

 

 

 

85,041

 

Current portion of operating lease liabilities

 

 

78,589

 

 

 

76,882

 

Current portion of finance lease liabilities

 

 

3,446

 

 

 

3,518

 

Total current liabilities

 

 

234,426

 

 

 

269,800

 

Operating lease liabilities, less current portion

 

 

216,445

 

 

 

204,134

 

Finance lease liabilities, less current portion

 

 

5,449

 

 

 

6,456

 

Other long-term liabilities

 

 

7,020

 

 

 

6,254

 

Total liabilities

 

 

463,340

 

 

 

486,644

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock, $0.01 par value, authorized 50,000,000 shares; issued 26,491,585 and
   
26,109,003 shares, respectively; outstanding 22,184,330 and 22,097,467 shares, respectively

 

 

264

 

 

 

260

 

Additional paid-in capital

 

 

125,854

 

 

 

124,909

 

Retained earnings

 

 

200,079

 

 

 

192,261

 

Less: Treasury stock, at cost; 4,307,255 and 4,011,536 shares, respectively

 

 

(54,257

)

 

 

(50,121

)

Total stockholders' equity

 

 

271,940

 

 

 

267,309

 

Total liabilities and stockholders' equity

 

$

735,280

 

 

$

753,953

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

- 3 -


 

BIG 5 SPORTING GOODS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

 

 

 

13 Weeks Ended

 

 

39 Weeks Ended

 

 

 

October 2,
2022

 

 

October 3,
2021

 

 

October 2,
2022

 

 

October 3,
2021

 

Net sales

 

$

261,445

 

 

$

289,637

 

 

$

757,226

 

 

$

888,463

 

Cost of sales

 

 

174,862

 

 

 

181,660

 

 

 

495,844

 

 

 

555,670

 

Gross profit

 

 

86,583

 

 

 

107,977

 

 

 

261,382

 

 

 

332,793

 

Selling and administrative expense

 

 

78,205

 

 

 

75,147

 

 

 

230,150

 

 

 

223,670

 

Operating income

 

 

8,378

 

 

 

32,830

 

 

 

31,232

 

 

 

109,123

 

Interest expense

 

 

69

 

 

 

175

 

 

 

389

 

 

 

701

 

Income before income taxes

 

 

8,309

 

 

 

32,655

 

 

 

30,843

 

 

 

108,422

 

Income tax expense

 

 

1,940

 

 

 

8,524

 

 

 

6,437

 

 

 

25,942

 

Net income

 

$

6,369

 

 

$

24,131

 

 

$

24,406

 

 

$

82,480

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.30

 

 

$

1.11

 

 

$

1.13

 

 

$

3.81

 

Diluted

 

$

0.29

 

 

$

1.07

 

 

$

1.10

 

 

$

3.66

 

Weighted-average shares of common stock
   outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

21,586

 

 

 

21,798

 

 

 

21,647

 

 

 

21,654

 

Diluted

 

 

21,930

 

 

 

22,534

 

 

 

22,121

 

 

 

22,525

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

- 4 -


 

BIG 5 SPORTING GOODS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except share amounts)

 

 

 

13 Weeks Ended October 2, 2022

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Treasury

 

 

 

 

 

 

Common Stock

 

 

Paid-In

 

 

Retained

 

 

Stock,

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

At Cost

 

 

Total

 

Balance as of July 3, 2022

 

 

22,176,990

 

 

$

264

 

 

$

125,151

 

 

$

199,242

 

 

$

(54,242

)

 

$

270,415

 

Net income

 

 

 

 

 

 

 

 

 

 

 

6,369

 

 

 

 

 

 

6,369

 

Dividends on common stock ($0.25 per share)

 

 

 

 

 

 

 

 

 

 

 

(5,532

)

 

 

 

 

 

(5,532

)

Exercise of share option awards

 

 

13,450

 

 

 

 

 

 

62

 

 

 

 

 

 

 

 

 

62

 

Share-based compensation

 

 

 

 

 

 

 

 

641

 

 

 

 

 

 

 

 

 

641

 

Forfeiture of nonvested share awards

 

 

(4,710

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of treasury stock

 

 

(1,400

)

 

 

 

 

 

 

 

 

 

 

 

(15

)

 

 

(15

)

Balance as of October 2, 2022

 

 

22,184,330

 

 

$

264

 

 

$

125,854

 

 

$

200,079

 

 

$

(54,257

)

 

$

271,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13 Weeks Ended October 3, 2021

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Treasury

 

 

 

 

 

 

Common Stock

 

 

Paid-In

 

 

Retained

 

 

Stock,

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

At Cost

 

 

Total

 

Balance as of July 4, 2021

 

 

22,420,270

 

 

$

260

 

 

$

123,490

 

 

$

181,728

 

 

$

(42,527

)

 

$

262,951

 

Net income

 

 

 

 

 

 

 

 

 

 

 

24,131

 

 

 

 

 

 

24,131

 

Dividends on common stock ($0.25 per share)

 

 

 

 

 

 

 

 

 

 

 

(5,563

)

 

 

 

 

 

(5,563

)

Exercise of share option awards

 

 

600

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

4

 

Share-based compensation

 

 

 

 

 

 

 

 

506

 

 

 

 

 

 

 

 

 

506

 

Forfeiture of nonvested share awards

 

 

(9,600

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of treasury stock

 

 

(100,498

)

 

 

 

 

 

 

 

 

 

 

 

(2,266

)

 

 

(2,266

)

Balance as of October 3, 2021

 

 

22,310,772

 

 

$

260

 

 

$

124,000

 

 

$

200,296

 

 

$

(44,793

)

 

$

279,763

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39 Weeks Ended October 2, 2022

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Treasury

 

 

 

 

 

 

Common Stock

 

 

Paid-In

 

 

Retained

 

 

Stock,

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

At Cost

 

 

Total

 

Balance as of January 2, 2022

 

 

22,097,467

 

 

$

260

 

 

$

124,909

 

 

$

192,261

 

 

$

(50,121

)

 

$

267,309

 

Net income

 

 

 

 

 

 

 

 

 

 

 

24,406

 

 

 

 

 

 

24,406

 

Dividends on common stock ($0.75 per share)

 

 

 

 

 

 

 

 

 

 

 

(16,588

)

 

 

 

 

 

(16,588

)

Issuance of nonvested share awards

 

 

284,630

 

 

 

2

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

Conversion of vested share unit awards

 

 

124,012

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Exercise of share option awards

 

 

81,200

 

 

 

1

 

 

 

333

 

 

 

 

 

 

 

 

 

334

 

Share-based compensation

 

 

 

 

 

 

 

 

1,827

 

 

 

 

 

 

 

 

 

1,827

 

Forfeiture of nonvested share awards

 

 

(29,920

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retirement of common stock for payment
   of withholding tax

 

 

(77,340

)

 

 

 

 

 

(1,212

)

 

 

 

 

 

 

 

 

(1,212

)

Purchases of treasury stock

 

 

(295,719

)

 

 

 

 

 

 

 

 

 

 

 

(4,136

)

 

 

(4,136

)

Balance as of October 2, 2022

 

 

22,184,330

 

 

$

264

 

 

$

125,854

 

 

$

200,079

 

 

$

(54,257

)

 

$

271,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39 Weeks Ended October 3, 2021

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Treasury

 

 

 

 

 

 

Common Stock

 

 

Paid-In

 

 

Retained

 

 

Stock,

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

At Cost

 

 

Total

 

Balance as of January 3, 2021

 

 

21,930,328

 

 

$

255

 

 

$

121,837

 

 

$

153,073

 

 

$

(42,527

)

 

$

232,638

 

Net income

 

 

 

 

 

 

 

 

 

 

 

82,480

 

 

 

 

 

 

82,480

 

Dividends on common stock ($1.58 per share)

 

 

 

 

 

 

 

 

 

 

 

(35,257

)

 

 

 

 

 

(35,257

)

Issuance of nonvested share awards

 

 

248,550

 

 

 

2

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

Exercise of share option awards

 

 

318,275

 

 

 

3

 

 

 

1,801

 

 

 

 

 

 

 

 

 

1,804

 

Share-based compensation

 

 

 

 

 

 

 

 

1,410

 

 

 

 

 

 

 

 

 

1,410

 

Forfeiture of nonvested share awards

 

 

(15,655

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retirement of common stock for payment
   of withholding tax

 

 

(70,228

)

 

 

 

 

 

(1,046

)

 

 

 

 

 

 

 

 

(1,046

)

Purchases of treasury stock

 

 

(100,498

)

 

 

 

 

 

 

 

 

 

 

 

(2,266

)

 

 

(2,266

)

Balance as of October 3, 2021

 

 

22,310,772

 

 

$

260

 

 

$

124,000

 

 

$

200,296

 

 

$

(44,793

)

 

$

279,763

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

- 5 -


 

BIG 5 SPORTING GOODS CORPORATION