Collegiate Pacific announced that Q4 sales exceeded previous guidance. Sales for the period ending June 30 were approximately 18.2 million. Previous guidance was for sales in the $17 million to $18 million range.
Michael J. Blumenfeld, CEO, stated: “The combination of strong organic growth and solid contributions from our newly acquired Tomark and Kesslers properties resulted in the largest sales quarter in history for the Company. Fourth Quarter sales will reflect a more than 150% increase over the year ago period. These results do not include any contribution from the pending acquisition of Dixie Sporting Goods, which is targeted to close on or before August 15, 2004.”
“We are pleased with the progress being made from each of our newly acquired operations. We have completed the integration of Tomark Sports, increased gross margins over 600 basis points within that Division, and enhanced the internal sales growth rates of that entity. Kesslers Team Sports met or exceeded each of its internal milestones for the quarter. The Dixie transaction is on pace and we remain optimistic as to their anticipated contributions.”
Mr. Blumenfeld continued: “During Fiscal 2004 Collegiate Pacific emerged as a lead participant in the $6B institutional / team sporting goods channel. We are pleased with the ongoing build-out of both the operational and financial platform. The simplified capital structure and clean balance sheet leave Collegiate in a strong position moving forward as we evaluate new strategic relationships and transactions. We maintain a full pipeline of targets under review and remain committed to partnering with only those properties that can be accretive on a near immediate basis.”
