Sport Supply Group said preliminary results for its fiscal year ended June 30 – subject to the completion of its year end audit – indicate annual sales of more than $250 million and diluted earnings per share of 84 cents to 87 cents versus diluted earnings per share of 76 cents in the prior fiscal year. This represents the highest level of income produced in the company's 37 year history.


The company also introduced annualized EPS guidance for fiscal 2010 at 89 cents to 97 cents per diluted outstanding share.


Adam Blumenfeld, company chairman and CEO, said, 'These preliminary results indicate a tremendous finish to the year. We are gratified that the business appears to have shown such top line resiliency and bottom line strength in what was one of the most difficult operating periods in US history. Our focus on shifting market share, preserving gross margins, and rigorously controlling expenses seems to have paid off. These themes will continue to be at the center of our planning for fiscal 2010 as we look to further enhance our market footprint while being ever-mindful of maximizing earnings and generating free cash flow.


Speaking to FY10 Guidance, Mr. Blumenfeld provided earnings guidance of 89 cents to 97 cents per diluted share for the new fiscal year that commenced July 1. 


“The domestic economy continues to present challenges for companies in our industry, but we believe Sport Supply is best positioned to take advantage of these conditions,” said Blumenfeld.   “In addition to organic growth opportunities, we see a growing list of external opportunities for sales and profit expansion. We continue to review multiple partnerships and properties with the intent of using our strong balance sheet and highly scalable operating platform to leverage the most accretive ventures and acquisition candidates.”