Sportsman Guide Almost Triples Q3 Earnings on 12% Sales Gain

The Sportsman's Guide, Inc. reported the results of operations for the quarter ended September 30, 2003. Sales for the quarter were $41.2 million, an increase over the $36.7 million reported for the same period one year ago. The Company reported net earnings of $710,000, and earnings of $0.13 per fully diluted share for the quarter, compared to $269,000, or $0.05 per fully diluted share, reported for the three months ended September 30, 2002.

For the nine months ended September 30, 2003, sales were $123.0 million,
an increase over the $113.0 million reported for 2002. The Company recorded
net earnings of $2.3 million, or $0.44 per fully diluted share, for the first
three quarters of the year, compared to net earnings of $1.4 million, or $0.27
per fully diluted share, for the first nine months ended September 30, 2002.

Company officials noted that the 12.2% increase in sales for the quarter
was due to increases in both Internet-related and catalog sales. Internet-
related sales totaled 36 percent of total sales in the quarter, compared to
approximately 30 percent of total sales for the same period in 2002. Catalog
sales increased primarily as a result of increased catalog circulation and
improved catalog productivity.

Gregory R. Binkley, President and Chief Executive Officer of the Company,
stated, “Once again we have seen significant year over year improvements in
sales, in Internet-related sales and in net earnings. The improvements in the
quarter were largely driven by continued commitment to our formula and our
focus on enhancing productivity and efficiency.”

                         The Sportsman's Guide, Inc.
                     Consolidated Statements of Earnings
                                 (Unaudited)
                    (in thousands, except per share data)


                             Three months ended          Nine months ended
                                September 30,              September 30,
                             2003          2002         2003          2002

    Sales                  $41,213       $36,746    $ 123,003     $ 113,002
    Cost of sales           28,672        25,557       84,321        77,959
      Gross profit          12,541        11,189       38,682        35,043
    Selling, general and
     administrative
     expenses               11,424        10,823       35,056        32,967
    Earnings from
     operations              1,117           366        3,626         2,076
    Miscellaneous income
     (expense), net            (10)           46          (14)           79
    Earnings before income
     taxes                   1,107           412        3,612         2,155
    Income tax expense         397           143        1,299           785
    Net earnings              $710          $269       $2,313        $1,370


    Net earnings per share:
      Basic                  $ .15         $ .06         $.49          $.29
      Diluted                $ .13         $ .05         $.44          $.27