The Sportsman's Guide reported results of operations for the quarter and year ended December 31, 2003 that were at the high end of the Company's most recent guidance. Sales for the quarter were $71.7 million, an increase over the $66.3 million reported for the same period one year ago.
The Company reported net earnings of $3.8 million, or $0.71 per fully diluted share for the quarter, compared to $2.6 million, or $0.53 per share, reported for the three months ended December 31, 2002.

For the twelve months ended December 31, 2003, sales were $194.7 million,
an increase over the $179.3 million reported for 2002. The Company recorded
net earnings of $6.2 million, or $1.16 per fully diluted share, for the year,
compared to net earnings of $4.0 million, or $0.80 per share, for the twelve
months ended December 31, 2002.

Gregory R. Binkley, President and Chief Executive Officer of the Company,
stated, “Our 2003 results showed sales up 8.6% and net earnings up 53.3%.
These increases were due to the continuing benefit of an effective and
profitable mail plan and stronger Internet related sales activity,
approximating 36% of total catalog and Internet sales for 2003, compared to
30% last year.”

Binkley also noted the Company ended the year with its strongest balance
sheet ever, with $32.1 million of cash, no outstanding bank advances and
inventory of $18.9 million, just over 8% lower than 2002 levels.

                       - financial highlights follow -

The Sportsman's Guide, Inc.
Balance Sheets
(Unaudited)
(In thousands of dollars)

December 31, December 31,
2003 2002
ASSETS
CURRENT ASSETS
Cash and cash equivalents $32,054 $17,152
Accounts receivable - net 3,034 3,014
Inventory 18,874 20,593
Promotional material 2,565 2,540
Prepaid expenses and other 1,871 1,133
Deferred income taxes 3,176 2,409
Total current assets 61,574 46,841
PROPERTY AND EQUIPMENT, NET 2,248 2,672
Total assets $63,822 $49,513

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $18,950 $16,230
Accrued expenses and other
current liabilities 17,877 12,543
Total current liabilities 36,827 28,773
LONG-TERM LIABILITIES 187 119
Total liabilities 37,014 28,892
SHAREHOLDERS' EQUITY 26,808 20,621
Total liabilities and shareholders' equity $63,822 $49,513

The Sportsman's Guide, Inc.
Income Statements

(Unaudited)
For The Three Months And Years Ended
December 31, 2003 and 2002

(In thousands, except per share data)

Three months ended Years ended
December 31, December 31,
2003 2002 2003 2002
Sales $71,700 $66,313 $194,703 $179,315
Cost of sales 46,318 42,748 130,639 120,707
Gross profit 25,382 23,565 64,064 58,608
Selling, general and
administrative
expenses 19,411 19,016 54,467 51,983
Earnings from
operations 5,971 4,549 9,597 6,625
Interest expense -- (1) -- (1)
Miscellaneous income
(expense), net 38 (376) 24 (297)
Earnings before
income taxes 6,009 4,172 9,621 6,327
Income tax expense 2,164 1,525 3,463 2,310
Net earnings $3,845 $2,647 $6,158 $4,017

Net earnings per share:
Basic $.80 $.56 $1.29 $.85
Diluted $.71 $.53 $1.16 $.80

Weighted average common
and common equivalent
shares outstanding:
Basic 4,834 4,754 4,785 4,752
Diluted 5,437 5,000 5,290 5,001