Zumiez Inc. has completed its previously announced acquisition of Fast Forward, an action sports retailer with 19 stores, mostly in Texas and a web store. The acquisition was funded from cash on hand.
Over the course of the next 18 months, the Fast Forward stores will be converted to the Zumiez nameplate. These additional stores will be incremental to the planned 42 stores in 2006. The company continues to expect the acquisition to add a penny to 2 cents to earnings per share in 2006 and to be accretive to earnings per share by approximately 8 cents to 9 cents in fiscal 2007.
Rick Brooks, President and Chief Executive Officer of Zumiez Inc., stated, “We have already started working with the Fast Forward team and are excited about the combination of our cultures and how well we are aligned. We look forward to our continued expansion into Texas and other markets with our unique action sports retail concept.” Mr. Brooks concluded, “I want to thank all of the Fast Forward team and our Zumiez integration team for all of their hard work in helping us complete the Fast Forward acquisition.”
