-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H8dKrn3crT3KLNfId3OHvHV+Ddk+BL/VFELWdP3XS/E8ZiCUd5XBukbajOzRv8nR qvuRj0hcl48ahRO5nr7LhQ== /in/edgar/work/20000911/0000931763-00-002139/0000931763-00-002139.txt : 20000922 0000931763-00-002139.hdr.sgml : 20000922 ACCESSION NUMBER: 0000931763-00-002139 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000729 FILED AS OF DATE: 20000911 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HIBBETT SPORTING GOODS INC CENTRAL INDEX KEY: 0001017480 STANDARD INDUSTRIAL CLASSIFICATION: [5940 ] IRS NUMBER: 631074067 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-20969 FILM NUMBER: 720569 BUSINESS ADDRESS: STREET 1: 451 INDUSTRIAL LANE CITY: BIRMINGHAM STATE: AL ZIP: 35211 BUSINESS PHONE: 2059424292 MAIL ADDRESS: STREET 1: 451 INDUSTRIAL LANE CITY: BIRNINGHAM STATE: AL ZIP: 35211 10-Q 1 0001.txt FORM 10Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (mark one) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ---- EXCHANGE ACT OF 1934. For the quarterly period ended: July 29, 2000 ------------- - OR - ______ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transaction period from _________ to ________ COMMISSION FILE NUMBER 000-20969 HIBBETT SPORTING GOODS, INC. (Exact name of registrant as specified in its charter) DELAWARE 63-1074067 --------- ---------- (State or other jurisdiction of (IRS Employee Identification No.) incorporation or organization) 451 Industrial Lane, Birmingham, Alabama 35211 ---------------------------------------- ----- (Address of principal executive offices) (Zip code) (205)-942-4292 -------------- (Registrant's telephone number including area code) NONE ---- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No _____ ----- Indicate the number of shares outstanding of each of the issuer's common stock, as of the latest practicable date: Shares of common stock, par value $.01 per share, outstanding as of July 29, 2000 were 6,466,935 shares. HIBBETT SPORTING GOODS, INC. INDEX
Page No. -------- PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets at July 29, 2000 and January 29, 2000 2 Condensed Consolidated Statements of Operations for the Thirteen Week and Twenty-Six Week Periods Ended July 29, 2000 and July 31, 1999 3 Condensed Consolidated Statements of Cash Flows for the Twenty-Six Week Periods Ended July 29, 2000 and July 31, 1999 4 Notes to Condensed Consolidated Financial Statements 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 6 PART II. OTHER INFORMATION Item 1. Legal Proceedings 9 Item 2. Changes in Securities 9 Item 3. Defaults Upon Senior Securities 9 Item 4. Submission of Matters to Vote of Security-Holders 9 Item 5. Other Information 10 Item 6. Exhibits and Reports on Form 8-K 10
1 HIBBETT SPORTING GOODS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars In Thousands)
July 29, 2000 January 29, 2000 ------------------- ------------------- (Unaudited) (Audited) Assets Current Assets: Cash and cash equivalents $ 1,854 $ 860 Accounts receivable, net 2,357 2,123 Inventories 70,376 58,066 Prepaid expenses and other 611 750 Refundable income tax 184 - Deferred income taxes 690 718 ------------------- ------------------- Total current assets 76,072 62,517 ------------------- ------------------- Property and equipment, net 20,830 19,957 ------------------- ------------------- Noncurrent Assets: Deferred income taxes 665 610 Other, net 315 194 ------------------- ------------------- Total noncurrent assets 980 804 ------------------- ------------------- Total Assets $ 97,882 $ 83,278 =================== =================== Liabilities and Stockholders' Investment Current Liabilities: Accounts payable $ 23,800 $ 19,047 Accrued income taxes - 546 Accrued expenses: Payroll-related 2,581 3,044 Other 2,274 2,049 ------------------- ------------------- Total current liabilities 28,655 24,686 ------------------- ------------------- Long-Term Debt 10,000 4,391 ------------------- ------------------- Stockholders' Investment: Preferred stock, $.01 par value 1,000,000 shares authorized, no shares outstanding - - Common stock, $.01 par value, 12,000,000 shares authorized, 6,466,935 shares issued and outstanding at July 29, 2000 and 6,435,552 shares issued and outstanding at January 29, 2000 65 64 Paid-in capital 54,521 54,277 Retained earnings (deficit) 4,641 (140) ------------------- ------------------- Total stockholders' investment 59,227 54,201 ------------------- ------------------- Total Liabilities and Stockholders' Investment $ 97,882 $ 83,278 =================== ===================
See notes to condensed consolidated financial statements. 2 HIBBETT SPORTING GOODS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars In Thousands, Except Per Share Amounts)
Thirteen Weeks Ended Twenty-Six Weeks Ended ----------------------------------- ----------------------------------- July 29, 2000 July 31, 1999 July 29, 2000 July 31, 1999 --------------- --------------- --------------- --------------- (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net sales $ 46,626 $ 39,342 $ 97,148 $ 82,146 Cost of goods sold, including warehouse, distribution and store occupancy costs 32,933 27,857 68,063 57,669 ----------- ----------- ----------- ----------- Gross profit 13,693 11,485 29,085 24,477 Store operating, selling, and administrative expenses 9,122 7,816 18,838 16,228 Depreciation and amortization 1,135 914 2,270 1,777 ----------- ----------- ----------- ----------- Operating income 3,436 2,755 7,977 6,472 Interest expense 191 102 260 155 ----------- ----------- ----------- ----------- Income before provision for income taxes 3,245 2,653 7,717 6,317 Provision for income taxes 1,225 1,015 2,936 2,416 ----------- ----------- ----------- ----------- Net income $ 2,020 $ 1,638 $ 4,781 $ 3,901 =========== =========== =========== =========== Basic earnings per common share $ 0.31 $ 0.26 $ 0.74 $ 0.61 =========== =========== =========== =========== Diluted earnings per common share $ 0.31 $ 0.25 $ 0.73 $ 0.60 =========== =========== =========== =========== Weighted average shares outstanding: Basic 6,446,276 6,428,022 6,441,277 6,422,106 =========== =========== =========== =========== Diluted 6,607,439 6,567,919 6,572,101 6,554,415 =========== =========== =========== ===========
See notes to condensed consolidated financial statements. 3 HIBBETT SPORTING GOODS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars In Thousands)
Twenty-Six Weeks Ended ---------------------------------- July 29, 2000 July 31, 1999 ------------- ------------- (Unaudited) (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 4,781 $ 3,901 ---------- ---------- Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 2,270 1,777 Deferred income taxes (27) (117) Loss on disposal of assets 16 6 Change in assets and liabilities (8,761) (2,750) ---------- ---------- Total adjustments (6,502) (1,084) ---------- ---------- Net cash provided by (used in) operating activities (1,721) 2,817 ---------- ---------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (3,161) (3,338) Proceeds from sale of property 22 110 ---------- ---------- Net cash (used in) investing activities (3,139) (3,228) ---------- ---------- CASH FLOWS FROM FINANCING ACTIVITIES: Revolving loan activity, net 5,609 4,000 Proceeds from options exercised and purchase of shares under employee stock purchase plan 245 144 ---------- ---------- Net cash provided by financing activities 5,854 4,144 ---------- ---------- NET INCREASE IN CASH AND CASH EQUIVALENTS 994 3,733 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 860 945 ---------- ---------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,854 $ 4,678 ========== ==========
See notes to condensed consolidated financial statements. 4 HIBBETT SPORTING GOODS, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Hibbett Sporting Goods, Inc. and its wholly-owned subsidiaries (the "Company") have been prepared in accordance with generally accepted accounting principles for interim financial information and are presented in accordance with the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended January 29, 2000. In the opinion of management, the condensed consolidated financial statements included herein contain all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the Company's financial position as of July 29, 2000 and July 31, 1999, and the results of its operations and cash flows for the periods presented. The Company has experienced and expects to continue to experience seasonal fluctuations in its net sales and operating income. Therefore, the results of the interim periods presented herein are not necessarily indicative of the results to be expected for any other interim period or the full year. 2. Earnings Per Share Basic earnings per share ("EPS") excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock are exercised or converted into common stock or resulted in the issuance of common stock that then shared in earnings. Diluted EPS has been computed based on the weighted average number of shares outstanding, including the effect of outstanding stock options, if dilutive, in each respective period. A reconciliation of the weighted average shares for basic and diluted EPS is as follows:
Thirteen Week Period Ended Twenty-Six Week Period Ended ----------------------------------------------------------------------- July 29, July 31, July 29, July 31, 2000 1999 2000 1999 -------------- ------------- ------------- ------------- Weighted average shares outstanding: Basic 6,446,276 6,428,022 6,441,277 6,422,106 Dilutive effect of stock options 161,163 139,897 130,824 132,309 -------------- ------------- ------------- ------------- Diluted 6,607,439 6,567,919 6,572,101 6,554,415 ============== ============= ============= =============
For the thirteen week periods ended July 29, 2000 and July 31, 1999, 79,600 and 81,200 anti-dilutive options, respectively, were appropriately excluded from the computation. For the twenty-six week periods ended July 29, 2000 and July 31, 1999, 84,600 and 81,200 anti-dilutive options, respectively, were appropriately excluded from the computation. 3. Contingencies The Company is a party to various legal proceedings incidental to its business. In the opinion of management, after consultation with legal counsel, the ultimate liability, if any, with respect to those proceedings is not presently expected to materially affect the financial position or results of operations of the Company. 5 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview Hibbett Sporting Goods, Inc. ("we" or "Hibbett" or the "Company") is a rapidly-growing operator of full-line sporting goods stores in small to mid- sized markets predominantly in the southeastern United States. Our stores offer a broad assortment of quality athletic equipment, footwear and apparel at competitive prices with superior customer service. Our merchandise assortment features a broad selection of brand name merchandise emphasizing team and individual sports complemented by a selection of localized apparel and accessories designed to appeal to a wide range of customers within each market. Our management team believes that our stores are among the primary retail distribution alternatives for brand name vendors that seek to reach our target markets. As of July 29, 2000, we operated 224 Hibbett Sports stores as well as fifteen smaller-format Sports Additions athletic shoe stores and four larger- format Sports & Co. superstores in 19 states. Our primary retail format and growth vehicle is Hibbett Sports a 5,000 square foot store located in enclosed malls and dominant strip centers. We target markets with county populations that range from 30,000 to 250,000. By targeting smaller markets, we believe that we achieve significant strategic advantages, including numerous expansion opportunities, comparatively low operating costs and a more limited competitive environment than generally faced in larger markets. In addition, we establish greater customer and vendor recognition as the leading full-line sporting goods retailer in these local communities. Although competitors in some markets may carry similar product lines and national brands, we believe that the Hibbett Sports stores are typically the primary, full-line sporting goods retailers in their markets due to the extensive selection of traditional team and individual sports merchandise offered and a high level of customer service. Hibbett operates on a 52 or 53 week fiscal year ending on the Saturday nearest to January 31 of each year. Hibbett is incorporated under the laws of the State of Delaware. Results of Operations The following table sets forth consolidated statement of operations items expressed as a percentage of net sales for the periods indicated:
Thirteen Week Twenty-Six Week Period Ended Period Ended ----------------------------------- ---------------------------------- July 29, 2000 July 31, 1999 July 29, 2000 July 31, 1999 Net sales 100.0% 100.0% 100.0% 100.0% Cost of goods sold, including warehouse, distribution and store occupancy costs 70.6 70.8 70.1 70.2 ----- ----- ----- ----- Gross profit 29.4 29.2 29.9 29.8 Store operating, selling, and administrative expenses 19.6 19.9 19.4 19.7 Depreciation and amortization 2.4 2.3 2.3 2.2 ----- ----- ----- ----- Operating income 7.4 7.0 8.2 7.9 Interest expense, net 0.4 0.3 0.3 0.2 ----- ----- ----- ----- Income before provision for income taxes 7.0 6.7 7.9 7.7 Provision for income taxes 2.7 2.5 3.0 2.9 ----- ----- ----- ----- Net income 4.3% 4.2% 4.9% 4.8% ===== ===== ===== =====
6 Thirteen Weeks Ended July 29, 2000 Compared to Thirteen Weeks Ended July 31, 1999 Net sales. Net sales increased $7.3 million, or 18.5%, to $46.6 million for the thirteen weeks ended July 29, 2000, from $39.3 million for the comparable period in the prior year. This increase is attributed to the opening of a net of forty-four Hibbett Sports stores and three Sports Additions stores in the 52 week period ended July 29, 2000, and a 2.0% increase in comparable store net sales. The increase in comparable store net sales was primarily due to increased equipment and apparel sales. New stores and stores not in the comparable store net sales calculation accounted for $6.6 million of the increase in net sales, and increases in comparable store net sales contributed $700,000. Comparable store net sales data for the period reflect sales for our traditional format stores open throughout the period and the corresponding period of the prior fiscal year. During the thirteen weeks ended July 29, 2000, we opened eleven Hibbett Sports stores and two Sports Additions stores. Gross profit. Cost of goods sold includes the cost of inventory, occupancy costs for stores and occupancy and operating costs for the distribution center. Gross profit was $13.7 million, or 29.4% of net sales, in the thirteen weeks ended July 29, 2000, as compared to $11.5 million, or 29.2% of net sales, in the same period of the prior fiscal year. The improved gross margin was due to higher product margins. Store operating, selling and administrative expenses. Store operating, selling and administrative expenses were $9.1 million, or 19.6% of net sales, for the thirteen weeks ended July 29, 2000, as compared to $7.8 million, or 19.9% of net sales, for the comparable period a year ago. The decrease in store operating, selling and administrative expenses as a percentage of net sales in the thirteen weeks ended July 29, 2000 is attributable to improved leveraging of administrative costs over a larger store base. Depreciation and amortization. Depreciation and amortization as a percentage of net sales was 2.4% in the thirteen weeks ended July 29, 2000 compared to 2.3% in the thirteen weeks ended July 31, 1999. The increase as a percent to sales is primarily attributable to depreciation associated with the warehouse expansion completed in the fourth quarter of fiscal 2000. Interest expense. Interest expense for the thirteen weeks ended July 29, 2000 was $191,000 compared to $102,000 in the prior year period. The increase is attributable to higher levels of borrowing under the Company's credit facilities in the current year to fund working capital requirements. Twenty-Six Weeks Ended July 29, 2000 Compared to Twenty-Six Weeks Ended July 31, 1999 Net sales. Net sales increased $15.0 million, or 18.3%, to $97.1 million for the twenty-six weeks ended July 29, 2000, from $82.1 million for the comparable period in the prior year. This increase is attributed to the opening of a net of forty-four Hibbett Sports stores and three Sports Additions stores in the 52 week period ended July 29, 2000, and a 1.7% increase in comparable store net sales. The increase in comparable store net sales was primarily due to increased equipment sales. New stores and stores not in the comparable store net sales calculation accounted for $13.8 million of the increase in net sales, and increases in comparable store net sales contributed $1.2 million. Comparable store net sales data for the period reflect sales for our traditional format stores open throughout the period and the corresponding period of the prior fiscal year. During the twenty-six weeks ended July 29, 2000, we opened eighteen Hibbett Sports stores and two Sports Additions stores. Gross profit. Cost of goods sold includes the cost of inventory, occupancy costs for stores and occupancy and operating costs for the distribution center. Gross profit was $29.1 million, or 29.9% of net sales, in the twenty-six weeks ended July 29, 2000, as compared to $24.5 million, or 29.8% of net sales, in the same period of the prior fiscal year. The improved gross margin was due to higher product margins and improved leveraging of distribution center costs over a larger store base in the current year period. Store operating, selling and administrative expenses. Store operating, selling and administrative expenses were $18.8 million, or 19.4% of net sales, for the twenty-six weeks ended July 29, 2000, as compared to $16.2 million, or 19.7% of net sales, for the comparable period a year ago. The decrease in store operating, selling and administrative expenses as a percentage of net sales in the twenty-six weeks ended July 29, 2000 is attributable to improved leveraging of administrative costs over a larger store base and fewer new store openings in the current year period. 7 Depreciation and amortization. Depreciation and amortization as a percentage of net sales was 2.3% in the twenty-six weeks ended July 29, 2000 compared to 2.2% in the twenty-six weeks ended July 31, 1999. The increase as a percent to sales is primarily attributable to depreciation associated with the warehouse expansion completed in the fourth quarter of fiscal 2000. Interest expense. Interest expense for the twenty-six weeks ended July 29, 2000 was $260,000 compared to $155,000 in the prior year period. The increase is attributable to higher market interest rates and higher levels of borrowing on the Company's credit facilities in the current year to fund new stores and working capital requirements. Liquidity and Capital Resources Our capital requirements relate primarily to new store openings and working capital requirements. Our working capital needs are somewhat seasonal in nature and typically reach their peak near the end of the third and the beginning of the fourth quarter of our fiscal year. Historically, we have funded our cash requirements primarily through cash flows from operations and borrowings under our revolving loan facilities. Net cash provided by (used in) operating activities for the periods presented was primarily driven by net income levels combined with fluctuations in inventory and accounts payable balances. Net cash used in operating activities was $1.7 million for the twenty-six week period ending July 29, 2000 as compared to net cash provided by operating activities of $2.8 million for the twenty-six week period ending July 31, 1999. We have continued to increase our inventory levels in the twenty-six weeks ended July 29, 2000 and July 31, 1999, as the number of stores has increased. The Company typically finances these increases through increased net income, increases in accounts payable balances and borrowings under our revolving credit facilities. With respect to cash flows from investing activities, capital expenditures were $3.2 million in the twenty-six week period ended July 29, 2000 compared to $3.3 million for the comparable period in the prior year. Capital expenditures in the twenty-six weeks ended July 29, 2000 primarily related to the opening of twenty new stores and certain office and distribution center-related expenditures. In the prior year period, we opened 24 new stores. The Company estimates capital expenditures in fiscal 2001 to be approximately $8.0 million which includes resources budgeted to (i) fund the opening of approximately 60 Hibbett Sports stores, (ii) remodel selected existing stores and (iii) fund headquarters and distribution center related capital expenditures. Net cash provided by financing activities was $5.9 million in the twenty- six week period ended July 29, 2000 compared with $4.1 million in the prior year period. Financing activities in the current year and prior year periods were primarily the result of borrowings under our credit facilities. These borrowings were used to fund new stores and working capital requirements. Hibbett maintains an unsecured revolving credit facility which will expire November 5, 2002 and allows borrowings up to $25 million. We also maintain an unsecured working capital line of credit for $7 million which is subject to annual renewal. As of July 29, 2000, the Company had $10.0 million outstanding under these facilities. Based on our current operating and store opening plans, management believes that we can fund our cash needs for the foreseeable future through borrowings under the credit facility, the working capital line of credit and cash generated from operations. In April 2000, the Company established a $20 million unsecured Future Advance Facility ("The Future Advance Facility"). The Future Advance Facility will be used as needed through March 31, 2001 or such later date as the lenders may agree to for the purpose of financing the potential buyback of Hibbett's common stock. There were no amounts outstanding under the Future Advance Facility at July 29, 2000. Special Note Regarding Forward Looking Statements The statements contained in this report that are not purely historical or which might be considered an opinion or projection concerning the Company or its business, whether express or implied, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may include statements regarding the Company's expectations, intentions, plans or strategies regarding the future. All forward-looking statements included in 8 this document are based upon information available to the Company on the date hereof, and the Company assumes no obligation to update any such forward-looking statements. It is important to note that the Company's actual results could differ materially from those described or implied in such forward-looking statements because of, among other factors, the ability of the Company to execute its expansion plans, a shift in demand for the merchandise offered by the Company, the Company's ability to obtain brand name merchandise at competitive prices, the effect of regional or national economic conditions and the effect of competitive pressures from other retailers. In addition, the reader should consider the risk factors described from time to time in the Company's other documents and reports, including the factors described under "Risk Factors" in the Company's Registration Statement on Form S-1, filed with the Securities and Exchange Commission on October 1, 1997, and any amendments thereto. Quarterly Fluctuations The Company has historically experienced and expects to continue to experience seasonal fluctuations in its net sales and operating income. The Company's net sales and operating income are typically higher in the fourth quarter due to sales increases during the holiday selling season. However, the seasonal fluctuations are mitigated by the strong product demand in the spring, summer and back-to-school sales periods. The Company's quarterly results of operations may also fluctuate significantly as a result of a variety of factors, including the timing of new store openings, the amount and timing of net sales contributed by new stores, the level of pre-opening expenses associated with new stores, the relative proportion of new stores to mature stores, merchandise mix, the relative proportion of stores represented by each of the Company's three store concepts and demand for apparel and accessories driven by local interest in sporting events. PART II OTHER INFORMATION ITEM 1: Legal Proceedings The Company is a party to various legal proceedings incidental to its business. In the opinion of management, after consultation with legal counsel, the ultimate liability, if any, with respect to those proceedings is not presently expected to materially affect the financial position or results of operations of the Company. ITEM 2: Changes in Securities None ITEM 3: Defaults Upon Senior Securities None ITEM 4: Submission of Matters to Vote of Security-Holders The Company's Annual Meeting of Shareholders was held June 13, 2000. The following individuals were re-elected to the Board of Directors: Votes For Votes Withheld ------------ -------------- F. Barron Fletcher, III 5,905,009 1,700 John F. Megrue 5,905,109 1,600 As Class I directors, Messrs. Fletcher and Megrue will serve until the Annual Meeting of Shareholders to be held in 2003 or until their successors are elected and qualified. Arthur Andersen LLP was approved as the independent public accountants of the Company for the fiscal year ending February 3, 2001 by the following vote: For Against Abstain --- ------- ------- 5,893,003 13,401 305 9 ITEM 5: Other Information None ITEM 6: Exhibits and Reports on Form 8-K (A) Exhibits Exhibit # Description --------- ----------- 27 Financial Data Schedule (for SEC use only) (B) Reports on Form 8-K None SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned duly authorized. HIBBETT SPORTING GOODS, INC. Date: September 7, 2000 By: /s/ Susan H.Fitzgibbon ------------------------ ------------------------- Susan H. Fitzgibbon Vice President and Chief Financial Officer 10 EX-27 2 0002.txt FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF HIBBETT SPORTING GOODS, INC. FOR THE YEAR TO DATE PERIOD ENDED APRIL 29, 2000 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS FEB-03-2001 JAN-30-2000 JUL-29-2000 1,854 0 2,628 271 70,376 76,072 39,704 18,874 97,882 28,655 0 0 0 65 59,162 97,882 97,148 97,148 68,063 68,063 21,108 (8) 260 7,717 2,936 4,781 0 0 0 4,781 0.74 0.73
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