Acquisition (Tables)

6 Months Ended

Aug. 03, 2019

Fair Value of Identifiable Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary estimates of the fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date of November 4, 2018. The preliminary estimates of the fair value of identifiable assets acquired and liabilities assumed are based on estimates and assumptions and are subject to revisions, which may result in adjustments to the preliminary values presented below, when management’s estimates are finalized (in thousands):

	As Reported February 2, 2019			As Revised August 3, 2019			Adjustments
Assets Acquired:
Current assets:
Receivables	$	3,168		$	3,732		$	564
Inventories		44,807			44,807			-
Prepaid expense, other current and intangible assets		2,716			2,689			(27	)
Total current assets		50,691			51,228			537
Goodwill		23,133			19,661			(3,472	)
Property and equipment		16,530			16,530			-
Long-term intangible assets		33,601			33,503			(98	)
Deposits and other assets		567			567			-
Deferred tax asset		24			638			614
Total assets	$	124,546		$	122,127		$	(2,419	)

Liabilities Assumed:
Current liabilities:
Accounts payable	$	23,615		$	23,615		$	-
Other accrued expenses and intangible liabilities		3,366			3,526			160
Total current liabilities		26,981			27,141			160
Other long-term liabilities and intangible liabilities		2,613			3,234			621
Total liabilities		29,594			30,375			781
Total purchase price	$	94,952		$	91,752		$	(3,200	)

Cash paid at closing	$	86,837		$	86,837		$	-
Fair value of contingent earnout		9,200			6,000			(3,200	)
Net working capital and debt-like items adjustment		(1,085	)		(1,085	)		-
	$	94,952		$	91,752		$	(3,200	)

Unaudited Consolidated Pro Forma Summary

The following unaudited consolidated pro forma summary has been prepared by adjusting the Company’s historical data to give effect to the City Gear acquisition as if it had occurred on January 29, 2017 (the beginning of Hibbett’s fiscal year ended February 3, 2018).

	Ended August 4, 2018
(in thousands, except per share data)	13 Weeks			26 Weeks
Net sales	$	254,592		$	588,588
Net (loss) income	$	(2,805	)	$	24,701
Basic earnings per share	$	(0.15	)	$	1.31
Diluted earnings per share	$	(0.15	)	$	1.29