SSPY numbers out. Another loss this year.
June 27, 2002
SPORT SUPPLY GROUP INC (SSPY.OB)
Annual Report (SEC form 10-K)
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
The following table sets forth, for the periods indicated, certain items related to our continuing operations as a percentage of net revenues.
For the For the For the For the
12 Months 6 Months 12 Months 12 Months
Ended Ended Ended Ended
March 29, March 30, Sept. 29, Oct. 1,
2002 2001 2000 1999
------- ------- ------- -------
Net revenues (in thousands) $103,601 $ 50,337 $119,321 $112,880
100.0% 100.0% 100.0% 100.0%
Cost of sales 71.5% 72.3% 69.7% 66.9%
Selling, general and
administrative expenses 30.8% 31.3% 29.2% 25.6%
Internet expenses 0.3% 0.6% 1.0% 0.0%
Nonrecurring charges 0.0% 0.5% 0.5% 0.0%
------- ------- ------- -------
Operating profit (loss) (2.6%) (4.7%) (0.4%) 7.5%
======= ======= ======= =======
2002 Compared to 2001
The following table summarizes certain financial information relating to our results of operations for the fiscal year ended March 29, 2002 and the comparable twelve months ended March 30, 2001:
2002 2001
----------- -----------
Net Revenues $103,601,428 $113,060,806
Gross Profit $29,495,185 $32,252,079
SG&A $31,928,924 $34,274,170
Internet expenses $355,766 $1,352,635
Nonrecurring charges -- $253,239
Net loss $(3,582,428) $(3,559,452)
Net Revenues. Net revenues decreased approximately $9.5 million (8.4%) for the fiscal year ended March 29, 2002 as compared to the comparable twelve months ended March 30, 2001. The decrease in net revenues was primarily the result of a general slow-down in the economy, reduced participation in traditional youth sports, a reduced sales force, and the discontinuation of certain unprofitable and low margin product lines.
Gross Profit. Gross profit decreased approximately $2.8 million (8.7%) for the fiscal year ended March 29, 2002 as compared to the same period in fiscal 2001. As a percentage of net revenues, gross profit remained at 28.5% for the fiscal year ended March 29, 2002 as compared to the comparable twelve months ended March 30, 2001. The decrease in gross profit is directly attributable to the decrease in net revenues. |
