Financial Reports, Sport Supply Group, Tessco

Net Income Way Up At Sport Supply

Dallas-based sports equipment merchant Sport Supply Group saw its revenue rise 4.1%, to $65.8 million, for the period ended March 31. Net income rose a whopping 94%, to $3.37 million, up from $1.73 million.

CEO Adam Blumenfeld said in a release: “The combination of top-line growth, gross margin expansion, and year-over-year expense reduction proved to be the perfect recipe for significant growth in cash flows and earnings leverage, allowing the company to produce operating margins of approximately 10% for the third quarter, and a 47% increase in earnings per share.”

Net Income Falls at Tessco For FY

Fourth-quarter sales for wireless communications cataloger Tessco Technologies increased 1%, to $128.3 million, for the period ended March 30. Net income rose 9%, to $1.7 million, up from $1.6 million. For the fiscal year, sales rose 6%, to $521 million. But net income fell 32%, to $4.8 million, from $7.0 million last year.

Tessco Chairman/president/CEO Robert B. Barnhill said in a statement that the company expects the current market conditions to continue throughout this fiscal year. “However we plan to grow earnings, independent of revenue growth, through continued intense focus on productivity. Increases in revenues will require the accelerated flawless execution of our initiatives to significantly increase the number of monthly purchasing customers and product cross sell through the expansion of our solutions focus and offering, Web-based marketing and sales organization.”