<PAGE>
FORM 10-Q
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 APRIL 29, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM ________ TO ________
COMMISSION FILE NUMBER 0-5648
OSHMAN'S SPORTING GOODS, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 74-1031691
- --------------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
2302 MAXWELL LANE, HOUSTON, TEXAS
77023
- --------------------------------------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(ZIP CODE)
(713) 928-3171
- --------------------------------------------------------------------------------
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
NO CHANGE
- --------------------------------------------------------------------------------
(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 CLASSES OF
COMMON STOCK, AS OF THE LATEST PRACTICABLE DATE.
COMMON STOCK, $1.00 PAR VALUE 5,808,049
----------------------------- ---------
<PAGE>
PART I -- FINANCIAL INFORMATION
<PAGE>
OSHMAN'S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
APRIL 29, 1995 AND JANUARY 28, 1995
(IN THOUSANDS)
<TABLE>
<CAPTION>
APRIL 29 JAN 28
1995 1995
-------- --------
(Unaudited)
<S> <C> <C>
ASSETS
CURRENT ASSETS
CASH AND EQUIVALENTS $ 257 $ 254
ACCOUNTS RECEIVABLE, LESS ALLOWANCE OF
$391 APRIL 95, $395 JANUARY 95 2,822 3,437
MERCHANDISE INVENTORIES 109,057 98,294
PREPAID EXPENSES AND OTHER 3,456 4,976
-------- --------
TOTAL CURRENT ASSETS 115,592 106,961
PROPERTY, PLANT AND EQUIPMENT-AT COST 80,011 80,374
LESS ACCUMULATED DEPRECIATION AND AMORTIZATION 52,304 52,964
-------- --------
NET PROPERTY, PLANT AND EQUIPMENT 27,707 27,410
OTHER ASSETS 654 706
-------- --------
$143,953 $135,077
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
CURRENT MATURITIES OF LONG-TERM OBLIGATIONS $ 390 $ 186
TRADE ACCOUNTS PAYABLE 35,492 45,686
ACCRUED LIABILITIES 14,136 13,458
INCOME TAXES 134 128
RESTRUCTURING RESERVE 5,444 7,128
-------- --------
TOTAL CURRENT LIABILITIES 55,596 66,586
DEFERRED FEDERAL INCOME TAXES 302 302
DEFERRED RENTAL ALLOWANCES 1,793 1,738
LONG-TERM OBLIGATIONS 25,866 5,665
STOCKHOLDERS' EQUITY
COMMON STOCK 5,811 5,811
ADDITIONAL CAPITAL 3,522 3,434
RETAINED EARNINGS 51,084 51,562
LESS TREASURY STOCK, AT COST (21) (21)
-------- --------
STOCKHOLDERS' EQUITY 60,396 60,786
-------- --------
$143,953 $135,077
======== ========
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
<PAGE>
OSHMAN'S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED
APRIL 29, 1995 AND APRIL 30, 1994
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
1995 1994
------- -------
<S> <C> <C>
NET SALES $69,407 $66,125
COSTS AND EXPENSES:
COST OF GOODS SOLD 43,268 41,514
SELLING AND ADMINISTRATIVE EXPENSES 26,264 25,751
INTEREST EXPENSE 465 343
MISCELLANEOUS EXPENSE (INCOME) (157) (535)
------- -------
69,840 67,073
------- -------
LOSS BEFORE INCOME TAXES (433) (948)
INCOME TAXES 45 -
------- -------
NET LOSS $ (478) $ (948)
======= =======
EARNINGS (LOSS) PER COMMON AND COMMON
EQUIVALENT SHARE $ (0.08) $ (0.16)
======= =======
WEIGHTED AVERAGE NUMBER OF COMMON
AND COMMON EQUIVALENT SHARES 5,811 5,805
======= =======
DIVIDENDS PER SHARE $ 0.00 $ 0.00
======= =======
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
<PAGE>
OSHMAN'S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS
ENDED APRIL 29, 1995 AND APRIL 30, 1994
(UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
1995 1994
-------- --------
<S> <C> <C>
CASH FLOWS OF OPERATING ACTIVITIES:
NET LOSS $ (478) $ (948)
ADJUSTMENTS TO RECONCILE NET CASH USED BY OPERATING
ACTIVITIES:
DEPRECIATION AND AMORTIZATION 1,319 1,506
PROVISION FOR LOSSES ON ACCOUNTS RECEIVABLE (4) 2
CHARGE TO RESERVE FOR CORPORATE RESTRUCTURING,
NET OF DEPRECIATION AND AMORTIZATION (1,530) (1,610)
STOCK OPTION AND BONUS PLAN EXPENSE, NET OF STOCK
RETAINED FOR INCOME TAXES 88 1
LOSS ON DISPOSITION OF FIXED ASSETS 109 116
INCREASE IN DEFERRED RENTAL ALLOWANCES,
NET OF AMORTIZATION 55 -
CHANGES IN ASSETS AND LIABILITIES:
DECREASE IN ACCOUNTS RECEIVABLE 619 251
INCREASE IN MERCHANDISE INVENTORIES (10,763) (13,628)
DECREASE (INCREASE) IN PREPAID EXPENSES AND OTHER 1,510 (627)
(DECREASE) INCREASE IN TRADE ACCOUNTS PAYABLE (10,194) 2,688
INCREASE (DECREASE) IN ACCRUED LIABILITIES 678 (678)
INCREASE (DECREASE) IN INCOME TAXES 6 (26)
-------- --------
NET CASH USED BY OPERATING ACTIVITIES (18,585) (12,953)
-------- --------
CASH FLOWS OF INVESTING ACTIVITIES:
PROCEEDS FROM SALE OF FIXED ASSETS 13 10
PURCHASE OF PROPERTY, PLANT AND EQUIPMENT (1,847) (465)
PROCEEDS FROM DISPOSITION OF REAL ESTATE AND LEASEHOLDS 4 -
PROCEEDS FROM NOTE RECEIVABLE 13 13
-------- --------
NET CASH USED BY INVESTING ACTIVITIES (1,817) (442)
-------- --------
CASH FLOWS OF FINANCING ACTIVITIES:
PROCEEDS OF LONG-TERM OBLIGATIONS, NET 20,405 13,615
-------- --------
NET CASH PROVIDED BY FINANCING ACTIVITIES 20,405 13,615
-------- --------
NET INCREASE IN CASH AND EQUIVALENTS 3 220
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 254 44
-------- --------
CASH AND EQUIVALENTS AT END OF PERIOD $ 257 $ 264
======== ========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
CASH PAID
INCOME TAXES $ 26 $ 6
INTEREST $ 306 $ 256
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
<PAGE>
OSHMAN'S SPORTING GOODS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL 29, 1995 AND APRIL 30, 1994
(UNAUDITED)
NOTE A
THE FINANCIAL STATEMENTS ARE CONDENSED AND SHOULD BE READ IN CONJUNCTION
WITH THE 1994 ANNUAL REPORT. THE FINANCIAL INFORMATION CONTAINED HEREIN IS
UNAUDITED, BUT IN THE OPINION OF THE MANAGEMENT OF THE COMPANY, INCLUDES
ALL ADJUSTMENTS (CONSISTING OF NORMAL RECURRING ADJUSTMENTS) FOR A FAIR
PRESENTATION OF THE RESULTS OF OPERATIONS FOR THE PERIODS INDICATED. THE
RESULTS FOR THE THREE MONTHS ENDED APRIL 29, 1995 ARE NOT NECESSARILY
INDICATIVE OF THE RESULTS TO BE EXPECTED FOR THE FULL YEAR.
<PAGE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.
Liquidity and Capital Resources
Cash and equivalents at April 29, 1995 were $257,000 compared to $254,000 at
January 28, 1995. In the first quarter of 1995, cash totaling $18,585,000 was
used in operating activities. The primary use of cash was related to a
$10,763,000 increase in merchandise inventories, in preparation for the
Company's Once a Year Sale which begins in May, a decrease in trade accounts
payable of $10,194,000 and charges to the Company's restructuring reserve,
discussed below. Cash of $1,817,000 was used in investing activities,
primarily for the purchase of property, plant and equipment. Financing
activities provided cash of $20,405,000 as the Company utilized its credit
facility to meet its working capital needs.
The decrease in trade accounts payable in the first quarter of 1995 resulted
from the normal payoff of somewhat higher than normal beginning of the year
balances related to the receipt, during January 1995, of footwear and certain
direct import merchandise in anticipation of promotions planned for February
1995.
Average borrowings under the Company's credit facility during the first quarter
of 1995 were $17,099,000 and the highest amount of borrowings and outstanding
letters of credit was $27,586,000 at April 24, 1995. During the first quarter
of 1994, average borrowings were $12,839,000 and the highest amount of
borrowings and outstanding letters of credit was $20,077,000 at April 25, 1994.
The increased level of average borrowings in 1995 was related primarily to
increased inventory levels in 1995.
In the fourth quarter of fiscal 1993, the Company implemented a restructuring
plan to accelerate the closing of 34 underperforming traditional stores during
1994 and 1995. As of the end of the first quarter of 1995, the Company had
closed 22 of the 34 stores, obtained rent concessions on two stores and expects
to close approximately six additional stores in the second quarter of 1995. In
the first quarter of 1995, these stores as a group used cash of approximately
$1,530,000 to cover losses before depreciation and amortization. Approximately
$505,000 of this amount was for lease terminations related to stores closed in
the first quarter or expected to be closed by the end of July 1995.
Sales from all stores included in the restructure group were $3,264,000 in the
quarter ended April 29, 1995 compared to $6,658,000 in the first quarter of
1994. During the quarter ended April 29, 1995, the Company charged its
restructuring reserve $1,684,000 for the operating losses, liquidation
markdowns, lease termination costs and write-off of fixed assets which have been
incurred for the stores included in the restructure group.
<PAGE>
Results of Operations
Net sales for the quarter ended April 29, 1995 increased 5.0% over the same
period in 1994. Excluding sales from stores included in the restructure group,
net sales increased 10.6% and comparable same store sales increased 5.1% over
the same period last year. These sales increases were primarily attributable to
sales contributions from five new SuperSports USA megastores opened since the
first quarter of 1994 and to increased sales promotions in the first quarter of
1995.
Same store sales in the Company's SuperSports USA megastores increased 17.6%
while net sales in these stores, which equalled 40.5% of total retail sales in
the first quarter of 1995, increased 52% over the same period last year. At the
end of the first quarter of 1995, the Company was operating 134 stores,
including thirteen megastores, compared to 154 stores, including eight
megastores, at the same time a year ago. The Company opened its thirteenth
megastore during the last week of the first quarter and expects to open
approximately five more megastores during fiscal 1995.
Cost of goods sold as a percentage of sales was 62.3% in the quarter ended April
29, 1995 compared to 62.8% for the same period in 1994. The slightly improved
rate in 1995 as a percentage of sales is related primarily to better than
expected physical inventory results offset somewhat by increased promotional
markdowns.
Selling and administrative expenses as a percentage of sales were 37.8% for the
quarter ended April 29, 1995, compared to 38.9% in the same period last year.
Selling and administrative expenses include net credits of $328,000 and $522,000
in the first quarters of 1995 and 1994, respectively, which were related to
stores included in the restructure group. Excluding these adjustments, selling
and administrative expenses as a percentage of sales were 38.3% and 39.7%,
respectively, for the quarters ended April 29, 1995 and April 30, 1994. This
improvement as a percentage of sales is related primarily to increased same
store sales and an overall reduction, as a percentage of sales, in occupancy and
selling costs as the more productive SuperSports USA megastores continue to
increase their proportionate contribution to overall Company results.
Interest expense for the quarter ended April 29, 1995 was $465,000 compared to
$343,000 for the same period last year. The increased interest expense is
primarily related to increases in interest rates since the first quarter of 1994
and to increased average borrowings under the Company's credit facility.
<PAGE>
The variations in miscellaneous (income) expense are set out in the table below:
<TABLE>
<CAPTION>
1ST QUARTER
---------------
1995 1994
------- ------
(In Thousands)
<S> <C> <C>
License fees $(417) $(389)
Provision for stores closed in
the normal course of operations
and write off of other assets 275 ( 44)
Insurance recovery - (105)
Other - net ( 15) 3
----- -----
$(157) $(535)
===== =====
</TABLE>
Income taxes in the first quarter of 1995 are related primarily to state income
taxes. There was no income tax benefit in the first quarter of 1995 or 1994 as
a result of the Company's inability to fully recognize the tax benefits of net
operating losses and future deductible temporary differences in the calculation
of its tax expense under SFAS 109. However, these amounts will be available to
reduce future tax liabilities in years in which the Company has taxable
earnings.
In the quarter ended April 29, 1995, the Company improved its results to a loss
of $433,000 before income taxes compared to a pretax loss of $948,000 in the
same quarter the previous year. The improved results are primarily due to
increased sales volumes, a slight reduction in costs of goods sold as a
percentage of sales and reduced selling and administrative expenses as a
percentage of sales as the Company continues to increase the number of
SuperSports USA megastores in operation and to close underperforming traditional
stores.
<PAGE>
PART II -- OTHER INFORMATION
<PAGE>
Item 6. Exhibits
----------------
EXHIBIT INDEX
<TABLE>
<C> <S>
4.1 Twelfth Amendment dated April 28, 1995 to
the Financing Agreement dated August 31,
1992 between the Company and The CIT
Group/Business Credit, Inc.
11.1 Statement re: Computation of Per Share
Earnings.
27 Financial Data Schedule
</TABLE>
<PAGE>
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 THEREUNTO DULY AUTHORIZED.
OSHMAN'S SPORTING GOODS, INC.
DATE: June 12, 1995 BY: /S/ A. LYNN BOERNER
-------------------------
A. LYNN BOERNER
VICE-PRESIDENT AND
CHIEF ACCOUNTING OFFICER
<PAGE>
Exhibit 4.1
The CIT Group/
Business Credit
Suite 220
2110 Walnut Hill Lane
Irving, Texas 75038
214 560-2760
THE
CIT April 28, 1995
GROUP
J. S. Oshman and Co., Inc.
Oshman Sporting Goods Co., Alabama
Oshman Sporting Goods Co., Arizona
Oshman Sporting Goods Co., Arkansas
Oshman Sporting Goods Co., California
Oshman Sporting Goods Co., Florida
Oshman Sporting Goods Co., Georgia
Oshman Sporting Goods Co., Hawaii
Oshman Sporting Goods Co., Kansas
Oshman Sporting Goods Co., Louisiana
Oshman Sporting Goods Co., Minnesota
Oshman Sporting Goods Co., Missouri
Oshman Sporting Goods Co., Nevada
Oshman Sporting Goods Co., New Jersey
Oshman Sporting Goods Co., New Mexico
Oshman Sporting Goods Co., New York
Oshman Sporting Goods Co., Ohio
Oshman Sporting Goods Co., Oklahoma
Oshman Sporting Goods Co., Oregon
Oshman Sporting Goods Co., South Carolina
Oshman Sporting Goods Co., Tennessee
Oshman Sporting Goods Co., Texas
Oshman Sporting Goods Co., Washington
Oshman's Ski Skool, Inc.
Oshman Sporting Goods, Inc.-Services
(collectively, the "Companies")
2302 Maxwell Lane
Houston, TX 77223
Gentlemen:
We refer to the Financing Agreement among us, of even date herewith, as
amended or otherwise modified from time to time (the "Agreement").
Capitalized terms used and not otherwise defined herein shall have the
meanings ascribed to such terms in the Agreement.
You have advised us that Oshman's Sporting Goods, Inc. has formed three (3)
new subsidiaries: Oshman Sporting Goods Co., Kansas; Oshman Sporting Goods
Co., Oregon; and Oshman Sporting Goods Co., South Carolina (the "New
Companies"). Pursuant to your request, the Agreement and
<PAGE>
all of the other agreements and documentation entered into in connection
therewith, as appropriate, shall be, and hereby are, amended to add the New
Companies as borrowers and/or parties for all intents and purposes thereunder,
and each of the New Companies shall have all of the rights and all of the
obligations and liabilities of a borrower and/or party thereunder. Each of the
New Companies hereby agrees, in accordance with the provisions of the Agreement,
to, inter alia, execute all financing statements that we require in order to
grant us valid and preferred first security interests in the Collateral (subject
only to the Permitted Encumbrances).
This letter also confirms in writing our consent to your purchase of a parcel
of land located near the Willowbrook shopping center in Houston, Texas for an
approximate price of $1,350,000.00. We further confirm that we shall not deem
said purchase to be a breach of, or violation under, Paragraph 11 of Section 6
of the Agreement for the fiscal year ended January 28, 1995.
You have also requested our consent to make loans to your employees not to
exceed approximately $500,000.00 in the aggregate to enable them to purchase
your stock. We hereby consent to your making such loans to your employees and
further confirm that we shall not (i) deem the foregoing to be a breach of, or
violation under, Paragraph 10(H) of Section 6 of the Agreement for the fiscal
year ending February 3, 1996 and (ii) include the aggregate amount of such
employee loans for purposes of Paragraph 10(H)(iv) of Section 6 of the
Agreement for the fiscal year ending February 3, 1996, provided, however, in
each case, that the aggregate amount of such loans does not exceed $500,000.00.
In addition, pursuant to mutual understanding, and effective immediately, the
Agreement is hereby amended as follows:
1. The definition of "EBITDA" set forth in Section 1 of the Agreement
is hereby deleted in its entirety and the following is substituted in
lieu thereof:
"EBITDA" shall mean, in any period, all earnings of the Parent and its
Subsidiaries on a consolidated basis, before all Interest Expense,
income tax obligations (paid or accrued), miscellaneous income,
depreciation expense and amortization expense, determined in
accordance with GAAP consistently applied."
2. Paragraphs 12, 13, 14, 15, and 16 of Section 6 of the Agreement are
hereby deleted in their entirety and the words "Deleted per April
1995 letter agreement" shall be substituted in lieu thereof.
3. Paragraph 9 of Section 6 of the Agreement is hereby deleted in its
entirety and the following is substituted in lieu thereof.
"9. The Parent and its Subsidiaries shall maintain, on a consolidated
basis as of the end of each fiscal year, a Net Worth of not less than
$60,000,000.00."
- 2 -
<PAGE>
4. Subparagraph 10(I) of Section 6 of the Agreement is hereby deleted in its
entirety and the following is substituted in lieu thereof:
"I. Permit EBITDA, on a consolidated and cumulative fiscal year to date
basis, for the Parent and its Subsidiaries at the end of the fiscal
quarter to be:
Fiscal Quarter Ending EBITDA
--------------------- ------
April 29, 1995 Not more than negative $150,000.00
July 29, 1995 Not less than $900,000.00
October 28, 1995 Not more than negative $2,000,000.00
February 3, 1996 Not less than $7,200,000.00"
and at the end of each fiscal
quarter thereafter.
5. Paragraph 11 of Section 6 of the Agreement is hereby deleted in its entirety
and the following is substituted in lieu thereof:
"11. Without the prior written consent of CITBC, the Companies, on a
consolidated basis will not contract for, purchase, make expenditures for,
lease pursuant to a Capital Lease or otherwise incur obligations with
respect to Capital Expenditures (whether subject to a security interest or
otherwise) in an aggregate amount in excess of $12,500,000.00 during each
fiscal year."
6. Paragraph 23 is hereby added to Section 6 of the Agreement as follows:
"23. The Parent and its Subsidiaries shall maintain, as of the end of each
fiscal quarter, on a consolidated basis, an inventory turnover ratio of no
less than 1.7 to 1.0. This ratio shall be calculated based upon inventory
and cost of sales amounts included in the Parent's Annual (Form 10K) and
Quarterly (Form 10Q) reports filed with the Securities and Exchange
Commission. The ratio is the result of a fraction, the numerator of which is
the aggregate cost of sales for the fiscal quarter just ended plus the
immediately preceding three (3) fiscal quarters and the denominator of which
is the average of the inventory for the fiscal quarter just ended and the
immediately preceding three (3) fiscal quarters."
You hereby further agree that you shall be solely responsible for the fees and
expenses of your counsel incurred in connection with this agreement.
<PAGE>
Except as herein otherwise specifically provided, no other change in any of the
terms or provisions of the Agreement is intended or implied. This letter shall
also not constitute a waiver by us of any existing defaults under the Agreement,
whether or not we have knowledge of same, and shall not constitute a waiver of
any other defaults whatsoever. If the foregoing is in accordance with your
understanding, please sign and return to us the enclosed copy of this letter to
so indicate.
Very truly yours,
THE CIT GROUP/BUSINESS CREDIT, INC.
[Signature of Timothy S. Culver
By: appears here]
-------------------------------
Title: Assistant Secretary
Read and Agreed to:
J.S. OSHMAN AND CO., INC.
OSHMAN SPORTING GOODS CO., ALABAMA
OSHMAN SPORTING GOODS CO., ARIZONA
OSHMAN SPORTING GOODS CO., ARKANSAS
OSHMAN SPORTING GOODS CO., CALIFORNIA
OSHMAN SPORTING GOODS CO., FLORIDA
OSHMAN SPORTING GOODS CO., GEORGIA
OSHMAN SPORTING GOODS CO., HAWAII
OSHMAN SPORTING GOODS CO., KANSAS
OSHMAN SPORTING GOODS CO., LOUISIANA
OSHMAN SPORTING GOODS CO., MINNESOTA
OSHMAN SPORTING GOODS CO., MISSOURI
OSHMAN SPORTING GOODS CO., NEVADA
OSHMAN SPORTING GOODS CO., NEW JERSEY
OSHMAN SPORTING GOODS CO., NEW MEXICO
OSHMAN SPORTING GOODS CO., NEW YORK
OSHMAN SPORTING GOODS CO., OHIO
OSHMAN SPORTING GOODS CO., OKLAHOMA
OSHMAN SPORTING GOODS CO., OREGON
OSHMAN SPORTING GOODS CO., SOUTH CAROLINA
OSHMAN SPORTING GOODS CO., TENNESSEE
OSHMAN SPORTING GOODS CO., TEXAS
OSHMAN SPORTING GOODS CO., WASHINGTON
OSHMAN'S SKI SKOOL, INC.
OSHMAN'S SPORTING GOODS, INC.-SERVICES
By: [Signature of A. Lynn Boerner appears here]
-------------------------------------------
Title: VP - C.A.O
of each of the above Companies
<PAGE>
EXHIBIT 11.1
OSHMAN'S SPORTING GOODS, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE
FOR THE THREE MONTHS ENDED APRIL 29, 1995 AND APRIL 30, 1994
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
1995 1994
------------------ ------------------
FULLY FULLY
PRIMARY DILUTED PRIMARY DILUTED
------- ------- ------- -------
<S> <C> <C> <C> <C>
NET LOSS $ (478) $ (478) $ (948) $ (948)
====== ====== ====== ======
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING 5,811 5,811 5,805 5,805
EXCESS OF SHARES ISSUABLE UPON
EXERCISE OF STOCK OPTIONS OVER
SHARES DEEMED RETIRED UNDER THE
"TREASURY STOCK" METHOD - - - -
------ ------ ------ ------
WEIGHTED AVERAGE NUMBER OF COMMON
AND DILUTIVE COMMON EQUIVALENT
SHARES OUTSTANDING 5,811 5,811 5,805 5,805
====== ====== ====== ======
LOSS PER COMMON AND
COMMON EQUIVALENT SHARE $(0.08) $(0.08) $(0.16) $(0.16)
====== ====== ====== ======
</TABLE>
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from
Oshman's Sporting Goods, Inc., and Subsidiaries Financial Data Schedule for the
three months ended April 29, 1995 (unaudited) and is qualified in its entirety
by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JAN-28-1996
<PERIOD-START> JAN-31-1995
<PERIOD-END> APR-29-1995
<CASH> 257
<SECURITIES> 0
<RECEIVABLES> 2,822
<ALLOWANCES> 391
<INVENTORY> 109,057
<CURRENT-ASSETS> 115,592
<PP&E> 80,011
<DEPRECIATION> 52,304
<TOTAL-ASSETS> 143,953
<CURRENT-LIABILITIES> 55,596
<BONDS> 0
<COMMON> 5,811
0
0
<OTHER-SE> 54,585
<TOTAL-LIABILITY-AND-EQUITY> 143,953
<SALES> 69,407
<TOTAL-REVENUES> 69,407
<CGS> 43,268
<TOTAL-COSTS> 43,268
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 465
<INCOME-PRETAX> (433)
<INCOME-TAX> 45
<INCOME-CONTINUING> (478)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (478)
<EPS-PRIMARY> ($0.08)
<EPS-DILUTED> ($0.08)
</TABLE>
