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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 6, 1999
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Gart Sports Company
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(Exact name of Registrant as specified in charter)
Delaware
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(State or other jurisdiction of incorporation)
001-12063 84-1242802
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(Commission File Number) (IRS Employee Identification No.)
1001 Lincoln Avenue, Denver, Colorado 80203
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (303) 861-1122
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
On October 6, 1999, Gart Sports Company announced that its Board of
Directors had authorized a discretionary program to purchase up to $3,000,000 of
its common stock, par value, $.01 per share (the "Common Stock"). Subject to
price and market conditions, these purchases will be made from time to time in
the open market or in privately negotiated transactions using the Company's
currently available cash. Gart Sports' common stock is listed on the NASDAQ
National Market System under the symbol "GRTS".
Item 7. Financial Statements and Exhibits.
(a) Not required.
(b) Not required.
(c) Exhibits:
Exhibit
Number Description
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20.1 News Release dated October 6, 1999 announcing the
stock repurchase program
SIGNATURE
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 hereunto duly authorized.
GART SPORTS COMPANY.
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(Registrant)
Date: October 12, 1999 By: /s/ THOMAS HENDRICKSON
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Thomas Hendrickson
Executive Vice President, Chief
Financial Officer and Treasurer
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Exhibit 20.1
CONTACT: Thomas T. Hendrickson Investor Relations:
Executive Vice President Naomi Rosenfeld/Carolyn Capaccio
Chief Financial Officer Michele Loguidice
Gart Sports Company Press: Stacy Berns/Stacy Roth
303/863-2204 Morgan-Walke Associates
212/850-5600
FOR IMMEDIATE RELEASE
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Gart Sports Announces Stock Repurchase Program
DENVER, Co, October 6, 1999 -- Gart Sports, Inc (Nasdaq: GRTS) announced today
that its Board of Directors has authorized a discretionary program to purchase
up to $3,000,000 dollars of its Common Stock. Subject to price and market
conditions, these purchases will be made from time to time in the open market or
in privately negotiated transactions using the Company's currently available
cash financing.
Doug Morton, Chairman of the Board, President and Chief Executive Officer,
commented, ``In view of the market's current valuation of Gart Sports' equity,
we have instituted this opportunistic share repurchase program which we believe
is in the best interest of our shareholders. Quarter to date, we are
experiencing solid comparable store sales gains and gross margin improvement
from continued operating efficiencies. The company expects to report
significantly improved earnings for Q3 99, but will still have a loss on a per
share basis. We continue to remain confident in Gart Sports' long-term growth
strategy and are pleased with the continuing improved trends in our business.''
The Company's common stock is listed on the Nasdaq Exchange under the ticker
symbol GRTS. As of July 31, 1999, the Company had 7,659,312 shares outstanding.
The Company's net book value as of July 31, 1999 was $8.53 per share.
Gart Sports is the second largest full-line sporting goods retailer in the U.S.
and the leading full-line sporting goods retailer West of the Mississippi River,
with 1998 revenues of approximately $658 million. The Company offers a
comprehensive high-quality assortment of brand name sporting apparel and
equipment at competitive prices, and operates 128 stores in 16 states under the
Gart Sports and Sportmart names.
Except for historical information contained herein, the statements in this
release are forward-looking and made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
involve known and unknown risks and uncertainties, which may cause actual
results, operations and business of Gart Sports to differ materially from
forecasted results, operations or business. Those risks include, among other
things, the competitive environment in the sporting goods industry in general
and in Gart Sports' specific market areas, inflation, changes in costs of goods
and services and economic conditions in general and in specific market areas.
Certain of these and other risks are more fully described in the Company's
filings with the Securities and Exchange Commission.
