Dick's Sports IPO followed by record 3rd Q sales

Following an October IPO, Dick’s Sporting Goods Inc. (NYSE: DKS) has reported record sales and net income results for its third quarter, ended Nov. 2. In its first reporting period since its initial public offering, the company announced pro forma net income for the quarter of $2.9 million, or $0.13 per diluted share, compared to pro forma net income of $1.8 million, or $0.08 per diluted share, in the prior year. For the 39 weeks ended Nov. 2, sales were $877.4 million, an increase of $143.3 million, or 20 percent over the same period in the prior year, and included a comparable sales increase of 5.2 percent. In the third quarter of fiscal 2002, the company completed an initial public offering of 8,381,320 shares of common stock, of which 2,772,000 were sold by the company and 5,609,320 were sold by selling stockholders. The company received net proceeds of $27.9 million, which were used to repay outstanding borrowings under the revolving credit facility. Dick’s announced it now expects to achieve a comparable store sales increase of approximately 2.0 percent in the fourth quarter of 2002. For details: www.dickssportinggoods.com