Fitness: Did you hear?…
President Active Lifestyle Awards launched, Achillex winter of Dupont BrandNew award, Jolie World launches company, Sports Club reports filing irregularities, Sports Authority sales dip, O'Keefe to run a marathon a day, Dick's reports income increase, Gart Sports income up...
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>> Physi-Cal, the maker of the Mio heart-rate monitor and so-called “lifestyle watches,” has hired Mardy Grossman for its newly created position of vice president of sales. Grossman has held executive positions with Kraft and Norske. At Mio she will direct continued sales growth.
>> The newly re-created President’s Council on Physical Fitness has launched Presidential Active Lifestyle Awards. The awards are designed to be part of a motivational program to get both youth and adults physically active and recognizing them for achievements. Adults can earn an award by completing at least 30 minutes of physical activity of any kind, or logging 10,000 steps on a pedometer, five days a week for six weeks. Kids need double that amount for an award. For more information or to download an activity log, go to www.presidentschallenge.org or www.fitness.gov.
>> Overall winner of this summer’s ispo Dupont BrandNew competition is a German company that makes an electronic foot sensor system that helps shoe purchasers and salespeople determine the best running shoe. Achillex by Xybermind was founded in 2003; its system compares data from the running shoe being tried with the customer’s foot and profile. The project is the results of research from the University of Tuebingen in Southern Germany. The competition this year — for young entrepreneurial companies — drew 126 applications from 19 countries, with 39 percent of the applicants from Germany and 26 percent from the United States. Other winners include an Italian company, Infinito Chamois, which makes cycling shorts, and Dampire of the United Kingdom, which makes a drying bag for footwear that doesn’t need electricity.
>> Jolie World, a startup company with offices in Richmond, Calif., has launched this month a weight that attaches to the laces of a user’s shoes. Founder Jodie Harrington came up with the idea when she wore ankle weights to walk her dogs and didn’t find them comfortable. The shoe weights are one pound each with an additional two pound model in various colors coming too, said Spokeswoman Kelly Duffy. Harrington has patents on the design. The company currently sells on its website (www.jolieweights.com) but will introduce the shoe weights at retail later this year.
>> The Sports Club Company Inc. (AMEX: SCY) has announced that the company has not completed its first quarter financial statements or made its required filing with the Securities and Exchange Commission, and that it will restate its financial statements for prior periods. During the course of its review of the company’s first quarter results, the company’s independent accountants informed the Audit Committee that the company had not been accounting for private training revenues in accordance with generally accepted accounting principles. The change in accounting treatment for private training revenues does not represent any change in cash flows provided from operating activities nor result in any decrease in the company’s total revenues over time; rather, the change affects the periods in which such revenue is being recognized. To reflect these adjustments, the company will restate its previously issued financial statements. The restatement may also include certain other adjustments that the company does not believe are material. The company is in the process of quantifying these amounts and expects to complete this work and file its statements with the Securities and Exchange Commission as soon as possible. The Sports Club Company, based in Los Angeles, Calif., owns and operates The Sports Club/LA luxury clubs.
>> The Sports Authority Inc. (NYSE:TSA) has reported net income of $0.5 million or $0.01 per diluted share for the first quarter ended May 3, 2003, versus $1.7 million or $0.05 per diluted share for the first quarter of the prior year. Sales for the first quarter were $339.1 million versus $353.5 million for the first quarter of the prior year. Comparable store sales decreased by 5.7 percent due to extreme weather patterns throughout the period, compounded by a soft economy and the effect of the war in Iraq. Marty Hanaka, chairman and CEO, commented, “While the first quarter sales environment was extremely challenging, all other facets of our business were very well controlled…. I believe this serves as a healthy and solid foundation for our pending merger with Gart Sports, which is expected to close during July.”
>> Want to join him? Veteran marathon runner Mel O’Keefe will embark on an extended journey when he runs the Suzuki Rock ‘n’ Roll Marathon in San Diego, Calif., on June 1 — then just keeps on running … all the way to the southwest and the finish line of the P.F. Chang’s Rock ‘n’ Roll Arizona Marathon in Arizona. O’Keefe plans to run a marathon a day, nearly 466 miles in all, as he covers the distance in approximately 18 days. O’Keefe, 44, is taking on the Forest Gump-like challenge in an effort to raise funds for The Leukemia & Lymphoma Society. “When I was asked if I’d be interested in running from San Diego to Arizona to raise awareness and money for The Leukemia & Lymphoma Society,” O’Keefe said, “it didn’t take me long to realize this was the next level of my growth as a human being. Will it be easy? Heck, no. But every time I want to quit I’ll think of those children and the motto we runners have — if you think running is tough, try chemotherapy.” For details: www.ontourforacure.com.
>> Dick’s Sporting Goods Inc. (NYSE: DKS) has reported sales and earnings results for the first quarter ended May 3, 2003, with comparable store sales decreasing 0.9 percent. Net income for the first quarter ended May 3, 2003, increased 41 percent to $6.7 million, and increased 17 percent to $0.28 per diluted share, compared to $4.7 million or $0.24 per diluted share, respectively, for the quarter ended May 4, 2002. Earnings per share increased at a lower percentage than net income due to more shares being outstanding this year as a result of the company’s IPO last October. For the quarter, total sales increased 10 percent to $304.7 million. Net income for the first quarter increased 37 percent to $6.7 million.
>> Gart Sports Company (NASDAQ: GRTS) announced results for its first quarter ended May 3, 2003, with first quarter net income increasing to $4.2 million, or $0.34 per fully diluted share, including a net gain of approximately $0.16 associated with non-recurring events and a related tax benefit. Total sales for the 13 weeks ended May 3 were $228.4 million compared with $245 million in the prior year’s first quarter, a decrease of 6.8 percent. First quarter comparable store sales decreased 8.8 percent from last year.
>> Paul Toback has been appointed chairman of the board of directors of Bally Total Fitness Holding Corp. (NYSE: BFT), effective immediately. He adds that position to his recent step to president and CEO. Toback joined Bally Total Fitness in 1997 as vice president of corporate development and was named senior vice president, corporate development in 1998.