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Johnson Outdoors amends financing agreements
Johnson Outdoors (Nasdaq: JOUT) said it has amended the company’s credit agreements and, as a result, expects to reduce 2011 borrowing costs by more than 15 percent compared to last year.
The highlights of the amended agreements include: an extension of the debt agreements through November 2014 versus previous termination in September 2012; elimination of the LIBOR floor; an option for an additional $25 million in financing availability under the existing conditions of the agreements; and relaxed terms regarding permitted acquisitions.
The parent of Old Town, Ocean Kayak, Necky, Eureka and others will report full-year results on Dec. 3.
Q3 profit for Hibbett jumps 43 percent
Hibbett Sports (Nasdaq: HIBB) said its third-quarter profit jumped 43 percent, as the company experienced another quarter of double-digit growth in comparable-store revenue.
Net income was $12.6 million, or $0.44 per share, in the three months that ended Oct. 30, up from $8.8 million, or $0.30 per share, a year ago.
Revenue rose nearly 15 percent to $167.4 million, up from $145.9 million a year ago. In the third quarter, Hibbett said revenue from stores open at least a year increased 12.5 percent.
The company also said goods sold, distribution center and store occupancy costs climbed 13 percent in the third quarter to $108.4 million.
Looking ahead, Hibbett said it now expects earnings per share to range between $1.63 and $1.66. That’s up from the range of $1.45 to $1.55 per share it forecast in August.
–Compiled by Wendy Geister
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