Forzani gets OK for share repurchase
The Forzani Group (TSX: FGL), Canada’s largest national retailer of sporting goods, said the Toronto Stock Exchange has accepted its application to purchase outstanding Class A common shares. All purchases will be made through the facilities of the TSX from March 28, 2008, to March 27, 2009.
As of March 24, there were more than 32.9 million common shares outstanding. The number of shares to be purchased will not exceed 2.6 million — about 10 percent of the public float of the company.
The company said the repurchase plan was put in place because it believes the common shares are undervalued in the market and are a good investment for the company at current and recent prices. All common shares purchased through the repurchase will be returned to treasury for cancellation.
Easton-Bell Sports posts 13.4-percent sales increase in FY ’07
Easton-Bell Sports, parent of Bell Fitness, reported a 13.4-percent increase in net sales for FY ’07 compared to the previous year.
Net sales were $724.6 million in 2007 compared to $639.0 million in 2006. The company said the increase was primarily attributable to the inclusion of Easton Sports Inc. for a full fiscal year in 2007, as compared to 2006, which only included it from the date of acquisition on March 16, 2006.
Easton represented $67.9 million of the increase in net sales in 2007.
The net sales for the company’s action sports segment, consisting primarily of cycling, snow sports, powersports and fitness related products, increased $16.9 million, or 5.8 percent, as compared to 2006. The net sales for its team sports segment increased $68.7 million, or 19.8 percent, as compared to 2006.
The company’s net income for fiscal year 2007 was $14.5 million versus the $5.9 million loss it reported in 2006. Adjusted EBITDA for fiscal year 2007 was $96.9 million.
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