Sport Supply Group Amends Revolving Credit Facility To Repurchase Up To $15.0 Million of Outstanding Convertible Subordinated De
02 August 2008 - 2:50AM
Business Wire
Sport Supply Group, Inc. (NASDAQ: RBI) announced today that it
amended its revolving credit agreement to permit the repurchase of
up to $15.0 million of its senior subordinated convertible bonds
due November 2009. The Board of Directors has authorized management
to repurchase the bonds at levels management deems appropriate
should the bonds become available for sale on the open market. To
date, approximately $1.5 million of the bonds have been repurchased
by the Company, leaving approximately $48.5 million outstanding.
Adam Blumenfeld, Chairman and CEO stated: �During Fiscal 2008
(ended June 30, 2008), Sport Supply Group produced cash flow from
operations totaling approximately $23.0 million (unaudited),
leaving the Company with cash on-hand of more than $20.0 million as
of June 30, 2008, and nothing drawn against its existing credit
facility. This operating strength and associated balance sheet
strength has put Sport Supply Group in position to consider the
early retirement of our bonds should the opportunity arise. The
strength of our balance sheet and credit facility puts the Company
in prime position to react quickly to other opportunities as well,
including repurchasing common shares and/or pursuing acquisition
targets. We see this financial flexibility as a considerable
advantage in our marketplace and intend to use it appropriately as
conditions merit.� Sport Supply Group Inc. is the nation's leading
marketer, manufacturer and distributor of sporting goods and
branded team uniforms to the institutional and team sports market.
The Company markets via 3 million direct catalogs, a 40 person
telesales team, 160 direct sales professionals, and a family of
company-controlled websites. This press release contains
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include statements relating to Sport Supply Group's
anticipated financial performance, business prospects, new
developments and similar matters, and/or statements preceded by,
followed by or that include the words "believes," "could,"
"expects," "anticipates," "estimates," "intends," "plans," or
similar expressions. These forward-looking statements are based on
management's current expectations and assumptions, which are
inherently subject to uncertainties, risks and changes in
circumstances that are difficult to predict. Actual results may
differ materially from those suggested by the forward-looking
statements due to a variety of factors, including changes in
business, political, and economic conditions due to the threat of
future terrorist activity or otherwise, actions and initiatives by
current and potential competitors, and certain other additional
factors described in Sport Supply Group's filings with the
Securities and Exchange Commission. Other unknown or unpredictable
factors also could have material adverse effects on Sport Supply
Group's future results, performance or achievements. In light of
these risks, uncertainties, assumptions and factors, the
forward-looking events discussed in this press release may not
occur. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date stated,
or if no date is stated, as of the date of this press release.
Sport Supply Group is not under any obligation and does not intend
to make publicly available any update or other revisions to any of
the forward-looking statements contained in this press release to
reflect circumstances existing after the date of this press release
or to reflect the occurrence of future events even if experience or
future events make it clear that any expected results expressed or
implied by those forward-looking statements will not be realized.
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