Sport Supply Group Inc. reported net income of $922 million for the second quarter, a 12.4% decrease from $1.1 billion the last year.
Management attributed this in part to a one-time gain from the early retirement of 5.75% notes that occurred in Fiscal 2009.
The institutional sporting goods direct marketer posted net sales of $55.5 million for the second quarter, a 4.4% increase over $53.1 million in prior year.
“We are pleased to report solid results in the second fiscal quarter ended December 31, 2009,” said Adam Blumenfeld, CEO, in a statement. “It was another strong performance, led by 10.5% top line growth from our road sales group, which was slightly offset by a 1.8% decrease in our catalog group; gross margin expansion across the operating platform, and a continued focus on managing working capital and preserving cash.”
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