Hibbett Sports 2005 Annual Report Download - page 13

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fiscal 2005 and our fourth quarter margin reaching
12%, we believe the message is definitely
getting through.
From a balance sheet perspective, we
ended the year strong with $58
million in cash and no debt, the
third year in a row we have
finished debt-free. We also
spent approximately $19 million
through our stock repurchase
authorization to acquire over
845,000 shares of stock in fiscal
2005. Our capital structure is a
competitive advantage for us in
executing our new store growth
plans. During fiscal 2005, we
were able to fund capital
expenditures of over $12
million through cash flow and
expect to fund an additional $15 million of
capital expenditures in fiscal 2006. As we
continue to generate more cash from operations,
we will explore strategic options for utilizing
that cash.
We have improved in many areas over the
last year, and I promise you we will be striving to
improve in all areas again this year. Hibbett’s
outlook for fiscal 2006 and beyond is indeed an
optimistic one. We will continue
to focus in small underserved
markets and stay tight
geographically. Our major goals
for fiscal 2006 are a minimum 15%
store growth and 20% earnings
growth. Over a seven-year period,
we have averaged better than a
20% increase in earnings. We
look forward to continuing that
record in fiscal 2006.
Thank you for your continued
support and investment in
Hibbett Sporting Goods.
HIBBETT SPORTING GOODS 2005
Sincerely,
Mickey Newsome
Chairman of the Board, President and
Chief Executive Officer
11