Amer reports changes in segment reporting
Amer Sports said it has revised its segment reporting and is in line with the company's current organization structure and management reporting. The redefined business segments are Salomon, Wilson, Precor, Atomic and Suunto. Additionally, Salomon has been divided into the following business areas: Winter Sports Equipment, Apparel and Footwear as well as Mavic. Wilson's business areas are Racquet Sports, Team Sports and Golf. Net sales figures will be reported for these business areas, Amer said. The Group's geographical segments will remain unchanged: the Americas, EMEA (Europe, Middle East and Africa) and Asia-Pacific (including Japan and Australia). Previously, Amer divided by category with, for example, Precor falling under its "fitness" division.
Bally receives waiver on filing report
On April 18, Bally Total Fitness (NYSE: BFT) said its creditors have waived the previously announced financial reporting default stemming from the company's failure to file an annual 10-K report K for fiscal 2005. The waiver gives Bally until July 10 to file the fiscal 2005 annual report and its 10-Q report for the quarter ended March 31, 2006. It also extends until Sept. 11 the reporting deadlines for the company's 10-Q for the quarter ending June 30.
Who ranks in Forbes' CEO compensation list?
It's good to be the king, or the CEO in the case of Forbes' ranking of the compensation packages among America's 500 biggest companies. Forbes reported that chief executives received an aggregate 6 percent pay raise in 2005 (as measured by a composite ranking of sales, profits, assets and market value), a paltry sum when compared to their 54 percent pay raise in 2004. In total, America's top executives earned a healthy $5.4 billion last year, Forbes said. Relating to the fitness industry, here's who made the list:
>> Mark Parker, CEO of Nike (NYSE: NKE), ranked No. 294 with a total 2005 compensation of $4.16 million. Parker, 50, has been with the company for 27 years but has held the CEO reins for less than six months. He ranks No. 7 in Forbes' household and personal products category.
>> Dustan McCoy, CEO of Brunswick (NYSE: BC), parent of Life Fitness, Hammer Strength and Parabody, ranked No. 346 with a total 2005 compensation of $3.28 million. McCoy, 57, has been with the company for seven years, but has held the CEO reins for less than six months. He ranks No. 12 in Forbes' consumer durables category.
>> Brenda Barnes, CEO of Sara Lee (NYSE: SLE), parent of Champion, which has an equipment licensing deal with Lamar Fitness, ranked No. 449 with a total 2005 compensation of $1.43 million. Barnes, 52, has been with the company for two years -- one year as CEO -- and ranks No. 23 within Forbes' food, drink and tobacco category.
>> Also, Aylin Lewis, CEO of Sears Holdings (Nasdaq: SHLD), ranked No. 335 with a total 2005 compensation of $3.42 million. James Sinegal, CEO of Costco (Nasdaq: COST), took the No. 290 slot with a 2005 compensation of $4.25 million and has made $13.16 million in compensation over the last five years.
Winmark files for $50 million shelf in notes, reports Q1 income
Winmark Corp. (Nasdaq: WINA), parent of Play It Again Sports, filed a request with regulators to sell up to $50 million in renewable unsecured subordinated notes. The company told the SEC it will use the net proceeds from the offering to grow its leasing portfolio, acquire business or assets, repurchase stock, and for general corporate purposes.
Additionally, Winmark released its net income results for the 2006 first quarter: $1,113,300, or $0.18 per share diluted, compared to $699,900, or $0.11 per share diluted, in 2005. Revenue for the quarter was $6.96 million compared to $7.14 million the year before.
John Morgan, chairman and CEO, said in a statement, "The first quarter was very good due to the performance of our franchisees and a $360,000 non-operating gain included in interest and other income. Leasing continues to grow at acceptable levels, but the key to our first quarter was solid performance from our franchising businesses."
As of April 1, there were 395 Play It Again Sports in operation, Winmark said.
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