Outdoor financials: Outdoor Channel appoints executive vice president, plus Hibbett Sports

Outdoor Channel Holdings appoints executive vice president/CFO and Analyst projects high performance for Hibbett Sports.
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Outdoor Channel Holdings appoints executive vice president/CFO

Outdoor Channel Holdings, Inc. (Nasdaq: OUTD) announced July 1 that Tom Allen has been appointed executive vice president and CFO. Allen’s employment will begin on July 16, and he will report to Roger Werner, president and CEO of Outdoor Channel Holdings.

“We are very pleased to welcome Tom to Outdoor Channel's executive management team,” said Roger Werner, president and chief executive officer of Outdoor Channel Holdings, in a statement. “We believe Tom will be a tremendous asset to Outdoor Channel given his wealth of financial management expertise and media industry experience. We look forward to working with Tom in strengthening our financial resources and helping shape and execute our strategic plan.”

Allen co-founded ACME Communications, Inc., where he has served as executive vice president and CFO from its inception in 1997. He will continue to serve on ACME's board of directors. From 1993 to 1996, Allen was the COO for U.S. operations and CFO for Virgin Interactive Entertainment. Before that he served as the initial CFO for Fox Broadcasting Company from 1986 to 1993.

Analyst projects high performance for Hibbett Sports

Zacks Equity Research said in a July 6 statement the firm was maintaining its “outperform” recommendation on Hibbett Sports (Nasdaq: HIBB), noting it anticipates the company will “perform well above the market” due to its “sharp focus towards mid-sized and smaller markets and strategic mix of branded as well as localized merchandise provide an edge over its rivals.”

Zacks analysts added, “The company easily surpassed the Zacks Consensus Estimate in the first quarter of fiscal 2011 and boosted its guidance. Hibbett's management is also committed towards expanding the store network in fiscal 2011.”

In addition the firm said Hibbett Sports’ “debt-free balance sheet and full availability under credit facilities bode well for future operating performance. Our target price of $29.00 reflects our positive view on Hibbett Sports.”

--Compiled by Marcus Woolf

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