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WEST HARTFORD — Shares of Sport Supply Group Inc. fell Friday as an analyst said a decline in the uniform and gear manufacturer's catalog revenue was worse than he expected even as fourth-quarter profit rose.
Analyst Reed Anderson of D.A. Davidson and Co. said the Dallas company's catalog business has a larger concentration of capital equipment, such as goal posts and bleachers, which are usually deferred during a recession.
He maintained his fiscal 2010 estimate of 91 cents per share, saying Sport Supply Group's earnings are weighted more to the second half of the year. He raised his price target to $13, from $11.
Kristine Koerber, an analyst at JMP Securities, increased her price target for Sport Supply Group to $12 from $10 and raised her fiscal 2010 profit estimate to 94 cents per share from 90 cents. She introduced a 2011 earnings estimate of $1.09 per share.
Koerber said it is "well-positioned to take advantage of market share opportunities" through additional acquisitions or shifts in the industry that reinforce its position as a market leader.
The company said Thursday it earned nearly $2.3 million, or 18 cents per share, up from $1.8 million, or 15 cents per share, during the quarter that ended June 30. Sales fell 2.2 percent, to $59.7 million, from $61.1 million a year ago.
Shares fell 53 cents, or 4.9 percent, to $10.31 in afternoon trading.
