SPENCER SPORTING GOODS

Exhibit 1

Balance Sheets as at December 31

(000 omitted)

1994 1995 1996 1997

Cash $ 36 $ 33 $ 25 $ 15
Accounts receivbable, net 402 624 898 1,196
Inventory 198 306 448 594
Total current assets 636 963 1,371 1,805
Fixed assets, net 57 63 66 75
Deferred charges 12 15 22 31
Other assets 33 37 51 59
Total assets 738 1,078 1,510 1,970

Notes payable, bank $ 24 $ 38 $ 40 $ 40

Accounts payable 246 505 872 1,277
Miscellaneous accruals 24 55 80 90
Total current liabilities 294 598 992 1,407
Capital stock 375 375 375 375
Retained earnings 69 105 143 188
Total liabilities and owners' equity 738 1,078 1,510 1,970

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 INCOME STATEMEN
Sales Change from Previous Year 49.13%
1994 % 1995 %
Net sales $ 2,412 ### $ 3,597 ###
Cost of goods sold 1,977 81.97% 2,988 83.07%
Gross profit 435 18.03% 609 16.93%
Operating, selling and administrative expense 334 13.85% 501 13.93%
Interest expense 2 0.08% 3 0.08%
Purchase discounts taken (15) -0.62% (24) -0.67%
Profit before taxes 114 4.73% 129 3.59%
Income taxes 48 42.11% Tax Rate 57 44.19% Tax Rate
Profit after taxes 66 2.74% 72 2.00%
Dividends paid 33 1.37% 36 1.00%

Purchases $ 2,190 90.80% $ 3,096 86.07%

BALANCE SHEET
1994 % 1995 %
Cash $ 36 1.49% $ 33 0.92%
Accounts receivbable, net 402 16.67% 624 17.35%
Inventory 198 8.21% 306 8.51%
Total current assets 636 26.37% 963 26.77%
Fixed assets, net 57 2.36% 63 1.75%
Deferred charges 12 0.50% 15 0.42%
Other assets 33 1.37% 37 1.03%
Total assets 738 30.60% 1,078 29.97%

Notes payable, bank $ 24 1.00% $ 38 1.06%

Accounts payable 246 10.20% 505 14.04%
Miscellaneous accruals 24 1.00% 55 1.53%
Total current liabilities 294 12.19% 598 16.62%
Capital stock 375 15.55% 375 10.43%
Retained earnings 69 2.86% 105 2.92%
Total liabilities and owners' equity 738 30.60% 1,078 29.97%

1994 1995
ROE 14.86% 15.00%
Profit Margin 2.74% 2.00%
Asset Turnover 3.27 3.34
Leverage 1.66 2.25
Retention Ratio 50.00% 50.00%
Days Payable Outstanding 41 60

4
E STATEMENT PRO
50.29% 33.13% 31.60% 27.60%
1996 % 1997 % 1998 % 1999 %
$ 5,406 ### $ 7,197 ### $ 9,471 100.00% $12,085 100.00%
4,536 83.91% 6,045 83.99% 7,962 84.07% 7,962 84.07%
870 16.09% 1,152 16.01% 1,509 15.93% 1,509 15.93%
753 13.93% 1,005 13.96% 1,325 13.99% 1,331 14.05%
3 0.06% 3 0.04% 2 0.02% 6 0.06%
(21) -0.39% (18) -0.25% Tax Rate (12) -0.13% (12) -0.13%
135 2.50% 162 2.25% 194 2.05% 185 1.95%
60 44.44% Tax Rate 72 44.44% 86 44.44% 82 44.44%
75 1.39% 90 1.25% 108 1.14% 103 1.08%
37 0.68% 45 0.63% 54 0.57% 51 0.54%

$ 4,678 86.53% $ 6,191 86.02% $ 8,088 85.40% $10,297 85.20%

ANCE SHEET PRO

1996 % 1997 % 1998 % 1999 %
$ 25 0.46% $ 15 0.21% $ 16 0.17% $ 11 0.12%
898 16.61% 1,196 16.62% 1,587 16.76% 1,595 16.84%
448 8.29% 594 8.25% 783 8.27% 759 8.01%
1,371 25.36% 1,805 25.08% 2,387 25.20% 2,365 19.57%
66 1.22% 75 1.04% 97 1.02% 95 1.00%
22 0.41% 31 0.43% 43 0.45% 45 0.47%
51 0.94% 59 0.82% 73 0.77% 72 0.76%
1,510 27.93% 1,970 27.37% 2,599 27.44% 2,576 21.32%

$ 40 0.74% $ 40 0.56% $ 40 0.42% $ 40 0.33%

872 16.13% 1,277 17.74% 1,729 18.25% 1,752 18.50%
80 1.48% 90 1.25% 115 1.21% 112 1.18%
992 18.35% 1,407 19.55% 1,883 19.88% 1,904 20.10%
375 6.94% 375 5.21% 375 3.96% 375 3.96%
143 2.65% 188 2.61% 242 2.55% 293 3.10%
1,510 27.93% 1,970 27.37% 2,500 26.40% 2,572 27.16%

1996 1997 1998 1999

14.48% 15.99% 17.49% 15.36%
1.39% 1.25% 1.14% 0.85%
3.58 3.65 3.64 4.69
2.92 3.50 4.21 3.86
50.67% 50.00% 50.00% 50.00%
68 75 78 62

4
PRO FORMA
24.94% 17.68% 9.50%
2000 % 2001 % 2002 %
$15,099 100.00% $17,769 100.00% $17,769 100.00%
7,970 84.15% 7,986 84.32% 8,003 84.50%
1,501 15.85% 1,485 15.68% 1,468 15.50%
1,336 14.11% 1,342 14.17% 1,345 14.20%
6 0.06% 8 0.08% 8 0.08%
(12) -0.13% (12) -0.13% (12) -0.13%
171 1.81% 148 1.56% 128 1.35%
76 44.44% 66 44.44% 57 44.44%
95 1.01% 82 0.87% 71 0.75%
48 0.50% 41 0.43% 36 0.38%

$12,839 85.03% $15,095 84.95% $15,086 84.90%

PRO FORMA
2000 % 2001 % 2002 %
$ 9 0.10% $ 7 0.07% $ 2 0.02%
1,608 16.98% 1,619 17.09% 1,630 17.21%
743 7.85% 710 7.50% 672 7.10%
2,361 15.64% 2,336 13.14% 2,304 12.97%
92 0.97% 87 0.92% 80 0.84%
46 0.49% 50 0.53% 54 0.57%
69 0.73% 65 0.69% 59 0.62%
2,569 17.01% 2,538 14.28% 2,497 14.05%

$ 40 0.26% $ 40 0.23% $ 40 0.23%

1,763 18.61% 1,776 18.75% 1,791 18.91%
109 1.15% 105 1.11% 102 1.08%
1,912 20.18% 1,921 20.28% 1,933 20.41%
375 3.96% 375 3.96% 375 3.96%
341 3.60% 382 4.03% 417 4.41%
2,627 27.74% 2,678 28.27% 2,726 28.78%

2000 2001 2002

13.31% 10.85% 8.96%
0.63% 0.46% 0.40%
5.88 7.00 7.12
3.59 3.35 3.15
50.00% 50.00% 50.00%
50 43 43