[Preston Gates & Ellis LLP Letterhead]
April 20, 2005
H.
Christopher Owings, Assistant Director
Securities and Exchange Commission
Mail Stop 0308
450 Fifth Street N.W.
Washington, D.C. 20549
Dear Mr. Owings:
On behalf of our client, Zumiez Inc. (the "Company"), we are hereby submitting Amendment No. 2 to the above-referenced Registration Statement on Form S-1 ("Amendment No. 2") for filing under the Securities Act of 1933, as amended (the "Act"). Amendment No. 2 is marked to show revisions from the first amendment to Form S-1 filed on March 30, 2005 ("Amendment No. 1") and reflects revisions made in response to the comments of the staff (the "Staff") of the Division of Corporation Finance of the Securities and Exchange Commission (the "Commission") in your comment letter dated April 12, 2005 (the "Comment Letter") addressed to Brenda I. Morris, Chief Financial Officer of the Company.
We are also furnishing supplementally certain information requested in the Comment Letter. Below we have reprinted each of the Staff's comments in bold and thereunder set forth our related response. Capitalized terms used herein have the same meanings as set forth in Amendment No. 2. Except with respect to page numbers originally referenced in your Comment Letter or unless otherwise noted, all page number references herein relate to pages in the prospectus contained within Amendment No. 2 (the "Prospectus").
We have been authorized by the Company to deliver its responses to the Staff's comments set forth below. All responses pertaining to the Company set forth in this letter were prepared by the Company in consultation with Preston Gates & Ellis LLP.
General
RESPONSE: As stated in the Company's previous response letter, immediately prior to the initial public offering, Zumiez Holdings will distribute the shares of the Company's common stock that it holds to Mr. Campion, Mr. Brooks, Mr. Haakenson and Brentwood-Zumiez Investors, LLC (collectively, the "Transfer Recipients"), pursuant to the terms of the Zumiez Holdings LLC Agreement. The shares that will be transferred by Zumiez Holdings prior to the initial public offering were acquired by Zumiez Holdings in 2002 and will be transferred to such persons under the terms of the Holdings LLC Agreement for no consideration. The term "sale" is defined in Section 2(3) of the Act as a disposition for "value." The transfer of the Company's common stock held by Zumiez Holdings to the Transfer Recipients pursuant to the terms of the Zumiez Holdings LLC Agreement will not constitute a disposition of securities for value since such recipients will merely receive in such transfer that which they already indirectly and beneficially own (i.e., the assets of Zumiez Holdings LLC). Neither Zumiez Holdings LLC nor the Company will receive any consideration or other value in connection with the transfer. The distribution will not involve an "offer to sell" or a "sale" of such common stock within the meaning of Sections 2(3) or 5 of the Act, and, therefore, the
registration of such common stock under the Act in connection with the distribution is not required.
RESPONSE: This will confirm that the the December 1, 2004 press release by Teenage Research Unlimited is publicly available. The Teenage Research Unlimited press release is available on the Internet at http://www.teenresearch.com/PRview.cfm?edit_id=287. We supplementally advise the Staff that the Prospectus has been revised to update the data taken from the 2004 Sports Participation Topline Report by SGMA International, which was previously provided to the Staff, with data taken from the 2005 Sports Participation Topline Report by SGMA International. Please see page 40 of the Prospectus for the updated data. This will confirm that the 2005 Sports Participation Topline Report is publicly available on the Internet at http://www.sgma.com/reports/data/2005/p28b-05.pdf. A copy of the 2005 Sports Participation Topline Report is provided herewith (the report is attached hereto as Exhibit A). We have also provided herewith a copy of the consent of Board-Trac, Inc. to the use of the data contained in their 2003 Size of the Market Report, which is not publicly available, in the Prospectus (the consent is attached hereto as Exhibit B to this letter).
Certain Terms Used in this Prospectus, page ii
RESPONSE: The Prospectus has been revised to reflect the Staff's comments.
Use of Proceeds, page 20
RESPONSE: The Prospectus has been revised to reflect the Staff's comments. Please see page 20 of the Prospectus.
Management's Discussion and Analysis General, page 26
General, page 26
RESPONSE: The Prospectus has been revised to reflect the Staff's comments. Please see page 28 of the Prospectus.
Management, page 46
RESPONSE: The Prospectus has been revised to reflect the Staff's comments. Please see page 47 of the Prospectus.
2
Certain Relationship and Related Transactions, page 58
RESPONSE: We hereby advise the Staff that the Limited Liability Company Agreement of Zumiez Holdings LLC has been filed with Amendment No. 2 as Exhibit 10.10 to the Registration Statement on Form S-1.
Underwriting, page 68
RESPONSE: The Prospectus has been revised to reflect the Staff's comments. Please see page 69 of the Prospectus.
RESPONSE: The managing underwriters have advised the Company that to date they have not emailed any electronic copies of the preliminary prospectus to prospective investors. The managing underwriters have further advised the Company that they have decided not to deliver electronic copies of the preliminary prospectus to prospective investors by email. In addition, the managing underwriters have advised the Company that, if there is an underwriting syndicate, then, at the time the managing underwriters send out invitations to participate in the offering to potential syndicate members, those potential syndicate members that are invited must accept the invitation on the basis that they will not email an electronic copy of the preliminary prospectus to prospective investors.
RESPONSE: The managing underwriters have advised the Company that Piper Jaffray & Co., one of the managing underwriters, will arrange with NetRoadshow to conduct an internet roadshow.
RESPONSE: The Prospectus has been revised to reflect the Staff's comments with respect to the lock-up restrictions. Please see page 72 and page 73 of the Prospectus. This will confirm that there are no contractual commitments under the directed share program giving officers, directors or five percent holders of the Company's common stock the right to acquire beneficial ownership of common stock.
3
Financial Statements
Notes to Financial Statements
General
RESPONSE: The Prospectus has been revised to reflect the Staff's comments. Please see the disclosure in Note 2 to our financial statements on page F-10 of the Prospectus, which reflects the principal product categories that the Company's management reviews on a daily, weekly and monthly basis in connection with the preparation of its general purpose financial statements. Specifically, the Company has grouped its product line information by the following categories: "Men's"; "Women's"; and "Accessories and Other." We note that the Men's category includes men's apparel, the Women's category includes women's apparel, and the Accessories and Other category includes all other merchandise (e.g., hardgoods, accessories, footwear, etc.). These are the primary categories reported to management for the purposes of managing the business. As noted in the previous response letter, the Company carries a substantial number of actual product lines. Based on trends, seasonality, and other variables, management does from time to time review detailed data from various product lines within the above-referenced product categories. However, such detailed data is ultimately reviewed and assessed on an aggregated basis across the product categories listed above. The Company believes that it would be impracticable to report revenue disclosures at a more detailed level than the product categories listed above and that such information would not provide investors with meaningful insight into the Company's results of operations. The Company believes that its product category grouping is consistent with the manner in which many of the Company's peers in the retail industry report revenues. The Company believes that the foregoing product categories are consistent with the requirements of paragraph 37 of SFAS 131.
2. Summary of Significant Accounting Policies, page F-8
Revenue Recognition, page F-10
RESPONSE: This will confirm that although the Company is legally entitled to assess a gift card dormancy fee, but the Company has not historically charged such fees. The Prospectus has been revised to clarify this matter. Please see page F-10 of the Prospectus.
4
Exhibit 5.1 Legal Opinion
RESPONSE: This will confirm that the reference and limitation to "Washington General Corporation Law" in the legal opinion contained in Exhibit 5.1 to the Company's registration statement include the statutory provisions and also all applicable provisions of the Washington Constitution and reported judicial decisions interpreting such laws.
We hope that the foregoing and the filing of Amendment No. 2 adequately address the concerns of the Staff regarding Amendment No. 1. Please call either myself or, in my absence, Chris K. Visser, both of us can be reached at (206) 623-7580, if you have any questions or further comments with respect to the foregoing.
Very truly yours, | |||
Preston Gates & Ellis LLP |
|||
By: |
/s/ GARY J. KOCHER Gary J. Kocher |
Richard
M. Brooks
Brenda I. Morris
Zumiez Inc.
6300 Merrill Creek Parkway
Suite B
Everett, WA 98203
Chris
K. Visser, Esq.
Preston Gates & Ellis LLP
925 Fourth Avenue
Suite 2900
Seattle, WA 98104
Eric
S. Haueter, Esq.
Sidley Austin Brown & Wood LLP
555 California Street
San Francisco, CA 94104
5
Exhibit A
The SGMA Report:
Sports
Participation
Topline Report
2005 Edition
Statistical Highlights from
the Superstudy® of
Sports Participation
SGMA SPORTS PARTICIPATION TRENDS
U.S. Population, 6 years of age or older, at least once per year (thousands)
Released April 2005
|
1987 Benchmark |
1990 |
1993 |
1998 |
2000 |
2002 |
2003 |
2004 |
1 Year % Change (2003-2004) |
6 Year % Change (1998-2004) |
17 Year % Change (1987-2004) |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fitness Activities | |||||||||||||||||||||||
Aerobics (High Impact) | 13,961 | 12,359 | 10,356 | 7,460 | 5,581 | 5,423 | 5,875 | 5,521 | -6.0 | % | -26.0 | % | -60.0 | % | |||||||||
Aerobics (Low Impact) | 11,888 | 15,950 | 13,418 | 12,774 | 9,752 | 9,286 | 8,813 | 8,493 | -3.6 | % | -33.5 | % | -28.6 | % | |||||||||
Aerobics (Step) | n.a. | n.a. | 11,502 | 10,784 | 8,963 | 8,336 | 8,457 | 8,257 | -2.4 | % | -23.4 | % | -28.2 | %[2] | |||||||||
Aerobics (Net) | 21,225 | 23,015 | 24,839 | 21,017 | 17,326 | 16,046 | 16,451 | 15,767 | -4.2 | % | -25.0 | % | -25.7 | % | |||||||||
Other Exercise to Music | n.a. | n.a. | n.a. | 13,846 | 12,337 | 13,540 | 14,159 | 16,365 | +15.8 | % | +18.2 | % | n.a. | ||||||||||
Aquatic Exercise | n.a. | n.a. | n.a. | 6,685 | 6,367 | 6,995 | 7,141 | 5,812 | -18.6 | % | -13.1 | % | n.a. | ||||||||||
Calisthenics | n.a. | n.a. | n.a. | 30,982 | 27,790 | 26,862 | 28,007 | 25,562 | -8.7 | % | -17.5 | % | n.a. | ||||||||||
Cardio Kickboxing | n.a. | n.a. | n.a. | n.a. | 7,163 | 5,940 | 5,489 | 4,773 | -14 | % | n.a. | -33.4 | %[5] | ||||||||||
Fitness Bicycling | n.a. | n.a. | n.a. | 13,556 | 11,435 | 11,153 | 12,048 | 10,210 | -15.3 | % | -24.7 | % | n.a. | [1] | |||||||||
Fitness Walking | 27,164 | 37,384 | 36,325 | 36,395 | 36,207 | 37,981 | 37,945 | 40,299 | +6.2 | % | +10.7 | % | +48.4 | % | |||||||||
Running/Jogging | 37,136 | 35,722 | 34,057 | 34,962 | 33,680 | 35,866 | 36,152 | 37,310 | +3.2 | % | +6.7 | % | 0.0 | % | |||||||||
Fitness Swimming | 16,912 | 18,045 | 17,485 | 15,258 | 14,060 | 14,542 | 15,899 | 15,636 | -1.6 | % | +2.5 | % | -7.5 | % | |||||||||
Pilates Training | n.a. | n.a. | n.a. | n.a. | 1,739 | 4,671 | 9,469 | 10,541 | +11.3 | % | n.a. | +506.2 | %[5] | ||||||||||
Stretching | n.a. | n.a. | n.a. | 35,114 | 36,408 | 38,367 | 42,096 | 40,799 | -3.1 | % | +16.2 | % | n.a. | ||||||||||
Yoga/Tai Chi | n.a. | n.a. | n.a. | 5,708 | 7,400 | 11,106 | 13,371 | 12,414 | -7.1 | % | +117.5 | % | n.a. | ||||||||||
Equipment Exercise |
|||||||||||||||||||||||
Barbells | n.a. | n.a. | n.a. | 21,263 | 21,972 | 24,812 | 25,645 | 24,103 | -6.0 | % | +13.4 | % | n.a. | ||||||||||
Dumbells | n.a. | n.a. | n.a. | 23,414 | 25,241 | 28,933 | 30,549 | 31,415 | +2.8 | % | +34.2 | % | n.a. | ||||||||||
Hand Weights | n.a. | n.a. | n.a. | 23,325 | 27,086 | 28,453 | 29,720 | 30,143 | +1.4 | % | +29.3 | % | n.a. | ||||||||||
Free Weights (Net) | 22,553 | 26,728 | 28,564 | 41,266 | 44,499 | 48,261 | 51,567 | 52,056 | +1.0 | % | +26.2 | % | +130.8 | % | |||||||||
Weight/Resistance Machines | 15,261 | 16,776 | 19,446 | 22,519 | 25,182 | 27,848 | 29,996 | 30,903 | +3.0 | % | +37.2 | % | +102.5 | % | |||||||||
Home Gym Exercise | 3,905 | 4,748 | 6,258 | 7,577 | 8,103 | 8,924 | 9,260 | 9,347 | +1.0 | % | +23.4 | % | +139.4 | % | |||||||||
Abdominal Machine/Device | n.a. | n.a. | n.a. | 16,534 | 18,119 | 17,370 | 17,364 | 17,440 | 0.0 | % | +5.5 | % | n.a. | ||||||||||
Rowing Machine Exercise | 14,481 | 14,639 | 11,263 | 7,485 | 6,229 | 7,092 | 6,484 | 7,303 | +12.6 | % | -2.4 | % | -49.6 | % | |||||||||
Stationary Cycling (Upright Bike) | n.a. | n.a. | n.a. | 20,744 | 17,894 | 17,403 | 17,488 | 17,889 | +2.3 | % | -13.8 | % | n.a. | ||||||||||
Stationary Cycling (Spinning) | n.a. | n.a. | n.a. | 6,776 | 5,431 | 6,135 | 6,462 | 6,777 | +4.9 | % | 0.0 | % | n.a. | ||||||||||
Stationary Cycling (Recumbent Bike) | n.a. | n.a. | n.a. | 6,773 | 8,947 | 10,217 | 10,683 | 11,227 | +5.1 | % | +65.8 | % | n.a. | ||||||||||
Stationary Cycling (Net) | 30,765 | 39,823 | 35,975 | 30,791 | 28,795 | 29,083 | 30,952 | 31,431 | +1.6 | % | +2.1 | % | +2.2 | % | |||||||||
Treadmill Exercise | 4,396 | 11,484 | 19,685 | 37,073 | 40,816 | 43,431 | 45,572 | 47,463 | +4.2 | % | +28.0 | % | +979.7 | % | |||||||||
Stair-Climbing Machine Exercise | 2,121 | 13,498 | 22,494 | 18,609 | 15,828 | 14,251 | 14,321 | 13,300 | -7.1 | % | -28.5 | % | +527.1 | % | |||||||||
Aerobic Rider | n.a. | n.a. | n.a. | 5,868 | 3,817 | 3,654 | 2,955 | 2,468 | -16.5 | % | -58.0 | % | n.a. | ||||||||||
Elliptical Motion Trainer | n.a. | n.a. | n.a. | 3,863 | 6,176 | 10,695 | 13,415 | 15,678 | +16.9 | % | +305.9 | % | n.a. | ||||||||||
Cross-Country Ski Machine Exercise | n.a. | n.a. | 9,792 | 6,870 | 5,444 | 5,074 | 4,744 | 4,155 | -12.4 | % | -39.5 | % | -35.0 | %[1] | |||||||||
Team Sports |
|||||||||||||||||||||||
Baseball | 15,098 | 15,454 | 15,586 | 12,318 | 10,881 | 10,402 | 10,885 | 9,694 | -10.9 | % | -21.3 | % | -35.8 | % | |||||||||
Basketball | 35,737 | 39,808 | 42,138 | 42,417 | 37,552 | 36,584 | 35,439 | 34,223 | -3.4 | % | -19.3 | % | -4.2 | % | |||||||||
Cheerleading | n.a. | n.a. | 3,257 | 3,266 | 3,377 | 3,596 | 3,574 | 4,131 | +15.6 | % | +26.5 | % | +35.9 | %[1] | |||||||||
Ice Hockey | 2,393 | 2,762 | 3,204 | 2,915 | 2,761 | 2,612 | 2,789 | 1,998 | -28.4 | % | -31.5 | % | -16.5 | % | |||||||||
Field Hockey | n.a. | n.a. | n.a. | 1,375 | 1,349 | 1,096 | n.a. | n.a. | n.a. | n.a. | n.a. | ||||||||||||
Football (Touch) | 20,292 | 20,894 | 21,241 | 17,382 | 15,456 | 14,903 | 14,119 | 12,993 | -8.0 | % | -25.2 | % | -35.9 | % | |||||||||
Football (Tackle) | n.a. | n.a. | n.a. | n.a. | 5,673 | 5,783 | 5,751 | 5,440 | -5.4 | % | n.a. | -4.1 | %[5] | ||||||||||
Football (Net) | n.a. | n.a. | n.a. | n.a. | 18,285 | 18,703 | 17,958 | 16,436 | -8.5 | % | n.a. | -10.1 | %[5] | ||||||||||
Lacrosse | n.a. | n.a. | n.a. | 926 | 751 | 921 | 1,132 | 914 | -19.3 | % | -1.3 | % | n.a. | ||||||||||
2
Rugby | n.a. | n.a. | n.a. | 546 | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | [4] | |||||||||||
Soccer (Indoor) | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 4,563 | 4,349 | -4.7 | % | n.a. | n.a. | [4] | ||||||||||
Soccer (Outdoor) | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 16,133 | 14,608 | -9.5 | % | n.a. | n.a. | |||||||||||
Soccer (Net) | 15,388 | 15,945 | 16,365 | 18,176 | 17,734 | 17,641 | 17,679 | 15,900 | -10.0 | % | -12.5 | % | +3.3 | % | |||||||||
Softball (Regular) | n.a. | n.a. | n.a. | 19,407 | 17,585 | 14,372 | 14,410 | 14,267 | -1.0 | % | -26.5 | % | n.a. | ||||||||||
Softball (Fast-Pitch) | n.a. | n.a. | n.a. | 3,702 | 3,795 | 3,658 | 3,487 | 4,042 | +15.9 | % | +9.2 | % | n.a. | ||||||||||
Softball (Net) | n.a. | n.a. | n.a. | 21,352 | 19,668 | 16,587 | 16,020 | 16,324 | +1.9 | % | -23.5 | % | n.a. | ||||||||||
Volleyball (Hard Surface) | n.a. | n.a. | n.a. | n.a. | n.a. | 11,748 | 11,008 | 11,762 | +6.9 | % | n.a. | +0.1 | %[6] | ||||||||||
Volleyball (Grass) | n.a. | n.a. | n.a. | n.a. | n.a. | 8,621 | 7,953 | 9,163 | +15.2 | % | n.a. | +6.3 | %[6] | ||||||||||
Volleyball (Beach) | n.a. | n.a. | 13,509 | 10,572 | 8,763 | 7,516 | 7,454 | 7,741 | +3.9 | % | -26.8 | % | -33.0 | %[1] | |||||||||
Volleyball (Net) | 35,984 | 39,633 | 37,757 | 26,637 | 22,876 | 21,488 | 20,286 | 22,216 | +9.5 | % | -16.6 | % | -38.2 | %[4] | |||||||||
Racquet Sports |
|||||||||||||||||||||||
Badminton | 14,793 | 13,559 | 11,908 | 9,936 | 8,490 | 6,765 | 5,937 | 6,432 | +8.3 | % | -35.3 | % | -56.5 | % | |||||||||
Racquetball | 10,395 | 9,213 | 7,412 | 5,853 | 5,155 | 4,840 | 4,875 | 5,533 | +13.5 | % | -5.5 | % | -46.8 | % | |||||||||
Squash | n.a. | n.a. | n.a. | 289 | 364 | 302 | 473 | 290 | -38.7 | % | 0.0 | % | n.a. | ||||||||||
Tennis | 21,147 | 21,742 | 19,346 | 16,937 | 16,598 | 16,353 | 17,325 | 18,346 | +5.9 | % | +8.3 | % | -13.2 | % |
Bold type face indicates statistically significant change at 95% confidence level
3
SGMA SPORTS PARTICIPATION TRENDS
U.S. Population, 6 years of age or older, at least once per year (thousands)
Released April 2005
|
1987 Benchmark |
1990 |
1993 |
1998 |
2000 |
2002 |
2003 |
2004 |
1 Year % Change (2003-2004) |
6 Year % Change (1998-2004) |
17 Year % Change (1987-2004) |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Personal Contact Sports | |||||||||||||||||||||||
Boxing | n.a. | n.a. | n.a. | n.a. | 1,085 | 908 | 945 | 1,140 | +20.6 | % | n.a. | +5.1 | % | ||||||||||
Martial Arts | n.a. | n.a. | n.a. | 5,368 | 5,722 | 5,996 | 6,883 | 6,898 | 0.0 | % | +28.5 | % | n.a. | ||||||||||
Wrestling | n.a. | n.a. | n.a. | n.a. | 2,405 | 2,026 | 1,820 | 2,303 | +26.5 | % | n.a. | -4.2 | % | ||||||||||
Indoor Sports |
|||||||||||||||||||||||
Billiards / Pool | 35,297 | 537 | 40,254 | 39,654 | 37,483 | 39,527 | 40,726 | 36,356 | -10.7 | % | -8.3 | % | +3.0 | % | |||||||||
Bowling | 47,823 | 53,537 | 49,022 | 50,593 | 53,844 | 53,160 | 55,035 | 53,603 | -2.6 | % | +6.0 | % | +12.1 | % | |||||||||
Darts | n.a. | n.a. | n.a. | 21,792 | 18,484 | 19,703 | 19,486 | n.a. | n.a. | n.a. | n.a. | ||||||||||||
Table Tennis | n.a. | 20,089 | 17,689 | 14,999 | 13,797 | 12,796 | 13,511 | 14,286 | +5.7 | % | -4.7 | % | -28.9 | % | |||||||||
Wheel Sports |
|||||||||||||||||||||||
Roller Hockey | n.a. | n.a. | 2,323 | 3,876 | 3,287 | 2,875 | 2,718 | 1,788 | -34.2 | % | -53.9 | % | -23.0 | %[2] | |||||||||
Roller Skating (2x2 Wheels) | n.a. | 27,101 | 24,223 | 14,752 | 10,834 | 10,968 | 11,746 | 11,103 | -5.5 | % | -24.7 | % | -59.0 | %[1] | |||||||||
Roller Skating (Inline Wheels) | n.a. | 4,695 | 13,689 | 32,010 | 29,024 | 21,572 | 19,233 | 17,348 | -9.8 | % | -45.8 | % | +269.5 | %[1] | |||||||||
Scooter Riding (Non-motorized) | n.a. | n.a. | n.a. | n.a. | 13,881 | 13,858 | 11,493 | 10,196 | -11.3 | % | n.a. | -25.5 | %[5] | ||||||||||
Skateboarding | 10,888 | 9,267 | 5,388 | 7,190 | 11,649 | 12,997 | 11,090 | 10,592 | -4.5 | % | +47.3 | % | -2.7 | % | |||||||||
Other Sports/Activities |
|||||||||||||||||||||||
Bicycling (BMX) | n.a. | n.a. | n.a. | n.a. | 3,977 | 3,885 | 3,365 | 2,642 | -21.5 | % | n.a. | -33.6 | %[5] | ||||||||||
Bicycling (Recreational) | n.a. | n.a. | n.a. | 54,575 | 53,006 | 53,524 | 53,710 | 52,021 | -3.1 | % | -4.7 | % | n.a. | ||||||||||
Golf | 26,261 | 28,945 | 28,610 | 29,961 | 30,365 | 27,812 | 27,314 | 25,723 | -5.8 | % | -14.1 | % | -2.0 | % | |||||||||
Gymnastics | n.a. | n.a. | n.a. | 6,224 | 95,268 | 5,149 | 5,189 | 5,273 | +1.6 | % | -15.3 | % | n.a. | ||||||||||
Swimming (Recreational) | n.a. | n.a. | n.a. | 94,371 | 93,976 | 92,667 | 96,429 | 95,268 | -1.2 | % | +1.0 | % | n.a. | ||||||||||
Walking (Recreational) | n.a. | n.a. | n.a. | 80,864 | 82,561 | 84,986 | 88,799 | 92,677 | +4.4 | % | +14.6 | % | n.a. | ||||||||||
Outdoors Activities |
|||||||||||||||||||||||
Camping (Tent) | 35,232 | 36,915 | 34,772 | 42,677 | 42,241 | 40,316 | 41,891 | 41,561 | -0.8 | % | -2.6 | % | +18.0 | % | |||||||||
Camping (Recreational Vehicle) | 22,655 | 20,764 | 22,187 | 18,188 | 19,035 | 18,747 | 19,022 | 17,424 | -8.6 | % | -4.2 | % | 23.1 | % | |||||||||
Camping (Net) | 50,386 | 50,537 | 49,858 | 50,650 | 51,606 | 49,808 | 51,007 | 49,412 | -3.1 | % | -2.4 | % | -1.9 | % | |||||||||
Hiking (Day) | n.a. | n.a. | n.a. | 38,629 | 39,015 | 36,778 | 39,096 | 39,334 | +0.6 | % | +1.8 | % | n.a. | ||||||||||
Hiking (Overnight) | n.a. | n.a. | n.a. | 6,821 | 6,750 | 5,839 | 6,213 | 6,396 | +3.0 | % | -6.2 | % | n.a. | ||||||||||
Hiking (Net) | n.a. | n.a. | n.a. | 40,117 | 40,133 | 37,888 | 40,409 | 40,713 | +0.8 | % | +1.5 | % | n.a. | ||||||||||
Horseback Riding | n.a. | n.a. | n.a. | 16,522 | 16,988 | 14,641 | 16,009 | 14,695 | -8.2 | % | -11.1 | % | n.a. | ||||||||||
Mountain Biking | 1,512 | 4,146 | 7,408 | 8,611 | 7,854 | 6,719 | 6,940 | 5,334 | -23.1 | % | -38.1 | % | +252.8 | % | |||||||||
Mountain/Rock Climbing | n.a. | n.a. | n.a. | 2,004 | 1,947 | 2,089 | 2,169 | 2,161 | -0.4 | % | +7.8 | % | n.a. | ||||||||||
Artificial Wall Climbing | n.a. | n.a. | n.a. | 4,696 | 6,117 | 7,185 | 8,634 | 7,659 | -11.3 | % | +63.1 | % | n.a. | ||||||||||
Trail Running | n.a. | n.a. | n.a. | 5,249 | 5,232 | 5,625 | 6,109 | 6,486 | +6.2 | % | +23.6 | % | n.a. | ||||||||||
Shooting Sports |
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Archery | 8,558 | 9,252 | 8,648 | 7,109 | 6,047 | 6,650 | 7,111 | 6,756 | -5.0 | % | -5.0 | % | -21.0 | % | |||||||||
Hunting (Shotgun/Rifle) | 25,241 | 23,220 | 23,189 | 16,684 | 16,481 | 16,471 | 15,232 | 15,196 | -0.2 | % | -8.9 | % | -39.8 | % | |||||||||
Hunting (Bow) | n.a. | n.a. | n.a. | 4,719 | 4,120 | 4,752 | 4,155 | 3,661 | -11.9 | % | -22.4 | % | n.a. | ||||||||||
Paintball | n.a. | n.a. | n.a. | 5,923 | 7,121 | 8,659 | 9,835 | 9,640 | -2.0 | % | +62.8 | % | n.a. | ||||||||||
Shooting (Sport Clays) | n.a. | n.a. | 3,100 | 2,734 | 2,843 | 3,017 | 3,867 | 3,222 | -16.7 | % | +17.8 | % | +9.9 | % | |||||||||
Shooting (Trap/Skeet) | 5,073 | n.a. | n.a. | 3,800 | 3,827 | 3,696 | 4,496 | 4,059 | -9.7 | % | +6.8 | % | -20.0 | % | |||||||||
4
Target Shooting (Rifle) | n.a. | n.a. | n.a. | 14,042 | 12,984 | 14,336 | 15,176 | 14,057 | -7.4 | % | +0.1 | % | n.a. | ||||||||||
Target Shooting (Handgun)[7] | n.a. | n.a. | n.a. | 12,110 | 10,443 | 11,064 | 13,836 | 11,932 | -13.8 | % | -1.5 | % | n.a. | ||||||||||
Target Shooting (Net)[7] | 18,947 | 21,840 | 23,498 | 18,330 | 16,293 | 17,558 | 19,788 | 18,037 | -8.9 | % | -1.6 | % | -4.8 | % | |||||||||
Fishing |
|||||||||||||||||||||||
Fishing (Fly) | 11,359 | 8,039 | 6,598 | 7,269 | 6,581 | 6,034 | 6,033 | 4,623 | -23.4 | % | -36.4 | % | -59.3 | % | |||||||||
Fishing (Freshwater-Other) | 50,500 | 53,207 | 50,198 | 45,807 | 44,050 | 42,605 | 43,819 | 39,433 | -10.0 | % | -13.9 | % | -21.9 | % | |||||||||
Fishing (Saltwater) | 19,646 | 19,087 | 18,490 | 15,671 | 14,710 | 14,874 | 15,221 | 13,453 | -11.6 | % | -14.2 | % | -31.5 | % | |||||||||
Fishing (Net) | 58,402 | 58,816 | 55,442 | 55,488 | 53,846 | 51,426 | 52,970 | 47,906 | -9.6 | % | -13.7 | % | -18.0 | % | |||||||||
Winter Sports |
|||||||||||||||||||||||
Ice Skating | n.a. | n.a. | n.a. | 18,710 | 17,496 | 14,530 | 17,049 | 14,692 | -13.8 | % | -21.5 | % | n.a. | ||||||||||
Skiing (Cross-Country) | 8,344 | 7,292 | 6,489 | 4,728 | 4,613 | 4,080 | 4,171 | 4,007 | -4.0 | % | -15.2 | % | -52.0 | % | |||||||||
Skiing (Downhill) | 17,676 | 18,209 | 17,567 | 14,836 | 14,749 | 14,249 | 13,633 | 11,971 | -12.2 | % | -19.3 | % | -32.3 | % | |||||||||
Snowboarding | n.a. | n.a. | 2,567 | 5,461 | 7,151 | 7,691 | 7,818 | 7,110 | -9.1 | % | +30.2 | % | +41.0 | % | |||||||||
Snowmobiling | n.a. | n.a. | n.a. | 6,492 | 7,032 | 4,515 | 5,509 | 4,688 | -14.9 | % | -27.8 | % | n.a. | ||||||||||
Snowshoeing | n.a. | n.a. | n.a. | 1,721 | 1,970 | 2,006 | 2,479 | 2,302 | -7.1 | % | +33.8 | % | n.a. |
Bold type face indicates statistically significant change at 95% confidence level
5
SGMA SPORTS PARTICIPATION TRENDS
U.S. Population, 6 years of age or older, at least once per year (thousands)
Released April 2005
|
1987 Benchmark |
1990 |
1993 |
1998 |
2000 |
2002 |
2003 |
2004 |
1 Year % Change (2003-2004) |
6 Year % Change (1998-2004) |
17 Year % Change (1987-2004) |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Water Sports | |||||||||||||||||||||||
Boardsailing/Windsurfing | 1,145 | 1,025 | 835 | 1,075 | 655 | 496 | 779 | 418 | -46.4 | % | -61.1 | % | -63.5 | % | |||||||||
Canoeing | n.a. | n.a. | n.a. | 13,615 | 13,134 | 10,933 | 11,632 | 11,449 | -1.6 | % | -16.0 | % | n.a. | ||||||||||
Kayaking | n.a. | n.a. | n.a. | 3,501 | 5,562 | 5,562 | 6,324 | 6,147 | -2.8 | % | +75.6 | % | n.a. | ||||||||||
Rafting | n.a. | n.a. | n.a. | 5,570 | 4,431 | 4,431 | 4,553 | 4,209 | -7.6 | % | -24.4 | % | n.a. | ||||||||||
Jet Skiing | n.a. | n.a. | n.a. | 11,203 | 10,835 | 9,806 | 10,648 | 7,972 | -25.1 | % | -28.9 | % | n.a. | ||||||||||
Sailing | 6,368 | 5,981 | 3,918 | 5,902 | 5,271 | 5,161 | 5,232 | 4,307 | -17.7 | % | -27.0 | % | -32.4 | % | |||||||||
Scuba Diving | 2,433 | 2,615 | 2,306 | 3,448 | 2,901 | 3,328 | 3,215 | 3,430 | +6.7 | % | -0.5 | % | +41.0 | % | |||||||||
Snorkeling | n.a. | n.a. | n.a. | 10,575 | 10,526 | 9,865 | 10,179 | 11,112 | +9.2 | % | +5.1 | % | n.a. | ||||||||||
Surfing | 1,459 | 1,224 | n.a. | 1,395 | 2,180 | 1,879 | 2,087 | 1,936 | -7.2 | % | +38.8 | % | +32.7 | % | |||||||||
Wakeboarding | n.a. | n.a. | n.a. | 2,253 | 3,581 | 3,142 | 3,356 | 2,843 | -15.3 | % | +26.2 | % | n.a. | ||||||||||
Water Skiing | 19,902 | 19,314 | 16,626 | 10,161 | 10,335 | 8,204 | 8,425 | 6,835 | -18.9 | % | -32.7 | % | -65.7 | % |
Bold type face indicates statistically significant change at 95% confidence level
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6
Exhibit B
[BRENTWOOD ASSOCIATES LETTERHEAD]
April 18, 2004
VIA FACSIMILE: (949) 721-8488
Board-Trac
Attn: Marie Case
21371 Silvertree Lane
Trabuco Canyon, CA 92679
Subject: Consent for Zumiez S-1
Dear Marie:
As we previously discussed, Zumiez has included the following excerpt from Board-Trac's "2003 Size of Market Report" in its S-1 registration statement with the SEC:
"According to Board-Trac, a market research firm, retail sales of skateboard, snowboard, and surf/bodyboard apparel, equipment and accessories in the United States were estimated to be approximately $12.1 billion in 2003."
Please sign below to confirm that you have consented to the use of this information by Zumiez in connection with the preparation of its S-1, which document is available to the general public.
Sincerely, | ||
/s/ STEVEN W. MOORE Steven W. Moore Brentwood Associates |
By: |
/s/ MARIA CASE Marie Case Board-Trac |
Date: |
4-18-05 |