Columbia Sportswear Company Reports Record First Quarter 2002 Results.Business Editors PORTLAND Portland, town, England Portland, town (1991 pop. 12,945), Dorset, S England. It is on the Isle of Portland, a small rocky peninsula. Portland stone has been used in St. Paul's Cathedral and other important London buildings. Lobsters and crabs are harvested. , Ore.--(BUSINESS WIRE)--April 25, 2002 Company Announces Fall Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. Increase of 3.9% Columbia Sportswear Columbia Sportswear Company NASDAQ: COLM is a United States company that manufactures and distributes outerwear and sportswear. Founded in 1938 by the late Paul Lamfrom, father of present chairperson Gert Boyle, the company is headquartered in Portland, Oregon. Company(R) (Nasdaq:COLM COLM Column COLM Colorado National Monument (US National Park Service) COLM Committee On Lay Ministry ) today announced record net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $143.3 million for its first quarter ended March 31, 2002, an increase of 3.8% over the $138.1 million of net sales for the same period of last year. Net income for the period was up 4.7% to $9.0 million, or $0.22 per share (diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) on 40.0 million weighted average shares outstanding for the first quarter, compared to net income of $8.6 million, or $0.22 per share (diluted) on 39.8 million weighted average shares outstanding for the same period of last year. Compared to the first quarter of 2001, the Company's Domestic sales grew by 5.0% to $90.7 million, Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. sales decreased by 3.7% to $13.0 million, European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. sales increased by 11.0% to $25.2 million and Other International sales (excluding European direct sales) decreased 7.1% to $14.4 million. On a constant dollar basis, Canadian sales were up 2.1% for the period, while European sales increased by 18.3%. Compared to the first quarter of 2001, outerwear sales were up 10.5% to $36.7 million, while sportswear sales were essentially flat at $80.9 million and Columbia Columbia, cities, United States Columbia (kəlŭm`bēə). 1 City (1990 pop. 75,883), Howard co., central Md., between Washington, D.C., and Baltimore. brand footwear Footwear consists of garments worn on the feet. It is worn for a variety of reasons, including protection against the environment, hygiene and adornment. Usually, socks and other hosiery are worn between the feet and the footwear, except for sandals and flip flops (thongs). sales declined by 1.5% to $19.6 million. Sorel Sorel (sôrĕl`), city (1991 pop. 18,786), S Que., Canada, at the confluence of the St. Lawrence and Richelieu rivers. It is a grain-shipping center with an important shipbuilding industry. footwear sales were $685,000 for the period. Combined footwear sales for the period were up 1.4% to $20.2 million. The decline in Columbia brand footwear sales for the period was due, in part, to generally later delivery schedules for spring footwear in the US during 2002 when compared to the same period in 2001. Net income growth for the first quarter of 2002 was primarily the result of sales growth that was greater than previously anticipated due to strong early customer demand for spring apparel products. The Company reported that as of March 31, 2002, consolidated backlog increased 2.7% to $584.4 million, compared to consolidated backlog of $569.3 million at March 31, 2001. Of this total, fall product backlog at March 31, 2002 was $517.8 million, an increase of 3.9% when compared to fall product backlog of $498.3 million from the prior year. Tim Boyle Tim Boyle (born January 28, 1984) is an Australian rules football player, playing forward with the Hawthorn Hawks of the Australian Football League. His career has been plagued by injuries. , Columbia's president and chief executive officer, commented "we are pleased to see strong early demand for our spring apparel which reflects, in part, an overall improved mood at retail generally. That said, we are cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op as we look forward to the fall season. However, given the continued uncertainty at retail, coupled with the weather risks inherent in our business, we have opted to maintain a fairly conservative stance on our fall outerwear inventory levels. Moving into the fall season, we are positioned to realize some potential high margin reorder re·or·der v. re·or·dered, re·or·der·ing, re·or·ders v.tr. 1. To order (the same goods) again. 2. To straighten out or put in order again. 3. To rearrange. v. business in the outerwear category while at the same time limiting our inventory exposure should we be faced with another warm winter. I emphasize that this approach is not a shift from our core business model, but it does provide us some additional opportunity to improve our gross profit later in the year." Boyle continued, "We currently believe that our strategies will enable us to generate revenue growth in the 2-4% range for the full year 2002, with the potential to achieve flat to low single digit A single character in a numbering system. In decimal, digits are 0 through 9. In binary, digits are 0 and 1. digit - An employee of Digital Equipment Corporation. See also VAX, VMS, PDP-10, TOPS-10, DEChead, double DECkers, field circus. percentage growth on the net income line. These projections are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. in nature, and are based on backlog and forecasts, which may change, perhaps significantly." The Company will host a conference call to elaborate on first quarter 2002 results on Thursday Thursday: see week. , April 25th at 5 p.m. Eastern. The call will include discussions regarding the Company's first quarter 2002 performance in general, the Company's geographic and merchandise category performance, and the Company's future opportunities. To participate, please dial 800-358-8449 in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. (outside the United States, please dial 706-634-7408) five to ten minutes prior to the call. The call will also be webcast live on the investor information section of the Company's website at www.columbia.com. An audio replay will be available for 24 hours Adv. 1. for 24 hours - without stopping; "she worked around the clock" around the clock, round the clock after the call has ended. To access, please dial 800-642-1687 in the United States (outside the United States, please dial 706-645-9291) and enter reservation # 3624344. The webcast can also be accessed on the investor information section of the Company's website at www.columbia.com until May 9, 2002. Founded in 1938 in Portland, Ore., Columbia Sportswear Company is a global leader in the design, sourcing, marketing and distribution of active outdoor apparel and footwear. As one of the largest outerwear manufacturers in the world and the leading seller of skiwear ski·wear n. Clothing appropriate for various types of skiing. in the United States, the Company has developed an international reputation for quality, performance, functionality and value. To learn more about Columbia Sportswear, please visit the Company's Web site at www.columbia.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , including Mr. Boyle's statements regarding potential high margin reorder business in Fall 2002 and its potential impact on gross profit, his comments regarding future inventory risk, and his projection of revenue and income growth for 2002. Actual results could differ materially from those projected in these forward-looking statements as a result of a number of risk factors, including those set forth in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. dated March 29, 2002 under the heading "Factors That May Affect Our Business and Our Common Stock." These risk factors include, but are not limited to, unfavorable economic conditions in general and weakness in consumer confidence; business disruptions and costs arising from acts of terrorism or military activities around the globe; the financial health of Company customers; the Company's ability to effectively deliver its products to customers in a timely manner due to potential service interruptions (including, but not limited to, a potential labor dispute at western U.S. ports, between the International Longshore long·shore adj. Occurring, living, or working along a seacoast. [Short for alongshore.] and Warehouse Union and the Pacific Maritime Association The Pacific Maritime Association represents shipping companies and terminal operators. In a 2002 dispute with a longshoremen's union, 10,500 dockworkers were locked out because of an alleged slowdown. President George W. Bush is expected to invoke a cooling off period. in mid- mid- pref. Middle: midbrain. 2002, a critical shipping period for the Company); the Company's reliance on product acceptance; effects of weather (including unseasonably warm weather in winter seasons, or unseasonably cold weather in other seasons); dependence on independent manufacturers and suppliers; effectiveness of the Company's sales and marketing efforts; intense competition in the industry; the Company's ability to effectively manage the business during adverse economic periods; international risks including trade disruptions, political instability instability /in·sta·bil·i·ty/ (-stah-bil´i-te) lack of steadiness or stability. detrusor instability in foreign markets, exchange rate fluctuations, quotas and tariffs This is a list of tariffs and trade legislation:
 r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). ;
operations of the Company's and third party computer systems; and
the Company's ability to establish and protect its intellectual
property. Although forward-looking statements help provide complete
information about the Company, investors should keep in mind that
forward-looking statements are inherently less reliable than historical
information. The Company does not undertake any duty to update any of
the forward-looking statements after the date of this release, to
conform them to actual results or to changes in our expectations.
COLUMBIA SPORTSWEAR COMPANY
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
March 31,
--------------------------------
--------------------------------
2002 2001
---- ----
Current Assets:
Cash and cash equivalents $ 123,910 $ 40,479
Accounts receivable, net of
allowance of $8,173 and $6,076,
respectively 104,964 97,174
Inventories 114,342 127,717
Deferred tax asset 13,872 12,129
Prepaid expenses and other
current assets 4,149 4,939
----------- ----------
----------- ----------
Total current assets 361,237 282,438
Property, plant and equipment, net 104,400 81,653
Intangibles and other assets 7,549 8,861
----------- ----------
----------- ----------
Total assets $ 473,186 $ 372,952
=========== ==========
=========== ==========
Current Liabilities:
Notes payable $ 28,381 $ 24,261
Accounts payable 31,150 36,313
Accrued liabilities 20,275 21,071
Current portion of long-term debt 4,776 314
----------- ----------
----------- ----------
Total current liabilities 84,582 81,959
Long-term debt 24,507 25,919
Deferred tax liability 842 2,468
Shareholders' equity 363,255 262,606
----------- ----------
----------- ----------
Total liabilities and
shareholders' equity $ 473,186 $ 372,952
=========== ==========
=========== ==========
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31,
-------------------------------
-------------------------------
2002 2001
----- -----
Net sales $ 143,299 $ 138,083
Cost of sales 82,148 78,882
---------- ----------
---------- ----------
Gross profit 61,151 59,201
42.7% 42.9%
Selling, general, and administrative 46,227 44,893
---------- ----------
---------- ----------
Income from operations 14,924 14,308
Interest expense, net 109 80
---------- ----------
---------- ----------
Income before income tax 14,815 14,228
Income tax provision 5,852 5,620
---------- ----------
---------- ----------
Net income $ 8,963 $ 8,608
========== ==========
========== ==========
Net income per share:
Basic $ 0.23 $ 0.22
Diluted $ 0.22 $ 0.22
Weighted average shares outstanding:
Basic 39,302 38,697
Diluted 40,010 39,795
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