Columbia Sportswear Company Reports Record First-Quarter 2000 Results; Company Announces Fall Backlog Increase of 29.5%.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, 2000 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 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 $108.4 million for its first quarter ended March 31, 2000, an increase of 21.5 percent over the $89.2 million of net sales for the same period of last year. Net income for the period was $3.3 million, or $0.13 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 25.8 million weighted average shares outstanding for the first quarter, compared to net income of $240,000, or $0.01 per share (diluted) on 25.5 million weighted average shares outstanding for the same period of last year. The Company reported that as of March 31, 2000, consolidated 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. increased 30.6 percent to $430.4 million, compared to consolidated backlog of $329.7 million at March 31, 1999. Of this total, fall product backlog at March 31, 2000 was $376.2, an increase of 29.5 percent when compared to fall product backlog of $290.6 from the prior year. The Company attributed the increase in net sales for the quarter primarily to continued strength in its Domestic, European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. , 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. and Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and businesses, which reported sales growth for the first quarter of 8.1, 44.1, 45.6, and 100.4 percent, respectively, when compared to the first quarter of 1999. 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, "Sales for the period came in higher than previously anticipated due to the strong reception of sportswear and 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). merchandise in all key regions. Japan showed particularly strong growth and accounted for a significant portion of the higher than anticipated revenues for the period. Additionally, lower closeouts of fall merchandise in the first quarter of 2000 when compared to the same period of last year contributed to stronger than anticipated gross margins for the period. Our strategies for counterseasonal growth are working well as the spring business at Columbia is now providing a material contribution to the overall profitability of the Company. At this point we will stay the course and maintain our four-pronged growth strategy, which includes increasing the productivity of our customers through the effective operation of retail merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. programs, expanding the business internationally, further developing our sportswear and footwear businesses, and further expanding retail distribution into department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. and specialty footwear retailers. Currently, we believe these strategies will enable us to generate revenue growth in the 19-21% range, and earnings growth in the 26-29% range for the full year 2000 when compared to 1999." Columbia Sportswear Company(R) is a global leader in the design, manufacture, marketing and distribution of active outdoor apparel. 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 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. , the Company has developed an international reputation across an expanding product line for quality, performance, functionality and value. To learn more about Columbia Sportswear, please visit the Company website 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 discussion of the Company's four-pronged growth strategy, and the stated belief that such strategies will enable the Company to generate revenue growth in the 19-21% range, and earnings growth in the 25-27% range for the full year 2000 when compared to 1999. Additionally, anticipated sales based on backlog figures at 3/31/00 are forward-looking statements. 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 30, 2000 under the heading "Factors That May Affect Our Business." These risk factors include, but are not limited to, the Company's reliance on product acceptance, effects of weather, dependence on independent manufacturers and suppliers, seasonality and fluctuations in operating results, effectiveness of the Company's sales and marketing efforts, and intense competition in the industry, which the Company believes will increase. Additional risk factors include the Company's ability to achieve and manage growth effectively, unfavorable economic conditions generally, 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:
COLUMBIA SPORTSWEAR COMPANY
CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31,
2000 1999
Current Assets:
Cash and cash equivalents $ 27,828 $ 9,107
Accounts receivable, net of
allowance of $5,000 and
$3,197, respectively 81,424 79,729
Inventories 91,636 72,657
Deferred tax asset 11,489 8,020
Prepaid expenses and other
current assets 3,574 4,740
Total current assets 215,951 174,253
Property, plant and
equipment, net 66,897 70,901
Intangibles and other assets 1,862 2,447
Total assets $ 284,710 $ 247,601
Current Liabilities:
Notes payable $ 21,687 $ 14,566
Accounts payable 27,755 38,950
Accrued liabilities 16,497 13,030
Current portion of
long-term debt 258 205
Total current liabilities 66,197 66,751
Long-term debt 26,599 27,221
Deferred tax liability 4,012 3,641
Shareholders' equity 187,902 149,988
Total liabilities and
shareholders' equity $ 284,710 $ 247,601
COLUMBIA SPORTSWEAR COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended March 31,
2000 1999
Net sales $ 108,437 $ 89,214
Cost of sales 61,899 56,600
Gross profit 46,538 32,614
42.9% 36.6%
Selling, general, and administrative 40,378 31,588
Income from operations 6,160 1,026
Interest expense, net 684 626
Income before income tax 5,476 400
Income tax provision 2,204 160
Net income $ 3,272 $ 240
Net income per share:
Basic $ 0.13 $ 0.01
Diluted $ 0.13 $ 0.01
Weighted average shares
outstanding:
Basic 25,373 25,282
Diluted 25,780 25,516
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