REI Posts Sales for 2006.Active Members to Receive More Than $58 Million Through Patronage Patronage See also Philanthropy. Alidoro fairy godfather to Italian Cinderella. [Ital. Opera: Rossini, Cinderella, Westerman, 120–121] Alphonso, Don supports Bias in return for political favors. [Fr. Lit. Dividend SEATTLE -- Outdoor retailer Recreational Equipment, Inc. (REI), the nation's largest consumer cooperative, today announced that $58 million will be distributed to its active members through the annual patronage refund based on the co-op's 2006 sales of $1.18 billion. These record financials mark the second consecutive year where sales rose more than 15 percent. While anyone may shop at REI, only members share in the co-op's profits. This week, 3.1 million active REI members will receive their patronage refunds calculated at 10 percent of their eligible 2006 purchases. Based on 2006 results, the outdoor retailer will dedicate ded·i·cate tr.v. ded·i·cat·ed, ded·i·cat·ing, ded·i·cates 1. To set apart for a deity or for religious purposes; consecrate. 2. $3.6 million through its grants program in support of conservation and recreational access around the country in the coming year. "The financial health of REI has never been stronger and we are pleased to share our success with our members, communities and employees," said Brad Johnson Brad Johnson can refer to:
tr.v. re·in·vest·ed, re·in·vest·ing, re·in·vests To invest (capital or earnings) again, especially to invest (income from securities or funds) in additional shares. in our infrastructure to improve our operations, introducing exciting new products in response to marketplace opportunities, and looking at additional ways to better serve our members and thank them for their involvement in the cooperative." For the year, REI's operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased 22.8 percent from $86 million to $105.5 million, and net income increased from $32.7 million to $40.3 million, or 23 percent. REI's comp comp See comparison. store sales remained high in 2006 at 9.5 percent, marking two consecutive years of 9.5 percent or higher. The company's direct sales channel, which includes online and catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. sales, gained 19 percent. Supporting REI's sales growth is the addition of more than 551,000 members joining the cooperative, or a 10 percent increase. The company also opened seven new stores -- Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , Calif., Mountain View, Calif., Chula Vista Chula Vista (ch  `lə), city (1990 pop. 135,163), San Diego co., S Calif., on San Diego Bay; inc. 1911. , Calif., Maple Grove Maple Grove might designate:
"Contributing to our success in 2006 were our 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. , marketing and direct teams that worked collaboratively to bring high quality product to our members and customers," said Brian Unmacht, senior vice president, Sales, Store Development and Logistics for REI. "The success of our new stores and comp stores was the direct result of our dedicated store staff who offer great customer service through expert advice to help people enjoy the outdoors." Being financially sound has enabled REI to invest in the company's future growth, increase its support for the communities where it does business, and take steps to reduce its environmental impact. Actions include breaking ground on a new east region distribution center in Bedford, Penn., and announcing plans to construct a prototype store in Boulder, Colo. that will embody em·bod·y tr.v. em·bod·ied, em·bod·y·ing, em·bod·ies 1. To give a bodily form to; incarnate. 2. To represent in bodily or material form: the values that make REI unique - high quality gear and apparel, community involvement, environmental stewardship The integration and application of environmental values into the military mission in order to sustain readiness, improve quality of life, strengthen civil relations, and preserve valuable natural resources. and a commitment to serve as a gateway to the outdoors. Additionally, the company launched REI Outdoor School, classes and one-day guided outings that teach the basics of hiking hiking Walking, often among hills or mountains, as recreational sport. It represents an activity in its own right and also figures in backpacking, camping, hunting, mountaineering, and orienteering. , cycling, kayaking Kayaking is the use of a kayak for moving across water. Kayaking is differentiated from canoeing by the fact that a kayak has a closed cockpit and a canoe has an open cockpit. They also use a two bladed paddle. Another major difference is in the way the paddler sits in the boat. and more, in 23 stores in five cities. In 2006, REI's involvement and positive impact in its local communities reached new heights. For example, 169,015 individuals volunteered in REI-supported environmental stewardship projects, equating e·quate v. e·quat·ed, e·quat·ing, e·quates v.tr. 1. To make equal or equivalent. 2. To reduce to a standard or an average; equalize. 3. to more than 900,000 hours of caring for outdoor recreation areas. The company also partnered with VolunteerMatch to help REI employees, members and customers connect to volunteer opportunities within their communities. In the area of environmental stewardship, REI purchased renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. for 20 stores and its Pittsburgh store earned a Leadership in Energy and Environmental Design The Leadership in Energy and Environmental Design (LEED) Green Building Rating System, developed by the U.S. Green Building Council, provides a suite of standards for environmentally sustainable construction. for Commercial Interiors (LEED-CI) Silver([R]) rating from 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. Green Building Council. The company also announced that all REI Adventures trips beginning in 2007 would be carbon neutral at no additional cost to customers. REI Adventures was the first U.S.-based adventure travel company to offer carbon-neutral travel on this scale. For 10 consecutive years, REI has been recognized by FORTUNE magazine as one of "100 Best Companies to Work for in America." In 2007 the company ranked 27th overall and first among companies that encourage employees to balance work and personal lives. On the heels of being named to FORTUNE's "100 Best" list, the Great Places to Work[R] Institute recognized REI as the 2007 winner in its "Workplace Pride" category. Information on employment opportunities can be found online at www.rei.com/jobs. REI is an outdoor retail co-op dedicated to inspiring, educating and outfitting its members and the community for a lifetime of outdoor adventure. Founded in 1938 by a group of Pacific Northwest mountaineers seeking quality equipment, REI operates retail stores nationwide, two online stores - REI.com and REI-OUTLET.com - and an adventure travel company, REI Adventures. REI offers products from all of the top brands for camping, climbing, cycling, hiking, outdoor fitness, paddling pad·dling n. 1. The act of moving a boat by means of a paddle. 2. A spanking or beating with a paddle. Paddling of ducks: a company of ducks on water—Lipton, 1970. , snowsports and travel, including its own line of award-winning gear and apparel. As an active supporter of the communities in which it does business, REI is committed to promoting environmental stewardship and increasing access to outdoor recreation through education, volunteerism vol·un·teer·ism n. Use of or reliance on volunteers, especially to perform social or educational work in communities. volunteerism , gear donations and financial contributions. EDITOR'S NOTE Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : REI's condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated balance sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. and statements of income for 2006 and 2005 follow this press release.
RECREATIONAL EQUIPMENT, INC. > >
Condensed Consolidated Balance Sheets > >
December 31, 2006 and 2005 > >
> >
ASSETS > > 2006
2005
> > (000)
(000)
> >
Current Assets > >
Cash & Investments > $ > 159,954
$
135,164
Receivables > > 12,634
7,905
Inventories > > 155,265
134,917
Deferred Income Taxes > > 20,437
7,558
Prepaids & Other > > 12,130
10,017
Total Current Assets > > 360,420
295,561
> >
Property & Equipment, Net > > 306,486
280,439
Deferred Income Taxes > > 2,714
10,372
Other > > 5,207
3,204
Total Non-Current Assets > > 314,407
294,015
> >
Total Assets > $ > 674,827
$
589,576
> >
LIABILITIES AND MEMBERS' EQUITY > >
> >
Current Liabilities > >
Accounts Payable/Accrued Expenses > $ > 155,953
$
140,975
Member Refunds Payable > > 55,062
47,531
Accrued Payroll/Related Benefits > > 34,705
34,384
Pension & Profit Sharing Liability > > 17,095
14,358
Income Taxes Payable > > 11,243
10,541
Total Current Liabilities > > 274,058
247,789
> >
Total Long-Term Liabilities > > 33,555
20,870
> >
Members' Equity > >
Memberships > > 92,675
84,407
Retained Earnings > > 274,539
236,510
Total Members' Equity > > 367,214
320,917
> >
Total Liabilities/Members' Equity > $ > 674,827
$
589,576
RECREATIONAL EQUIPMENT, INC. > >
Condensed Consolidated Statements of Income > >
for the Years Ended December 31, 2006 and 2005 > >
> >
> > 2006
2005
> > (000)
(000)
> >
Sales > $ > 1,181,531
$
1,022,326
Costs & Expenses > >
Cost of Sales > > 659,568
573,307
Operating & Administrative Expenses > > 416,413
363,053
Total Costs & Expenses > > 1,075,981
936,360
Operating Income > > 105,550
85,966
Other Income, Net > > 7,721
9,109
Income Before Member Refunds & Taxes > > 113,271
95,075
> >
Member Refunds Declared > > 58,345
50,478
Less Unclaimed Refunds > > (8,936)
(7,298)
Net Member Refunds > > 49,409
43,180
> >
Income Before Income Taxes > > 63,862
51,895
Provision for Income Taxes > > 23,589
19,169
Net Income > $ > 40,273
$
32,726
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