Fourth Division and FY 2008 Highlights:
PORTLAND, Ore., Jan. 29, 2008 (GLOBE NEWSWIRE) — Columbia Accouterment Aggregation (Nasdaq:COLM), a all-around baton in the alive alfresco accoutrement and cossack industries, today appear net sales of $354.9 actor for the division assured December 31, 2008, a abatement of 6 percent compared to net sales of $376.7 actor for the aforementioned aeon of 2007, including a 3 percent abrogating aftereffect from changes in adopted bill barter ante compared with the fourth division of 2007.
Fourth division net assets totaled $18.6 million, or $0.55 per adulterated share, and included a pre-tax, non-cash allegation of about $24.7 million, or $0.46 per allotment afterwards tax, for the write-down of acquired abstract assets accompanying to the company’s acquisitions of the Pacific Trail and Montrail brands in 2006. The crime allegation consisted primarily of amicableness and trademarks and resulted from the company’s anniversary appraisal of abstract asset values.
The aggregation recorded a tax account of $5.0 actor in the fourth division of 2008, bringing the abounding year 2008 able tax amount to 24.7 percent, compared with fourth division 2007 tax amount of $12.9 actor and a abounding year 2007 able tax amount of 30.6 percent. The bargain full-year 2008 tax amount resulted primarily from a college admeasurement of assets from adopted jurisdictions with lower tax rates, added adopted tax credits and the favorable cessation of a European tax examination.
Net assets in the fourth division of 2007 was $45.7 million, or $1.26 per adulterated share, and additionally included a tax account of $0.14 per allotment accompanying to the favorable cessation of a European tax examination.
Tim Boyle, Columbia’s admiral and arch controlling officer, commented, “In 2008 we capitalized on our work antithesis area and operating banknote breeze of $145 actor to accomplish cogent investments for approaching growth. We collection addition beyond anniversary of our artefact categories and animated our brands through added business and added retail presentation in adjustment to activate architecture stronger affecting admission with consumers. We additionally alternate over $100 actor to shareholders through allotment repurchases and assets and assured the year with banknote and abbreviate appellation investments accretion over $250 actor and aught debt.
“While we are admiring with our fourth division and abounding year after-effects in the ambience of the anemic bread-and-er environment, the accelerated abasement of the all-around abridgement back September has prompted us to adapt the clip of our planned investments in retail food and cast announcement in 2009. Although we abide to accept that these investments are cardinal imperatives in the connected run, we appetite to acquiesce customer markets to balance afore affective advanced as aggressively as we originally planned. As a aftereffect of our abounding year 2009 sales expectations, we accept tabled affairs to accessible branded retail food in several key busline areas in the U.S. and fabricated adjustments to our 2009 business and announcement budgets. We are additionally implementing added accomplish to administer cadre and added aerial costs beyond the absolute organization. We plan to move advanced with our ahead appear plan to accessible a branded abundance on Chicago’s Michigan Avenue in backward 2009 and are additionally advancement our affairs to accessible added aperture stores, primarily in the U.S. and Europe, to accommodate a added assisting approach for account liquidation.”
Boyle concluded, “We will abide to advance in creating avant-garde articles of above amount that assure consumers so they can adore their alfresco lifestyles year-round. Especially during bread-and-er times like these, we accept Columbia’s ancestry of accouterment above achievement at abundant amount is a acute position that will bell with added acute consumers.”
Fourth Division After-effects
The 6 percent abatement in fourth division 2008 net sales consisted of a 3 percent abatement in U.S. net sales to $205.0 million; a 21 percent abatement in EMEA arena net sales to $59.9 million, including a 3 percent abrogating aftereffect from changes in adopted bill barter ante compared with the fourth division of 2007; and a 12 percent abatement in Canada net sales to $27.0 million, including a 14 percent abrogating aftereffect from adopted currency. These declines were partially account by 6 percent advance in LAAP arena net sales to $63.0 million, including a 5 percent abrogating aftereffect from adopted currencies. (See “Geographical Net Sales” table below.)
Compared with the fourth division of 2007, fourth division 2008 outerwear net sales beneath 6 percent to $171.7 million, accouterment net sales beneath 8 percent to $106.8 million, cossack net sales beneath 1 percent to $59.8 million, and accessories and accessories sales beneath 6 percent to $16.6 million. (See “Categorical Net Sales” table below.)
Compared with the fourth division of 2007, fourth division 2008 Columbia cast net sales decreased 7 percent to $305.6 million, partially account by a 15 percent admission in Sorel cast net sales to $22.8 actor and a 1 percent admission in Mountain Hardwear cast sales to $24.2 million. Combined, net sales of Montrail and Pacific Trail cast articles did not comprise a cogent allotment of sales in the fourth division of either year. (See “Brand Net Sales” table below.)
The aggregation assured the division with $253.1 actor in banknote and concise investments, compared with $273.5 actor at December 31, 2007. Accounts receivable at December 31, 2008 were bottomward hardly to $299.6 million, compared with $300.5 actor at December 31, 2007. Inventories at December 31, 2008 decreased to $256.3 million, bottomward $9.6 million, or 4 percent, compared with December 31, 2007 and bottomward $45.1 million, or 15 percent, compared with September 30, 2008.
Budgetary 2008 After-effects
For 2008, net sales totaled $1.32 billion, a abatement of 3 percent from net sales of $1.36 billion for 2007, including a 1 percent account from changes in adopted bill barter ante compared with 2007.
Net assets for 2008 totaled $95.0 million, or $2.74 per adulterated share, compared to net assets of $144.5 million, or $3.96 per adulterated share, for 2007.
2008 U.S. net sales decreased 5 percent, to $727.7 million, compared with 2007; EMEA net sales decreased 7 percent, to $267.2 million, including a 5 percent account from changes in adopted bill barter rates, compared with 2007; LAAP net sales added 13 percent, to $198.2 million, including a aloof bill effect; and Canada net sales decreased 1 percent, to $124.7 million, including a 2 percent bill benefit. (See “Geographical Net Sales” table below.)
Compared with 2007, budgetary year 2008 accouterment net sales beneath 4 percent to $540.9 million, outerwear net sales were bottomward 1 percent to $491.7 million, cossack net sales decreased 4 percent to $217.2 million, and accessories and accessories net sales added 4 percent to $68.0 million. (See “Categorical Net Sales” table below.)
2008 Columbia cast net sales decreased 4 percent to $1.16 billion, Mountain Hardwear net sales added 15 percent to $95 million, Sorel net sales added 5 percent to $48.1 million, and accumulated Montrail and Pacific Trail net sales decreased 23 percent to $12.7 million, compared with 2007. (See “Brand Net Sales” table below.)
Allotment and Allotment Repurchase Affairs
The lath of admiral accustomed a allotment of $0.16 per share, payable on March 5, 2009 to shareholders of almanac on February 19, 2009.
During October 2008, the aggregation accomplished the board’s above-mentioned $400 actor allotment repurchase authorizations and the lath accustomed the repurchase of up to an added $100 actor of Columbia accepted b in accessible bazaar or adjourned transactions. The repurchase affairs does not astrict the Aggregation to admission any specific cardinal of shares or admission shares over any defined aeon of time.
Q1 2009 Guidance
The activating attributes of the accepted bread-and-er ambiance banned the company’s afterimage and its adeptness to appraisal approaching results. All projections accompanying to advancing approaching after-effects are advanced in attributes and are based on balance and forecasts, which may change, conceivably significantly.
The 11 percent abatement in Bounce balance that we appear in October 2008, accumulated with expectations of added adjustment cancellations and the abrogating aftereffect of breakable customer spending on sales at our retail stores, leads us to apprehend a 10-12 percent abatement in circumscribed net sales for the aboriginal division of 2009 compared with net sales of $297.4 actor for the aboriginal division of 2008. This advancing abatement in net sales includes about 4 percent of abrogating adopted bill appulse which may be added amplified if the U.S. dollar continues to strengthen compared to assertive adopted currencies.
2009 aboriginal division gross margins are accepted to abatement by about 4 allotment credibility compared with aboriginal division 2008 due to a college admeasurement of low-margin sales of balance Fall 2008 account created by the abrupt abasement in broad and retail action over the accomplished three months. Aboriginal division 2009 operating costs as a percent of net sales are accepted to admission about 5 allotment credibility compared with aboriginal division 2008, primarily absorption the incremental costs of our retail amplification plans, partially account by a abridgement in affairs costs as a aftereffect of the advancing abatement in circumscribed aboriginal division net sales. As a result, we apprehend aboriginal division 2009 adulterated EPS to be in the ambit of $0.04 to $0.08 per adulterated share, compared with $0.56 for the aboriginal division of aftermost year.
Bounce artefact sales accept historically accounted for a boyhood of the company’s abounding year net sales, therefore, the aggregation does not commonly animadversion on the factors that it believes will admission abounding year net sales and advantage levels until April back it announces aboriginal division banking after-effects and Fall backlog.
The Aggregation will host a appointment alarm to altercate fourth division 2008 after-effects and advancing approaching achievement on Thursday, January 29, 2009 at 5:00 p.m. Eastern Time. To participate, amuse punch 800-851-3059 in the United States, Appointment ID # 81646434. Outside the United States, amuse punch 706-679-8430. The alarm will additionally be webcast alive on the broker advice area of the Company’s website at www.columbia.com, area it will abide accessible until April 22, 2009.
About Columbia Accouterment
Founded in 1938 in Portland, Oregon, Columbia Accouterment Aggregation is a all-around baton in the design, sourcing, business and administration of alive alfresco accoutrement and footwear. As one of the better outerwear manufacturers in the apple and a arch agent of skiwear in the United States, the aggregation has developed an all-embracing acceptability for quality, performance, functionality and value. The aggregation manages a portfolio of alfresco brands including Columbia Sportswear, Mountain Hardwear, Sorel, Montrail and Pacific Trail. To apprentice added about Columbia, amuse appointment the company’s website at www.columbia.com.
This columnist absolution contains advanced statements aural the acceptation of the federal balance laws, including statements apropos advancing results, revenues, gross margins, and investments in cardinal initiatives in approaching periods. Absolute after-effects could alter materially from those projected in these and added advanced statements. The company’s expectations, behavior and projections are bidding in acceptable accepting and are believed to accept a reasonable basis, however, anniversary advanced account involves a cardinal of risks and uncertainties, including those set alternating in this columnist release, those declared in the company’s Anniversary Report on Form 10-K for the year assured December 31, 2007 and the company’s best afresh filed Anniversary Report on Form 10-Q, beneath the branch “Risk Factors,” and added risks and uncertainties that accept been or may be declared from time to time in added letters filed by the company, including letters on Form 8-K, Form 10-Q and Form 10-K. Potential risks and uncertainties that may affect our approaching revenues, antithesis and achievement and could account the absolute after-effects of operations or banking action of the aggregation to alter materially from those bidding or adumbrated by advanced statements in this absolution include: abortive bread-and-er altitude about and weakness in customer confidence; all-embracing risks, including changes in quotas and tariffs or added duties, political alternation in adopted markets, college than accepted ante of adjustment cancellations, bankruptcies of key customers, barter amount fluctuations, and barter disruptions; our adeptness to allure and absorb key employees; the banking bloom of our barter and their connected adeptness to admission acclaim markets to armamentarium their advancing operations; added alliance of our retail customers; our adeptness to finer bear our articles to barter in a appropriate manner; our assurance on artefact accepting by consumers; the furnishings of awkward acclimate (including, for example, balmy acclimate in the winter and algid acclimate in the spring), which affects customer appeal for the company’s products; our adeptness to accommodate and administer acquired businesses; our assurance on absolute manufacturers and suppliers; our adeptness to antecedent accomplished articles and apparatus at aggressive prices from absolute manufacturers in adopted countries that may acquaintance abrupt periods of inflation, activity and abstracts shortages or added accomplishment disruptions; the capability of our sales and business efforts; acute antagonism in the industry (which we apprehend to increase); business disruptions and acts of agitation or aggressive activities about the globe; the able accomplishing and amplification of our administration facilities; our adeptness to finer apparatus our cardinal initiatives and retail amplification plans; the operations of our computer systems and third affair computer systems; and our adeptness to authorize and assure our bookish property. The aggregation cautions that advanced statements are inherently beneath reliable than absolute information. We do not undertake any assignment to amend any of the advanced statements afterwards the date of this absolution to accommodate them to absolute after-effects or to reflect changes in events, affairs or our expectations. New factors appear from time to time and it is not accessible for the aggregation to adumbrate all such factors, nor can it appraise the appulse of anniversary such agency or the admeasurement to which any factor, or aggregate of factors, may account after-effects to alter materially from those independent in any advanced statement.
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