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Columbia Sportswear Company Reports Fourth Quarter And FY2013 Financial Results; Raises Dividend 12 Percent; 2014 Financial Outlook Anticipates High-Teen Operating Income Growth On Mid-Teen Sales Growth
Columbia Sportswear Company (NASDAQ: COLM), a leading innovator in the global outdoor apparel, footwear, accessories and equipment industries, today announced record fourth quarter net sales of $533.1 million, an increase of 6 percent compared with the fourth quarter of 2012. Fourth quarter 2013 net income totaled $36.7 million, or $1.05 per diluted share, including a non-cash asset impairment charge of approximately $5.6 million after-tax, or $0.16 per diluted share. Fourth quarter 2012 net income totaled $39.5 million, or $1.15 per diluted share.
Full year 2013 net sales increased 1 percent to $1.68 billion and net income totaled $94.3 million, or $2.72 per diluted share, including a non-cash asset impairment charge of approximately $5.6 million after tax, or $0.16 per diluted share. Full year 2012 net income totaled $99.9 million, or $2.93 per diluted share.
Tim Boyle, Columbia’s president and chief executive officer, commented, “2013 concluded with strong sales momentum. Increased consumer demand that became evident across our U.S. direct-to-consumer platform during the third quarter, well before seasonal weather arrived, has sustained through the fourth quarter of 2013 and into the first quarter of 2014.
“Our wholesale customers are exhibiting a greater appetite for broader and deeper assortments of our new Fall 2014 line, which feature our best innovations at more accessible prices. As a result, we expect renewed growth in our wholesale businesses, continued expansion of our global direct-to-consumer business, coupled with incremental contributions from our new joint venture in China, to drive healthy growth in sales and operating income in 2014.
“The company’s balance sheet at December 31, 2013 includes cash and investments totaling $529 million, clean inventory, and no long-term debt. This strong financial position, combined with our expectations for renewed growth and confidence in the future potential of our brands, is reflected in the board’s approval of a 12 percent increase in our quarterly dividend, to $0.28 per share.”