Columbia Sportswear 2014 Q1 Net Income Totaled $22.3 Million, an Increase of 120%

Columbia Sportswear Company, a leading innovator in the global outdoor apparel, footwear, accessories and equipment industries, announced record first quarter net sales of $424.1 million, an increase of 22 percent compared with first quarter 2013 net sales of $348.3 million.

First quarter 2014 net income totaled $22.3 million, or $0.63 per diluted share, an increase of 120 percent compared with first quarter 2013 net income of $10.1 million, or $0.29 per diluted share, which included restructuring charges of approximately $2.0 million, after-tax, or $0.06 per diluted share.

First Quarter 2014 Highlights:
Net sales increased 22 percent to a first quarter record $424.1 million, compared with first quarter 2013 net sales of $348.3 million.

Net income totaled $22.3 million, or $0.63 per diluted share, an increase of 120 percent compared with first quarter 2013 net income of $10.1 million, or $0.29 per diluted share, which included restructuring charges of approximately $2.0 million, after-tax, or $0.06 per diluted share.

The first quarter 2014 effective tax rate was 32.6 percent, compared with 17.4 percent in the first quarter of 2013, which benefited from the reinstatement of the R&D tax credit.

The board of directors approved a quarterly dividend of $0.28 per share, payable May 29, 2014 to shareholders of record on May 15, 2014.

Fiscal Year 2014 Outlook Raised:
Fiscal 2014 outlook (excluding any anticipated impact from the pending purchase of prAna) raised to anticipate net sales growth of 16 to 18 percent, and approximately 25 percent growth in operating income, resulting in full year operating margin of approximately 8.25 percent of net sales.

First Quarter Results (All comparisons are between first quarter 2014 and first quarter 2013, unless otherwise noted.)

Consolidated net sales increased 22 percent to $424.1 million compared with net sales of $348.3 million for the same period in 2013. Changes in currency exchange rates had a 1 percentage point negative effect on the net sales comparison.

First quarter U.S. net sales increased $40.7 million, or 20 percent. Net sales in Canada increased $3.1 million, or 13 percent, including an 11 percentage point negative effect from changes in currency exchange rates. Latin America/Asia Pacific (LAAP) region net sales increased $33.7 million, or 41 percent, including incremental sales from the company's new China joint venture and a 5 percentage point negative effect from changes in currency exchange rates. These increases were partially offset by a $1.7 million, or 4 percent, decrease in Europe/Middle East/Africa (EMEA) region net sales, including a 2 percentage point benefit from changes in foreign currency exchange rates.