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Columbia Sportswear Company Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 6, 2011 03:20PM

Columbia Sportswear Company (COLM) filed Quarterly Report for the period ended 2011-03-31. Columbia Sportswear Company has a market cap of $2.3 billion; its shares were traded at around $68.13 with a P/E ratio of 28.9 and P/S ratio of 1.5. The dividend yield of Columbia Sportswear Company stocks is 1.2%.



Highlight of Business Operations:

Net Sales: Consolidated net sales increased $32.7 million, or 11%, to $333.1 million for the first quarter of 2011 from $300.4 million for the comparable period in 2010. Net sales increased across all four of our major brands, all product categories and in three of our four geographic regions. Changes in foreign currency exchange rates compared with the first quarter of 2010 contributed approximately a two percentage point benefit to the consolidated net sales comparison.

Net Licensing Income: Net licensing income increased $1.8 million to $2.5 million for the first quarter of 2011 from $0.7 million for the same period in 2010, primarily due to increased apparel and footwear licensing income in the LAAP region.

Net Income: Net income increased $3.6 million, or 38%, to $12.8 million for the first quarter of 2011 from $9.2 million for the comparable period in 2010. Diluted earnings per share was $0.37 for the first quarter of 2011, compared to $0.27 for the first quarter of 2010.

Our primary ongoing funding requirements are for working capital, investing activities associated with the expansion of our global operations and general corporate needs. At March 31, 2011, we had total cash and cash equivalents of $235.0 million compared to $234.3 million at December 31, 2010 and $365.9 at March 31, 2010. In addition, we had short-term investments of $100.3 million at March 31, 2011, compared to $68.8 million at December 31, 2010 and $49.9 million at March 31, 2010.

Net cash used in investing activities was $40.5 million for the three months ended March 31, 2011, compared to $33.2 million for the comparable period in 2010. For the 2011 period, net cash used in investing activities primarily consisted of $31.5 million for net purchases of short-term investments and $9.0 million for capital expenditures. For the 2010 period, net cash used in investing activities primarily consisted of $27.2 million for purchases of short-term investments and $6.0 million for capital expenditures.

Net cash used in financing activities was $2.3 million for the three months ended March 31, 2011, compared to $9.2 million for the comparable period in 2010. For the 2011 period, net cash used in financing activities primarily consisted of a dividend payment of $6.8 million, partially offset by net proceeds from stock plan activity of $4.4 million. For the 2010 period, net cash used in financing activities primarily consisted of a dividend payment of $6.1 million and the repurchase of common stock at an aggregate price of $3.8 million.

Read the The complete Report



Stocks Discussed: COLM,
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