Columbia Sportswear Company is a global leader in design sourcing marketing and distribution of active outdoor apparel and footwear with operations in North America Europe and Asia. As one of the largest outerwear companies in the world and the leading seller of skiwear in the United States the company has developed an international reputation across an expanding product line for quality performance functionality and value. Columbia Sportswear Company has a market cap of $1.06 billion; its shares were traded at around $31.25 with a P/E ratio of 11.9 and P/S ratio of 0.8. The dividend yield of Columbia Sportswear Company stocks is 2%. Columbia Sportswear Company had an annual average earning growth of 15.6% over the past 10 years. GuruFocus rated Columbia Sportswear Company the business predictability rank of 3-star.
Highlight of Business Operations:Net income decreased $13.0 million, or 65%, to $6.9 million for the first quarter of 2009 from $19.9 million for the comparable period in 2008. Diluted earnings per share was $0.20 for the first quarter of 2009 compared to $0.56 for the first quarter of 2008.
General and administrative expenses increased $3.7 million, or 5%, to 28.9% of net sales for the first quarter of 2009 from 25.2% of net sales for the comparable period in 2008. The increase in general and administrative expenses as a percentage of net sales was primarily due to incremental operating costs in support of our direct-to-consumer initiatives in the United States and the movement of certain sales territories in-house. Depreciation and amortization included in SG&A expense totaled $8.0 million for the first quarter of 2009, compared to $7.5 million for the same period in 2008.
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, 2009, we had total cash and cash equivalents of $272.1 million compared to $230.6 million at December 31, 2008. In addition, we had short-term investments of $27.7 million at March 31, 2009 compared to $22.4 million at December 31, 2008.
Net cash used in investing activities was $10.3 million for the three months ended March 31, 2009, compared to net cash provided by investing activities of $70.5 million for the comparable period in 2008. For the 2009 period, net cash used in investing activities primarily consisted of $10.3 million for capital expenditures, of which $5.2 million was incurred but not yet paid, and $5.2 million for purchases of short-term investments. For the 2008 period, net cash provided by investing activities primarily consisted of net sales of short-term investments of $80.0 million, partially offset by $14.2 million used for capital expenditures, of which $4.6 million was incurred but not yet paid.
Cash used in financing activities was $5.6 million for the three months ended March 31, 2009, compared to $45.8 million for the comparable period in 2008. For the 2009 period, net cash used in financing activities primarily consisted of a dividend payment of $5.4 million. For the 2008 period, net cash used in financing activities primarily consisted of the repurchase of common stock at an aggregate price of $40.3 million and a dividend payment of $5.6 million.
To fund our domestic working capital requirements, we have available unsecured revolving lines of credit with aggregate seasonal limits ranging from $50.0 million to $125.0 million, of which $25.0 million to $100.0 million is committed. At March 31, 2009, no balance was outstanding under these lines of credit and we were in compliance with covenants associated with these lines of credit. Internationally, our subsidiaries have local currency operating lines in place guaranteed by us with a combined limit of approximately $100.2 million at March 31, 2009, of which $3.3 million is designated as a European customs guarantee. At March 31, 2009, no balance was outstanding under these lines of credit.
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