Columbia Sportswear 2009 Annual Report Download

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Table of contents

  • Page 1

  • Page 2
    ... of outdoor brands. Consolidated sales of $1.24 billion fell six percent compared with 2008 and net income totaled $67.0 million, or $1.97 per share, compared with $95.0 million, or $2.74 per share in 2008. Just as our innovative products help outdoor consumers overcome external conditions, we...

  • Page 3
    ... to being known as category innovators, powerful brands are also known for compelling and elegant design. Today, more than ever before, the product merchandising and design teams within each of our major brands - Columbia, Mountain Hardwear, Sorel and Montrail - are focused on uncovering real 2

  • Page 4
    ...to segment our product assortments to better match each channel of distribution and the consumers who shop there. A growing number of high-influence specialty and sporting goods retailers are adding our brands to their assortment for the first time, while others with whom our business has contracted...

  • Page 5
    ... granted. The economic weather forecast is still cloudy. Many of our retail customers are weakened. Consumers remain cautious. Our competitors are formidable. What a great time to be Columbia Sportswear Company. I'll meet you outside. Sincerely, Timothy P. Boyle President and Chief Executive...

  • Page 6
    2009 Annual Report to Shareholders

  • Page 7
    ... SPORTSWEAR COMPANY (Exact name of registrant as specified in its charter) Oregon (State or other jurisdiction of incorporation or organization) 93-0498284 (IRS Employer Identification Number) 14375 NW Science Park Drive Portland, Oregon (Address of principal executive offices) 97229 (Zip Code...

  • Page 8
    COLUMBIA SPORTSWEAR COMPANY DECEMBER 31, 2009 TABLE OF CONTENTS Item Page Item 1. Item 1A. Item 1B. Item 2. Item 3. Item 4. Item 4A. PART I Business ...Risk Factors ...Unresolved Staff Comments ...Properties ...Legal Proceedings ...[RESERVED] ...Executive Officers and Key Employees of the ...

  • Page 9
    .... In addition to our Columbia Sportswear® brand, we also design, develop, market and distribute active outdoor apparel, footwear, accessories and equipment under the Mountain Hardwear®, Sorel®, Montrail® and Pacific Trail® brands. Our brands complement each other to address the diverse outdoor...

  • Page 10
    ... macro-economic environment on our business, see Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations. Products We provide high quality apparel, footwear, accessories and equipment for use in a wide range of outdoor activities by men, women and youth...

  • Page 11
    ... We design, develop, market and distribute footwear products for men and women under our Columbia, Sorel, Montrail and Pacific Trail brands and for youth under our Columbia and Sorel brands. Our footwear products address the needs of outdoor consumers who participate in activities that typically...

  • Page 12
    ... of our products sold to United States wholesale customers and our own retail stores from distribution centers in Portland, Oregon and Robards, Kentucky. We own and operate both of these facilities. In some instances, we arrange to have products shipped directly from the independent factories that...

  • Page 13
    ... Australia, New Zealand, Latin America and Asia. As of December 31, 2009, we operated 47 branded retail stores and 13 outlet retail stores in Japan and Korea within our LAAP segment. We also sell Columbia, Mountain Hardwear, Sorel and Montrail products through ecommerce websites in Japan and Korea...

  • Page 14
    ...athletes, personalities and teams who serve as inspirational models of excellence to consumers and also through sponsorship of selected outdoor events and competitions. Working Capital Utilization We design, develop, market and distribute our products, but do not own or operate our own manufacturing...

  • Page 15
    ...our own retail channels expose us to competitors who operate retail stores in outlet malls and key metropolitan markets, as well as competitors who sell product online. We believe that the primary competitive factors in the market for active sportswear, outerwear, footwear, accessories and equipment...

  • Page 16
    ...31, 2009 we had the equivalent of 3,113 full-time employees. Of these employees, 1,773 were based in the United States, 835 in Asia, 359 in Europe and 146 in Canada. Available Information We file with the Securities and Exchange Commission ("SEC") our annual report on Form 10-K, quarterly reports on...

  • Page 17
    ..., marketing, distribution and other resources, and we may have operating difficulties as a result. For example, our strategic initiatives, including the implementation of our retail store and e-commerce strategies, require significant management attention and corporate resources. These business...

  • Page 18
    ... credit markets and declining sales and profitability on a comparable store basis, which in turn has an adverse effect on our business. We may reduce our level of business with customers experiencing financial difficulties and may not be able to replace that business with other customers, which...

  • Page 19
    ..., in spring 2008, unseasonably cool weather in the United States caused customers to delay, and in some cases reduce or cancel, orders for our sportswear and footwear, which had an adverse effect on our net sales and profitability. Inventory accumulation by our wholesale customers resulting from...

  • Page 20
    ..., distribution, marketing and other resources than we have, and have achieved greater brand strength than we have. Increased competition may result in reduced access to production capacity, reductions in display areas in retail locations, reductions in sales, or reductions in our profit margins...

  • Page 21
    ... those involved in shipping product to and from our distribution facilities. In the United States, we rely primarily on our distribution centers in Portland, Oregon and Robards, Kentucky; in Canada, we rely primarily on our distribution facilities in Strathroy, Ontario; and in Europe, we rely...

  • Page 22
    ... source and distribute products in a timely manner. Labor disputes at independent factories where our goods are produced, shipping ports, transportation carriers, retail stores or distribution centers create significant risks for our business, particularly if these disputes result in work slowdowns...

  • Page 23
    ...an independent manufacturer violates labor or other laws, or engages in practices that are not generally accepted as ethical in our key markets, we may be subject to significant negative publicity that could result in long-term damage to our brand image, consumer demand for our products may decrease...

  • Page 24
    ...: Portland, Oregon (1 location)-owned Robards, Kentucky (1 location)-owned Canadian Operation and Distribution Facilities (1): Strathroy, Ontario (2 locations)-1 owned, 1 leased (1) Lease expires in December 2011. (2) Lease expires in June 2010. 17 Europe Headquarters (2): Geneva, Switzerland...

  • Page 25
    ... of Global Sales and Marketing (1) Vice President of Global Footwear Merchandising Vice President Global Apparel, Accessories and Equipment Vice President of Global Human Resources (1) Executive Vice President and Chief Operating Officer (1) Vice President of Latin America and Asia Pacific (1) Vice...

  • Page 26
    ...States Marketing Manager from 1986 to 1989. Lisa A. Kulok joined Columbia in February 2008 as Senior Director of Global Planning and was named Vice President of Global Marketplace Planning and Customer Operations in October 2009. From 1987 to 2007, Ms. Kulok held various leadership positions at NIKE...

  • Page 27
    ... and General Merchandising Manager of Nike Retail. Bryan L. Timm joined Columbia in June 1997 as Corporate Controller and was named Chief Financial Officer in July 2002. In 2003 Mr. Timm was named Vice President, Chief Financial Officer and Treasurer and in October 2008 he was named Executive Vice...

  • Page 28
    ... agreements, and other factors considered relevant by our Board of Directors. For various restrictions on our ability to pay dividends, see Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, and Note 5 of Notes to Consolidated Financial Statements. 21

  • Page 29
    ...$ 86.82 Securities Authorized for Issuance Under Equity Compensation Plans See Part III, Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters, of this Annual Report on Form 10-K for information regarding our securities authorized for issuance under...

  • Page 30
    ...Purchased as Part of Publicly Announced Plans or Programs (1) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs Period Total Number of Shares Purchased Average Price Paid per Share October 1, 2009 to October 31, 2009 ...November 1, 2009 to November 30, 2009...

  • Page 31
    ... elsewhere in this annual report and Management's Discussion and Analysis of Financial Condition and Results of Operations set forth in Item 7. 2009 Year Ended December 31, 2008 2007 2006 (In thousands, except per share amounts) 2005 (1) Statement of Operations Data: Net sales ...Net income ...Per...

  • Page 32
    ... apparel and footwear companies in the world, we design, develop, market and distribute active outdoor apparel, footwear, accessories and equipment under the Columbia, Mountain Hardwear, Sorel, Montrail, and Pacific Trail brands. Our products are sold through a mix of wholesale distribution channels...

  • Page 33
    ... exchange rates; Changes in mix and volume of full price sales in contrast with closeout product sales; Changes in the volume of order cancellations and reorders; Incremental sales through our expanding retail and e-commerce operations, which are not included in backlog; Changes in consumer activity...

  • Page 34
    ....0 Categorical Net Sales to Unrelated Entities: Sportswear ...$ 472.5 Outerwear ...482.5 Footwear ...214.6 Accessories and Equipment ...74.4 $1,244.0 Brand Net Sales to Unrelated Entities: Columbia ...$1,072.5 Mountain Hardwear ...100.5 Sorel ...60.6 Other ...10.4 $1,244.0 • Our wholesale backlog...

  • Page 35
    ... 2009 from $540.9 million in 2008. The decrease in sportswear net sales consisted of decreased net sales in the United States wholesale business, the EMEA direct and distributor businesses, Canada and the LAAP distributor business, partially offset by increased net sales in our United States retail...

  • Page 36
    ...United States was led by outerwear, followed by footwear and accessories and equipment, partially offset by decreased net sales of sportswear. A net sales increase through our retail channels was partially offset by a net sales decrease in our wholesale business. During 2009, we opened 11 new outlet...

  • Page 37
    .... The decrease in net sales in Canada was led by sportswear and outerwear, partially offset by increased net sales of footwear and accessories and equipment. The decrease in net sales was consistent with lower advance order volumes of Columbia-branded products due in part to planned reductions in...

  • Page 38
    ... in 2009 included apparel, footwear, leather accessories, eyewear, socks, insulated products including soft-sided coolers, camping gear, bicycles, home products, luggage, watches and other accessories. Interest Income, Net: Interest income was $2.1 million in 2009 compared to $7.6 million in 2008...

  • Page 39
    ... by footwear, partially offset by increased net sales of sportswear and accessories and equipment. The decrease in outerwear was primarily attributable to lower initial order volumes of Columbia-branded products for the fall 2008 season, partially offset by incremental sales of Mountain Hardwear...

  • Page 40
    ...or 15%, to $6.0 million in 2008 from $5.2 million in 2007. In 2008, licensing income was led by Columbia-branded leather accessories, followed by Columbia-branded socks, eyewear, insulated products including soft-sided coolers, and camping gear. Interest Income, Net: Interest income was $7.6 million...

  • Page 41
    ... with all associated covenants. Internationally, our subsidiaries have local currency operating lines of credit in place guaranteed by us with a combined limit of approximately $105.1 million at December 31, 2009, of which $3.6 million is designated as a European customs guarantee. At December 31...

  • Page 42
    ... hedged transactions. Our exposure to market risk for changes in interest rates relates primarily to our debt obligations. We did not have any long-term debt obligations at December 31, 2009 or 2008. We have cash flow exposure on our committed and uncommitted bank lines of credit since the interest...

  • Page 43
    ... the customer. Retail store revenues are recorded at the time of sale and e-commerce revenues are recorded upon shipment to the customer. In some countries outside of the United States where title passes upon receipt by the customer, predominantly in our Western European wholesale business, precise...

  • Page 44
    ...value and is recognized as expense over the requisite service period using the straight-line attribution method. We estimate stock-based compensation for stock options granted using the Black-Scholes option pricing model, which requires various highly subjective assumptions, including volatility and...

  • Page 45
    .... Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Our management is responsible for the information and representations contained in this report. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which...

  • Page 46
    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders Columbia Sportswear Company Portland, Oregon We have audited the accompanying consolidated balance sheets of Columbia Sportswear Company and subsidiaries (the "Company") as of December 31, 2009 and ...

  • Page 47
    COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED BALANCE SHEETS (In thousands) December 31, 2009 2008 ASSETS Current Assets: Cash and cash equivalents ...Short-term investments ...Accounts receivable, net (Note 2) ...Inventories, net... income taxes (Note 9) ...Other long-term liabilities (Note 7) ...Total ...

  • Page 48
    COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) 2009 Year Ended December 31, 2008 2007 Net sales ...Cost of sales ...Gross profit ...Selling, general, and administrative expenses ...Impairment of acquired intangible assets (Note 2) ...Net ...

  • Page 49
    COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2009 2008 2007 Cash flows from operating activities: Net income ...$ 67,021 $ 95,047 $ 144,452 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and ...

  • Page 50
    COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In thousands) Common Stock Shares Outstanding Amount Accumulated Other Comprehensive Comprehensive Income Income Retained Earnings Total BALANCE, JANUARY 1, 2007 ...Components of comprehensive income: Net income ...Cash ...

  • Page 51
    ... 1-BASIS OF PRESENTATION AND ORGANIZATION Nature of the business: Columbia Sportswear Company is a global leader in the design, development, marketing and distribution of active outdoor apparel, including sportswear, outerwear, footwear, accessories and equipment. Principles of consolidation: The...

  • Page 52
    ... 31, 2009, the Company's derivative contracts had a remaining maturity of approximately one year or less. All the counterparties to these transactions had a S&P / Moody's short-term credit rating of A-2 / P-2 or better. The net exposure to any single counterparty, which is generally limited to the...

  • Page 53
    COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) resulting from the inability of the Company's customers to make required payments. The allowance for doubtful accounts was $7,347,000 and $9,542,000 at December 31, 2009 and 2008, respectively. Inventories: ...

  • Page 54
    ... with the carrying amount of that reporting unit. The Company estimates the fair value of its reporting units using a combination of discounted cash flow analysis, comparisons with the market values of similar publicly traded companies and other operating performance based valuation methods. If step...

  • Page 55
    ... the customer. Retail store revenues are recorded at the time of sale and e-commerce revenues are recorded upon shipment to the customer. In some countries outside of the United States where title passes upon receipt by the customer, predominantly in the Company's Western European wholesale business...

  • Page 56
    COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) approximately two percent of net sales. The allowance for outstanding sales returns and miscellaneous claims from customers was approximately $13,889,000 and $10,583,000 as of December 31, 2009 and 2008, respectively....

  • Page 57
    ..., 2008 and 2007, respectively. Product warranty: Some of the Company's products carry limited warranty provisions for defects in quality and workmanship. A warranty reserve is established at the time of sale to cover estimated costs based on the Company's history of warranty repairs and replacements...

  • Page 58
    ... have a material effect on the Company's consolidated financial position, results of operations or cash flows. See Note 16. NOTE 3-INVENTORIES, NET Inventories consist of the following (in thousands): December 31, 2009 2008 Raw materials ...Work in process ...Finished goods ... $ 1,021 163 220,977...

  • Page 59
    ... is designated as a European customs guarantee. These lines accrue interest based on the ECB refinancing rate plus 50 basis points and EONIA plus 75 basis points, respectively. There was no balance outstanding under either line at December 31, 2009 or 2008. The Company's Japanese subsidiary has an...

  • Page 60
    ... estimating future tax consequences, the Company generally considers all expected future events other than enactment of changes in the tax laws or rates. Deferred taxes are provided for temporary differences between assets and liabilities for financial reporting purposes and for income tax purposes...

  • Page 61
    COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) $18,659,000 and $20,096,000 of the unrecognized tax benefits balance would affect the effective tax rate if recognized at December 31, 2009 and 2008, respectively. The Company conducts business globally, and as a ...

  • Page 62
    COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) The components of the provision (benefit) for income taxes consist of the following (in thousands): Year Ended December 31, 2009 2008 2007 Current: Federal ...State and local ...Non-U.S...Deferred: Federal ...State ...

  • Page 63
    ... December 31, 2009, 2008 and 2007, respectively. Deferred Compensation Plan The Company sponsors a nonqualified retirement savings plan for certain senior management employees whose contributions to the tax qualified 401(k) plan would be limited by provisions of the Internal Revenue Code. This plan...

  • Page 64
    ... resulting from changes in deferred compensation liabilities to participants. NOTE 11-COMMITMENTS AND CONTINGENCIES Operating Leases The Company leases, among other things, retail space, office space, warehouse facilities, storage space, vehicles and equipment. Generally, the base lease terms are...

  • Page 65
    ..., footwear, accessories and equipment, and materials used to manufacture apparel. At December 31, 2009 and 2008 inventory purchase obligations were $258,069,000 and $157,774,000, respectively. To support certain inventory purchase obligations, the Company maintains unsecured and uncommitted lines of...

  • Page 66
    COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) NOTE 12-STOCK-BASED COMPENSATION The following table shows total stock-based compensation expense included in the Consolidated Statement of Operations for the years ended December 31, (in thousands): 2009 2008 2007 ...

  • Page 67
    COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) The following table shows the weighted average assumptions for the year ended December 31: 2009 2008 2007 Expected term ...Expected stock price volatility ...Risk-free interest rate ...Expected dividend yield ......

  • Page 68
    COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Restricted Stock Units Service-based restricted stock units are granted at no cost to key employees and shares granted prior to 2009 generally vest over three years from the date of grant. Service-based restricted ...

  • Page 69
    ... date fair value of restricted stock units vested during the year ended December 31, 2009, 2008 and 2007 was $3,522,000, $1,069,000 and $1,077,000, respectively. 1999 Employee Stock Purchase Plan In 1999, the Company's shareholders approved the 1999 Employee Stock Purchase Plan ("ESPP"). There are...

  • Page 70
    ...15-SEGMENT INFORMATION The Company operates in four geographic segments: (1) United States, (2) Europe, Middle East and Africa ("EMEA"), (3) Latin America and Asia Pacific ("LAAP"), and (4) Canada, which are reflective of the Company's internal organization, management, and oversight structure. Each...

  • Page 71
    COLUMBIA SPORTSWEAR COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) The geographic distribution of the Company's net sales, ...2009 2008 2007 Net sales to unrelated entities: United States ...EMEA ...LAAP ...Canada ...Income before income taxes: United States ...EMEA ...LAAP ...Canada...

  • Page 72
    ... COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) 2009 2008 2007 Assets: United States ...EMEA ...LAAP ...Canada ...Total identifiable assets ...Eliminations and reclassifications ...Total assets ...Net sales to unrelated entities: Sportswear ...Outerwear ...Footwear ...Accessories...

  • Page 73
    ... are non-cash items and therefore are taken into account in the preparation of the Consolidated Statements of Cash Flows based on their respective balance sheet classifications. The Company also uses derivative instruments not formally designated as hedges to manage the exchange rate risk associated...

  • Page 74
    ...as quoted prices in active markets; Level 2 - inputs, other than the quoted market prices in active markets, which are observable, either directly or indirectly; and Level 3 - unobservable inputs for which there is little or no market data available, which require the reporting entity to develop its...

  • Page 75
    ... in ensuring that information required to be disclosed in our Exchange Act reports is (1) recorded, processed, summarized and reported in a timely manner, and (2) accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to...

  • Page 76
    ... Sportswear Company Portland, Oregon We have audited the internal control over financial reporting of Columbia Sportswear Company and subsidiaries (the "Company") as of December 31, 2009, based on criteria established in Internal Control- Integrated Framework issued by the Committee of Sponsoring...

  • Page 77
    ... schedule as of and for the year ended December 31, 2009 of the Company and our report dated March 12, 2010 expressed an unqualified opinion on those financial statements and financial statement schedule. DELOITTE & TOUCHE LLP Portland, Oregon March 12, 2010 Item 9B. OTHER INFORMATION None. 70

  • Page 78
    PART III Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE The sections of our 2010 Proxy Statement entitled "Election of Directors," "Corporate Governance- Corporate Governance Guidelines," "Corporate Governance-Code of Business Conduct and Ethics," "Corporate Governance-Board ...

  • Page 79
    ... Transactions Approval Process," and "Corporate Governance-Corporate Governance Guidelines" are incorporated herein by reference. Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES The section of our 2010 Proxy Statement entitled "Ratification of Selection of Independent Registered Public Accounting...

  • Page 80
    ... developments. • • Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about Columbia may be found elsewhere in this Annual Report on Form 10-K and Columbia's other public...

  • Page 81
    ... Deductions (a) Other (b) Balance at End of Period Description Year Ended December 31, 2009: Allowance for doubtful accounts ...Product warranty ...Year Ended December 31, 2008: Allowance for doubtful accounts ...Product warranty ...Year Ended December 31, 2007: Allowance for doubtful accounts...

  • Page 82
    ... undersigned, thereunto duly authorized. COLUMBIA SPORTSWEAR COMPANY By: /s/ THOMAS B. CUSICK Thomas B. Cusick Senior Vice President, Chief Financial Officer and Treasurer Date: March 12, 2010 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by...

  • Page 83
    ... developments. • • Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about Columbia may be found elsewhere in this Annual Report on Form 10-K and Columbia's other public...

  • Page 84
    ...No. 000-23939) Form of Restricted Stock Unit Award Agreement for awards granted on or after January 23, 2009 (incorporated by reference to exhibit 10.2 (f) to the Company's Annual Report on Form 10-K for the year ended December 31, 2008) (File No. 000-23939) Columbia Sportswear Company 401(k) Excess...

  • Page 85
    ... for Directors and Executive Officers (incorporated by reference to exhibit 10.23 to the Company's Annual Report on Form 10-K for the year ended December 31, 2004) Severance Agreement entered into as of May 19, 2008, by and between Patrick D. Anderson and Columbia Sportswear Company (incorporated...