Columbia Sportswear 2011 Annual Report Download - page 78

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SUPPLEMENTARY DATA—QUARTERLY FINANCIAL DATA (Unaudited)
The following table summarizes the Company’s quarterly financial data for the past two years ended
December 31, 2011 (in thousands, except per share amounts):
2011
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Net sales ............................................. $333,086 $268,030 $566,791 $526,078
Gross profit ........................................... 149,536 112,413 249,585 223,774
Net income (loss) ...................................... 12,770 (13,558) 67,539 36,728
Earnings (loss) per share
Basic ............................................ $ 0.38 $ (0.40) $ 2.00 $ 1.09
Diluted ........................................... 0.37 (0.40) 1.98 1.08
2010
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Net sales ............................................. $300,406 $221,831 $504,028 $457,259
Gross profit ........................................... 127,304 96,922 214,281 190,897
Net income (loss) ...................................... 9,228 (10,604) 52,205 26,208
Earnings (loss) per share
Basic ............................................ $ 0.27 $ (0.31) $ 1.55 $ 0.78
Diluted ........................................... 0.27 (0.31) 1.53 0.77
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
Item 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our management has evaluated, under the supervision and with the participation of our chief executive
officer and chief financial officer, the effectiveness of our disclosure controls and procedures as of the end of the
period covered by this report pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934 (the
“Exchange Act”). Based on that evaluation, our chief executive officer and chief financial officer have concluded
that, as of the end of the period covered by this report, our disclosure controls and procedures were effective 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 allow timely decisions
regarding required disclosure.
Design and Evaluation of Internal Control Over Financial Reporting
Report of Management
Our management is responsible for establishing and maintaining adequate internal control over financial
reporting. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even
those systems determined to be effective can provide only reasonable assurance with respect to financial
statement preparation and presentation.
Under the supervision and with the participation of our management, we assessed the effectiveness of our
internal control over financial reporting as of December 31, 2011. In making this assessment, we used the criteria
set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control—
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