Menconi to pursue new opportunities after leading non-profit for 21 years
Avon, CO (October 30, 2014) -- Twenty-one years
ago, a snowboarder named Arn Menconi started SOS Outreach in Vail, Colo.
and oversaw the organization’s growth into a leading youth development
non-profit. Having just surpassed 40,000 students across 31 resorts
nationwide, Menconi has decided the time is right to move on and pursue
new opportunities and passions, the SOS Outreach Board of Directors
announced Thursday.
“Arn Menconi is a unique person. His passionate commitment to SOS
over the past 20 years has made SOS the amazing organization it is
today. Arn has dedicated his career to making a positive difference in
the lives of so many youth, and he triumphantly succeeded,” said board
president Buie Seawell, a professor at the University of Denver. “I
look forward to his continued success, as well as that of SOS, as we
move into an exciting new chapter of this extraordinary organization.”
“For 20 consecutive years, we’ve grown funding, added programs and
achieved fantastic outcomes for tens of thousands of participants and
thousands of volunteers,” said Menconi. “SOS is in the best place its
ever been with an amazing staff at 10 locations, a healthy funding base
and significant financial reserves. I leave with a heavy heart, but
with the knowledge that the organization is in great hands, with a
strong board and dedicated staff. Most importantly I’m so grateful to
the youth in SOS who have given me so many blessings.”
Seth Ehrlich, who has served with SOS for the past nine years, most
recently as vice president of operations, has been tapped as interim
executive director and will continue to be based in Colorado. The
organization is on pace to serve 4,500 participants across 22,000
program days nationally for the upcoming 2014-15 season.
Theresa Papandrea, vice president of programs, will continue to
oversee program implementation nationally in addition to direct program
management for more than 500 Lake Tahoe youth in California. She too
is a nine-year veteran of the organization.
“Vail Resorts wishes Arn only the best in his new endeavors and is
looking forward to supporting SOS in its future incarnation at our
mountains,” said Kristin Kenney Williams, SOS board member and vice
president of mountain community affairs for Vail Resorts. “The impact
SOS makes on the youth in our resort communities has been so meaningful
and is so perfectly aligned with our core values.”
A SOS board member for over 15 years, Intrawest CEO Bill Jensen
added: “I applaud Arn for the success that he has created. This
organization has grown so much under his leadership, and I wish him
nothing but the best moving forward.”
Menconi’s tenure as executive director has provided programs for
40,000 youth and trained more than 2,000 adult mentors in community
stewardship curriculum.
In 2009, SOS merged with Meet the Wilderness, a 34-year-old
summer-based non-profit. Through the merger, SOS participant numbers
grew from 3,000 to 5,000 youth and to nearly 20,000 days of activity
annually.
SOS Outreach is a national youth development non-profit that
utilizes adventure sports to engage at-risk students in long-term
mentorship relationships. The SOS curriculum encourages responsibility,
self-confidence, service, and leadership skills by instilling six core
values: courage, discipline, integrity, wisdom, compassion and
humility. Since 1993, SOS has inspired positive decision making for
healthy and successful lives. SOS currently operates at eight Vail
Resorts, and two Intrawest mountains.
GORE-TEX® FOOTWEAR PARTNERS WITH LOCAL NON-PROFIT BACK ON MY FEET FOR 2014 GORE-TEX® PHILADELPHIA MARATHON
Fundraising Promotion Encourages Runners and Supporters to Share Goals and Well-Wishes for November 23 Races
Elkton, Md. (October 30, 2014) – W.L. Gore & Associates,
inventor of GORE-TEX® products, announces its partnership with
Philadelphia’s Back on My Feet organization (www.backonmyfeet.org),
which utilizes running to create self-sufficiency for those
experiencing homelessness, for the 2014 GORE-TEX® Philadelphia Marathon.
Gore is supporting longtime Marathon charitable partner Back on My
Feet’s team with new Saucony Ride 7 GTX footwear for race training, as
well as a consumer fundraising promotion hosted at City Sports in Center
City, 1608 Walnut Street.
Runners and supporters are encouraged to post goals and well wishes
on special Back on My Feet running shoe signs at the downtown City
Sports store, as well as the GORE-TEX® booth at the Health & Fitness
Expo, Friday, November 21, and Saturday, November 22, at the
Pennsylvania Convention Center in Center City, Philadelphia. For every
note posted, Gore will make an additional donation to Back on My Feet
Philadelphia. City Sports will also be offering participants discounts
on GORE-TEX® footwear at its City Center store during the promotion.
“As title sponsor ofthe GORE-TEX® Philadelphia Marathon, we
felt it was important to partner with an organization that has deep
roots within the city,” said Kirk Christensen, GORE-TEX® running
footwear global leader. ”Back on My Feet creates an incredibly
positive outlet for its members and support for the overall community.
We look forward to cheering for these amazing community members along
the course.”
Inspired by Founder Anne Mahlum’s early morning runs past the Sunday Breakfast Rescue Mission at 13th
and Vine, Back on My Feet uses running to help members see themselves
in a more positive light so they can make real change in their lives,
resulting in employment and independent living. Back on My Feet is an
original partner charity of the Philadelphia Marathon. GORE-TEX® became
the official title sponsor of the Philadelphia Marathon, a top-10
marathon nationally, in 2013.
“The Philadelphia Marathon is a special time for our organization,”
said Scott Crossin, Back on My Feet executive director. “Our members,
volunteers, and staff train together for months leading up to race day.
We take great pride in helping each other cross that finish line and
become GORE-TEX® Philadelphia Marathoners. We appreciate Gore and
encourage everyone to post notes at City Sports to help us deliver our
mission.”
W.L. Gore & Associates, manufacturers of the GORE-TEX® product
line, are innovative creators of waterproof materials found in
recreational outerwear, footwear and gloves. The company’s fabrics and
products are known for their low-water absorption and durability.
The 56-year-old firm’s materials are waterproof, windproof and
breathable, keeping wearers of GORE-TEX® products and comfortable – all
attractive features for marathoners.
About Back on My Feet:
Back on My Feet is a national
for-purpose 501(c)3 organization that uses running to help those
experiencing homelessness change the way they see themselves so they can
make real change in their lives that results in employment and
independent living. BoMF has chapters in Philadelphia, Baltimore,
Washington DC, Boston, Chicago, Dallas, Indianapolis, Atlanta, New York
City and Los Angeles.
GORE-TEX®
Philadelphia Marathon weekend attracts more than 3,000 volunteers,
30,000 runners and 60,000 spectators to Philadelphia. Race Weekend
features the GORE-TEX® Philadelphia Marathon and Half Marathon on
Sunday, November 23; the Rothman Institute 8K and Kids Fun Run on
Saturday, November 22; and a free two-day Health & Fitness Expo
Friday, November 21 and Saturday, November 22. Race participants pass
many of Philadelphia’s famous attractions on the swift and scenic
USATF-certified course, which is a Boston qualifier.
Take the first step
to experiencing 26.2 miles of fun, beauty, history and excitement by
visiting www.philadelphiamarathon.com. Be sure to get connected with us on Facebook (facebook.com/philadelphiamarathon),
Twitter (@philly_marathon) and Instagram (@philly_marathon) to stay
up-to-date with the latest GORE-TEX® Philadelphia Marathon news
About W. L. Gore & Associates, Inc.:
Gore is a
technology-driven company focused on discovery and product innovation.
Well known for waterproof, breathable GORE-TEX® fabric, the company’s
portfolio includes everything from high-performance fabrics and
implantable medical devices to industrial manufacturing components and
aerospace electronics. Founded in 1958 and headquartered in Newark,
Del., Gore posts annual sales of more than $3.2 billion and employs
approximately 10,000 associates with manufacturing facilities in the
United States, Germany, the United Kingdom, Japan and China, and sales
offices around the world. Gore is one of a select few companies to
appear on all of the U.S. “100 Best Companies to Work For” lists since
the rankings debuted in 1984. The company also appears regularly on
similar lists around the world.
LISBON, Portugal--Mercedes-Benz Portugal just delivered a new surfboard to Garrett
McNamara entirely made of Portuguese cork, a project done in partnership
with Corticeira Amorim. The new board was handed over by Joerg
Heinermann (Mercedes-Benz Portugal CEO) and Alberto Batista (Commercial
Manager of Amorim Cork Composites). This board will be used by Hawaiian
surfer Garrett McNamara to surf the biggest waves in the world in
Nazaré, Portugal.
In addition to this innovative surfboard, efforts will
be undertaken to develop yet another surfboard, to be made of the foam
used to manufacture aircraft wings, a material Garrett himself has
brought all the way from Varial Surfboards in California. Portuguese
company Polen Surfboards, which has also joined this 100% Portuguese
project, is responsible for manufacturing the two aforementioned
surfboards, which will be used to surf the North Canyon waves in Nazaré.
The MBoard project, started by Mercedes-Benz in 2013, ultimately
resulted in the production of four boards of a model named “The Silver
Arrow of the Seas”. Designed by BBDO Portugal, these boards were
developed in partnership with Garrett McNamara for the North Canyon
Project and the Mercedes-Benz Design Studio. This was a joint effort, in
which dozens of design, research, aerodynamics and materials development
specialists helped manufacture the ideal board to surf big waves in
Nazaré.
In 2014, Mercedes-Benz is taking this challenge further by designing a
surfboard entirely made of a local material, traditionally used to
manufacture bottle stoppers, whose efficacy, resistance and durability
have been proven in a wide range of projects developed all over the
world, namely in the aerospace, automobile and textile industries. We
are obviously talking of Portuguese cork.
In order to produce a surfboard entirely made of cork, we decided to
resort to the expertise of the world’s largest cork producer, Corticeira
Amorim, a company recognised by its long experience in product research
and development, an effort partly undertaken by Amorim Cork Composites.
This sustainable material appeared an obvious choice to Garrett, who
affirmed that cork is “a highly resistant material, although
sufficiently flexible to withhold the impact of big waves”. According to
Garrett McNamara, “since Portugal is the world’s largest cork producer,
it makes perfect sense to use this material to make high-performance
surfboards for surfing in Nazaré. When we surf big waves, we need a
flexible board, although resistant enough not to break. It is an honour
for me to be involved in the innovative MBoard Project developed by
Mercedes-Benz, which now has the support of Corticeira Amorim, as well
as the advanced technology of Polen Surfboards.”
Garrett McNamara currently holds the record for the biggest wave ever
surfed, having secured himself a place in the Guinness Book of Records.
Garrett used boards designed by Mercedes-Benz in 2013 to surf big waves
in Nazaré at 62.4 km/h, a staggering speed whose measurement was only
made possible by the use of a telemetry system developed by
Mercedes-Benz within the scope of the MBoard Project.
According to Carlos de Jesus, Communications Manager at Corticeira
Amorim, “Corticeira Amorim is proud to be involved in this project,
which proves that Portuguese companies are able to develop and produce
innovative products that meet the quality and design standards of the
most demanding companies in the world”.
Carlos de Jesus also stressed
that “the technical performance of natural cork and, in this particular
case, of the Corecork range, is doubtlessly an important asset for
extreme sports enthusiasts, namely extreme surfers. Cork also boasts
environmentally friendly and sustainable characteristics, which are even
more relevant when considering that these products are being targeted at
the surfing community, one of the first groups to acknowledge the
importance of these issues.”
According to Álvaro Costa, from Polen Surfboards, "it is very important
and gratifying for Polen to be able to participate in this Mercedes-Benz
initiative, as it represents an opportunity for us to engage in research
and development in a field in which we have operated for more than 25
years. Only within the scope of a project of this size can certain
materials, techniques and technologies be studied and put to the test.”
“We have been collaborating closely with Garrett McNamara, a surfer who
has spent most of his life surfing big waves and who has provided us
with essential knowledge. This partnership not only contributes to add
credibility to this initiative, but also validates all the efforts
undertaken within the scope of this project, supported by companies such
as Amorim Cork Composites.”
“Together, we are researching new manufacturing techniques, with a view
to creating a unique surfboard, different from any other surfboard ever
made. We intend to produce two incredibly effective surfboards,
specifically designed to withstand the most extreme conditions. This
Portuguese initiative will not only represent a milestone for Polen
Surfboards, but also a turning moment in the world’s surfing history."
Production of a surfboard in a highly resistant foam
Regarding the foam traditionally used in the aerospace industry, which
will be used to make a new surfboard for Garrett, it should be stressed
that the technological characteristics of this material will allow the
manufacturing of a board without a stringer (a longitudinal component
often found inside the surfboard, which allows for ideal robustness and
flexibility). Garrett McNamara expects this surfboard to boast “…maximum
flexibility without loss of strength, in order to withstand big waves at
the Nazaré North Canyon”. Polen Surfboards is also involved in the
development of this board for Garrett, within the scope of the MBoard
Project.
According to Parker Borneman, CEO of Varial Surf Technology - "Varial
Foam is the world's first advanced aerospace foam core designed
specifically for surfboards. This new high modulus core technology
yields a stronger, lighter, more responsive board - while enabling a
larger range of custom flex patterns."
To Jorge Aguiar, Marketing Manager at Mercedes-Benz, “the MBoard Project
1.0, developed in 2013 with the support of the Daimler Group Design
Centre, resulted in the production of the first board (MBoard 1.0)
specifically designed for surfing big waves in Nazaré, based on
Portuguese technology. In 2014, we intend to develop two new boards
(MBoard 2.0 and MBoard 3.0), based on the results achieved by Garrett
with the MBoard 1.0 at the Nazaré North Canyon.”
“For this purpose, we have established partnerships with two Portuguese
companies, Corticeira Amorim and Polen Surfboards. We would like this to
be a Portuguese project, although with global impact, since we believe
we will most likely become the best towboard manufacturers in the world.”
“With these two unique surfboards we are seeking to find the perfect
balance between weight, flexibility and speed, in order to allow Garrett
to surf the famous North Canyon waves again, something we believe will
happen soon.”
“We should seek to stand out from our competitors when building a brand
targeted at our customers and prospective customers, in order to
encourage greater proximity between the Brand, the products and the
consumers. In this sense, the MBoard Project has already accomplished
these goals, both in Portugal and abroad. We are obviously making
history in the surfing world, just like Garrett McNamara did when he
surfed the biggest wave in Nazaré. Above all, working with Garrett has
been a privilege and an opportunity to learn even more. We expect to
find out how the new technology used in these two surfboards will
improve performance in the near future,” affirmed Jorge Aguiar.
Mercedes-Benz establishes partnership with Beachcam.pt to develop new
features
In addition to the development of the two aforementioned surfboards,
other news give an account of the increasingly close relationship
between Mercedes-Benz and the surfing world. This month, Mercedes-Benz
will be presenting a new project, developed in partnership with
Beachcam.pt, whose scope included the development of new features on
this website, accessed daily by thousands of surfers seeking waves and
news. In addition to Live HD Cams, which broadcast live images from
several beaches all over the country, the portal will now include
real-time weather information, as a result of the installation of
weather stations on all main beaches in Portugal.
Users will thus be
able to access this information for free, in order to find out which
beaches offer the best conditions. Moreover, Beachcam.pt users will also
be able to access an exclusive Mercedes-Benz news channel containing
information specifically targeted at the vast surfing community.
According to Jorge Aguiar, “Mercedes-Benz has been rejuvenated. In
addition to being the most recognised automobile brand in Portugal,
Mercedes-Benz offers the widest range of models aimed at this target
group. In this sense, and because we wish to forge increasingly closer
relationships with our customers, we were the first automobile company
to develop an information platform specifically aimed at ocean lovers.”
According to Vasco Silva, Director of Beachcam Portugal, “it gives us
great pleasure to present the new Beachcam.pt, developed in partnership
with Mercedes-Benz. This partnership will bring a wealth of benefits to
the entire surfing community, which, as we know, relies heavily not only
on sea conditions, but also on weather conditions.”
Mercedes-Benz becomes official sponsor of the North Canyon Project
In line with the large surfing events organised in Portugal and
recognising the increasing popularity and potential of this sport,
Mercedes-Benz and Nazaré Qualifica have recently signed a sponsorship
agreement for the North Canyon Project. Mercedes-Benz is thus very proud
to have once again been chosen by Nazaré Qualifica to transport the bold
surfers who accompany Garrett McNamara.
According to the Mayor of Nazaré, Walter Chicharro, “Nazaré, a location
where the earth and the sea have been one and the same since time
immemorial, is currently a spot not to be missed by the global surfing
community. In this sense, we are extremely pleased to have Mercedes-Benz
as our partner for the second consecutive year and feel grateful for
their commitment to producing boards specifically designed for surfing
big waves at the Nazaré North Canyon.”
The North Canyon Project by Garrett and his team will take place at the
North Beach, in Nazaré, from October to November 2014. Several
international surfers will join this event for the opportunity to surf
big waves in Nazaré, in an attempt to set a new world record.
Mercedes-Benz Portugal S.A.
Automobile Communications/Abrunheira – Apartado 1, 2726-901 Mem Martins
A Daimler Group Company/This information was brought to you by Cision http://news.cision.com
Ackerman, Emde and Leisner Join Notable Team of Industry Leaders
IRVINE, CA – October 29, 2014 – The Motorcycle Industry Council members have elected Arnold W.
Ackerman and Andy Leisner to each serve two-year terms on the 2015 MIC
Board of Directors. In addition, Don Emde has been reelected to the MIC
board to serve a two-year term and will be returning for his 14th year
of service to the board.
“I am honored to be associated with an industry that includes people
like Arnie, Don and Andy,” said MIC Board Chair Dennis McNeal. “These
are leaders who have been forged in our industry – people who live and
breathe motorcycling. They join an already-impressive group of committed
board members who are normally fierce competitors outside of the MIC,
but who set aside their rivalries to work shoulder-to-shoulder with each
other to tackle issues that affect us all, for the benefit of the most
important group for all of us, our customers, the riders and racers who
keep our industry alive.”
Arnold W. Ackerman is Chairman Emeritus and Founder
of Motorsport Aftermarket Group (MAG). MAG, a 12-year MIC member, has
successfully acquired leading brands in the motorsport parts and
accessories aftermarket to leverage its combined strength in marketing,
advertising and back-office services. Ackerman’s background includes
many top positions in the powersports, manufacturing and aerospace
industries. He is an experienced businessman, professional investor and
lifelong motorcyclist. Ackerman is the current Chair of the MIC
Aftermarket/Allied Trades Committee.
Don Emde, publisher/editor-in-chief of Don Emde
Inc., brings his vast industry experience with him as he makes his
return to the MIC Board. In addition to authoring “The Daytona 200 – The
History of America’s Premier Motorcycle Race,” Don and his father hold
the distinction of being the only father and son to both win the
prestigious Daytona 200 motorcycle road race. Emde has been a member of
MIC’s Aftermarket/Allied Trades Committee for over 30 years and has been
a Charter Member of the American Motorcyclist Association for 52 years.
You will find Emde’s name included on the distinguished lists of
inductees into three separate motorcycling halls of fame: Trailblazers
HOF, AMA Motorcycle HOF and Sturgis HOF.
Andy Leisner, vice president/group publisher of
Bonnier Motorcycle Group (representing 11 motorcycle media brands),
began riding motorcycles at the age of six. He raced motorcycles all
through his formative years, beginning with amateur motocross and
working his way up to the AMA 250 Grand Prix Nationals and the 250 World
Championship. Prior to joining Bonnier, he was the managing partner of
Hardcard Holdings LLC, as well as holding top positions with Mazda
Raceway Laguna Seca, AMA Pro Racing and Cycle World. He is married with
three children, ages 8, 12 and 17.
“It’s true that each person serving on the MIC Board brings with them
an impressive resume,” said MIC President and CEO Tim Buche. “However,
even more notable is that these leaders feel an intrinsic responsibility
to serve motorcyclists and to give back to this industry that has
brought each of them such success. It’s a level of dedication that is
rarely seen in the not-for-profit sector, and I find each of them
personally inspiring.”
Going into 2015, Emde, Ackerman and Leisner join elected directors
Larry Little, vice president & general manager, Marketplace Events
Motorcycle Group; Steve Menneto, vice president, motorcycles, Polaris
Industries Inc.; and Sarah Schilke, head of marketing and PR, Schuberth
North America. The remaining directors, appointed by MIC’s
maximum-dues-paying member companies, are MIC Board Chair Dennis McNeal,
vice president – motorcycle operations, Yamaha Motor Corp., U.S.A.; MIC
Board Vice Chair Jon-Erik Burleson, president, KTM North America, Inc.;
Steve Bortolamedi, senior communications manager, Suzuki Motor of
America, Inc.; Russ Brenan, senior advisor, government relations &
public affairs, Kawasaki Motors Corp., U.S.A.; Robert Gurga, vice
president, motorcycle division, American Honda Motor Co., Inc.; and Kris
Odwarka, vice president, BMW Motorrad USA.
About The Motorcycle Industry Council
The Motorcycle Industry Council exists to preserve,
protect and promote motorcycling through government relations,
communications and media relations, statistics and research, aftermarket
programs, development of data communications standards, and activities
surrounding technical and regulatory issues. As a not-for-profit,
national industry association, the MIC seeks to support motorcyclists by
representing manufacturers, distributors, dealers and retailers of
motorcycles, scooters, ATVs, ROVs, motorcycle/ATV/ROV parts, accessories
and related goods and services, and members of allied trades such as
insurance, finance and investment companies, media companies and
consultants.
The MIC is headquartered in Irvine, Calif., with a government
relations office in metropolitan Washington, D.C. First called the MIC
in 1970, the organization has been in operation since 1914. Visit the
MIC at mic.org.
Consolidated net sales increased 29 percent to a record $675.3 million.
Operating income increased 28 percent to $98.3 million, or 14.6
percent of sales. Adjusted operating income, which excludes prAna’s
operating results and approximately $3.9 million of expenses related
to the prAna acquisition and integration, totaled $97.7 million, or
15.1 percent of net sales.
Net income totaled $65.6 million, or $0.93 per diluted share.
The Board of Directors approved a 7 percent increase in the quarterly
dividend to $0.15 per share, payable December 4, 2014 to shareholders
of record on November 20, 2014.
Full Year 2014 Outlook Revised Upward:
Consolidated net sales are now expected to increase approximately 22
percent.
Consolidated operating margin is expected to be approximately 8.7
percent compared with full year 2013 operating margin of 7.8 percent.
Net income is expected to increase approximately 35 percent to $127
million, or $1.80 per diluted share.
(Note: All per-share amounts have been adjusted to reflect the 2-for-1
stock split completed on September 26, 2014.)
PORTLAND, Ore.--Columbia Sportswear Company (NASDAQ: COLM) today announced record net
sales of $675.3 million for the quarter ended September 30, 2014, an
increase of $152.2 million, or 29 percent, compared with net sales of
$523.1 million for the same period in 2013. Third quarter operating
income increased 28 percent to $98.3 million and net income grew 20
percent to $65.6 million, or $0.93 per diluted share.
Tim Boyle, Columbia’s president and chief executive officer, commented,
“I’m thrilled to announce these outstanding third quarter results which
reflect strong performance by our Columbia and Sorel brands in North
American wholesale and direct-to-consumer channels. In addition,
strengthening of the Columbia brand in our Europe-direct markets and
incremental sales from our new China JV and newly-acquired prAna brand
further bolstered top-line growth.
“In response to our strong year-to-date performance, we raised our full
year 2014 financial outlook to anticipate consolidated net sales growth
of approximately 22 percent and a 35 percent increase in net income. In
addition, we raised our quarterly dividend for the second time this
year, bringing the cumulative increase in the dividend during 2014 to 20
percent.
“We see solid momentum continuing into 2015, assuming seasonal weather
prevails in key global markets. Our confidence is based on strong early
Fall 2014 sell-through, coupled with growth in Spring 2015 advance
wholesale orders, and our plans for continued growth in our
direct-to-consumer channels.”
Boyle concluded, “The efforts of our global teams over the last several
years to deliver meaningful innovation, performance and compelling
styling through our products, while increasing our investments in demand
creation, are resonating with wholesale customers and, more importantly,
with consumers, positioning us to generate double-digit net sales growth
again in 2015, and to make further progress toward our goal of mid-teen
operating margin.”
Third Quarter Results
(All comparisons are between third quarter 2014 and third quarter 2013,
unless otherwise noted.)
Third quarter consolidated net sales growth of $152.2 million included
organic growth of approximately $73.3 million, or 14 percent, coupled
with incremental net sales of approximately $50.7 million from the
company’s China joint venture (JV) and approximately $28.2 million from
the newly-acquired prAna brand. Changes in currency exchange rates
negatively affected the year-over-year net sales comparison by less than
1 percentage point.
Net sales in the U.S. increased 26 percent to $406.3 million, including
$28.2 million of incremental prAna net sales; Latin America/Asia Pacific
(LAAP) region net sales increased 72 percent to $123.5 million,
including $50.7 million of incremental sales from the company’s new
China joint venture and a 1 percentage point benefit from changes in
currency exchange rates; Europe/Middle East/Africa (EMEA) region net
sales increased 1 percent to $78.8 million, including a 1 percentage
point benefit from changes in currency exchange rates; and net sales in
Canada increased 34 percent to $66.7 million, including a 6 percentage
point negative effect from changes in currency exchange rates. (See
“Geographical Net Sales” table below.)
Apparel, Accessories & Equipment net sales grew 28 percent to $549.4
million. Footwear net sales increased 33 percent to $125.9 million. (See
“Categorical Net Sales” table below.)
Columbia brand net sales increased 29 percent to $555.4 million, Sorel
brand net sales increased 23 percent to $58.2 million, and the
newly-acquired prAna brand contributed $28.2 million of incremental net
sales. Those increases were partially offset by a 24 percent decline in
Mountain Hardwear net sales to $31.0 million. (See “Brand Net Sales”
table below.)
Third quarter income from operations increased 28 percent to $98.3
million, or 14.6 percent of sales, including approximately $3.9 million
of amortization of certain acquired assets, costs associated with the
step-up in acquired inventory, and other integration costs related to
the prAna acquisition.
Excluding prAna’s operating results and the $3.9
million of expenses related to the prAna acquisition, adjusted operating
income increased to 15.1 percent of net sales, compared with $76.9
million, or 14.7 percent of net sales, for the same period in 2013.
Third quarter net income increased 20 percent, to $65.6 million, or
$0.93 per diluted share, compared with net income of $54.6 million, or
$0.79 per diluted share, for the same period in 2013.
Balance Sheet and Cash Flow
The company ended the third quarter with $185.8 million in cash and
short-term investments, compared with $303.2 million at September 30,
2013. Approximately 76 percent of cash and short-term investments were
held in foreign jurisdictions where a repatriation of those funds to the
United States would likely result in a significant tax cost to the
company.
Consolidated inventory totaled $494.8 million at September 30, 2014,
approximately 21 percent higher than the $410.1 million balance at
September 30, 2013. Excluding incremental inventory of the China JV and
newly-acquired prAna, inventory was 9 percent higher than one year ago.
During the third quarter and through October 20, 2014, the company
repurchased approximately 420,500 shares of common stock at an aggregate
purchase price of approximately $15.0 million, including 54,600 shares
($2.0 million) purchased during the third quarter. Approximately $43.6
million remains under the current repurchase authorization, which does
not obligate the company to acquire any specific number of shares or to
acquire shares over any specified period of time.
Dividend
The board of directors authorized a 7 percent increase in the company’s
regular quarterly dividend to $0.15 per share from the prior $0.14 per
share, payable on December 4, 2014 to shareholders of record on November
20, 2014, bringing the cumulative increase in the dividend during 2014
to 20 percent.
Updated 2014 Financial Outlook
All projections related to anticipated future results are
forward-looking in nature and are subject to risks and uncertainties
that may cause actual results to differ, perhaps materially. The
company’s annual net sales are weighted more heavily toward the second
half of the fiscal year, while operating expenses are more equally
distributed, resulting in a highly seasonal profitability pattern
weighted toward the second half of the fiscal year.
All per-share amounts in the following outlook are based on outstanding
shares that reflect the two-for-one stock split which took effect after
the close of business on September 26, 2014.
A more detailed version of the company’s 2014 financial outlook and
preliminary 2015 indications can be found in the “CFO Commentary on
Third Quarter 2014 Financial Results, Upward-Revised 2014 Outlook, and
Preliminary 2015 Indications”, available on the company’s investor
relations website: http://investor.columbia.com/results.cfm.
Consolidated FY2014 Financial Outlook
Including prAna’s anticipated operating results for the June through
December period, as well as non-recurring transaction costs of $3.4
million, and a total of approximately $7.6 million of amortization of
certain acquired assets, costs associated with the step-up in acquired
inventory, and other integration costs related to the prAna acquisition,
we expect full year 2014 financial results to include:
global net sales of approximately $2.06 billion, representing 22
percent growth over 2013 net sales of $1.68 billion.
gross margin expansion of up to 130 basis points compared with 2013;
SG&A expense leverage of up to 15 basis points compared with 2013;
licensing income of approximately $6 million;
operating margin of approximately 8.7 percent, compared with 2013
operating margin of 7.8 percent;
a full year tax rate of approximately 27.0 percent;
net income after non-controlling interest of approximately $127
million, or approximately $1.80 per diluted share, representing an
increase of approximately 35 percent compared to $94.3 million, or
$1.36 per diluted share, in 2013.
Preliminary FY2015 Financial Indications
We currently expect 2015 net sales to grow at a double-digit rate
compared with our current 2014 net sales outlook of approximately $2.06
billion, and are planning the business to realize further improvement
toward our long-term goal of returning to a mid-teen operating margin.
These expectations are based on the following preliminary factors, and
assume that normal seasonal weather patterns prevail during the 2014
fall/winter season, and that macro and market conditions in key markets
do not worsen materially:
encouraging early Fall 2014 sell-through across our North American
wholesale channels;
increased advance wholesale and distributor orders for Spring 2015;
our internal plans for continued expansion and growth in our global
direct-to-consumer businesses;
encouraging initial discussions about Fall 2015 purchasing plans of
our wholesale partners and many of our international distributors.
CFO’s Third Quarter Financial Commentary
Available Online
At approximately 4:15 p.m. ET today, a commentary by Tom Cusick, senior
vice president and chief financial officer, reviewing the company’s
third quarter 2014 financial results and fourth quarter and full year
2014 financial outlook will be furnished to the SEC on Form 8-K and
published on the company’s website at http://investor.columbia.com/results.cfm.
Analysts and investors are encouraged to review this commentary prior to
participating in the conference call.
Conference Call
The company will host a conference call on Thursday, October 30, 2014 at
5:00 p.m. ET to review its third quarter financial results and full year
2014 financial outlook. Dial 877-407-9205 to participate. The call will
also be webcast live on the Investor Relations section of the Company’s
website at http://investor.columbia.com
where it will remain available until October 29, 2015.
Fourth Quarter and Full Year 2014 Reporting
Schedule
Columbia Sportswear plans to report fourth quarter and full year 2014
financial results on Thursday, February 12, 2015 at approximately 4:00
p.m. ET. Following issuance of the earnings release, a commentary
reviewing the results will be furnished to the SEC on Form 8-K and
published on the investor relations section of the company’s website at http://investor.columbia.com/results.cfm.
A public webcast of Columbia’s earnings conference call will follow at
5:00 p.m. ET at www.columbia.com.
To receive email notification of future announcements, please visit http://investor.columbia.com/events.cfm
and register for E-Mail Alerts. About Columbia Sportswear
Columbia Sportswear Company is a leader in the global outdoor and active
lifestyle apparel, footwear, accessories and equipment industry. Founded
in 1938 in Portland, Oregon, the company has assembled a portfolio of
global brands whose products are sold in approximately 100 countries. In
addition to the Columbia® brand, Columbia Sportswear Company also owns
the Mountain Hardwear®, Sorel®, prAna®, Montrail® and OutDry® brands. To
learn more, please visit the company's websites at www.columbia.com,
www.mountainhardwear.com,
www.sorel.com,
www.prana.com,
www.montrail.com,
and www.outdry.com.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of
the federal securities laws, including statements regarding anticipated
results, net sales and net sales growth, gross margins, operating
expenses and leverage, licensing income, operating income, operating
margins, anticipated acquisition effects (including accretive earnings,
operating margins, projected net sales, advance order expectations,
transaction and integration expenses, and purchase accounting
amortization), tax rates, projected growth in global direct-to-consumer
businesses, performance of our China joint venture in future periods,
and net income. Forward-looking statements often use words such as
“will,” “anticipate,” “estimate,” “expect,” “should,” and “may” and
other words and terms of similar meaning or reference future dates. The
company’s expectations, beliefs and projections are expressed in good
faith and are believed to have a reasonable basis; however, each
forward-looking statement involves a number of risks and uncertainties,
including those set forth in this document, those described in the
company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q
under the heading “Risk Factors,” and those that have been or may be
described in other reports filed by the company, including reports on
Form 8-K. Potential risks and uncertainties that may affect our future
revenues, earnings and performance and could cause the actual results of
operations or financial condition of the company to differ materially
from the anticipated results expressed or implied by forward-looking
statements in this document include: our ability to realize the
forecasted benefits of the prAna acquisition; loss of key customer
accounts; our ability to effectively implement IT infrastructure and
business process initiatives; the effects of unseasonable weather;
unfavorable economic conditions generally, the financial health of our
customers, and changes in the level of consumer spending and apparel
preferences; changes in international, federal or state tax policies and
rates; risks inherent in doing business in foreign markets; our ability
to attract and retain key employees; higher than expected rates of order
cancellations; increased consolidation of our retail customers; our
ability to effectively source and deliver our products to customers in a
timely manner; unforeseen increases and volatility in the cost of raw
materials; our reliance on product innovations; our dependence on
independent manufacturers and suppliers and our ability to source
finished products and components at competitive prices from them; the
effectiveness of our sales and marketing efforts; intense competition in
the industry; business disruptions and acts of terrorism, cyberattacks,
or military activities around the globe; and our ability to establish
and protect our intellectual property. The company cautions that
forward-looking statements are inherently less reliable than historical
information. The company does not undertake any duty to update any of
the forward-looking statements after the date of this document to
conform them to actual results or to reflect changes in events,
circumstances or its expectations. New factors emerge from time to time
and it is not possible for the company to predict or assess the impact
of all such factors or the extent to which any factor, or combination of
factors, may cause results to differ materially from those contained in
any forward-looking statement.
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
September 30,
2014
2013
Current Assets:
Cash and cash equivalents
$
185,247
$
274,160
Short-term investments
537
29,049
Accounts receivable, net
458,844
378,032
Inventories, net
494,795
410,111
Deferred income taxes
50,710
50,342
Prepaid expenses and other current assets
42,916
38,514
Total current assets
1,233,049
1,180,208
Property, plant and equipment, net
289,480
280,682
Intangibles and other non-current assets
239,348
73,412
Total assets
$
1,761,877
$
1,534,302
Current Liabilities:
Short-term borrowings
$
2,185
$
-
Accounts payable
218,804
141,755
Accrued liabilities
140,660
119,654
Income taxes payable
18,922
9,257
Deferred income taxes
39
67
Total current liabilities
380,610
270,733
Note payable to related party
15,897
-
Other long-term liabilities
38,835
43,847
Equity:
Columbia Sportswear Company shareholders' equity
1,316,059
1,211,912
Non-controlling interest
10,476
7,810
Total equity
1,326,535
1,219,722
Total liabilities and equity
$
1,761,877
$
1,534,302
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2014
2013
2014
2013
Net sales
$
675,296
$
523,084
$
1,423,626
$
1,151,886
Cost of sales
368,515
290,735
775,734
645,949
Gross profit
306,781
232,349
647,892
505,937
45.4
%
44.4
%
45.5
%
43.9
%
Selling, general and administrative expenses
210,659
162,951
536,214
437,789
Net licensing income
2,160
7,501
5,066
11,482
Income from operations
98,282
76,899
116,744
79,630
Interest income, net
238
56
861
403
Interest expense on note payable to related party
(282
)
-
(769
)
-
Other non-operating income (expense)
666
417
161
(686
)
Income before income tax
98,904
77,372
116,997
79,347
Income tax expense
(30,972
)
(22,822
)
(32,127
)
(22,025
)
Net income
67,932
54,550
84,870
57,322
Net income (loss) attributable to non-controlling interest
2,288
(36
)
3,300
(289
)
Net income attributable to
Columbia Sportswear Company
$
65,644
$
54,586
$
81,570
$
57,611
Earnings per share attributable to Columbia
Sportswear Company:
Basic
$
0.94
$
0.79
$
1.17
$
0.84
Diluted
0.93
0.79
1.15
0.83
Weighted average shares outstanding:
Basic
70,093
68,904
69,811
68,650
Diluted
70,818
69,506
70,693
69,280
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended September 30,
2014
2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income
$
84,870
$
57,322
Adjustments to reconcile net income to net cash provided by (used
in) operating activities:
Depreciation and amortization
38,625
30,337
Loss on disposal or impairment of property, plant and equipment
350
370
Deferred income taxes
82
2,173
Stock-based compensation
8,136
6,532
Excess tax benefit from employee stock plans
(4,029
)
(1,083
)
Changes in operating assets and liabilities:
Accounts receivable
(139,578
)
(43,712
)
Inventories
(163,874
)
(46,795
)
Prepaid expenses and other current assets
(7,990
)
114
Other assets
303
330
Accounts payable and accrued liabilities
68,732
10,133
Income taxes payable
1,846
7,530
Other liabilities
3,998
472
Net cash provided by (used in) operating activities
(108,529
)
23,723
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of business, net of cash acquired
(188,467
)
-
Net sales of short-term investments
91,424
15,880
Capital expenditures
(42,843
)
(49,157
)
Proceeds from sale of property, plant, and equipment
58
49
Net cash used in investing activities
(139,828
)
(33,228
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facilities
15,287
36,896
Repayments on credit facilities
(12,999
)
(37,052
)
Proceeds from issuance of common stock under employee stock plans
19,293
14,199
Tax payments related to restricted stock unit issuances
(2,969
)
(2,144
)
Excess tax benefit from employee stock plans
4,029
1,083
Repurchases of common stock
(7
)
-
Proceeds from related party note payable
16,072
-
Capital contribution from non-controlling interest
-
8,000
Cash dividends paid
(29,369
)
(22,665
)
Net cash provided by (used in) financing activities
9,337
(1,683
)
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH
(13,222
)
(5,433
)
NET DECREASE IN CASH AND CASH EQUIVALENTS
(252,242
)
(16,621
)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
437,489
290,781
CASH AND CASH EQUIVALENTS, END OF PERIOD
$
185,247
$
274,160
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING
ACTIVITIES:
Capital expenditures incurred but not yet paid
$
5,796
$
1,259
Repurchases of common stock not yet paid
1,950
-
COLUMBIA SPORTSWEAR COMPANY
(In millions, except percentage changes)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2014
2013
% Change
2014
2013
% Change
Geographical Net Sales:
United States
$
406.3
$
323.1
26%
$
793.8
$
663.4
20%
Latin America & Asia Pacific
123.5
72.0
72%
336.4
236.3
42%
Europe, Middle East, & Africa
78.8
78.1
1%
190.9
172.1
11%
Canada
66.7
49.9
34%
102.5
80.1
28%
Total
$
675.3
$
523.1
29%
$
1,423.6
$
1,151.9
24%
Categorical Net Sales:
Apparel, Accessories and Equipment
$
549.4
$
428.6
28%
$
1,166.1
$
958.6
22%
Footwear
125.9
94.5
33%
257.5
193.3
33%
Total
$
675.3
$
523.1
29%
$
1,423.6
$
1,151.9
24%
Brand Net Sales:
Columbia
$
555.4
$
431.5
29%
$
1,222.4
$
985.1
24%
Mountain Hardwear
31.0
40.6
(24)%
85.2
95.2
(11)%
Sorel
58.2
47.4
23%
74.1
62.7
18%
prAna
28.2
-
-
33.7
-
-
Other
2.5
3.6
(31)%
8.2
8.9
(8)%
Total
$
675.3
$
523.1
29%
$
1,423.6
$
1,151.9
24%
Contacts
Columbia Sportswear Company / Ron Parham, 503-985-4584 / Sr.
Director of Investor Relations & Corporate Communications / rparham@columbia.com
