US ,SOS Outreach Announces Resignation of Founder, Executive Director Arn Menconi

SOS Outreach- Youtube ©
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.

Stay in contact with Arn Menconi at arnmenconi@gmail.com or 970.390.4844.

SOS Outreach Board members are:

Professor Buie Seawell – Chair
Clinical Professor, Daniel’s School of Business - University of Denver

Bill Cotton – Vice  Chair
President and Owner, Optic Nerve Sunglasses

Dr. Claus Tjaden – Treasurer
Senior Partner, Martinez Tjaden, LLP

Bill Jensen – Secretary
CEO, Intrawest

Mike Carey – Director
President, Seirus Innovation
Ex Officio, Snowsports Industry America

Anthony De Rocco – Director  
President and CEO, Jarden Action Sports

Nate Fristoe – Director
Director, RRC Associates

Jason Glass – Director
Superintendent, Eagle County Schools

Clark Gundlach – Director
Sr. Vice President, General Manager Wintersports, Quiksilver

Dr. Cheryl Healton – Director 
Director, New York University Global Institute of Public Health

Kat Jobanputra – Director
Executive Vice President, Chief Operating Officer, Vail Resorts Retail

Kristin Kenney Williams – Director 
Vice President Mountain Community Affairs, Vail Resorts

Professor Lisa Neirotti – Director
Professor of Sports Management, Event Management and Tourism, George Washington University

Dr. Gil Noam – Director
Director and Associate Professor, Program in Education and Afterschool and Resiliency – Harvard University

Rob Perlman – Director
Sr. Vice President of Sales and Marketing, Steamboat Ski Resort

Source SOS Outreach by press release ©

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 of the 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.

Find out more about Back on My Feet Philadelphia by clicking here: www.philadelphia.backonmyfeet.org

About the GORE-TEX® Philadelphia Marathon:

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.

Learn more at gore.com.

GORE, GORE-TEX, and designs are trademarks of W. L. Gore & Associates, ©2014 W. L. Gore & Associates, Inc., 295 Blue Ball Rd., Elkton, Maryland, 800-431-GORE, gore-tex.com

Source Gore & Associates Inc

Mercedes Benz Portugal: Mercedes-Benz and Garrett McNamara Announce the Development of Two New Surfboards

Amorim ©
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."

Amorim ©
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

Mercedes-Benz Portugal S.A./André Silveira /Automobile Communications/Tel.: 21 925 71 92

Source Mercedes Benz through BUSINESS WIRE by press release

US Motorcycle Industry Council Announced 2015 Board of Director Election Results

Courtesy of Motorcycle Industry Council ©
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.

Source MIC ©

Columbia Sportswear Company Reports 29 Percent Net Sales Increase to a Record $675 Million; Raises Full Year 2014 Net Sales and Earnings Outlook; Increases Quarterly Dividend

Columbia ©
Third Quarter 2014 Highlights:
  • 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.

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.
(In thousands)
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
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
(In thousands, except per share amounts)
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
(In thousands)
Nine Months Ended September 30,
  2014     2013  
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  
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 )
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 )
Capital expenditures incurred but not yet paid $ 5,796 $ 1,259
Repurchases of common stock not yet paid 1,950 -
(In millions, except percentage changes)
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
$ 793.8 $ 663.4
Latin America & Asia Pacific 123.5 72.0
336.4 236.3
Europe, Middle East, & Africa 78.8 78.1
190.9 172.1
Canada   66.7     49.9  
  102.5     80.1  
Total $ 675.3   $ 523.1  
$ 1,423.6   $ 1,151.9  
Categorical Net Sales:
Apparel, Accessories and Equipment $ 549.4 $ 428.6
$ 1,166.1 $ 958.6
Footwear   125.9     94.5  
  257.5     193.3  
Total $ 675.3   $ 523.1  
$ 1,423.6   $ 1,151.9  
Brand Net Sales:
Columbia $ 555.4 $ 431.5
$ 1,222.4 $ 985.1
Mountain Hardwear 31.0 40.6
85.2 95.2
Sorel 58.2 47.4
74.1 62.7
prAna 28.2 - - 33.7 - -
Other   2.5     3.6  
  8.2     8.9  
Total $ 675.3   $ 523.1  
$ 1,423.6   $ 1,151.9  

Columbia Sportswear Company / Ron Parham, 503-985-4584 / Sr. Director of Investor Relations & Corporate Communications / rparham@columbia.com

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