columbia sportswear co (COLM) Snapshot

Columbia Sportswear Company announced the appointment of Shawn Cox as senior vice president of retail, a newly created position that will report directly to president and CEO Tim Boyle. In his new role with Columbia Sportswear, Cox, 49, will be responsible for leading the company's brick-and-mortar retail and ecommerce operations in the U.S., Europe and Canada.

Columbia Sportswear Company reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net sales of $348.307 million compared to $333.141 million a year ago. Income from operations was $12.728 million compared to $5.355 million a year ago. Income before income tax was $12.230 million compared to $5.602 million a year ago. Net income was $10.102 million or $0.29 per diluted share compared to $3.898 million or $0.11 per diluted share a year ago. Net cash provided by operating activities was $65.835 million compared to $22.213 million a year ago. Capital expenditures were $14.770 million compared to $12.004 million a year ago. For the full year 2013, the company currently expects a slight net sales decline compared to 2012, with a low single-digit net sales increase in constant dollars more than offset by the negative effect of anticipated changes in foreign currency exchange rates. Gross margin is expected to be comparable to 2012, including the effect of deferring approximately $3.0 million of gross profit into 2014 as a result of the previously announced plan to transition to a joint venture in China, effective January 1, 2014, from the current independent distributor arrangement. Operating margin is expected to be approximately 6.6%. Operating margin is expected to be approximately 7.5% if the following items are excluded: the anticipated $4.1 million in restructuring charges, and the deferral of approximately $3.0 million of gross profit and $4.0 million of licensing income into 2014 and pre-operating costs of approximately $3.7 million related to the China joint venture. The company is modeling a full year effective tax rate of 26%. The company intends to generate roughly $85 million in free cash flow for the year 2013. The company expects second quarter 2013 net sales to decline approximately 4% to 6% compared with second quarter 2012, primarily reflecting lower wholesale net sales, partially offset by increased direct-to-consumer sales. The company expects second quarter 2013 operating margin to decline approximately 370 to 540 basis points compared to second quarter 2012. The company is modeling an effective income tax rate for the second quarter of 29%.

Columbia Sportswear Company announced that the board of directors authorized a quarterly dividend of $0.22 per share, payable on May 30, 2013 to shareholders of record on May 16, 2013.