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Meldungen 18.10.2002

18.10.2002: Meldung: Timberland: Record Third Quarter Revenue and Improved Earnings

Stratham, N.H., Oct. 17, 2002 - The Timberland Company

(NYSE: TBL - News) today reported results for the quarter ended September 27, 2002. For the third quarter of 2002, Timberland earned $49.2 million, or $1.30 per share diluted ($1.33 basic), compared with net income of $48.5 million, or $1.22 per share diluted ($1.25 basic), for the third quarter of 2001. Revenue for the third quarter of 2002 totaled $416.6 million, 5.2 percent higher than the $396.2 million reported for the third quarter of 2001.

 

Timberland ended the quarter with $20.0 million in cash and no debt outstanding. Over the last twelve months, the Company has improved its net cash position by $69.3 million while investing $92.4 million in share repurchases.

 

Domestic revenue for the third quarter of 2002 was $273.1 million, 2.0 percent lower than the $278.6 million reported for the third quarter of 2001. International revenue for the quarter increased 22.0 percent to $143.5 million, compared with $117.6 million for the prior-year period. On a constant dollar basis, international revenue increased 13.7 percent. International revenue comprised 34.4 percent of total third quarter 2002 revenue, compared with 29.7 percent for the third quarter of 2001.

 

Worldwide footwear revenue for the third quarter of 2002 was $315.3 million, 3.4 percent higher than the $305.0 million reported for the third quarter of 2001. Worldwide apparel and accessories revenue for the quarter increased 10.4 percent to $95.9 million, compared with $86.9 million for the 2001 third quarter.

 

Worldwide wholesale revenue for the third quarter of 2002 was $343.7 million, 7.3 percent higher than the $320.4 million reported for the third quarter of 2001. Worldwide retail revenue for the quarter decreased 3.7 percent to $73.0 million, compared to the $75.8 million reported for the third quarter of 2001. U.S. consumer direct revenue for the 2002 third quarter decreased 13.4 percent to $45.4 million, compared with $52.4 million for the 2001 third quarter. Domestic comparable store sales for the quarter decreased by 12.3 percent.

 

For the first nine months of 2002, Timberland earned $68.0 million, or $1.77 per share diluted ($1.81 basic), compared with net income of $76.5 million, or $1.89 per share diluted ($1.95 basic) for the first nine months of 2001. Earnings for the first nine months of 2002 included a $4.9 million after-tax gain ($0.13 per share diluted) related to the Company"s adoption of Statement of Financial Accounting Standards 141. Net income for the first nine months of 2002, excluding

this cumulative effect of change in accounting principle, was $63.1 million, or $1.64 per share diluted ($1.68 basic).

 

Revenue for the first nine months of 2002 was $833.9 million, 1.0 percent lower than the $842.5 million reported for the first nine months of 2001.

 

Jeffrey B. Swartz, Timberland"s President and Chief Executive Officer, stated, "We are pleased to have driven record revenues, improved earnings, and strong cash management in the third quarter, despite challenging market conditions. These results reflect solid progress on key strategic fronts - including expanding our international operations, trengthening our U.S. footwear business, extending our brand reach through the development of our apparel and accessories businesses, and continuing to advance our efforts to make a positive difference in our community."

 

"While Timberland was able to deliver solid results in the third

quarter, consistent with our goals for performance Improvement, fourth quarter financial results will be negatively impacted by external factors currently affecting our business. We anticipate that higher transportation costs and potential lost revenues associated with the recent work stoppage in western U.S. ports - in combination with soft economic trends - will likely limit fourth quarter revenue to prior-year levels and lower operating profit margins by approximately 300 basis points, compared with the prior-year period. Looking ahead to fiscal 2003, while we are pleased with our strategic progress and remain committed to our long-term goals of double-digit revenue growth and improved operating margins - we believe that mid single-digit revenue growth represents a more appropriate goal for our business until there are clearer signals of improvement in overall market conditions. Despite these near-term challenges, we"re confident that our strategy to become a leading global lifestyle brand - and focus on capturing Timberland"s broad range of growth opportunities - will position the Company to deliver strong financial results to our shareholders."

 

Note that comments made by Mr. Swartz are Timberland"s performance targets, based on current expectations. These comments are forward-looking, and actual results may differ materially.

 

As previously announced, Timberland will be hosting a conference call to discuss third quarter results today at 8:25 AM Eastern Time.

Interested parties may listen to this call through the investor

relations section of the Company"s website, www.timberland.com, or by calling (913) 981-5517. Replays of this conference call will be available through the Company"s website until 5:00 PM Eastern Time on Thursday, October 24, 2002.

 

Timberland (NYSE: TBL - News) is a global leader in the design, engineering and marketing of premium-quality footwear, apparel, and accessories for consumers who value the outdoors and their time in it. Timberland products offer quality workmanship and detailing and are built to withstand the elements of nature. The Company"s products can be found in leading department and specialty stores as well as Timberland retail stores throughout North America, Europe, Asia, Latin America, and the Middle East. More information about Timberland is available in the Company"s reports filed with the Securities and Exchange Commission.

 

The Timberland Company Condensed Consolidatet Balance Sheets (unaudited)

 

(Dollars in thousands)

 

Sept. 27, Sept. 28,

2002 2001

Assets

Current assets

Cash and equivalents $ 20,003 $ 15,752

Accounts receivable, net 251,803 257,911

Inventory 171,167 184,234

Prepaid expense 18,374 17,506

Deferred income taxes 21,962 17,369

Other assets - 1,388

Total current assets 483,309 494,160

 

Net property, plant and equipment 73,800 76,065

 

Excess of cost over fair value of net

assets acquired, net 14,163 14,584

 

Other assets, net 8,883 7,925

 

Total assets $580,155 $592,734

 

Liabilities and Stockholders" Equity

 

Current liabilities

Notes payable $ - $65,000

Accounts payable 61,824 52,002

Accrued expense 99,241 80,771

Income taxes payable 29,615 30,167

Other liabilities 5,486 -

Total current liabilities 196,166 227,940

 

Deferred compensation 2,812 2,274

 

Deferred income taxes 11,268 9,392

 

Excess of fair value of acquired assets

over cost, net - 5,063

 

Stockholders" equity 369,909 348,065

 

Total liabilities and

stockholders" equity $580,155 $592,734

 

 

The Timberland Company

Condensed Consolidated Statements of Income (unauditet)

 

(Amounts in thousands, except per share data)

 

For the Three Months Ended / For Nine Months Ended

 

Sept. 27, 2002 Sept. 28, 2001 / Sept. 27, 2002 Sept. 28, 2001

 

Revenue $416,641 $396,219 / $833,868 $842,499

Cost of goods sold 233,801 221,645 / 465,256 467,555

 

Gross profit 182,840 174,574 / 368,612 374,944

 

Operating expense

Selling 86,099 82,673 / 218,883 210,180

General and administrative 19,761 16,357 / 52,880 47,452

Amortization of goodwill - 271 / - 814

Total operating expense 105,860 99,301 / 271,763 258,446

 

Operating income 76,980 75,273 / 96,849 116,498

 

Other expense (income)

Interest expense 263 798 / 633 1,059

Other, net 491 946 / (1,565) (514)

Total other expense (income) 754 1,744 / (932) 545

 

Income before income taxes 76,226 73,529 / 97,781 115,953

 

Provision for income taxes 27,060 25,000 / 34,712 39,424

 

Net income before cumulative

effect of change in accounting principle $ 49,166 $ 48,529 / $ 63,069 $ 76,529

 

Cumulative effect of change

in accounting principle - - / 4,913 -

 

Net income $ 49,166 $ 48,529 / $ 67,982 $ 76,529

 

Earnings per share before

cumulative effect of change

in accounting principle

Basic $ 1.33 $ 1.25 / $ 1.68 $ 1.95

Diluted $ 1.30 $ 1.22 / $ 1.64 $ 1.89

 

Earnings per share after

cumulative effect of change

in accounting principle

Basic $ 1.33 $ 1.25 / $ 1.81 $ 1.95

Diluted $ 1.30 $ 1.22 / $ 1.77 $ 1.89

 

Weighted-average shares

outstanding

Basic 37,099 38,953 / 37,600 39,230

Diluted 37,838 39,912 / 38,349 40,536

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