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22.10.2004: Meldung: Rekordquartal bei Timberland
The Timberland Company (NYSE: TBL) today reported record third quarter net income of $68.6 million and diluted earnings per share (EPS) of $1.92, compared with third quarter 2003 net income of $53.3 million and diluted EPS of $1.47. Timberland"s record results reflected strong global revenue gains and continued benefits from gross margin expansion, which enabled delivery of strong profit growth while supporting increased investment against global brand building initiatives.
* Third quarter revenue increased 11.3% to $493.9 million, driven by gains in both U.S. and international markets. U.S. revenues grew 6.0%, reflecting balanced growth from footwear and apparel offerings (Bekleidungsangebote) - and across wholesale (+6.0%) and retail channels (+6.0% on a 1.3% comparable store sales gain). International results (+19.3% or +10.6% in constant dollars) reflected double-digit constant dollar sales growth in Asia and strong constant dollar gains in Europe. Overall revenue growth benefited from favorable foreign exchange rate changes - which added $15.3 million (or 3.4%) to third quarter revenue.
* Third quarter results were supported by strong global footwear sales. Global footwear revenues expanded 13.6% to $388.2 million, driven by strong growth in men"s and women"s casual and kids" categories. Global apparel and accessories revenue grew 3.1% to $101.4 million, as gains in Timberland® brand apparel in the U.S. and Asia offset constant dollar declines in Europe and lower levels of Timberland PRO® series apparel sales.
* Operating profit for the quarter increased 26.9% to $106.0 million, and operating margin rose 2.7 percentage points to 21.5%. Profit gains reflected strong revenue growth and significant gains in gross margin, which benefited from foreign exchange rate changes, lower product-related costs, lower markdowns and favorable business mix. For the quarter, foreign exchange rate changes contributed approximately $11.4 million to operating profit.
* EPS for the quarter expanded 30.6% to $1.92, reflecting profit gains and continued benefits from share repurchases. During the quarter, the Company repurchased 978 thousand shares at a total cost of $54.8 million. For the year to date, Timberland has repurchased 1.3 million shares at a total cost of $75.0 million. The Company currently has 3.3 million shares remaining under its existing share repurchase program.
* Timberland ended the quarter with $119.8 million in cash and no debt outstanding. Timberland drove improvement in annual inventory turns and days sales outstanding, supporting an increase in return on capital from 28.1% to 32.5%.
Jeffrey B. Swartz, Timberland"s President and Chief Executive Officer, stated, "Timberland delivered record third quarter results, reflecting continued progress in developing the Timberland® brand portfolio and continued benefits from our efforts to enhance total system execution. We continue to drive solid growth across major product categories and geographies through a consistent focus on delivering against the enduring equities of the Timberland brand - while adapting our go-to-market strategies to better serve the needs of the broad range of Timberland consumers across the globe. We also continue to benefit from our focus on delivering superior customer service, leveraging a strengthened value chain that is supporting stronger growth and improved operating efficiencies. We are further refining our brand building approach through our Make it Better(TM) marketing campaign which powerfully communicates Timberland"s brand essence and values - and deepens our relationship with Timberland consumers.
We are pleased to have delivered strong financial results in the third quarter. We are targeting mid single-digit revenue growth for the balance of this year and believe that we are on track towards delivering strong revenue growth and double-digit profit gains in 2004. Looking ahead to 2005, we intend to drive solid revenue gains and continued strong earnings growth, leveraging strategies focused on capturing the great potential we see for the Timberland brand."
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 (617) 786-2963 and providing access code number 54715597. Replays of this conference call will be available through the investor relations section of the Company"s website.
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, South Africa and the Middle East. More information about Timberland is available in the Company"s reports filed with the Securities and Exchange Commission (SEC).
This press release contains certain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Various factors could cause the results of The Timberland Company to be materially different from any future results expressed or implied by such forward-looking statements. Such factors include, but are not limited to the Company"s ability to: (i) successfully market and sell its products in a highly competitive industry and in view of changing consumer trends, consumer acceptance of products and other factors affecting retail market conditions; (ii) procure a majority of its products from independent manufacturers; (iii) manage its foreign exchange rate risks; and (iv) other factors, including those detailed from time to time in The Timberland Company"s filings made with the SEC. The Timberland Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
This press release also includes a discussion of constant dollar revenue growth, a non-GAAP measure. As required by SEC rules, we have provided a reconciliation of this measure on an attached table that follows our financial statements. Additional required information is located in the Form 8-K furnished to the SEC on October 21, 2004.
THE TIMBERLAND COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
Oct. 1, Sept. 26, Dec. 31,
2004 2003 2003
--------- --------- ---------
ASSETS
------
Current assets
Cash and equivalents $119,779 $35,902 $241,803
Accounts receivable, net 279,182 264,036 125,088
Inventory 182,979 175,490 119,581
Prepaid expense 21,335 21,925 25,906
Deferred income taxes 22,400 21,256 27,182
--------- --------- ---------
Total current assets 625,675 518,609 539,560
--------- --------- ---------
Net property, plant and equipment 75,812 68,939 76,360
Goodwill 14,163 14,163 14,163
Intangible assets 3,991 3,515 3,807
Other assets, net 9,496 7,103 7,826
--------- --------- ---------
Total assets $729,137 $612,329 $641,716
========= ========= =========
LIABILITIES AND STOCKHOLDERS" EQUITY
------------------------------------
Current liabilities
Accounts payable $54,379 $50,236 $38,026
Accrued expense 110,966 108,996 115,425
Income taxes payable 39,976 34,358 27,482
Derivative liabilities 4,264 6,334 16,058
--------- --------- ---------
Total current liabilities 209,585 199,924 196,991
--------- --------- ---------
Other liabilities 11,081 5,231 9,318
Deferred income taxes 8,086 6,689 6,944
Stockholders" equity 500,385 400,485 428,463
--------- --------- ---------
Total liabilities and
stockholders" equity $729,137 $612,329 $641,716
========= ========= =========
THE TIMBERLAND COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share data)
(Unaudited)
For the For the
Three Months Ended Nine Months Ended
------------------- ---------------------
Oct. 1, Sept. 26, Oct. 1, Sept. 26,
2004 2003 2004 2003
--------- --------- ----------- ---------
Revenue $493,933 $443,960 $1,045,920 $926,690
Cost of goods sold 250,161 241,160 521,200 498,886
--------- --------- ----------- ---------
Gross profit 243,772 202,800 524,720 427,804
--------- --------- ----------- ---------
Operating expense
Selling 110,761 98,202 287,429 246,203
General and
administrative 26,994 21,072 71,436 59,487
--------- --------- ----------- ---------
Total operating
expense 137,755 119,274 358,865 305,690
--------- --------- ----------- ---------
Operating income 106,017 83,526 165,855 122,114
--------- --------- ----------- ---------
Other expense (income)
Interest expense 147 328 547 767
Other, net (548 ) 305 (1,594 ) (226 )
--------- --------- ----------- ---------
Total other expense
(income) (401 ) 633 (1,047 ) 541
--------- --------- ----------- ---------
Income before income
taxes 106,418 82,893 166,902 121,573
--------- --------- ----------- ---------
Provision for income taxes 37,778 29,620 59,250 43,158
--------- --------- ----------- ---------
Net income 68,640 $53,273 $107,652 $78,415
========= ========= =========== =========
Earnings per share
Basic $1.96 $1.51 $3.08 $2.20
========= ========= =========== =========
Diluted $1.92 $1.47 $3.00 $2.15
========= ========= =========== =========
Weighted-average shares
outstanding
Basic 34,962 35,378 34,985 35,684
========= ========= =========== =========
Diluted 35,712 36,189 35,868 36,512
========= ========= =========== =========
THE TIMBERLAND COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
For the
Nine Months Ended
------------------------
Oct. 1, Sept. 26,
2004 2003
--------- -----------
Cash flows from operating activities:
Net income $107,652 $78,415
Adjustments to reconcile net income
to net cash provided/(used) by operating
activities:
Deferred income taxes 1,323 532
Amortization of deferred compensation 2,357 1,308
Depreciation and other amortization 16,585 16,138
Loss on disposal of property, plant &
equipment 86 -
Tax benefit from stock option plans 11,579 8,098
Increase/(decrease) in cash from
changes in working capital items:
Accounts receivable (154,386) (125,869)
Inventory (63,469) (51,917)
Prepaid expense 4,471 353
Accounts payable 16,733 12,238
Accrued expense (4,354) 18,004
Income taxes 12,523 14,262
--------- -----------
Net cash used by operating
activities (48,900) (28,438)
--------- -----------
Cash flows from investing activities:
Additions to property, plant and
equipment, net (15,577) (10,646)
Other, net (1,561) 847
--------- -----------
Net cash used by investing
activities (17,138) (9,799)
--------- -----------
Cash flows from financing activities:
Common stock repurchases (74,985) (84,153)
Issuance of common stock 19,172 14,665
--------- -----------
Net cash used by financing
activities (55,813) (69,488)
--------- -----------
Effect of exchange rate changes on cash (173) 2,432
--------- -----------
Net decrease in cash and equivalents (122,024) (105,293)
Cash and equivalents at beginning of period 241,803 141,195
--------- -----------
Cash and equivalents at end of period $119,779 $35,902
========= ===========
THE TIMBERLAND COMPANY
REVENUE ANALYSIS
(Amounts in Thousands)
For the Three Months Ended For the Nine Months Ended
Oct. 1, Sept. 26, % Oct. 1, Sept. 26, %
2004 2003 Change 2004 2003 Change
--------- --------- ------- --------- --------- --------
Revenue by Segment:
US Whole-
sale $234,286 $221,011 6.0 $450,066 $421,319 6.8
US Consumer
Direct 50,457 47,588 6.0 122,824 113,289 8.4
--------- --------- --------- ---------
Total US 284,743 268,599 6.0 572,890 534,608 7.2
Inter-
national 209,190 175,361 19.3 473,030 392,082 20.6
Revenue by
Product
Footwear 388,154 341,806 13.6 800,895 698,019 14.7
Apparel and
Access-
ories 101,407 98,388 3.1 235,435 218,799 7.6
Royalty
and Other 4,372 3,766 16.1 9,590 9,872 (2.9)
Revenue by
Channel
Wholesale 407,528 364,857 11.7 816,256 724,034 12.7
Consumer
Direct 86,405 79,103 9.2 229,664 202,656 13.3
Note:
Domestic Retail
Comparable
Store Sales 1.3% 1.1% 1.9% (1.4)%
THE TIMBERLAND COMPANY
RECONCILIATION OF TOTAL AND INTERNATIONAL REVENUE INCREASES
TO CONSTANT DOLLAR REVENUE INCREASES
(Amounts in Millions)
Total Company Revenue Reconciliation:
For the Three For the Nine
Months Ended Months Ended
Oct. 1, 2004 Oct. 1, 2004
------------------ ------------------
$ Change % Change $ Change % Change
-------- -------- -------- --------
Revenue increase (GAAP) $50.0 11.3 $119.2 12.9
Increase due to foreign
exchange rate changes 15.3 3.4 39.8 4.3
Revenue increase in
constant dollars 34.7 7.9 79.4 8.6
International Revenue Reconciliation:
For the Three For the Nine
Months Ended Months Ended
Oct. 1, 2004 Oct. 1, 2004
------------------ ------------------
$ Change % Change $ Change % Change
-------- -------- -------- --------
Revenue increase (GAAP) $33.8 19.3 $80.9 20.6
Increase due to foreign
exchange rate changes 15.3 8.7 39.8 10.1
Revenue increase in
constant dollars 18.5 10.6 41.1 10.5
Contact:
The Timberland Company
200 Domain Drive
Stratham, New Hampshire 03885
Susan Ostrow, 603-773-1212
* Third quarter revenue increased 11.3% to $493.9 million, driven by gains in both U.S. and international markets. U.S. revenues grew 6.0%, reflecting balanced growth from footwear and apparel offerings (Bekleidungsangebote) - and across wholesale (+6.0%) and retail channels (+6.0% on a 1.3% comparable store sales gain). International results (+19.3% or +10.6% in constant dollars) reflected double-digit constant dollar sales growth in Asia and strong constant dollar gains in Europe. Overall revenue growth benefited from favorable foreign exchange rate changes - which added $15.3 million (or 3.4%) to third quarter revenue.
* Third quarter results were supported by strong global footwear sales. Global footwear revenues expanded 13.6% to $388.2 million, driven by strong growth in men"s and women"s casual and kids" categories. Global apparel and accessories revenue grew 3.1% to $101.4 million, as gains in Timberland® brand apparel in the U.S. and Asia offset constant dollar declines in Europe and lower levels of Timberland PRO® series apparel sales.
* Operating profit for the quarter increased 26.9% to $106.0 million, and operating margin rose 2.7 percentage points to 21.5%. Profit gains reflected strong revenue growth and significant gains in gross margin, which benefited from foreign exchange rate changes, lower product-related costs, lower markdowns and favorable business mix. For the quarter, foreign exchange rate changes contributed approximately $11.4 million to operating profit.
* EPS for the quarter expanded 30.6% to $1.92, reflecting profit gains and continued benefits from share repurchases. During the quarter, the Company repurchased 978 thousand shares at a total cost of $54.8 million. For the year to date, Timberland has repurchased 1.3 million shares at a total cost of $75.0 million. The Company currently has 3.3 million shares remaining under its existing share repurchase program.
* Timberland ended the quarter with $119.8 million in cash and no debt outstanding. Timberland drove improvement in annual inventory turns and days sales outstanding, supporting an increase in return on capital from 28.1% to 32.5%.
Jeffrey B. Swartz, Timberland"s President and Chief Executive Officer, stated, "Timberland delivered record third quarter results, reflecting continued progress in developing the Timberland® brand portfolio and continued benefits from our efforts to enhance total system execution. We continue to drive solid growth across major product categories and geographies through a consistent focus on delivering against the enduring equities of the Timberland brand - while adapting our go-to-market strategies to better serve the needs of the broad range of Timberland consumers across the globe. We also continue to benefit from our focus on delivering superior customer service, leveraging a strengthened value chain that is supporting stronger growth and improved operating efficiencies. We are further refining our brand building approach through our Make it Better(TM) marketing campaign which powerfully communicates Timberland"s brand essence and values - and deepens our relationship with Timberland consumers.
We are pleased to have delivered strong financial results in the third quarter. We are targeting mid single-digit revenue growth for the balance of this year and believe that we are on track towards delivering strong revenue growth and double-digit profit gains in 2004. Looking ahead to 2005, we intend to drive solid revenue gains and continued strong earnings growth, leveraging strategies focused on capturing the great potential we see for the Timberland brand."
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 (617) 786-2963 and providing access code number 54715597. Replays of this conference call will be available through the investor relations section of the Company"s website.
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, South Africa and the Middle East. More information about Timberland is available in the Company"s reports filed with the Securities and Exchange Commission (SEC).
This press release contains certain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Various factors could cause the results of The Timberland Company to be materially different from any future results expressed or implied by such forward-looking statements. Such factors include, but are not limited to the Company"s ability to: (i) successfully market and sell its products in a highly competitive industry and in view of changing consumer trends, consumer acceptance of products and other factors affecting retail market conditions; (ii) procure a majority of its products from independent manufacturers; (iii) manage its foreign exchange rate risks; and (iv) other factors, including those detailed from time to time in The Timberland Company"s filings made with the SEC. The Timberland Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
This press release also includes a discussion of constant dollar revenue growth, a non-GAAP measure. As required by SEC rules, we have provided a reconciliation of this measure on an attached table that follows our financial statements. Additional required information is located in the Form 8-K furnished to the SEC on October 21, 2004.
THE TIMBERLAND COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
Oct. 1, Sept. 26, Dec. 31,
2004 2003 2003
--------- --------- ---------
ASSETS
------
Current assets
Cash and equivalents $119,779 $35,902 $241,803
Accounts receivable, net 279,182 264,036 125,088
Inventory 182,979 175,490 119,581
Prepaid expense 21,335 21,925 25,906
Deferred income taxes 22,400 21,256 27,182
--------- --------- ---------
Total current assets 625,675 518,609 539,560
--------- --------- ---------
Net property, plant and equipment 75,812 68,939 76,360
Goodwill 14,163 14,163 14,163
Intangible assets 3,991 3,515 3,807
Other assets, net 9,496 7,103 7,826
--------- --------- ---------
Total assets $729,137 $612,329 $641,716
========= ========= =========
LIABILITIES AND STOCKHOLDERS" EQUITY
------------------------------------
Current liabilities
Accounts payable $54,379 $50,236 $38,026
Accrued expense 110,966 108,996 115,425
Income taxes payable 39,976 34,358 27,482
Derivative liabilities 4,264 6,334 16,058
--------- --------- ---------
Total current liabilities 209,585 199,924 196,991
--------- --------- ---------
Other liabilities 11,081 5,231 9,318
Deferred income taxes 8,086 6,689 6,944
Stockholders" equity 500,385 400,485 428,463
--------- --------- ---------
Total liabilities and
stockholders" equity $729,137 $612,329 $641,716
========= ========= =========
THE TIMBERLAND COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share data)
(Unaudited)
For the For the
Three Months Ended Nine Months Ended
------------------- ---------------------
Oct. 1, Sept. 26, Oct. 1, Sept. 26,
2004 2003 2004 2003
--------- --------- ----------- ---------
Revenue $493,933 $443,960 $1,045,920 $926,690
Cost of goods sold 250,161 241,160 521,200 498,886
--------- --------- ----------- ---------
Gross profit 243,772 202,800 524,720 427,804
--------- --------- ----------- ---------
Operating expense
Selling 110,761 98,202 287,429 246,203
General and
administrative 26,994 21,072 71,436 59,487
--------- --------- ----------- ---------
Total operating
expense 137,755 119,274 358,865 305,690
--------- --------- ----------- ---------
Operating income 106,017 83,526 165,855 122,114
--------- --------- ----------- ---------
Other expense (income)
Interest expense 147 328 547 767
Other, net (548 ) 305 (1,594 ) (226 )
--------- --------- ----------- ---------
Total other expense
(income) (401 ) 633 (1,047 ) 541
--------- --------- ----------- ---------
Income before income
taxes 106,418 82,893 166,902 121,573
--------- --------- ----------- ---------
Provision for income taxes 37,778 29,620 59,250 43,158
--------- --------- ----------- ---------
Net income 68,640 $53,273 $107,652 $78,415
========= ========= =========== =========
Earnings per share
Basic $1.96 $1.51 $3.08 $2.20
========= ========= =========== =========
Diluted $1.92 $1.47 $3.00 $2.15
========= ========= =========== =========
Weighted-average shares
outstanding
Basic 34,962 35,378 34,985 35,684
========= ========= =========== =========
Diluted 35,712 36,189 35,868 36,512
========= ========= =========== =========
THE TIMBERLAND COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
For the
Nine Months Ended
------------------------
Oct. 1, Sept. 26,
2004 2003
--------- -----------
Cash flows from operating activities:
Net income $107,652 $78,415
Adjustments to reconcile net income
to net cash provided/(used) by operating
activities:
Deferred income taxes 1,323 532
Amortization of deferred compensation 2,357 1,308
Depreciation and other amortization 16,585 16,138
Loss on disposal of property, plant &
equipment 86 -
Tax benefit from stock option plans 11,579 8,098
Increase/(decrease) in cash from
changes in working capital items:
Accounts receivable (154,386) (125,869)
Inventory (63,469) (51,917)
Prepaid expense 4,471 353
Accounts payable 16,733 12,238
Accrued expense (4,354) 18,004
Income taxes 12,523 14,262
--------- -----------
Net cash used by operating
activities (48,900) (28,438)
--------- -----------
Cash flows from investing activities:
Additions to property, plant and
equipment, net (15,577) (10,646)
Other, net (1,561) 847
--------- -----------
Net cash used by investing
activities (17,138) (9,799)
--------- -----------
Cash flows from financing activities:
Common stock repurchases (74,985) (84,153)
Issuance of common stock 19,172 14,665
--------- -----------
Net cash used by financing
activities (55,813) (69,488)
--------- -----------
Effect of exchange rate changes on cash (173) 2,432
--------- -----------
Net decrease in cash and equivalents (122,024) (105,293)
Cash and equivalents at beginning of period 241,803 141,195
--------- -----------
Cash and equivalents at end of period $119,779 $35,902
========= ===========
THE TIMBERLAND COMPANY
REVENUE ANALYSIS
(Amounts in Thousands)
For the Three Months Ended For the Nine Months Ended
Oct. 1, Sept. 26, % Oct. 1, Sept. 26, %
2004 2003 Change 2004 2003 Change
--------- --------- ------- --------- --------- --------
Revenue by Segment:
US Whole-
sale $234,286 $221,011 6.0 $450,066 $421,319 6.8
US Consumer
Direct 50,457 47,588 6.0 122,824 113,289 8.4
--------- --------- --------- ---------
Total US 284,743 268,599 6.0 572,890 534,608 7.2
Inter-
national 209,190 175,361 19.3 473,030 392,082 20.6
Revenue by
Product
Footwear 388,154 341,806 13.6 800,895 698,019 14.7
Apparel and
Access-
ories 101,407 98,388 3.1 235,435 218,799 7.6
Royalty
and Other 4,372 3,766 16.1 9,590 9,872 (2.9)
Revenue by
Channel
Wholesale 407,528 364,857 11.7 816,256 724,034 12.7
Consumer
Direct 86,405 79,103 9.2 229,664 202,656 13.3
Note:
Domestic Retail
Comparable
Store Sales 1.3% 1.1% 1.9% (1.4)%
THE TIMBERLAND COMPANY
RECONCILIATION OF TOTAL AND INTERNATIONAL REVENUE INCREASES
TO CONSTANT DOLLAR REVENUE INCREASES
(Amounts in Millions)
Total Company Revenue Reconciliation:
For the Three For the Nine
Months Ended Months Ended
Oct. 1, 2004 Oct. 1, 2004
------------------ ------------------
$ Change % Change $ Change % Change
-------- -------- -------- --------
Revenue increase (GAAP) $50.0 11.3 $119.2 12.9
Increase due to foreign
exchange rate changes 15.3 3.4 39.8 4.3
Revenue increase in
constant dollars 34.7 7.9 79.4 8.6
International Revenue Reconciliation:
For the Three For the Nine
Months Ended Months Ended
Oct. 1, 2004 Oct. 1, 2004
------------------ ------------------
$ Change % Change $ Change % Change
-------- -------- -------- --------
Revenue increase (GAAP) $33.8 19.3 $80.9 20.6
Increase due to foreign
exchange rate changes 15.3 8.7 39.8 10.1
Revenue increase in
constant dollars 18.5 10.6 41.1 10.5
Contact:
The Timberland Company
200 Domain Drive
Stratham, New Hampshire 03885
Susan Ostrow, 603-773-1212