06.02.03

6.2.2003: Meldung: Timberland Announces Financial Results

The Timberland Company (NYSE: TBL - News) today reported results for the quarter and year ended December 31, 2002. For the fourth quarter of 2002, Timberland earned $27.1 million, or $0.73 per share diluted ($0.74 basic), compared with net income of $30.2 million, or $0.77 per share diluted ($0.79 basic), for the fourth quarter of 2001. Revenue for the fourth quarter of 2002 totaled $357.0 million, 4.7 percent higher than the $341.1 million reported for the fourth quarter of 2001. Timberland ended the quarter with $141.2 million in cash and no debt outstanding. Over the last twelve months, the Company has improved its net cash position by $35.5 million while investing $101.2 million in share repurchases.

Domestic revenue for the fourth quarter of 2002 was $262.0 million, 1.0 percent higher than the $259.5 million reported for the fourth quarter of 2001. International revenue for the quarter increased 16.4 percent to $95.0 million, compared with $81.6 million for the prior-year period. On a constant dollar basis, international revenue increased 8.8 percent. International revenue comprised 26.6 percent of total fourth quarter 2002 revenue, compared with 23.9 percent for the fourth quarter of 2001.

Worldwide footwear revenue for the fourth quarter of 2002 was $265.3 million, 4.1 percent higher than the $254.8 million reported for the fourth quarter of 2001. Worldwide apparel and accessories revenue for the quarter increased 6.2 percent to $88.4 million, compared with $83.3 million for the 2001 fourth quarter.

Worldwide wholesale revenue for the fourth quarter of 2002 was $239.7 million, 5.8 percent higher than the $226.7 million reported for the fourth quarter of 2001. Worldwide retail revenue for the quarter increased 2.5 percent to $117.3 million, compared to the $114.4 million reported for the fourth quarter of 2001. U.S. wholesale revenue for the 2002 fourth quarter increased 2.6 percent to $184.0 million, compared with the $179.4 million reported for the fourth quarter of 2001. U.S. consumer direct revenue for the 2002 fourth quarter decreased 2.6 percent to $78.0 million, compared with $80.1 million for the 2001 fourth quarter. Domestic comparable store sales for the quarter decreased by 5.8 percent.

For the full year 2002, Timberland earned $95.1 million, or $2.49 per share diluted ($2.55 basic), compared with net income of $106.7 million, or $2.65 per share diluted ($2.73 basic) for 2001. Earnings for 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 2002, excluding this cumulative effect of change in accounting principle, was $90.2 million, or $2.36 per share diluted ($2.42 basic). Earnings per share for 2002 benefited from the repurchase of 838 thousand shares in the fourth quarter and 2.8 million shares for the year.

Revenue for the 2002 full year was $1,190.9 million, 0.6 percent higher than the $1,183.6 million reported for 2001.

Jeffrey B. Swartz, Timberland"s President and Chief Executive Officer, stated, "We are pleased to have delivered record revenues and strong cash management in the fourth quarter, despite challenging market conditions. Our better than expected performance reflects solid progress on key strategic fronts -- including expanding our international operations, strengthening our U.S. footwear business, and extending our brand reach through the development of our apparel and accessories businesses, while continuing to advance our efforts to make a positive difference in our community."

"We plan to build on this positive momentum in 2003. Based on our current indicators, we are targeting low double- digit revenue growth for the first half of this year. For the second half of 2003, we continue to maintain a prudent outlook on growth and believe that mid single-digit revenue growth represents an appropriate goal for our business. Consistent with our long-term financial objectives, we are targeting moderate improvements in operating margins as we move forward. While these goals will be challenging given current economic and political conditions around the world, we remain committed to delivering strong financial results to our shareholders and believe we are on the right path to capturing Timberland"s broad range of growth opportunities."

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 fourth 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) 981-5519. Replays of this conference call will be available through the Company"s website until 5:00 PM Eastern Time on Thursday, February 13, 2003.

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.

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 view of changing consumer trends, consumer acceptance of products, and other factors affecting retail market conditions, including the current U.S. economic environment and the global economic and political uncertainties resulting from the continuing war on terrorism; (ii) manage its foreign exchange rate risks; (iii) obtain adequate raw materials at competitive prices; and (iv) other factors, including those detailed from time to time in The Timberland Company"s SEC reports, including its Annual Report on Form 10-K filed on March 28, 2002. The Timberland Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

THE TIMBERLAND COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)

Dec. 31, Dec. 31,
2002 2001
ASSETS
Current assets
Cash and equivalents $141,195 $105,658
Accounts receivable, net 132,110 132,751
Inventory 122,417 127,172
Prepaid expense 21,493 17,093
Deferred income taxes 24,568 19,822
Other assets - 3,047
Total current assets 441,783 405,543

Net property, plant and equipment 73,370 76,208

Excess of cost over fair value of net assets
acquired, net 14,163 14,163

Other assets, net 9,355 8,698

Total assets $538,671 $504,612

LIABILITIES AND STOCKHOLDERS" EQUITY
Current liabilities
Accounts payable $33,678 $40,637
Accrued expense 89,430 66,529
Income taxes payable 20,134 21,336
Other liabilities 12,514 -
Total current liabilities 155,756 128,502

Deferred compensation 3,072 2,610

Deferred income taxes 7,058 9,349

Excess of fair value of acquired assets over
cost, net - 4,913

Stockholders" equity 372,785 359,238

Total liabilities and stockholders"
equity $538,671 $504,612



THE TIMBERLAND COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share data)

For the For the
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31, Dec. 31 Dec. 31,
2002 2001 2002 2001
Revenue $357,029 $341,125 $1,190,896 $1,183,623
Cost of goods sold 207,354 195,294 672,610 662,848

Gross profit 149,675 145,831 518,286 520,775

Operating expense
Selling 88,079 81,772 306,962 291,953
General and
administrative 19,619 17,193 72,499 64,644
Amortization of
goodwill - 271 - 1,085
Total operating
expense 107,698 99,236 379,461 357,682

Operating income 41,977 46,595 138,825 163,093

Other expense (income)
Interest expense 252 501 884 1,560
Other, net 737 318 (828) (196)
Total other
expense (income) 989 819 56 1,364

Income before
income taxes 40,988 45,776 138,769 161,729

Provision for income
taxes 13,857 15,564 48,569 54,988

Net income before
cumulative effect of
change in accounting
principle $ 27,131 $ 30,212 $ 90,200 $106,741

Cumulative effect of
change in accounting
principle - - 4,913 -

Net income $27,131 $30,212 $95,113 $106,741

Earnings per share
before cumulative
effect of change in
accounting principle
Basic $.74 $.79 $2.42 $2.73
Diluted $.73 $.77 $2.36 $2.65

Earnings per share
after cumulative
effect of change in
accounting principle
Basic $.74 $.79 $2.55 $2.73
Diluted $.73 $.77 $2.49 $2.65

Weighted-average
shares outstanding
Basic 36,480 38,484 37,308 39,043
Diluted 37,135 39,380 38,142 40,247




Contact:

The Timberland Company
Susan Ostrow, 603/773-1212
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