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Product & brand initiatives are gaining traction – Timberland
30 Apr '10
4 min read
• Operating income for the first quarter of 2010 was $39.4 million compared to operating income of $18.2 million in the prior year period. This improvement in operating income was driven by an increase in gross margin primarily due to favorable product and channel mix, benefits from foreign exchange, and lower product costs.
• In the first quarter of 2010, the effective tax rate was 34.3% compared to 11.0% in the first quarter of 2009. The tax rate for the first quarter of 2009 reflected a non-cash tax benefit of $6.4 million from the reversal of specific tax reserves due to the closure of certain tax audits.
• In connection with its stock buyback program, the Company repurchased approximately 1.0 million shares in the first quarter of 2010 at a cost of approximately $20.0 million.
• The Company ended the quarter with $238.5 million in cash and no debt. Accounts receivable decreased 8.5% to $157.6 million compared to the prior year period, due to strong collections in all regions. Inventory at quarter end was $136.9 million, down 15.9% versus 2009 first-quarter levels, reflecting the Company's continued focus on working capital.
Timberland 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.
• In the first quarter of 2010, the effective tax rate was 34.3% compared to 11.0% in the first quarter of 2009. The tax rate for the first quarter of 2009 reflected a non-cash tax benefit of $6.4 million from the reversal of specific tax reserves due to the closure of certain tax audits.
• In connection with its stock buyback program, the Company repurchased approximately 1.0 million shares in the first quarter of 2010 at a cost of approximately $20.0 million.
• The Company ended the quarter with $238.5 million in cash and no debt. Accounts receivable decreased 8.5% to $157.6 million compared to the prior year period, due to strong collections in all regions. Inventory at quarter end was $136.9 million, down 15.9% versus 2009 first-quarter levels, reflecting the Company's continued focus on working capital.
Timberland 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.
The Timberland Company
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