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Second quarter 2018 net income soared to $9.7 million, or $0.14 per diluted share, compared with second quarter 2017 net loss of $11.5 million, or $(0.17) per share. In the first six months of fiscal 2018, the net income grew 124 per cent to $54.8 million, or $0.77 per diluted share, compared to $24.5 million, or $0.35 per diluted share, in the first half of 2017.
The operating income for the second quarter of fiscal 2018 climbed to $9.7 million, or 2.0 per cent of net sales, compared to an operating loss of $17.3 million, or (4.3) per cent of net sales, in the second quarter of 2017. The income tax expense was $2.1 million, resulting in an effective income tax rate of 16.6 per cent, compared to an income tax benefit of $4.5 million, and an effective tax rate of 28.6 per cent, in the second quarter of 2017. The effective tax rate decreased compared to the prior year due to the change in the US tax rate for the current year and increased tax benefits from stock-based compensation in the current period compared to the same period in the prior year.
The operating cash flow for the six months ended June 30, 2018 was $99.3 million, compared to $157.0 million in the six months ended June 30, 2017. Capital expenditures totaled $29.6 million for the first six months ended June 30, 2018, compared to $24.3 million in the six months ended June 30, 2017. The company repurchased 500,290 shares of common stock for $40.1 million or $80.17 per share and paid $30.9 million in dividends.
"Our better than expected second quarter and record first half results reflect continued momentum across our brand portfolio. Our first half revenue surpassed the one billion dollar mark for the first time in company history led by growth in the Columbia brand driven by solid performance in the United States across all channels as well as strong growth internationally led by our Europe-direct business. We are also pleased with strong first half performance for both prAna and Sorel, including a positive consumer response to Sorel's Spring 2018 assortment and progress in evolving to a year-round brand. With the strength in the first half performance we are pleased to increase our full year 2018 financial outlook." president and chief executive officer Tim Boyle said.
"These results and updated outlook demonstrate the strength of our brands and our shift to become a more brand-led and consumer-focused organization. Our powerful balance sheet, with $775 million in cash and short-term investments, and no long-term debt, provides the flexibility to invest in our growth initiatives as our major markets continue to evolve," added Boyle.
For fiscal 2018, the company's annual net sales are weighted more heavily towards the Fall/Winter season, while operating expenses are more equally distributed throughout the year, resulting in a highly seasonal profitability pattern weighted toward the second half of the year.
The company currently expects 2018 net sales growth of approximately 9.0 to 10.5 per cent (prior 8.0 to 10.0 percent), compared with 2017 net sales of $2.47 billion. The gross margin is likely to improve by up to 140 basis points. (RR)
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