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LaCrosse Footwear clocks positive growth rates for 2008
11 Feb '09
5 min read
“While 2008 was an exceptionally challenging year for retail sales, we are pleased with our performance and execution overall,” said Joseph P. Schneider, president and CEO of LaCrosse Footwear, Inc. “We continued to grow our business and capture market share. Our success in 2008 reflects sustained efforts to diversify our channels, the power of our proven brands and the consistent focus on operational excellence by our talented and dedicated team.
“Throughout the year, the growth in our work business continued to be driven by shipments to various branches of the United States military and success in niche work markets. Our joint efforts with the U.S. Army and the Marines to develop and deliver specialized boots for mountain warfare accelerated in 2008, and we expect the increased deployments in Afghanistan to continue to drive strong demand from the government channel.
We also achieved strong at-once demand in certain segments of the outdoor market, despite the historic downturn in retail demand. At the same time, we have maintained strong operating efficiencies and a healthy balance sheet with no bank debt, generated steady cash flow from operations and paid dividends to our shareholders.
“Moving into 2009, we remain focused on executing our long-term strategic initiatives and investing in our business, including the expected completion of our new Midwest distribution center in the first half of the year, which will allow us to get closer to our customers and increase speed of delivery.
We're very pleased with the positive customer response to our upcoming fall product line and expect to continue to develop and introduce innovative new products in coming periods. We believe LaCrosse is increasingly well-positioned to continue to capture market share in 2009 and beyond.”
Based on the Company's financial position, the Board of Directors announced the approval of a quarterly dividend of $0.125 per share of common stock. The first quarterly dividend will be paid on March 18, 2009 to shareholders of record as of the close of business on February 22, 2009.
The Board of Directors, while not declaring future dividends to be paid, has established a quarterly dividend policy reflecting its intent to declare and pay a quarterly dividend of $0.125 per share of common stock for the balance of 2009.
“Throughout the year, the growth in our work business continued to be driven by shipments to various branches of the United States military and success in niche work markets. Our joint efforts with the U.S. Army and the Marines to develop and deliver specialized boots for mountain warfare accelerated in 2008, and we expect the increased deployments in Afghanistan to continue to drive strong demand from the government channel.
We also achieved strong at-once demand in certain segments of the outdoor market, despite the historic downturn in retail demand. At the same time, we have maintained strong operating efficiencies and a healthy balance sheet with no bank debt, generated steady cash flow from operations and paid dividends to our shareholders.
“Moving into 2009, we remain focused on executing our long-term strategic initiatives and investing in our business, including the expected completion of our new Midwest distribution center in the first half of the year, which will allow us to get closer to our customers and increase speed of delivery.
We're very pleased with the positive customer response to our upcoming fall product line and expect to continue to develop and introduce innovative new products in coming periods. We believe LaCrosse is increasingly well-positioned to continue to capture market share in 2009 and beyond.”
Based on the Company's financial position, the Board of Directors announced the approval of a quarterly dividend of $0.125 per share of common stock. The first quarterly dividend will be paid on March 18, 2009 to shareholders of record as of the close of business on February 22, 2009.
The Board of Directors, while not declaring future dividends to be paid, has established a quarterly dividend policy reflecting its intent to declare and pay a quarterly dividend of $0.125 per share of common stock for the balance of 2009.
LaCrosse Footwear Inc
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