Solid results in Timberland classic boot business in Europe

05 Feb '10

4 min read

• The Company ended the quarter with $289.8 million in cash and no debt. Accounts receivable decreased 11.6% to $149.2 million compared to the prior year period, due to strong collections in all regions. Inventory at quarter end was $158.5 million, down 11.8% versus 2008 fourth-quarter levels, reflecting the Company's continued focus on working capital.

For the full-year 2009, Timberland reported net income of $56.6 million and diluted EPS of $1.01. These results compare to full-year 2008 net income of $42.9 million and diluted EPS of $0.73.

Jeffrey B. Swartz, Timberland's President and Chief Executive Officer, stated, "In 2009 we saw solid results in our classic boot business in Europe, substantial growth in our SmartWool brand and significant improvement during the fourth quarter in the performance footwear category, all indicative of Timberland's strength as an authentic outdoor brand. During these difficult economic times we have worked hard to continue making great product, build our relationship with consumers around the world and maintain a strong balance sheet, all of which we believe leave us well-positioned to capture the long-term potential of the Timberland brand."

Timberland Company

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