USA: Timberland Announces Fourth Quarter And Year End Results
The Timberland Company has reported record figures for its fourth quarter and year end results.
During the fourth quarter Timberland recorded a net income of $40.9m ($0.96 per share diluted or $1.03 basic), compared with a net income of $29.9m ($0.69 per share diluted or $0.72 basic), for the fourth quarter of 1999.
Revenue totalled $330.6m, 19.6 per cent higher than the $276.4m reported for the fourth quarter of 1999.
Domestic revenue for the fourth quarter of 2000 was $258.7m, 15.9 per cent higher than the $223.2m reported for the fourth quarter of 1999. International revenue for the quarter increased 35.0 per cent to $71.9m, compared with $53.2m for the prior-year period.
For the full year ended December 31, 2000, Timberland earned $124.1m, or $2.91 per share diluted ($3.09 basic) before a $2.1m after-tax extraordinary loss ($0.05 per share diluted) recorded in the second quarter resulting from the prepayment of $100.0m in senior notes. This result compared with net income of $75.2m, or $1.70 per share diluted ($1.75 basic) for 1999. Earnings for 2000, including the after-tax extraordinary item, were $122.0m, or $2.86 per share diluted ($3.04 basic).
Revenue for 2000 was $1,091.5m, 19.0 per cent higher than the $917.2m reported for 1999.
Jeffrey B. Swartz, Timberland's president and chief executive officer, said: "In 2000, we achieved an important milestone, surpassing $1bn in annual revenue. We're pleased with our accomplishments, including double-digit revenue growth across our diversified portfolio of product, channels and geographies, EPS growth of 68 per cent and operating cash flow of $120m.
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