Columbia Sportswear PR
Columbia Sportswear Investor Relations & Corporate Communications
Columbia Sportswear Company Announces Reduction in U.S. Workforce
PORTLAND, Ore. – November 4, 2008 – Columbia Sportswear Company (NASDAQ: COLM), a global leader in the active outdoor apparel and footwear industries, today announced a reduction in force that will affect approximately 75, or 4 percent, of its 1,800 U.S. employees.
Tim Boyle, Columbia’s president and chief executive officer, commented, "We believe Columbia Sportswear has tremendous long-term growth opportunities. However, our recently announced 11 percent decline in orders for spring 2009 and our expectation that U.S. market conditions will remain challenging through 2009, make it necessary for us to better align our planned spending with those realities. We have approached this decision thoughtfully to ensure that we are able to continue investing in our expanding retail store platform and increased marketing. Although difficult, we believe these actions will ultimately strengthen the company and position us well for when the economy recovers."
About Columbia Sportswear Company
Founded in 1938 in Portland, Oregon, Columbia Sportswear Company is a global leader in the design, sourcing, marketing and distribution of active outdoor apparel and footwear. As one of the largest outerwear manufacturers in the world and a leading seller of skiwear in the United States, the company has developed an international reputation for quality, performance, functionality and value. The company manages a portfolio of outdoor brands including Columbia Sportswear, Mountain Hardwear, Sorel, Montrail and Pacific Trail. To learn more about Columbia, please visit the company's website at www.columbia.com.
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding anticipated duration of current macro-economic conditions and the company’s expectations for improved financial performance when those conditions improve. Actual results could differ materially from those projected in these and other forward-looking statements. The company’s expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis, however, each forward-looking statement involves a number of risks and uncertainties, including those described in the company’s Annual Report on Form 10-K for the year ended December 31, 2007 and the company’s most recently filed Quarterly Report on Form 10-Q, under the heading "Risk Factors," and other risks and uncertainties that have been or may be described from time to time in other reports filed by the company, including reports on Form 8-K, Form 10-Q and Form 10-K. The company cautions that forward-looking statements are inherently less reliable than historical information. We do not undertake any duty to update any of the forward-looking statements after the date of this release to conform them to actual results or to reflect changes in events, circumstances or our expectations. New factors emerge from time to time and it is not possible for the company to predict all such factors, nor can it assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.