UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
- ---- EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1998
OR
- ---- TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE EXCHANGE ACT
OF 1934
For the transition period from ______________ to ______________
COLUMBIA SPORTSWEAR COMPANY
(Exact name of registrant as specified in its charter)
Oregon 0-23939 93-0498284
- -------------------------------------------------------------------------------
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification Number)
incorporation or
organization)
6600 North Baltimore Portland, Oregon 97203
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(503) 286-3676
- -------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
Not Applicable
- -------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
YES NO X
------ ------
The number of shares of Common Stock outstanding on May 14, 1998, was
25,232,176.
COLUMBIA SPORTSWEAR COMPANY
MARCH 31, 1998
INDEX TO FORM 10-Q
PART I. FINANCIAL INFORMATION PAGE NO.
ITEM 1 - Financial Statements - Columbia Sportswear
Company (Unaudited)
Condensed Consolidated Balance Sheets........................ 2
Condensed Consolidated Statements of Operations.............. 3
Condensed Consolidated Statements of Cash Flows.............. 4
Notes to Condensed Consolidated Financial Statements......... 5
ITEM 2 - Management's Discussion and Analysis of Financial
Condition and Results of Operations ................... 7
PART II. OTHER INFORMATION
ITEM 2 - Change in Securities and Use of Proceeds ............... 10
ITEM 4 - Submission of Matters to a Vote of Security Holders .... 11
ITEM 6 - Exhibits and Reports on Form 8-K........................ 12
SIGNATURES....................................................... 13
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
(UNAUDITED)
MARCH 31,1998 DECEMBER 31,1997
------------- ----------------
ASSETS
Current Assets:
Cash and cash equivalents $ 6,264 $ 4,001
Accounts receivable, net of allowance of $2,479 and
$2,461, respectively 58,691 76,086
Receivable from underwriters(Note 2) 107,934 -
Deferred income taxes (Note 5) 6,300 -
Inventories (Note 3) 65,419 48,300
Prepaid expenses and other current assets 1,789 2,430
----------- ----------
Total current assets 246,397 130,817
Property, plant, and equipment, net 46,981 35,277
Intangibles and other assets 3,715 8,383
----------- ----------
Total assets $ 297,093 $ 174,477
----------- ----------
----------- ----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Notes payable $ 29,109 $ 20,427
Accounts payable 34,631 21,765
Accrued liabilities 11,522 12,899
Current portion of long-term debt 158 154
Distribution payable 89,262 5,866
----------- ----------
Total current liabilities 164,682 61,111
Long-term debt 2,789 2,831
Deferred income taxes (Note 5) 4,300 -
----------- ----------
Total liabilities 171,771 63,942
Shareholders' Equity:
Preferred stock; 10,000,000 shares authorized; none
issued and outstanding - -
Common stock; 50,000,000 shares authorized; issued
and outstanding 25,232,176, and 18,792,176 124,837 17,886
Retained earnings 8,906 101,805
Foreign currency translation adjustment (3,313) (3,806)
Unearned portion of restricted stock issued for
future services (5,108) (5,350)
----------- ----------
Total shareholders' equity 125,322 110,535
----------- ----------
Total liabilities and shareholders' equity $ 297,093 $ 174,477
----------- ----------
----------- ----------
See accompanying notes to condensed consolidated financial statements
2
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
(UNAUDITED)
THREE MONTHS ENDED MARCH 31,
-----------------------------
1998 1997
------------ --------------
Net sales $ 74,938 $ 54,495
Cost of sales 46,001 33,743
----------- -----------
Gross profit 28,937 20,752
Selling, general, and administrative 28,330 21,883
----------- -----------
Income (loss) from operations 607 (1,131)
Interest expense, net 438 300
----------- -----------
Income (loss) before income tax 169 (1,431)
Income tax benefit (Note 5) 1,932 11
----------- -----------
Net income (loss) (Note 7) $ 2,101 $ (1,420)
----------- -----------
----------- -----------
Net income (loss) per share (Note 6):
Basic $ 0.11 $ (0.08)
Diluted $ 0.11 $ (0.08)
Weighted average shares outstanding :
Basic 19,174,842 18,792,176
Diluted 19,558,978 18,792,176
See accompanying notes to condensed consolidated financial statements
3
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
THREE MONTHS ENDED MARCH 31,
-----------------------------
1998 1997
------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (loss) $ 2,101 $ (1,420)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Depreciation and amortization 1,904 1,686
Non-cash compensation 242 242
Loss on disposal of property, plant, & equipment 44 -
Deferred income taxes (2,000) -
Changes in operating assets and liabilities:
Accounts receivable 16,714 12,501
Inventories (16,851) (16,015)
Prepaid expenses and other current assets (642) (58)
Intangibles and other assets (991) (320)
Accounts payable 14,220 9,575
Accrued liabilities (2,277) (3,777)
--------- --------
Net cash provided by operating activities 12,464 2,414
--------- --------
CASH FLOW FROM INVESTING ACTIVITIES:
Additions to property, plant, and equipment (13,287) (2,967)
Proceeds from sale of property, plant, and equipment 94 -
Maturity of short-term investments - 222
--------- --------
Net cash used in investing activities (13,193) (2,745)
--------- --------
CASH FLOW FROM FINANCING ACTIVITIES:
Net borrowings on notes payable 8,727 407
Repayments on long-term debt (38) (31)
Distributions paid to shareholders (5,866) (132)
--------- --------
Net cash provided by financing activities 2,823 244
--------- --------
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH 169 (123)
--------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 2,263 (210)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 4,001 3,283
--------- --------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 6,264 $ 3,073
--------- --------
--------- --------
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid during the period for interest $ 757 $ 461
Cash paid during the period for state and foreign income taxes 762 294
See accompanying notes to condensed consolidated financial statements
4
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1. BASIS OF PRESENTATION
The accompanying condensed consolidated financial statements have been
prepared by the management of Columbia Sportswear Company ("the Company") and
in the opinion of management contain all adjustments, consisting only of
normal recurring adjustments, necessary to present fairly the Company's
financial position as of March 31, 1998 and December 31, 1997, and the
results of operations and cash flows for the three months ended March 31,
1998 and 1997. It should be understood that accounting measurements at
interim dates inherently involve greater reliance on estimates than at year
end. The results of operations for the three months ended March 31, 1998 are
not necessarily indicative of the results to be expected for the full year.
The accompanying financial statements should be read in conjunction with the
audited financial statements and notes thereto including in the Company's
final prospectus, which forms part of the registration statement on Form S-1
(file no. 333-43199) filed in connection with the Company's initial public
offering of 6,440,000 shares (including an over-allotment option of 840,000
shares) of its Common Stock (the "IPO").
NOTE 2. INITIAL PUBLIC OFFERING
The IPO closed on April 1, 1998. Gross proceeds from the IPO (including
exercise of the over -allotment option) totaled $115,920,000 and proceeds net
of underwriting discounts and commissions totaled $107,934,400, which at
March 31, 1998 was recorded as a receivable from underwriters.
NOTE 3. INVENTORIES
Inventories consist of the following (in thousands):
March 31, 1998 December 31, 1997
-------------- -----------------
Raw Materials $ 5,091 $ 4,565
Work In process 16,143 7,637
Finished goods 44,185 36,098
--------- ---------
$ 65,419 $ 48,300
--------- ---------
--------- ---------
NOTE 4. DIVIDENDS
In March 1998 the Company declared a dividend to its shareholders of record
on March 23, 1998 in an amount equal to the greater of $95 million or the
amount of the Company Subchapter S accumulated adjustments account as of
March 26, 1998, the date of termination of the Company's S corporation status
(the "Termination Date"). The Company has not yet determined the final
amount of the Subchapter S accumulated adjustments account as of the
Termination Date, however, the Company believes the dividend will exceed $95
million.
NOTE 5. INCOME TAXES
In connection with the IPO, the Company became subject to federal and state
income taxes from the Termination Date. The condensed consolidated statement
of operations for the three months ended March 31, 1998 reflects adjustments
for income taxes based upon income before provision for income taxes as if
the Company had been subject to additional federal and state income taxes
based upon an effective tax rate of 40%.
5
In accordance with Statement of Financial Accounting Standards No. 109,
"Accounting for Income Taxes" , the Company recorded a net deferred tax asset
of $2,000,000 for cumulative temporary differences between financial
statement and income tax bases of the Company's assets and liabilities by
recording a benefit for such deferred tax assets in its condensed
consolidated statement of operations on the Termination Date. The net amount
represents a current asset of $6,300,000 and a non-current liability of
$4,300,000. Such deferred tax assets are based on the cumulative temporary
difference upon the conversion from an S corporation to a C corporation on
the Termination Date.
During interim periods, income tax expense is based on the estimated
effective income tax rate that is expected for the entire fiscal year. The
estimated effective tax rate for the three months ended March 31, 1998 was
40%. The net income tax benefit for the three months ended March 31, 1998 was
$1,932,000. This amount includes the recording of the net deferred tax asset
of approximately $2,000,000 and the provision for income taxes for the three
months ended March 31, 1998 of $68,000.
NOTE 6. EARNINGS PER SHARE
Statement of Financial Accounting Standards No. 128, "Earnings Per Share"
requires dual presentation of basic and diluted earnings per share
("EPS"). Basic EPS is based on the weighted average number of common
shares outstanding. Diluted EPS reflects the potential dilution that
could occur if securities or other contracts to issue common stock were
exercised or converted into common stock.
There were no adjustments to net income in computing diluted earnings per
share for the three months ended March 31, 1998 and 1997. A reconciliation
of the common shares used in the denominator for computing basic and diluted
earnings per share is as follows:
Three months ended March 31,
----------------------------
1998 1997
---------- ----------
Weighted average common shares outstanding,
used in computing basic earnings per share 19,175 18,792
Effect of dilutive stock options 384 -
------- --------
Weighted-average common shares outstanding,
used in computing diluted earnings per share 19,559 18,792
------- --------
------- --------
Earnings (loss) per share of common stock - basic
and diluted $ 0.11 $ (0.08)
NOTE 7. COMPREHENSIVE INCOME
On January 1, 1998, the Company adopted Statement of Financial Accounting
Standards No. 130, "Reporting Comprehensive Income". Comprehensive income
(loss) was approximately $2,594,000 and $(2,202,000) for the three months
ended March 31, 1998 and 1997, respectively. The differences from net income
consist of changes in foreign currency translation adjustments.
6
FORWARD LOOKING STATEMENTS
The statements in this report concerning certain expected future expenses as
a percentage of net sales, future financing and working capital requirements,
and the Year 2000 issue constitute forward - looking statements that are
subject to risks and uncertainties Factors that could adversely affect
selling, general and administrative expense as a percentage of net sales
include, but are not limited to, increased competitive factors (including
increased competition, new product offerings by competitors and price
pressures), unfavorable seasonal differences in sales volume, changes in
consumer preferences, an inability to increase sales to department stores or
to open and operate new concept shops on favorable terms, a failure to manage
growth effectively (including timely implementation of the Company's
enterprise system and expansion of its distribution center) and
unavailability of independent manufacturing, labor or supplies at reasonable
prices, as well as unfavorable business conditions and disruptions in the
outerwear, sportswear and rugged footwear industries and general economy.
Factors that could materially affect future financing requirements include,
but are not limited to, the ability to obtain additional financing on
acceptable terms and greater than expected S corporation dividends. Factors
that could materially affect future working capital requirements include, but
are not limited to, the industry factors and general business conditions
noted above. Factors that could materially affect the Year 2000 issue
include, but are not limited to, unanticipated costs associated with any
required modifications to the Company's computer systems and associated
software.
RESULTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31,1998 COMPARED TO THREE MONTHS ENDED MARCH 31,1997
NET SALES: Net sales increased 37.4% to $74.9 million for the three month
period ended March 31, 1998 from $54.5 million for the comparable period in
1997. Domestic sales increased 42.5% to $60.0 million for the three month
period ended March 31, 1998 from $42.1 million for the comparable period in
1997. Net international sales, excluding Canada, increased 23.8% to $10.4
million for the three month period ended March 31, 1998 from $8.4 million for
the comparable period in 1997. Canadian sales grew 12.6% to $4.6 million for
the three month period ended March 31, 1998 compared to the same period in
1997. These increases were attributable to increased sales of spring
sportswear units and timely shipments of products to customers
GROSS PROFIT: Gross profit as a percentage of net sales was 38.6% for the
three months ending March 31, 1998 compared to 38.1% for the comparable
period in 1997. The increase in gross margin was due to increased domestic
and European wholesale sales as a percentage of total sales, which have
traditionally been higher margin than other International markets, as well
as efficiencies in the manufacturing process and continued strength of the
brand in the market.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE: Selling, general, and
administrative expense increased 29.2% to $28.3 million for the three months
ended March 31, 1998 from $21.9 million for the comparable period in 1997,
primarily as a result of an increase in variable selling and operating
expenses to support both the higher level of sales and continued investment
in operational infrastructure. As a percentage of sales, selling, general,
and administrative decreased to 37.8% for the three months ended March 31,
1998 from 40.2% for the comparable period in 1997, reflecting the Company's
operating expense leverage. The Company believes that it will be able to
continue to leverage selling, general, and administrative as a percentage of
sales as its international operations become more established and its
sportswear and footwear sales expand.
INTEREST EXPENSE: Interest expense increased by 46% for the three months
ended March 31, 1998 from the comparable period in 1997. The increase was
attributable to additional borrowing requirements for working capital during
the three months ended March 31, 1998.
PROVISION FOR INCOME TAXES: Income tax expense for the three months ended
March 31, 1998 includes a deferred income tax benefit of $2.0 million as a
result of the conversion to C corporate status in connection with the IPO.
7
NET INCOME: Earnings per share were based on the weighted average number of
common shares outstanding for the three months ended March 31,1998 and 1997.
If the shares issued in connection with the IPO had been outstanding for the
three months ended March 31, 1998, the total shares outstanding would have
been 25.2 million and 25.6 million for basic and diluted methods,
respectively, resulting in earnings per share of $0.08 for the three months
ended March 31, 1998.
LIQUIDITY AND CAPITAL RESOURCES
The Company financed its operations in the three months ended March 31, 1998
primarily through cash from operations and current cash balances. At March
31, 1998, the Company had total cash equivalents of $6.3 million compared to
$3.1 million at March 31, 1997. Cash provided by operating activities was
$12.5 million for the three months ended March 31, 1998 and $2.4 million
for the comparable period in 1997. This increase was primarily due to a
decrease in accounts receivable and increase in accounts payable offset by an
increase in inventory, which provided additional working capital to fund the
Company's first quarter operations.
The Company's primary capital requirements are for working capital, investing
activities associated with expansion of its distribution center, systems
development and general corporate needs. Net cash used in investing
activities was $13.2 million for the three months ended March 31, 1998 and
$2.7 million for the comparable period in 1997.
Cash provided from financing activities was $2.8 million for the three months
ended March 31, 1998 and $244,000 for the comparable period in 1997. The
increase in net cash provided from financing activities was primarily due to
increases in net short term borrowings offset by the repayment of an
outstanding note from a shareholder of approximately $5.7 million.
To fund its working capital requirements, the Company has an unsecured
revolving line of credit of $50 million with Wells Fargo Bank, N.A. which
expires June 30, 1998. As of March 31, 1998, $20.5 million was outstanding
under this line of credit bearing interest at a rate of 6.2% per annum. The
Company expects to renew or replace this line of credit upon its expiration.
The Company is party to a Buying Agency Agreement with Nissho Iwai American
Corporation ("Nissho") pursuant to which Nissho provides the Company
unsecured credit, the amount of which varies annually at Nissho's discretion,
and acts as a buying agent on behalf of the Company. At March 31, 1998 the
maximum amount available under the Nissho Agreement was $120 million, which
includes $70 million allowed under the credit line and amounts available for
letters of credit. The agreement expires September 30, 1998. As of March
31, 1998, $23.7 million was outstanding under the Company's line of credit
with Nissho bearing interest at a rate of 6.2% per annum.
The Company maintains a credit agreement with The Hong Kong and Shanghai
Banking Corporation Limited for an uncommitted and unsecured line of credit
with a combined limit of $60 million. Within this limit, up to $45 million
may be used as an import line of credit for issuing documentary letters of
credit and up to $25 million may be used as a revolving line of credit for
working capital. As of March 31,1998, $5 million was outstanding under the
agreement bearing interest at a rate of 6% per annum.
Proceeds from the IPO net of underwriting discounts and commissions totaled
$107.9 million, of which an amount equal to the greater of $95 million or the
amount of the Company Subchapter S accumulated adjustments account as of the
Termination Date was declared as a dividend to shareholders of record on
March 23, 1998. As of April 1, 1998, $95 million has been distributed to
such shareholders, however, the Company has not yet determined the final
amount of the Subchapter S accumulated adjustments account as of the
Termination date. The additional dividend is not estimated to significantly
effect the Company's liquidity.
8
For the three months ended March 31, 1998, the Company expended approximately
$13.0 million, excluding capitalized interest, on capital projects. In
connection with these capital projects, the Company intends to enter into a
long term borrowing arrangement in mid-1998 to provide funds to complete the
projects. The Company believes that its liquidity requirements for the next
12 months and beyond will be adequately covered by the IPO proceeds, short
term arrangements, and the anticipated long term borrowing facility.
The Company is currently expending capital for a new enterprise management
information system, expected to be fully operational by late 1998, which will
address the Year 2000 issue on all core Company business systems. The
Company has other ancillary systems that will be modified to address the Year
2000 issue. The Company, however, cannot be certain that these planned system
modifications will be completed in a timely fashion. In addition, the
Company has not thoroughly analyzed the impact of other parties' computer
system failures, but the Company believes costs incurred in responding to
other parties' Year 2000 computer system failures, together with the cost of
modifications to the Company's computer systems, will not have a material
impact on the Company's results of operations or financial condition.
9
PART II OTHER INFORMATION
ITEM 2 CHANGE IN SECURITIES AND USE OF PROCEEDS
On March 24, 1998, prior to the completion of the IPO, the Company amended
and restated its articles of incorporation, increasing the total number of
authorized shares of capital stock to 50,000,000 shares of Common Stock and
10,000,000 shares of Preferred Stock. The Second Amended and Restated
Articles of Incorporation also converted each share of nonvoting Common Stock
into one share of voting Common Stock, and effected a 0.59-for-one reverse
stock split.
Effective as of March 24, 1998, prior to completion of the IPO and the filing
of the Second Amended and Restated Articles of Incorporation, the Company
issued 686,504 shares of Common Stock to holders of the Company's voting
Common Stock pursuant to an Agreement Regarding Plan of Recapitalization,
dated March 23, 1998. The issuance was made pursuant to Section 3(a) (9) of
the Securities Act of 1933.
The Company's registration statement (No. 333-43199) on Form S-1 for the IPO
was declared effective by the Securities and Exchange Commission on March 26,
1998. In the IPO, which closed on April 1, 1998, the Company registered and
issued 6,440,000 shares of Common Stock, including 840,000 shares issued upon
exercise of an overallotment option granted to the underwriters. The
managing underwriters for the IPO were Goldman, Sachs & Co., NationsBanc
Montgomery Securities LLC and PaineWebber Incorporated in the United States,
and Goldman Sachs International, NationsBanc Montgomery Securities LLC,
PaineWebber International and Credit Lyonnaise Securities outside the United
States. The IPO price was $18 per share, or an aggregate of $115,920,000.
Underwriter discounts and commissions totaled $7,985,600. The Company paid
an estimated total of $1,000,000 for other expenses in connection with the
IPO. Proceeds to the Company, net of underwriter discounts, commissions and
other expenses, were $106,934,400.
As of April 1, 1998, $95,000,000 of the net proceeds from the IPO had been
distributed to the Company's shareholders of record as of March 23, 1998,
including direct payments to the Company's Chairman, President and Chief
Executive Officer, Director of Retail Operations, Chief Operating Officer and
various trusts.
The remaining $11,900,000 of net proceeds after distribution of dividends
were used for general corporate operating requirements, including current
working capital needs and capital project funding.
10
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
On March 20, 1998, by consent resolution in lieu of an annual meeting of
shareholders, the holders of the Company's outstanding voting Common Stock took
the actions described below:
1. The shareholders elected each of Gertrude Boyle, Timothy P. Boyle,
Sarah A. Bany, Murrey R. Albers, Edward S. George and John Stanton to
the Company's Board of Directors, by the vote indicated below, to
serve until the next annual meeting of shareholders:
2,764,748 shares of voted in favor (pre-reverse split)
0 shares voted against or withheld
0 abstentions
0 broker nonvotes
2. The shareholders approved, by the vote indicated below, an increase in
the number of authorized shares under the 1997 Stock Incentive Plan to
2,500,000 shares of Common Stock:
2,764,748 shares voted in favor (pre-reverse split)
0 shares voted against or withheld
0 abstentions
0 broker nonvotes
On March 23, 1998, by consent resolution, the holders of the Company's
outstanding Common Stock (including voting and nonvoting Common Stock) took
the actions described below:
1. The shareholders approved, by the vote indicated below, an Agreement
Regarding Plan of Recapitalization:
2, 764,748 shares of voting Common Stock voted in favor
(pre-reverse split)
0 shares voted against or withheld
0 abstentions
0 broker nonvotes
27, 922, 825 shares of nonvoting Common Stock voted in favor
(pre-reverse split)
0 shares voted against or withheld
0 abstentions
0 broker nonvotes
2. The shareholders approved, by the vote indicated below, the Second
Amended and Restated Articles of Incorporation:
2,764,748 shares of voting Common Stock voted in favor
(pre-reverse split)
0 shares voted against or withheld
0 abstentions
0 broker nonvotes
27, 922, 825 shares of nonvoting Common Stock voted in favor
(pre-reverse split)
0 shares voted against or withheld
0 abstentions
0 broker nonvotes
11
As of each of March 20 and March 23, 1998, there were 2,764,748 shares of
voting Common Stock outstanding and 27,922,825 shares of nonvoting Common
Stock outstanding. The foregoing share numbers do not reflect the
Company's conversion of nonvoting stock to voting stock or a 0.59-for-one
reverse stock split.
ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
10.1 1997 Stock Incentive Plan, as amended
27.1 Financial Data Schedule
(b) Reports on Form 8-K
None.
12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
COLUMBIA SPORTSWEAR COMPANY
Date: 5/14/98 /s/ Patrick D. Anderson
------------------------------ ----------------------------------
Patrick D. Anderson
Chief Financial Officer and Authorized
Officer
13