Columbia Sportswear Company Reports Record First Quarter Financial Results; Updates Full Year 2017 Financial
Outlook
First Quarter 2017 Highlights:
- Net sales increased 4 percent to a first-quarter record $543.8 million.
- Operating income increased 8 percent to a first-quarter record $48.0 million.
- Net income increased 13 percent to a first-quarter record $36.0 million, or $0.51 per diluted
share.
- Cash and short term investments totaled $590.5 million at March 31, 2017.
- Inventory decreased 3 percent to $398.8 million.
- The board of directors approved a regular quarterly dividend of $0.18 per share.
Updated Fiscal Year 2017 Financial Outlook:
- Approximately 3 percent net sales growth compared with 2016 net sales of $2.38 billion, including
approximately 1 percentage point negative effect from changes in currency exchange rates;
- Approximately 3 percent growth in operating income to between approximately $256 million and $265
million, representing operating margin of approximately 10.8 percent;
- An effective income tax rate of approximately 23.0 percent; and
- Up to 4 percent growth in net income to between approximately $192 million and $199 million, or $2.72
to $2.82 per diluted share.
Columbia Sportswear Company (NASDAQ: COLM) today announced record net sales of $543.8 million for the first quarter ended
March 31, 2017, a 4 percent increase compared with net sales of $525.1 million for the first quarter of 2016. Record first
quarter 2017 net income totaled $36.0 million, or $0.51 per diluted share, compared to first quarter 2016 net income of $31.8
million, or $0.45 per diluted share.
Chief Executive Officer Tim Boyle commented, "Our first quarter results provide a good start to a year that presents many
challenges, especially in the U.S., which has been impacted by customer bankruptcies, liquidations and ongoing efforts by U.S.
retailers to rationalize their store fleets and square footage. We were encouraged by the Columbia brand's continued growth in
Europe-direct markets during the first quarter and by the SOREL brand's successful launch of an expanded Spring assortment. In
addition, our direct-to-consumer businesses were a source of growth in every region.
"Our updated 2017 outlook anticipates up to 4 percent earnings growth on approximately 3 percent net sales growth, driven by
contributions from three of our four brands and all four of our geographic regions. In the midst of changing consumer shopping
patterns, our portfolio of powerful brands and strong balance sheet give us the ability to continue to drive sustainable,
profitable growth."
First Quarter Results
(All comparisons are between first quarter 2017 and first quarter 2016, unless otherwise noted.)
First quarter consolidated net sales increased 4 percent driven by:
- 16 percent net sales growth (17 percent constant-currency) in the LAAP region to $118.3 million,
driven by growth in net sales to LAAP distributors combined with growth in China and Japan, partially offset by a net sales
decline in Korea;
- 8 percent net sales growth (10 percent constant-currency) in the EMEA region to $55.4 million,
including growth in the company's Europe-direct business, partially offset by a decline in net sales to EMEA distributors;
and
- 3 percent net sales growth (1 percent decline constant-currency) in Canada to $36.9 million;
partially offset by:
- a U.S. net sales decrease of 1 percent to $333.2 million, due to a decline in wholesale net sales,
partially offset by an increase in direct-to-consumer net sales. (See "Geographical Net Sales" table below.)
Global Columbia brand net sales increased 3 percent to $449.1 million. Global SOREL brand net sales increased 50 percent to
$27.2 million. Global Mountain Hardwear brand net sales increased 10 percent to $27.7 million, and global prAna brand net sales
decreased 7 percent to $38.7 million. (See "Brand Net Sales" table below.)
Global Apparel, Accessories and Equipment net sales increased 1 percent, to $440.0 million. Global Footwear net sales increased
14 percent (15 percent constant-currency), to $103.8 million. (See "Categorical Net Sales" table below.)
Profitability
First quarter income from operations increased 8 percent to $48.0 million, or 8.8 percent of net sales, compared to $44.3
million, or 8.4 percent of net sales, for the same period in 2016.
The effective income tax rate was 20.1 percent in the first quarter of 2017, compared to 22.5 percent for the same period in
2016.
First quarter net income increased 13 percent to $36.0 million, or $0.51 per share, compared with first quarter 2016 net income
of $31.8 million, or $0.45 per share.
Balance Sheet
The company ended the quarter with $590.5 million of cash and short-term investments, compared with $451.2 million at
March 31, 2016.
Consolidated inventories of $398.8 million at March 31, 2017 were 3 percent lower than the $412.2 million balance at
March 31, 2016.
Share Repurchases and Dividends
During the first quarter, the company repurchased 616,152 shares of common stock for a total price of $33.0 million.
The board of directors authorized a regular quarterly cash dividend of $0.18 per share, payable on June 1, 2017 to shareholders
of record on May 18, 2017.
Updated 2017 Financial Outlook
All projections related to anticipated future results are forward-looking in nature and are subject to risks and uncertainties
which may cause actual results to differ, perhaps materially. Projections are predicated on normal seasonal weather globally. In
addition, our 2017 outlook assumes that current macro and market conditions in key markets do not worsen and that current U.S.
regulatory and tax policies remain largely unaltered for the balance of the year.
The company's annual net sales are weighted more heavily toward the Fall season, while operating expenses are more equally
distributed throughout the year, resulting in a highly seasonal profitability pattern weighted toward the second half of the fiscal
year.
The company currently expects 2017 net sales growth of approximately 3 percent compared with 2016 net sales of $2.38 billion,
including approximately 1 percentage point negative effect from changes in foreign currency exchange rates. The company's U.S.
direct-to-consumer channel is expected to account for a majority of the projected full year 2017 global net sales increase.
The company expects fiscal year 2017 gross margins to improve by approximately 30 basis points, and for selling, general and
administrative ("SG&A") expenses to increase at a rate slightly higher than net sales, resulting in approximately 30 basis
points of SG&A expense deleverage, including a planned increase in global demand creation spend. The full year effective tax
rate is expected to be approximately 23 percent.
Based on the above assumptions, the company expects 2017 operating income to increase approximately 3 percent, to between $256
million and $265 million, resulting in anticipated 2017 operating margin of approximately 10.8 percent. Net income after
non-controlling interest is expected to increase up to 4 percent to between approximately $192 million and $199 million, or
approximately $2.72 to $2.82 per diluted share. The company's anticipated growth in full year 2017 operating income and net income
is expected to occur in the second half. This outlook does not include any financial impact from activities associated with the
previously announced operating model assessment that was initiated during the first quarter of 2017.
A more detailed version of the company's first quarter financial results and updated 2017 outlook can be found in the "CFO
Commentary on First Quarter Financial Results and Updated 2017 Financial Outlook", available on the company’s investor relations
website: http://investor.columbia.com/results.cfm .
CFO’s Commentary on First Quarter Financial Results and Updated 2017 Financial Outlook Available
Online
At approximately 4:15 p.m. ET today, a commentary by Tom Cusick, Executive Vice President of Finance, Chief Financial Officer
and Treasurer, reviewing the company’s first quarter financial results and updated 2017 financial outlook will be furnished to the
SEC on Form 8-K and published on the company’s website at http://investor.columbia.com/results.cfm . Analysts and investors are encouraged to
review this commentary prior to participating in the conference call.
Conference Call
The company will host a conference call on Thursday, April 27, 2017 at 5:00 p.m. ET to review its first quarter financial
results and updated 2017 financial outlook. Dial 877-407-9205 to participate. The call will also be webcast live on the Investor
Relations section of the company's website at http://investor.columbia.com where it will remain available until approximately
April 26, 2018.
Second Quarter 2017 Reporting Schedule
Columbia Sportswear Company plans to report financial results for the second quarter on Thursday, July 27, 2017 at approximately
4:00 p.m. ET. Following issuance of the earnings release, a commentary reviewing the company's second quarter financial results
will be furnished to the SEC on Form 8-K and published on the investor relations section of the company’s website at http://investor.columbia.com/results.cfm . A public webcast of Columbia's earnings
conference call will follow at 5:00 p.m. ET at www.columbia.com .
Supplemental Constant-Currency Financial Information
The company reports its financial information in accordance with accounting principles generally accepted in the United States
("GAAP"). To supplement financial information reported in accordance with GAAP, the company discloses constant-currency net
sales information, which is a non-GAAP financial measure, to provide a framework to assess how the business performed excluding the
effects of changes in the exchange rates used to translate net sales generated in foreign currencies into U.S. dollars. The company
calculates constant-currency net sales by translating net sales in foreign currencies for the current period into U.S. dollars at
the exchange rates that were in effect during the comparable period of the prior year. Management believes that this non-GAAP
financial measure reflects an additional and useful way of viewing an aspect of our operations that, when viewed in conjunction
with our GAAP results, provides a more comprehensive understanding of our business and operations. In particular, investors may
find the non-GAAP measures useful by reviewing our net sales results without the volatility in foreign currency exchange rates.
This non-GAAP financial measure also facilitates management’s internal comparisons to our historical net sales results and
comparisons to competitors' net sales results. Constant-currency financial measures should be viewed in addition to, and not in
lieu of or superior to, our financial measures calculated in accordance with GAAP. The company provides a reconciliation of this
non-GAAP measure to the most directly comparable financial measure calculated in accordance with GAAP. (See "Supplemental Financial
Information - Net Sales Growth - Constant-currency Basis" tables below.) The constant-currency information presented may not be
comparable to similarly titled measures reported by other companies.
About Columbia Sportswear Company
Columbia Sportswear Company has assembled a portfolio of brands for active lives, making it a leader in the global active
lifestyle apparel, footwear, accessories, and equipment industry. Founded in 1938 in Portland, Oregon, the company's brands are
today sold in approximately 90 countries. In addition to the Columbia® brand, Columbia Sportswear Company also owns the Mountain
Hardwear®, SOREL®, prAna®, and OutDry® brands. To learn more, please visit the company's websites at www.columbia.com , www.mountainhardwear.com , www.sorel.com , www.prana.com , and www.outdry.com .
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the federal securities laws, including statements
regarding anticipated results, net sales and net sales growth, gross margins, operating expenses, operating income, operating
margins, net income, selling, general and administrative expenses, income tax rates, earnings per share, the effects of changes in
foreign currency exchange rates, growth in certain brands and geographic regions, and the performance of our U.S.
direct-to-consumer channel. Forward-looking statements often use words such as "will," "anticipate," "estimate," "expect," "should"
and "may" and other words and terms of similar meaning or reference future dates. 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 set forth in this document, those described in the company's Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q under the heading "Risk Factors," and those that have been or may be
described in other reports filed by the company, including reports on Form 8-K. Potential risks and uncertainties that may affect
our future revenues, earnings and performance and could cause the actual results of operations or financial condition of the
company to differ materially from the anticipated results expressed or implied by forward-looking statements in this document
include: loss of key customer accounts; our ability to effectively implement IT infrastructure and business process initiatives and
to maintain the strength and security of our IT systems; the effects of unseasonable weather, including global climate change;
trends affecting consumer traffic and spending in direct-to-consumer channels; our ability to implement our growth strategy;
unfavorable economic conditions generally, the financial health of our customers and changes in the level of consumer spending,
apparel preferences and fashion trends; changes in international, federal or state tax, labor and other laws and regulations that
affect our business, including changes in corporate tax rates or increasing wage rates; volatility in global production and
transportation costs and capacity; risks inherent in doing business in foreign markets, including fluctuations in currency exchange
rates; our ability to attract and retain key personnel; risks associated with our joint venture; higher than expected rates of
order cancellations; increased consolidation of our wholesale customers; our ability to effectively source and deliver our products
to customers in a timely manner; our dependence on independent manufacturers and suppliers and our ability to source finished
products and components at competitive prices from them; the effectiveness of our sales and marketing efforts; intense competition
in the industry; business disruptions and acts of terrorism, cyber-attacks or military activities around the globe; our ability to
establish and protect our intellectual property; the seasonality of our business; and our ability to develop innovative products.
The company cautions that forward-looking statements are inherently less reliable than historical information. The company does not
undertake any duty to update any of the forward-looking statements after the date of this document to conform them to actual
results or to reflect changes in events, circumstances or its expectations. New factors emerge from time to time and it is not
possible for the company to predict or assess the impact of all such factors 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.
- Financial tables follow -
|
|
|
|
|
| COLUMBIA SPORTSWEAR COMPANY |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| (In thousands) |
| (Unaudited) |
| |
|
|
March 31, |
|
|
|
2017 |
|
|
2016 |
| Current Assets: |
|
|
|
|
| Cash and cash equivalents |
|
$ |
556,006 |
|
$ |
430,000 |
| Short-term investments |
|
|
34,470 |
|
|
21,227 |
| Accounts receivable, net |
|
|
260,456 |
|
|
268,871 |
| Inventories |
|
|
398,842 |
|
|
412,228 |
| Prepaid expenses and other current assets |
|
|
40,863 |
|
|
30,116 |
| Total current assets |
|
|
1,290,637 |
|
|
1,162,442 |
|
|
|
|
|
| Property, plant, and equipment, net |
|
|
279,730 |
|
|
289,663 |
| Intangible assets, net |
|
|
132,151 |
|
|
137,298 |
| Goodwill |
|
|
68,594 |
|
|
68,594 |
| Deferred income taxes |
|
|
90,109 |
|
|
78,090 |
| Other non-current assets |
|
|
26,853 |
|
|
24,675 |
| Total assets |
|
$ |
1,888,074 |
|
$ |
1,760,762 |
|
|
|
|
|
| Current Liabilities: |
|
|
|
|
| Accounts payable |
|
$ |
95,253 |
|
$ |
113,013 |
| Accrued liabilities |
|
|
126,866 |
|
|
121,066 |
| Income taxes payable |
|
|
5,798 |
|
|
4,911 |
| Total current liabilities |
|
|
227,917 |
|
|
238,990 |
| Note payable to related party |
|
|
14,171 |
|
|
15,123 |
| Other long-term liabilities |
|
|
42,872 |
|
|
41,986 |
| Income taxes payable |
|
|
10,948 |
|
|
10,517 |
| Deferred income taxes |
|
|
149 |
|
|
231 |
| Total liabilities |
|
|
296,057 |
|
|
306,847 |
|
|
|
|
|
| Equity: |
|
|
|
|
| Columbia Sportswear Company shareholders' equity |
|
|
1,568,271 |
|
|
1,435,285 |
| Non-controlling interest |
|
|
23,746 |
|
|
18,630 |
| Total equity |
|
|
1,592,017 |
|
|
1,453,915 |
|
|
|
|
|
| Total liabilities and equity |
|
$ |
1,888,074 |
|
$ |
1,760,762 |
|
|
|
|
|
|
|
|
|
|
| COLUMBIA SPORTSWEAR COMPANY |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (In thousands, except per share amounts) |
| (Unaudited) |
| |
|
|
Three Months Ended March 31, |
|
|
|
2017 |
|
|
|
2016 |
|
| Net sales |
|
$ |
543,793 |
|
|
$ |
525,136 |
|
| Cost of sales |
|
|
285,326 |
|
|
|
277,759 |
|
| Gross profit |
|
|
258,467 |
|
|
|
247,377 |
|
|
|
|
47.5 |
% |
|
|
47.1 |
% |
|
|
|
|
|
| Selling, general and administrative expenses |
|
|
212,815 |
|
|
|
205,025 |
|
| Net licensing income |
|
|
2,353 |
|
|
|
1,913 |
|
| Income from operations |
|
|
48,005 |
|
|
|
44,265 |
|
| Interest income, net |
|
|
955 |
|
|
|
491 |
|
| Interest expense on note payable to related party |
|
|
(249 |
) |
|
|
(264 |
) |
| Other non-operating expense, net |
|
|
(53 |
) |
|
|
(375 |
) |
| Income before income tax |
|
|
48,658 |
|
|
|
44,117 |
|
| Income tax expense |
|
|
(9,773 |
) |
|
|
(9,923 |
) |
| Net income |
|
|
38,885 |
|
|
|
34,194 |
|
| Net income attributable to non-controlling interest |
|
|
2,879 |
|
|
|
2,424 |
|
| Net income attributable to Columbia Sportswear Company |
|
$ |
36,006 |
|
|
$ |
31,770 |
|
|
|
|
|
|
| Earnings per share attributable to Columbia Sportswear Company: |
|
|
|
|
| Basic |
|
$ |
0.52 |
|
|
$ |
0.46 |
|
| Diluted |
|
$ |
0.51 |
|
|
$ |
0.45 |
|
| Weighted average shares outstanding: |
|
|
|
|
| Basic |
|
|
69,606 |
|
|
|
69,441 |
|
| Diluted |
|
|
70,414 |
|
|
|
70,455 |
|
|
|
|
|
|
|
|
|
|
|
| COLUMBIA SPORTSWEAR COMPANY |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
| (In thousands) |
| (Unaudited) |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2017 |
|
|
|
2016 |
|
| Cash flows from operating activities: |
|
|
|
|
| Net income |
|
$ |
38,885 |
|
|
$ |
34,194 |
|
| Adjustments to reconcile net income to net cash provided by operating
activities: |
|
|
|
|
| Depreciation and amortization |
|
|
14,940 |
|
|
|
14,682 |
|
| Loss on disposal and impairment of property, plant, and equipment |
|
|
160 |
|
|
|
159 |
|
| Deferred income taxes |
|
|
4,426 |
|
|
|
1,323 |
|
| Stock-based compensation |
|
|
2,941 |
|
|
|
3,073 |
|
| Changes in operating assets and liabilities: |
|
|
|
|
| Accounts receivable |
|
|
76,619 |
|
|
|
108,668 |
|
| Inventories |
|
|
94,487 |
|
|
|
68,511 |
|
| Prepaid expenses and other current assets |
|
|
(2,139 |
) |
|
|
3,642 |
|
| Other assets |
|
|
1,336 |
|
|
|
(2,426 |
) |
| Accounts payable |
|
|
(122,824 |
) |
|
|
(104,419 |
) |
| Accrued liabilities |
|
|
(18,961 |
) |
|
|
(33,476
|
)
|
| Income taxes payable |
|
|
(1,738 |
) |
|
|
1,453 |
|
| Other liabilities |
|
|
97 |
|
|
|
1,612 |
|
| Net cash provided by operating activities |
|
|
88,229 |
|
|
|
96,996 |
|
|
|
|
|
|
| Cash flows from investing activities: |
|
|
|
|
| Purchases of short-term investments |
|
|
(33,813 |
) |
|
|
(20,781 |
) |
| Capital expenditures |
|
|
(11,275 |
) |
|
|
(10,048 |
) |
| Proceeds from sale of property, plant, and equipment |
|
|
27 |
|
|
|
24 |
|
| Net cash used in investing activities |
|
|
(45,061 |
) |
|
|
(30,805 |
) |
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
| Proceeds from credit facilities |
|
|
400 |
|
|
|
2,691 |
|
| Repayments on credit facilities |
|
|
(400 |
) |
|
|
(4,631 |
) |
|
Proceeds from issuance of common stock under employee stock plans
|
|
|
7,791 |
|
|
|
7,417 |
|
| Tax payments related to restricted stock unit issuances |
|
|
(3,513 |
) |
|
|
(4,756 |
) |
| Repurchase of common stock |
|
|
(33,000 |
) |
|
|
— |
|
| Cash dividends paid |
|
|
(12,499 |
) |
|
|
(11,841 |
) |
| Net cash used in financing activities |
|
|
(41,221 |
) |
|
|
(11,120 |
) |
| Net effect of exchange rate changes on cash |
|
|
2,670 |
|
|
|
5,159 |
|
| Net increase in cash and cash equivalents |
|
|
4,617 |
|
|
|
60,230 |
|
| Cash and cash equivalents, beginning of period |
|
|
551,389 |
|
|
|
369,770 |
|
| Cash and cash equivalents, end of period |
|
$ |
556,006 |
|
|
$ |
430,000 |
|
| Supplemental disclosures of non-cash investing and financing activities: |
|
|
|
|
| Capital expenditures incurred but not yet paid |
|
$ |
4,206 |
|
|
$ |
2,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COLUMBIA SPORTSWEAR COMPANY |
| Supplemental Financial Information |
| Net Sales Growth - Constant-currency Basis |
| (In millions, except percentage changes) |
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
Adjust for |
|
Constant- |
|
|
|
|
|
Constant- |
|
|
Reported
|
|
Foreign |
|
currency |
|
Reported |
|
Reported |
|
currency |
|
|
Net Sales
|
|
Currency
|
|
Net Sales
|
|
Net Sales |
|
Net Sales |
|
Net Sales |
|
|
2017 |
|
Translation
|
|
2017 (1)
|
|
2016 |
|
% Change |
|
% Change (1) |
| Geographical Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
| United States |
|
$ |
333.2 |
|
$ |
— |
|
|
$ |
333.2 |
|
|
$ |
336.2 |
|
(1 |
)% |
|
(1 |
)% |
| LAAP |
|
|
118.3 |
|
|
1.3 |
|
|
|
119.6 |
|
|
|
101.8 |
|
16 |
% |
|
17 |
% |
| EMEA |
|
|
55.4 |
|
|
0.9 |
|
|
|
56.3 |
|
|
|
51.3 |
|
8 |
% |
|
10 |
% |
| Canada |
|
|
36.9 |
|
|
(1.3 |
) |
|
|
35.6 |
|
|
|
35.8 |
|
3 |
% |
|
(1 |
)% |
| Total |
|
$ |
543.8 |
|
$ |
0.9 |
|
|
$ |
544.7 |
|
|
$ |
525.1 |
|
4 |
% |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Brand Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
| Columbia |
|
$ |
449.1 |
|
$ |
1.1 |
|
|
$ |
450.2 |
|
|
$ |
437.1 |
|
3 |
% |
|
3 |
% |
| SOREL |
|
|
27.2 |
|
|
(0.1 |
) |
|
|
27.1 |
|
|
|
18.1 |
|
50 |
% |
|
50 |
% |
| prAna |
|
|
38.7 |
|
|
— |
|
|
|
38.7 |
|
|
|
41.4 |
|
(7 |
)% |
|
(7 |
)% |
| Mountain Hardwear |
|
|
27.7 |
|
|
(0.1 |
) |
|
|
27.6 |
|
|
|
25.2 |
|
10 |
% |
|
10 |
% |
| Other |
|
|
1.1 |
|
|
— |
|
|
|
1.1 |
|
|
|
3.3 |
|
(67 |
)% |
|
(67 |
)% |
| Total |
|
$ |
543.8 |
|
$ |
0.9 |
|
|
$ |
544.7 |
|
|
$ |
525.1 |
|
4 |
% |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Categorical Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
| Apparel, Accessories and Equipment |
|
$ |
440.0 |
|
$ |
0.2 |
|
|
$ |
440.2 |
|
|
$ |
434.0 |
|
1 |
% |
|
1 |
% |
| Footwear |
|
|
103.8 |
|
|
0.7 |
|
|
|
104.5 |
|
|
|
91.1 |
|
14 |
% |
|
15 |
% |
| Total |
|
$ |
543.8 |
|
$ |
0.9 |
|
|
$ |
544.7 |
|
|
$ |
525.1 |
|
4 |
% |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Constant-currency net sales information is a non-GAAP
financial measure, which excludes the effect of changes in foreign currency exchange rates against the U.S. dollar between
comparable reporting periods. The Company calculates constant-currency net sales by translating net sales in foreign currencies
for the current period into U.S. dollars at the average exchange rates that were in effect during the comparable period of the
prior year. |
Columbia Sportswear Company
Ron Parham
Sr. Director of Investor Relations & Corporate Communications
503-985-4584
rparham@columbia.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20170427006446/en/