Form 8-K COLUMBIA SPORTSWEAR CO For: Aug 06
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 6, 2018
COLUMBIA SPORTSWEAR COMPANY
(Exact name of registrant as specified in its charter)
Oregon | 000-23939 | 93-0498284 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
14375 Northwest Science Park Drive
Portland, Oregon 97229
(Address of principal executive offices) (Zip code)
(503) 985-4000
(Registrant’s telephone number, including area code)
No Change
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
ITEM 8.01 OTHER EVENTS
On August 6, 2018, Columbia Sportswear Company (the "Company") issued a press release announcing that its Board of Directors has authorized the repurchase of up to an additional $200 million of Company common stock in market or negotiated transactions, in addition to the $59.7 million that remained available for repurchase pursuant to previous authorizations as of August 6, 2018. The repurchase program does not obligate the Company to acquire any specific number of shares or acquire shares over any specified period of time, and the share repurchase program may be commenced, modified, suspended, or discontinued at any time by the Company at its discretion.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Press Release, dated August 6, 2018. | |
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 hereunto duly authorized.
COLUMBIA SPORTSWEAR COMPANY | ||
Dated: August 6, 2018 | By: | /S/ JIM A. SWANSON |
Jim A. Swanson | ||
Senior Vice President and Chief Financial Officer | ||
Exhibit 99.1
August 6, 2018
COLUMBIA SPORTSWEAR COMPANY ANNOUNCES $200 MILLION INCREASE TO STOCK REPURCHASE AUTHORIZATION
PORTLAND, Ore.--(BUSINESS WIRE)--Columbia Sportswear Company (Nasdaq: COLM), a leading innovator in active outdoor apparel, footwear, accessories and equipment, today announced that its Board of Directors has authorized the repurchase of up to an additional $200 million of company common stock in market or negotiated transactions. The authorization is effective immediately. Year-to-date, the company has repurchased 939,560 shares, including 398,518 shares since our last earnings release on July 26, 2018. Currently, the company has $59.7 million remaining available under the current share repurchase authorization.
"Because of market opportunities we were on a path to exhausting the existing authorization more swiftly than anticipated. Our share repurchase program is an important part of our capital allocation strategy, and we are pleased we have been able to deliver additional returns to shareholders by repurchasing shares in the marketplace. Since 2014, we have repurchased over 3.4 million shares at approximately $58 per share”, said President and CEO, Tim Boyle. "We remain confident in our long-term sustainable profitable growth potential and ability to increase total return to shareholders in the years ahead".
The repurchase program does not obligate the company to acquire any specific number of shares or acquire shares over any specified period of time, and the share repurchase program may be commenced, modified, suspended, or discontinued at any time by the company at its discretion.
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® and prAna® brands. To learn more, please visit the company's websites at www.columbia.com, www.mountainhardwear.com, www.sorel.com, and www.prana.com.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the federal securities laws, including statements regarding the company’s expectations regarding its long-term growth potential and ability to increase total return to shareholders. Forward-looking statements often use words such as "will", "anticipate", "estimate", "expect", "should", "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. 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 effects 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.
Contact:
Andrew Burns
Director of Investor Relations
Columbia Sportswear Company
(503) 985-4112