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<br /> 2012<br /> ANNUAL REPORT<br /> TO SHAREHOLDERS<br /> Dear Fellow Shareholders:<br /> One year ago on these pages, following a<br /> record-setting warm winter and with Europe in<br /> economic quicksand, I wrote that 2012 would<br /> be a difficult year for top-line growth.<br /> That turned out to be an accurate prediction, as a second<br /> consecutive mild winter in North America and continued macro-<br /> economic struggles across Europe offset 11 percent growth in the<br /> Latin America/Asia Pacific (LAAP) region and held our 2012 net sales<br /> to $1.67 billion, down 1 percent from 2011's record $1.69 billion.<br /> Our Columbia, Mountain Hardwear and Montrail brands each<br /> generated 2012 sales equal to 2011; only our Sorel footwear<br /> brand was unable to fend off the harsh effects of two mild winters,<br /> falling 16% after growing nearly 70 percent in 2011. Disciplined<br /> discretionary spending throughout the year enabled us to achieve<br /> <a title="COLM-20130325-AR-DAS page 1" href="http://viewer.zmags.com/publication/6b94f269?page=1"> 2012 ANNUAL REPORT TO SHAREHOLDERS</a> <a title="COLM-20130325-AR-DAS page 2" href="http://viewer.zmags.com/publication/6b94f269?page=2"> Dear Fellow Shareholders: One year ago on these </a> <a title="COLM-20130325-AR-DAS page 3" href="http://viewer.zmags.com/publication/6b94f269?page=3"> U.S. Gulf states, and in Central and South Americ</a> <a title="COLM-20130325-AR-DAS page 4" href="http://viewer.zmags.com/publication/6b94f269?page=4"> UNITED STATES SEC</a> <a title="COLM-20130325-AR-DAS page 5" href="http://viewer.zmags.com/publication/6b94f269?page=5"> COLUMBIA SPORTSWEAR COMPANY DECEMBER 31, 2012 TAB</a> <a title="COLM-20130325-AR-DAS page 6" href="http://viewer.zmags.com/publication/6b94f269?page=6"> PART I Item 1. BUSINESS General Fou</a> <a title="COLM-20130325-AR-DAS page 7" href="http://viewer.zmags.com/publication/6b94f269?page=7"> We provide high quality apparel, foot</a> <a title="COLM-20130325-AR-DAS page 8" href="http://viewer.zmags.com/publication/6b94f269?page=8"> our trademarks are an important factor in creatin</a> <a title="COLM-20130325-AR-DAS page 9" href="http://viewer.zmags.com/publication/6b94f269?page=9"> factories that manufacture our products through t</a> <a title="COLM-20130325-AR-DAS page 10" href="http://viewer.zmags.com/publication/6b94f269?page=10"> Our integrated marketing effor</a> <a title="COLM-20130325-AR-DAS page 11" href="http://viewer.zmags.com/publication/6b94f269?page=11"> our advance spring season orders ship to wholesal</a> <a title="COLM-20130325-AR-DAS page 12" href="http://viewer.zmags.com/publication/6b94f269?page=12"> and fair treatment of people involved in manufact</a> <a title="COLM-20130325-AR-DAS page 13" href="http://viewer.zmags.com/publication/6b94f269?page=13"> Item 1A. RISK FACTORS In addition to </a> <a title="COLM-20130325-AR-DAS page 14" href="http://viewer.zmags.com/publication/6b94f269?page=14"> material unanticipated expenses, including additi</a> <a title="COLM-20130325-AR-DAS page 15" href="http://viewer.zmags.com/publication/6b94f269?page=15"> limit or eliminate the availability of these reso</a> <a title="COLM-20130325-AR-DAS page 16" href="http://viewer.zmags.com/publication/6b94f269?page=16"> demand. In addition, as we have expanded our dire</a> <a title="COLM-20130325-AR-DAS page 17" href="http://viewer.zmags.com/publication/6b94f269?page=17"> negatively affects orders in future seasons, whic</a> <a title="COLM-20130325-AR-DAS page 18" href="http://viewer.zmags.com/publication/6b94f269?page=18"> brand in key European markets, where we have sign</a> <a title="COLM-20130325-AR-DAS page 19" href="http://viewer.zmags.com/publication/6b94f269?page=19"> We May be Adversely Affected by the Financial Hea</a> <a title="COLM-20130325-AR-DAS page 20" href="http://viewer.zmags.com/publication/6b94f269?page=20"> higher instances of quality issues, and if we exp</a> <a title="COLM-20130325-AR-DAS page 21" href="http://viewer.zmags.com/publication/6b94f269?page=21"> Our ability to meet customer expectation</a> <a title="COLM-20130325-AR-DAS page 22" href="http://viewer.zmags.com/publication/6b94f269?page=22"> of a collective bargaining agreement. Labor dispu</a> <a title="COLM-20130325-AR-DAS page 23" href="http://viewer.zmags.com/publication/6b94f269?page=23"> The price of our common stock has fluctu</a> <a title="COLM-20130325-AR-DAS page 24" href="http://viewer.zmags.com/publication/6b94f269?page=24"> Name Age </a> <a title="COLM-20130325-AR-DAS page 25" href="http://viewer.zmags.com/publication/6b94f269?page=25"> Chief Financial Officer and Treasurer in January </a> <a title="COLM-20130325-AR-DAS page 26" href="http://viewer.zmags.com/publication/6b94f269?page=26"> Inc. From 1986 to 1991, Mr. Timm was an accountan</a> <a title="COLM-20130325-AR-DAS page 27" href="http://viewer.zmags.com/publication/6b94f269?page=27"> PART II Item 5. MARKET FOR REGISTRANT'S COMM</a> <a title="COLM-20130325-AR-DAS page 28" href="http://viewer.zmags.com/publication/6b94f269?page=28"> Columbia Sportswear Company </a> <a title="COLM-20130325-AR-DAS page 29" href="http://viewer.zmags.com/publication/6b94f269?page=29"> Item 6. SELECTED FINANCIAL DATA Selected Cons</a> <a title="COLM-20130325-AR-DAS page 30" href="http://viewer.zmags.com/publication/6b94f269?page=30"> Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS </a> <a title="COLM-20130325-AR-DAS page 31" href="http://viewer.zmags.com/publication/6b94f269?page=31"> Business Outlook The global business</a> <a title="COLM-20130325-AR-DAS page 32" href="http://viewer.zmags.com/publication/6b94f269?page=32"> · Creating innovative solutions that keep pe</a> <a title="COLM-20130325-AR-DAS page 33" href="http://viewer.zmags.com/publication/6b94f269?page=33"> United States . . . . . . . . . . . . . . . . . .</a> <a title="COLM-20130325-AR-DAS page 34" href="http://viewer.zmags.com/publication/6b94f269?page=34"> Year Ended December 31, 2012 2011 </a> <a title="COLM-20130325-AR-DAS page 35" href="http://viewer.zmags.com/publication/6b94f269?page=35"> · Favorable foreign currency hedge rates. </a> <a title="COLM-20130325-AR-DAS page 36" href="http://viewer.zmags.com/publication/6b94f269?page=36"> United States . . . . . . . . . . . . . . . . . .</a> <a title="COLM-20130325-AR-DAS page 37" href="http://viewer.zmags.com/publication/6b94f269?page=37"> Columbia brand and was led by the LAAP region, fo</a> <a title="COLM-20130325-AR-DAS page 38" href="http://viewer.zmags.com/publication/6b94f269?page=38"> · Information technology initiatives, includin</a> <a title="COLM-20130325-AR-DAS page 39" href="http://viewer.zmags.com/publication/6b94f269?page=39"> Net cash provided by operating activ</a> <a title="COLM-20130325-AR-DAS page 40" href="http://viewer.zmags.com/publication/6b94f269?page=40"> Quantitative and Qualitative Disclosures About Ma</a> <a title="COLM-20130325-AR-DAS page 41" href="http://viewer.zmags.com/publication/6b94f269?page=41"> Where title passes upon receipt by the custo</a> <a title="COLM-20130325-AR-DAS page 42" href="http://viewer.zmags.com/publication/6b94f269?page=42"> net deferred taxes to be inaccurate. Changes in a</a> <a title="COLM-20130325-AR-DAS page 43" href="http://viewer.zmags.com/publication/6b94f269?page=43"> Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE</a> <a title="COLM-20130325-AR-DAS page 44" href="http://viewer.zmags.com/publication/6b94f269?page=44"> Report of Independent Registered Public Accountin</a> <a title="COLM-20130325-AR-DAS page 45" href="http://viewer.zmags.com/publication/6b94f269?page=45"> COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED BALANCE</a> <a title="COLM-20130325-AR-DAS page 46" href="http://viewer.zmags.com/publication/6b94f269?page=46"> COLUMBIA SPORTSWEAR COMPANY CONSOL</a> <a title="COLM-20130325-AR-DAS page 47" href="http://viewer.zmags.com/publication/6b94f269?page=47"> COLUMBIA SPOR</a> <a title="COLM-20130325-AR-DAS page 48" href="http://viewer.zmags.com/publication/6b94f269?page=48"> COLUMBIA SPORTSWEAR COMPANY CONSO</a> <a title="COLM-20130325-AR-DAS page 49" href="http://viewer.zmags.com/publication/6b94f269?page=49"> COLUMBIA SPORTS</a> <a title="COLM-20130325-AR-DAS page 50" href="http://viewer.zmags.com/publication/6b94f269?page=50"> COLUMBIA SPORTSWEAR COMPA</a> <a title="COLM-20130325-AR-DAS page 51" href="http://viewer.zmags.com/publication/6b94f269?page=51"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 52" href="http://viewer.zmags.com/publication/6b94f269?page=52"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 53" href="http://viewer.zmags.com/publication/6b94f269?page=53"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 54" href="http://viewer.zmags.com/publication/6b94f269?page=54"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 55" href="http://viewer.zmags.com/publication/6b94f269?page=55"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 56" href="http://viewer.zmags.com/publication/6b94f269?page=56"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 57" href="http://viewer.zmags.com/publication/6b94f269?page=57"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 58" href="http://viewer.zmags.com/publication/6b94f269?page=58"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 59" href="http://viewer.zmags.com/publication/6b94f269?page=59"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 60" href="http://viewer.zmags.com/publication/6b94f269?page=60"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 61" href="http://viewer.zmags.com/publication/6b94f269?page=61"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 62" href="http://viewer.zmags.com/publication/6b94f269?page=62"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 63" href="http://viewer.zmags.com/publication/6b94f269?page=63"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 64" href="http://viewer.zmags.com/publication/6b94f269?page=64"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 65" href="http://viewer.zmags.com/publication/6b94f269?page=65"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 66" href="http://viewer.zmags.com/publication/6b94f269?page=66"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 67" href="http://viewer.zmags.com/publication/6b94f269?page=67"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 68" href="http://viewer.zmags.com/publication/6b94f269?page=68"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 69" href="http://viewer.zmags.com/publication/6b94f269?page=69"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 70" href="http://viewer.zmags.com/publication/6b94f269?page=70"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 71" href="http://viewer.zmags.com/publication/6b94f269?page=71"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 72" href="http://viewer.zmags.com/publication/6b94f269?page=72"> COLUMBI</a> <a title="COLM-20130325-AR-DAS page 73" href="http://viewer.zmags.com/publication/6b94f269?page=73"> SUPPLEMENTARY DATA—QUARTERLY FINANCIAL DATA (Unau</a> <a title="COLM-20130325-AR-DAS page 74" href="http://viewer.zmags.com/publication/6b94f269?page=74"> We are implementing an enterprise resourc</a> <a title="COLM-20130325-AR-DAS page 75" href="http://viewer.zmags.com/publication/6b94f269?page=75"> Report of Independent Registered Public Accountin</a> <a title="COLM-20130325-AR-DAS page 76" href="http://viewer.zmags.com/publication/6b94f269?page=76"> PART III Item 10. DIRECTORS, EXECUTIVE OFFICER</a> <a title="COLM-20130325-AR-DAS page 77" href="http://viewer.zmags.com/publication/6b94f269?page=77"> PART IV Item 15. EXHIBITS AND FINANCIAL STATEM</a> <a title="COLM-20130325-AR-DAS page 78" href="http://viewer.zmags.com/publication/6b94f269?page=78"> SIGNATURES Pursuant to the require</a> <a title="COLM-20130325-AR-DAS page 79" href="http://viewer.zmags.com/publication/6b94f269?page=79"> EXHIBIT INDEX In reviewing the agreements</a> <a title="COLM-20130325-AR-DAS page 80" href="http://viewer.zmags.com/publication/6b94f269?page=80"> Exhibit No. Exhibit Name + 10.2(f) </a> <a title="COLM-20130325-AR-DAS page 81" href="http://viewer.zmags.com/publication/6b94f269?page=81"> —————— + Management Contract or Compensatory</a>