A business built on sweat equity and fancy footwork, Timberland's story began in 1918 when company founder Nathan Swartz began his bootmaking career as an apprentice stitcher. Through the years he mastered his craft, and in the 1960s Swartz and sons, working under the name Abington Shoe Co., introduced injection-molding technology to the footwear industry. This technology fused soles to leather uppers without stitching, producing one of the first truly waterproof boots.
In 1973, the Timberland name was born. From there the Stratham, N.H.-footwear company has been selling its shoes in North America, Europe, Asia, Latin America, South Africa and the Middle East.
As for financials, first-quarter 2006 net income was $29.2 million and diluted earnings per share was $0.45, compared with first-quarter 2005 net income of $42.2 million and diluted EPS of $0.61. The company's first quarter ended March 31, 2006. First-quarter 2006 results included pre-tax costs of $0.5 million related to the final closure of the company's Puerto Rico manufacturing facility and its establishment of a European finance shared service center. Timberland ended the quarter with $125.3 million in cash and no debt outstanding
Jeffrey B. Swartz, Timberland's President and CEO, stated, "We have always taken a long-term view toward building the Timberland brand and business portfolio. Despite near-term challenges, we are on the right track, with the right initiatives, to strengthen our business portfolio and capture the full potential we see for our brand and enterprise. We will continue to deploy appropriate strategies in the U.S. while expanding our global reach."
IW 50 Best Manufacturing Company
