dear fellow shareholders 2004 was another successful year for columbia sportswear we delivered exceptional financial results through consistent execution of our growth strategies annual sales increased 15 1 percent and reached 095 3 million exceeding the billion mark first time in company history net income 4 to 138 6 during balance sheet at end solid with 290 2 cash short term investments long debt equity key remain goals diversifying revenues broadening addressable market opportunities steady further developing footwear product categories leveraging brands international markets enhancing customers retail productivity selectively distribution expanding global awareness profitable license agreements have advanced will continue drive organic development is a initiative these generated more than 80 surged 27 396 driven by
