Footwear and apparel company Timberland (NYSE:TBL) strikes us as a quality business available at a decent price. We wouldn't call it dirt cheap and if you are the kind of investor who needs to see a pop in share price over 3 or 6 months, you may not find it here but if you are happy to own shares of a high quality company and give them time to grow, you may want to take a closer look. As competitive as the shoe business is, TBL still pumps out nice margins and returns. For the trailing 12 months Timberland has a profit margin of 10.5% and an operating margin of 15.9%. That beats even Nike (NYSE:NKE), the God of Shoes, who has a 9.4% profit margin and a 14.4% operating margin. Competitor Wolverine World Wide (NYSE:WWW) is at 7.0% profit and 10.7% operating. (Yahoo) Timberland's return on assets is 20.2% and its return on equity is 31.7% both highly respectable. For comparison, NKE is at 14.6% and 23.7% , WWW is at 11.2% and 16.2%, and Columbia Sportswear (NASDAQ:COLM) is at 12.1% and 17.2%. Perhaps these favorable numbers can be attributed to the Timberland brand which is considered premium and high quality. There's a long term trend of growth in sales and profits with decline in shares outstanding. These things together lead to EPS growth. This indicates that management thinks the shares are undervalued. The program promises to help the year/year decline in shares outstanding continue. TBL has a trailing P/E of 14.08 and a forward P/E of 13.63. Its EV/EBITDA ratio is 7.58 and shares are priced at 1.46 times sales. None of these multiples are particularly expensive, although keep in mind that Timberland operates in an industry that is rarely afforded high multiples. The balance sheet is just the kind we like: no debt and $213 million in cash. Net cash is roughly 9.5% of the market cap. Insiders own 19.75% of the stock (Reuters) which keeps management motivated. One thing we don't like is the dual class structure that gives outsized voting power to owners of the Class B shares (the Swartz family). We also wouldn't mind seeing a dividend and think the company can afford to pay one. TBL's growth over the past year has left some investors feeling frustrated, but if you're of the more patient type, there's much that speaks to a potential happy ending. At this writing, you can buy shares in TBL at a 3.2% discount to their last close. Air Jordan 3 Bright Crimson ,Air Jordan 10 Venom Green Air Jordan 3 Joker Air Jordan 11 Low Infrared 23 Air Jordan 11 Low Concord Air Jordan 10 Lady Liberty Air Jordan 4 Columbia 2015 Air Jordan 3 Sport Blue Air Jordan 6 Black Infrared 2014 Air Jordan 3 Wolf Grey PHILADELPHIA Old Saint Nick might very well be able to run from rooftop to rooftop without reindeer this year, if only he carried toys in a backpack like the one developed by biologists at the University of Pennsylvania. In this week's edition of the journal Nature, Penn researchers have announced details for a suspended load ergonomic backpack that reduces the force of a backpack's load on the wearer by 86%, allowing wearers to run far more comfortably with heavy loads. While it might be useful for Santa, the backpack was created with soldiers and emergency workers in mind and could prevent the sort of muscle and joint injuries associated with running while carrying heavy items. The Penn researchers also point out that the backpack will also benefit schoolchildren, since heavy book bags have been linked to muscle and orthopedic injury. "For the same energetic cost, you can either carry 48 pounds in a normal backpack or 60 pounds in a suspended load ergonomic backpack," Larry Rome, a professor in Penn's Department of Biology, said. "It is like carrying an extra 12 pounds for 'free.'" The backpack is based on a rigid frame pack, much like the type familiar to hikers everywhere; however, rather than being rigidly attached to the frame, the sack carrying the load is suspended from the frame by bungee cords. Last year, Rome, an expert in the physics of muscle movement, introduced a power generating backpack that converts mechanical energy from walking into as much as 7.4 watts of electricity, more than enough energy to power a number of portable electronic devices at once. His findings were published in Science. The suspended load ergonomic backpack has a similar sliding motion as the electricity generating backpack, but it is tuned differently. Rather than having stiff springs, the load is suspended by very compliant bungee cords. "The ergonomic backpack reduces the force of the load on the wearer by reducing the effect of the load as it shifts up and down," Rome said. "What is striking is that you can feel the 86% reduction in force with every step." With a normal backpack, the peak force exerted by the load on the body during walking is twice as high as the static force, and during running it's three times as large, exerting extreme forces on the joints. The backpack shifts the timing of how force is applied as the wearer takes a step. "Essentially, the bungee cords permit the load to stay at nearly constant height from the ground while the wearer walks or runs around it," Rome said. Yoo. Funding for this research comes from the National Institutes of Health and the Office of Naval Research. Air Jordan 3 Bright Crimson,The swoosh was unaware of the bane of the Irish March 15, 2012 Nike had better start hiring a few history majors. Or Irish Americans. Just in time for St. Patrick's Day, the swoosh released a line of sneakers called Black and Tans. Ouch. Company officials apparently thought this was a paean to the popular pub offering made by mixing dark stout and pale ale. A quick click of the mouse would have dialed it back one more step. The Black and Tans, from the color of their uniforms, were murderous and poorly disciplined British paramilitary thugs sent to Ireland in 1920 22 to suppress Irish revolutionaries in the War of Independence. The Tans killed civilians, burned cities, including much of central Cork, and otherwise conducted themselves in such an appalling fashion that they embarrassed many in England. In Ireland, where the past is part of the present, the Tans are still synonymous with merciless butchery. It was as if Nike had come out with a Galloping Gestapo line of shoes for the French. A quick Google search would have turned up Ben Jerry's apology after it came out with a Black and Tan ice cream in 2006. Nike apologized immediately; the error was obviously inadvertent. Still, there is something wrong with our education system when that which is known to any bartender in South Boston has escaped the attention of two major and supposedly enlightened corporations.
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