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Under Armour

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Founded in 1996 in the Basement of a Georgetown Home Now based in Baltimore, Maryland Offices throughout the world Toronto, Japan, China and Amsterdam Employs over 2,000 workers worldwide Owns over 70% of Performance Apparel Market

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Governing Board Kevin Plank CEO, President, Chairman Brad Dickerson Chief Financial Officer Wayne Marino Chief of Operations J. Scott Plank Executive Vice President Business Development Kip J. Fulks Executive Vice President - Product Mark M. Dowley Executive Vice President Global Brand President - International

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CompetitionCompetitionCompetitionCompetition

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Horizontal Analysis (in thousands) 200920082007200920082007Revenues$856,411$725,244$606,561118%119%100% Cost of goods sold $443,386$370,296$301,217119%123%100% Gross Profit $413,025$354,948$305,044116%116%100% Selling Expense $327,752$278,023218,779118%127%100% Income Operations $85,273$76,925$86,265111%89%100% Interest inc (exp) ($2,344)$(850)$749-275%-113%100% Other Inc (Exp) ($511)($6,175)$20291235%-304%100% Income before tax $82,418$69,900$89,043118%78%100% Taxes$35,633$31,671$36,485 Net Income $46,785$38,229$52,558122%72%100%

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Balance Sheet (in thousands) Assets200920082007 Current Assets Cash and cash equivalents Cash and cash equivalents$187,297$102,042$40,588 Accounts Receivables Accounts Receivables$79,356$81,302$93,515 Inventories Inventories$148,488$182,232$166,082 Prepaid expenses and other Current Assets Prepaid expenses and other Current Assets$19,989$18,023$11,642 Deferred income taxes Deferred income taxes$12,870$12,824$10,418 Total Current Assets Total Current Assets$448,000$396,423$322,245 Property and Equipment Property and Equipment$72,926$73,548$52,332 Other long term assets Other long term assets$10,754$8,897$7,863 Deferred income taxes Deferred income taxes$13,908$8,687$8,173 Total Assets Total Assets$545,588$487,555$390,613

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Balance Sheet (in thousands) Current Liabilities 200920082007 Revolving Credit Revolving Credit----$25,000--- Accounts Payable Accounts Payable$68,710$72,435$55,012 Accrued Expenses Accrued Expenses$40,885$25,905$36,111 Current Maturities Current Maturities$9275$7431$4,576 Other Current Liabilities Other Current Liabilities$1292$2337--- Total Current Liabilities Total Current Liabilities$120,162$133,110$95,699 Long Term Debt Long Term Debt$10,948$13,061$9,298 Capital Lease Obligations Capital Lease Obligations----$97$458 Other Long Term Liabilities Other Long Term Liabilities$14,481$10,190$4,673 Total Liabilities Total Liabilities$145,591$156,458$110,128 Total Stockholders Equity $399,997$331,097$280,485 Total Liabilities and Equity $545,588$487,555$390,613

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Liquidity Ratios Industry Avg Current Ratio: 3.7x 3.5x Quick Ratio:2.2x 1.1x Asset Management Ratios Industry Avg Days Sales Outstanding:34.243 Total Asset Turnover1.66x1.7x

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DEBT MANAGEMENT RATIOS Debt Ratio:27% Industry Average Industry Average Industry Average TIE Ratio:36.1 Industry Average: 2.2 Book Value Per Share PROFITABILITY RATIOS Profit Margin:5.4% ROA:9% ROE:12.8% $7.96

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Conclusion Under Armour is gaining ground on the giant that is NIKE. Under Armour appears to be on solid financial ground. Under Armour is reaching out to other markets, ie Military and Law Enforcement Once Under Armour fully launches the footwear and apparel lines in these other markets, they will become a very successful company.

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References: Business Week. http://investing.businessweek.com/research/stocks/financials/rati os.asp?ticker=UA:US Business Week. http://investing.businessweek.com/research/stocks/financials/rati os.asp?ticker=UA:US http://investing.businessweek.com/research/stocks/financials/rati os.asp?ticker=UA:US http://investing.businessweek.com/research/stocks/financials/rati os.asp?ticker=UA:US Sports Illustrated online. http://sportsillustrated.cnn.com/2009/more/04/09/under.armour /index.html Sports Illustrated online. http://sportsillustrated.cnn.com/2009/more/04/09/under.armour /index.html http://sportsillustrated.cnn.com/2009/more/04/09/under.armour /index.html http://sportsillustrated.cnn.com/2009/more/04/09/under.armour /index.html Under Armour INC online. http://investor.underarmour.com/company/about.cfm Under Armour INC online. http://investor.underarmour.com/company/about.cfm http://investor.underarmour.com/company/about.cfm

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Thank You