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Timberland Reports Record First Quarter Financial Results.

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STRATHAM, N.H.--(BUSINESS WIRE)--April 15, 2003

The Timberland Company (NYSE: TBL) today reported results for the quarter ended March 28, 2003. Timberland reported record first quarter revenue of $271.0 million, 20.1 percent higher than the $225.7 million reported for the first quarter of 2002. Constant dollar revenue growth, which excludes the impact of changes in foreign exchange rates, grew 11.8 percent. This strong revenue growth - combined with gross margin improvement, expense leverage and continued benefits from share repurchases -- contributed to record first quarter profit performance. Earnings per share grew 47.2 percent to $0.53 per share diluted ($0.54 basic) in the first quarter of 2003 versus $0.36 per share diluted ($0.37 basic) in the first quarter of 2002. Excluding the impact of the $4.9 million after tax gain ($0.13 per share diluted) related to the adoption of Statement of Financial Accounting Standards 141 (SFAS 141) in the first quarter of 2002, first quarter 2003 diluted EPS increased 130.4 percent from $0.23 diluted ($0.24 basic) in the first quarter of 2002.

Revenue growth in the first quarter of 2003 was driven by strong sales gains in both U.S. and international markets. Domestic revenue for the first quarter of 2003 was $136.8 million, 9.8 percent higher than the $124.7 million reported for the first quarter of 2002. International revenue for the quarter increased 32.8 percent to $134.2 million, compared with $101.0 million for the...

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