CASE PO #3 - Assignment Essays

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Advanced Business Financial Analysis

Polar Sports, Inc. Case Instructions

Instructions For Polar Case

• Obtain a copy of the HBR case from https://store.hbr.org

• The case is Polar Sports Inc. (a case by Carl Kester and Wei Wang)

• Read the case and conduct a thorough Financial Analysis

• Utilizing only the material provided in the case, complete the following tasks.

• Prepare pro forma income statements, balance sheets and cash flow statements to estimate
the amount of funds required and the timing of the needs under level production.

• What are the market, competitive and operational characteristics of Polar?

• Why is Polar having a cash flow issue under seasonal production?

• What is the maximum amount of financing that Polar needs in any given month?

• What factors should be considered before moving to level production?

• If you were the banker, would you be willing to lend credit to more than $4 million to finance
level production?

• What other sources of capital could substitute for bank lending?

• What would be the impact of unsold inventories on cash flows and projected cost savings?

• At are the cost savings of moving to level production? IS it a good idea?

• You can work in teams, just identify who was in your team and everyone needs to submit their
own memo.

• Post your memos to CANVAS
2

https://store.hbr.org/

________________________________________________________________________________________________________________

Harvard Business School Professor W. Carl Kester and Professor Wei Wang, Queens University, Kingston, Ontario, prepared this case solely as a
basis for class discussion and not as an endorsement, a source of primary data, or an illustration of effective or ineffective management. Although
based on real events and despite occasional references to actual companies, this case is fictitious and any resemblance to actual persons or entities
is coincidental.

Copyright © 2012 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-7685,
write Harvard Business Publishing, Boston, MA 02163, or go to http://www.hbsp.harvard.edu. This publication may not be digitized,
photocopied, or otherwise reproduced, posted, or transmitted, without the permission of Harvard Business School.

W . C A R L K E S T E R

W E I W A N G

Polar Sports, Inc.

In early January 2012, Richard Weir, president of Polar Sports, Inc., sat down with Thomas
Johnson, vice president of operations, to discuss Johnson’s proposal that Polar institute level monthly
production for 2012. Since joining the company less than a year earlier, Johnson had become
concerned about the many problems arising from its highly seasonal production scheduling, which
reflected the seasonality of sales of skiwear and accessories. Weir understood the cost savings and
improved production efficiency that could result from level production, but he was uncertain what
the impact on other aspects of the business would be.

Polar Sports, a fashion skiwear manufacturer based in Littleton, Colorado, carried production
lines in high-quality ski jackets, snow pants, sweaters, thermal soft shells and underwear, and
accessories such as gloves, mitts, socks, and knit caps. The company produced most of these products
in a wide range of styles, sizes, and colors. Polar had a unique design of skiwear that employed
special synthetic materials for better insulation and durability. The design and color of products
changed annually. Dollar sales of a given product line could vary as much as 30% to 40% from year to
year.

The ski apparel design and manufacturing business was highly competitive. The industry
comprised a few large players and a number of smaller firms. Besides several major competitors in
the market such as North Face, Burton, Karbon, Spyder Active Sports, and Sport Obermeyer, high-
end designers like Prada and Giorgio Armani had recently entered the technical skiwear market.
Occasionally, a company was able to gain share in that competitive market by developing and
marketing new fabrics and using innovative patterns in a given year; typically, however, competitors
were able to market similar products the following year. Unlike Polar, several large producers had
shifted their major production to Asia and Latin America to save on labor costs, making their
products more competitive in price. Fierce competition in both design and pricing resulted in short
product lives and a relatively high rate of company failures.

9-913-513
A U G U S T 2 0 , 2 0 1 2

This document is authorized for use only by Abrahim Sarbaz (Abrahim.sarbaz418@gmail.com). Copying or posting is an infringement of copyright. Please contact
customerservice@harvardbusiness.org or 800-988-0886 for additional copies.

913-513 | Polar Sports, Inc.

2 BRIEFCASES | HARVARD BUSINESS SCHOOL

Company Background

Polar Sports, Inc., was established in 1992 by Richard Weir, a retired professional snowboarder.
His desire was to produce high-quality skiwear and accessories for people of all ages and abilities.
Through Weir’s expansive network of ski instructors and resorts, Polar was able to sell a few
hundred units of high-quality products by the third year of operation.

Polar experienced fast growth since the late 1990s, after sponsoring a number of snowboarding
events and endorsing a few talented athletes who later competed in several international
competitions. Polar became a popular brand among both professional and amateur skiers and
snowboarders. The company’s sales growth was affected only slightly by the 2008–2009 economic
recession. In 2011, Weir hired Thomas Johnson, a production manager at a sports equipment factory,
as vice president of operations.

The skiwear production process, though not complex, was nevertheless labor intensive. It
required designers to constantly come up with new styles to stay ahead of competing products. The
designers worked closely with raw-materials suppliers in developing new fabrics. Focusing on both
the technical and the fashion aspects of their products, Polar’s designers helped create a high-tech
temperature-control fabric for the base and middle layers, providing both breathability and
waterproofing. The production technology required skilled labor, and the process was primarily
manual, which ensured that stitching was accurate and jackets and pants were properly insulated.

Company Financials

The popularity of skiing and snowboarding had grown tremendously over the past two decades.
According to a National Sporting Goods Association survey, at the end of 2010 more than 15 million
Americans over seven years of age participated in skiing or snowboarding. The skiwear
manufacturing industry experienced fast growth in the 2000s with the rising popularity of winter
extreme sports such as snow kiting and heli-boarding. Polar achieved progressive market share
through its unique design and expansive sales network. Its sales grew from $4.65 million in 2001 to
$16.36 million in 2011. With a number of promising new designs under production, sales were
projected at $18.0 million for 2012. However, the ultimate success of the new designs depended
greatly on how well the market would respond. In recent years, more-intense competition had made
accurate predictions increasingly difficult.

Polar’s net income reached $897,000 in 2011 and was projected to be $1,147,000 in 2012 under
seasonal production. Tables A and B show the latest financial statements. The cost of goods sold had
averaged 66% of sales in the past and was expected to remain at approximately that level in 2012
under seasonal production. Operating expenses, projected to be 24% of sales, would be incurred
evenly throughout each month of 2012 under either seasonal or level production. Polar was facing a
corporate tax rate of 34%.

Polar Sports, Inc. | 913-513

HARVARD BUSINESS SCHOOL | BRIEFCASES 3

Table A Consolidated Income Statement, 2009–2011 (in thousands of dollars

)

2009 2010 2011

Net sales 14,079 15,065 16,36

COGS 9,011 10,244 10,798
Gross profit 5,068 4,821 5,562
Operating expense 3,520 3,615 4,090
Interest expense 105 125 128
Interest income 17 19 15
Pretax profit 1,461 1,099 1,359
Income tax 497 374 462
Net income 964 725 897

Table B Balance Sheet at December 31, 2011 (in thousands of dollars)

Cash 500
Accounts receivable 5,245
Inventory 1,227
Current assets 6,972
PP&E 2,988
Total assets 9,960

Accounts payable 966
Notes payable, bank 826
Accrued taxes 139
Long-term debt, current portion 100
Current liabilities 2,031
Long-term debt 1,000
Total liabilities 3,031
Shareholders’ equity 6,929
Total liabilities and shareholders’ equity 9,960

As noted, sales of skiwear and accessories were highly seasonal, with more than 80% of annual

dollar volume generated from September through January. Table C shows both actual monthly sales
for 2011 and projected monthly sales for 2012. Polar pursued three sales channels: wholesale, catalog,
and online direct sales. Polar’s wholesale channel, which accounted for 70% of sales, included about
1,000 dealers, sporting goods stores, specialty ski stores, and department stores. During the SIA Snow
Show in Colorado, the biggest annual exhibition for skiwear manufacturers held in late January,
Polar presented its latest product designs, which would be released in the fall. It often received orders
representing around 15% of its annual sales right after the show; these were shipped in September.
Customers usually took 60 days to pay for wholesale purchases, and the collection experience had
been very satisfactory. Transactions with catalog and online direct sales were usually settled on the
date of purchase.

913-513 | Polar Sports, Inc.

4 BRIEFCASES | HARVARD BUSINESS SCHOOL

Table C Monthly Sales (in thousands of dollars)

Sales
2011

Projected Sales
2012

January 671 702
February 393 486
March 360 414
April 311 378
May 180 162
June 196 180
July 474 378
August 769 540
September 2,896 2,970
October 2,618 2,520
November 4,564 5,724
December 2,928 3,546

Total 16,360 18,000

Polar’s practice was to fulfill customers’ orders promptly. A small fraction of capacity at Polar’s

Littleton plant was required to meet orders from February through July each year. From August
through January, the company greatly expanded its workforce. New employees were hired and
trained, and existing employees were asked to work overtime. All equipment was used more than 15
hours per day, which called for frequent maintenance. Whenever possible, shipments were made on
the same day an order was placed. Production was scheduled to match sales for each month.

Under seasonal production, in 2012 Polar would maintain the same level of inventory that it held
on December 31, 2011. The accounts payable balance at the end of a month was assumed to be 50% of
the cost of goods sold that month. This figure was related to material purchases that accounted for
50% of the cost of goods sold for 2012. Total material purchases, based on 30-day payment terms,
were forecasted to be $5,940,000 in 2012.

The 2011 year-end cash balance of $500,000 was regarded as the minimum necessary for the
operation of the business. Polar had borrowed from its local bank through a line of credit. At the end
of 2011, a loan of $826,000 was outstanding. The local bank was willing to increase the limit on the
company’s credit line up to $4 million in 2012; any advances in excess of that amount would be
subject to further negotiation. According to the loan covenant, the outstanding balance on the line of
credit was not to exceed two-thirds of accounts receivable and inventory combined. The average
interest rate Polar paid on its line of credit was 6% in 2011. Any withdrawal in excess of $2 million
would be subject to 11% interest. Polar had an outstanding long-term bond for $1 million on its
balance sheet as of December 31, 2011. The long-term bond carried a coupon rate of 8% and was
being amortized by payments of $50,000 in June and December of each year.

Johnson believed the company would be able to hold capital expenditures equal to depreciation at
$300,000, evenly distributed throughout the year. As a result, the company’s net amount of plant,
property, and equipment would be kept at the same level for 2012 under either seasonal or level
production.

Proposal to Adopt Level Production in 2012

Johnson was concerned with many problems arising from the method of seasonal production.
Machinery that stood idle for half of each year was then subjected to intensive use, leading to

Polar Sports, Inc. | 913-513

HARVARD BUSINESS SCHOOL | BRIEFCASES 5

excessive maintenance costs. Mass manufacturing of different styles and sizes resulted in frequent
setup changes on the machinery. In addition, hiring and training new contract-based employees
proved to be costly. Wage premiums due to overtime dramatically increased operating costs. Many
of these problems could be resolved if the company adopted level production, Johnson believed. He
mentioned to Weir that vendors and retailers had expressed strong interest in Polar’s new designs,
which would probably lead to a successful sales year in 2012. Those facts suggested that 2012 would
be a great year to experiment with level production. Purchase terms would not be affected by the
change in production scheduling. Johnson believed that level production would save the company
$480,000 by eliminating overtime premiums and reducing maintenance costs. The company would
realize another $600,000 through reduced hiring and training costs. For simplicity’s sake, the cost of
goods sold was assumed to be 60% and would not change monthly under level production.
However, some of the savings would be offset by increased storage and handling costs of $300,000 in
2012.

Weir understood that the risk of product obsolescence was substantial, and predicting which
products would sell the best often proved to be difficult. The company could be burdened with
excess merchandise for those styles and colors that retailers had not purchased with level production.
Styles that drew a poor market response would be deeply discounted at the end of the selling season.

Weir also speculated about the effect of level production on the company’s financing needs in
2012. He anticipated that profits, inventories, accounts receivable and accounts payable would
fluctuate as a result of a move to level production, but he could not be sure what the overall impact
on funds inflows and outflows would be. It was crucial that he understand this to avoid possible
violations of Polar’s loan covenants.

As Weir sat in his office and contemplated making the switch to level production, he considered
the trade-off between the potential cost savings and the financial risks that the company might face,
as well as the implications of the switch for short-term financing needs.

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>>
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