BALTIMORE, Jan. 14 /PRNewswire-FirstCall/ -- Under Armour, Inc. (NYSE: UA) today announced preliminary financial results for the fourth quarter and full year ended December 31, 2008.

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Based on preliminary estimates for the fourth quarter of 2008, the Company now anticipates net revenues in the range of $179 million to $180 million. Income from operations for the fourth quarter is estimated to be approximately $22 million to $24 million and diluted earnings per share is expected to be in the range of $0.16 to $0.18.

Given these preliminary fourth quarter estimates, the Company now expects full year 2008 revenues in the range of $725 million to $726 million compared with net revenues of $606.6 million in 2007, representing growth of approximately 20%. Full year 2008 income from operations is estimated to be approximately $76 million to $78 million compared with $86.3 million in 2007. Diluted earnings per share for 2008 is anticipated to be in the range of $0.76 to $0.78 compared with $1.05 for the full year in 2007. The Company had previously anticipated 2008 net revenues in the range of $750 million to $765 million and 2008 income from operations in the range of $97.5 million to $104.5 million.

Fourth quarter 2008 net revenues were primarily impacted by lower than anticipated at-once orders and higher than anticipated cancellations in the U.S. wholesale business as well as lower than anticipated web sales, resulting from the weaker retail environment. The impact to fourth quarter income from operations and diluted earnings per share was primarily driven by the lower than expected sales volumes.

Cash and cash equivalents are estimated to be approximately $100 million at December 31, 2008 compared with $40.6 million at December 31, 2007. The Company has approximately $25 million in borrowings outstanding under its $100 million revolving credit facility at December 31, 2008.