HERE'S A VEXING QUESTION for investors: Is Under Armour swimming in profits or struggling to get by? Differ ent sections of its financial statements provide very different answers. The fast-growing athletic-apparel maker reported net income of $68.5 million last year and another $12 million in the first quarter of 2011. Its net profit margin doubled to 3.9%. Under Armour's cash flow statement tells a different story, however. Cash from operations was -$85 million in the first quarter as it piled on $33 million in inventory and increased accounts re ceivable by another $57 million.
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