Is it possible for a company that's been around for nearly 30 years to be considered a growth company? Sure. Look at Microsoft (NASDAQ:MSFT). How about if it sells footwear and apparel? I don't know about you, but I would have guessed no. That is, until I heard about Timberland (NYSE:TBL) and its recent record-setting performance.

The company reported record earnings for the fourth quarter and full-year 2004. Net income grew to $45 million, or $1.29 per share in the fourth quarter. That's up 14% from last year's earnings of $39.5 million, or $1.10 per share. Its annual earnings grew 26.9% to $4.28 per share.

The company's record revenues were just as strong, growing to $454.7 million, up 9.4% in the quarter from last year's $415.4 million. Its revenue grew modestly in the U.S. at 5.2%, but the real revenue growth was the result of a plethora of worldwide expansion. With strong sales in Europe and Asia, as well as market expansion in Canada, quarterly revenues soared by 19.3%, or 11.3% in constant dollars.

The market took in all that good news and hiked Timberland's price by 7.6% yesterday. So, after touching a 52-week high and finishing the day just below that mark, it must be too expensive, right? Well, not exactly. Despite the jump in share price, the company is still relatively inexpensive. Even after yesterday's climb, Timberland has a forward P/E of 17. Compare that with Wolverine World Wide (NYSE:WWW), which comes in over 18, and footwear king Nike (NYSE:NKE) at just under 19, and Timberland looks that much better. On top of all that, the company generated $158.9 million in free cash flow with no debt to speak of.

With a reasonable (though not cheap) price tag, improving margins, worldwide growth, and strong cash flow, Timberland looks as if it still could reach new heights. In fact, it may just now be hitting its stride.

Fool contributor Mike Cianciolo knows somebody who just got a new pair of Timberlands, but doesn't own any of the companies in this article.