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Innovation Drives Record Growth at Johnson Outdoors for Fiscal 2018
“Unprecedented growth in our flagship Fishing business has driven record results two years in a row on the strength of revolutionary, consumer driven innovation. Our goal is consistent bigger, better new product success like this across our entire brand portfolio,” said
“Importantly, deeper, richer consumer understanding is at the core of everything we do. Going forward, our ability to connect with more consumers in new, more meaningful ways will enable us to fully leverage and maximize investments in digital transformation, marketing sophistication and ecommerce to enhance performance in all segments and channels. Much progress has been made in transforming
FISCAL 2018 HIGHLIGHTS
- New product success
- Sustained momentum in Fishing and Diving
- Enhanced digital sophistication
- Strong cash flow and a debt-free balance sheet
- Increased quarterly dividend to shareholders
FISCAL 2018 RESULTS
- Exceptional new product performance fueled double-digit revenue growth in Minn Kota® and Humminbird® brands in all key categories, channels and markets.
- Continued momentum for award-winning innovation in life-support categories gave a 3 percent boost to SCUBAPRO® brand sales.
- Growth in Eureka® and Jetboil® brands nearly offset the loss of sales resulting from the divestiture of the non-core Silva brand.
- Kayak market declines across all segments and channels negatively impacted Watercraft Recreation revenue.
Operating profit soared to a record-high
Net income for the fiscal year increased 16 percent to
FOURTH QUARTER RESULTS
Due to the seasonality of the warm-weather outdoor recreation equipment industry, the Company’s fourth quarter results reflect the industry-wide slowing of sales and production.
OTHER FINANCIAL INFORMATION
The Company reported cash and short-term investments of
“Looking ahead to next year, while we expect revenue to grow, recently enacted tariffs are estimated to have a negative impact of
The Company will host a conference call and audio web cast at
JOHNSON OUTDOORS is a leading global innovator of outdoor recreation equipment and technologies that inspire more people to experience the awe of the great outdoors. The company designs, manufactures and markets a portfolio of winning, consumer-preferred brands across four categories: Watercraft Recreation, Fishing, Diving and Camping.
Safe Harbor Statement
Certain matters discussed in this press release are “forward-looking statements,” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical fact are considered forward-looking statements. These statements may be identified by the use of forward-looking words or phrases such as “anticipate,’’ “believe,’’ “confident,” “could,’’ “expect,’’ “intend,’’ “may,’’ “planned,’’ “potential,’’ “should,’’ “will,’’ “would’’ or the negative of those terms or other words of similar meaning. Such forward-looking statements are subject to certain risks and uncertainties, which could cause actual results or outcomes to differ materially from those currently anticipated. Factors that could affect actual results or outcomes include the matters described under the caption “Risk Factors” in Item 1A of the Company’s Form 10-K which will be filed with the
|At Johnson Outdoors Inc.|
|David Johnson||Patricia Penman|
|VP & Chief Financial Officer||VP – Global marketing services & communications|
JOHNSON OUTDOORS INC.
|(thousands, except per share amounts)|
|Operating Results||September 28
|Cost of sales||51,611||52,923||302,408||279,625|
|Operating (loss) profit||(1,973||)||(76||)||63,021||45,591|
|Interest (income) expense, net||(640||)||(162||)||(963||)||441|
|Other expense (income), net||109||(772||)||(4,122||)||(3,060||)|
|(Loss) income before income taxes||(1,442||)||858||68,106||48,210|
|Income tax expense||3,514||269||27,437||13,053|
|Net (loss) income||$||(4,956||)||$||589||$||40,669||$||35,157|
|Diluted average common shares outstanding||10,013||9,943||9,996||9,920|
|Diluted net (loss) income per common share||$||(0.49||)||$||0.06||$||4.05||$||3.51|
|Operating profit (loss):|
|Balance Sheet Information (End of Period)|
|Cash, cash equivalents and short-term investments||$||150,591||$||110,417|
|Accounts receivable, net||40,866||46,814|
|Total current assets||285,694||240,849|
|Total current liabilities||92,784||84,077|
Source: Johnson Outdoors Inc.