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Innovation Ignites Growth in Fiscal 2011
"Meaningful innovation is at the core of who we are, and this year's new products generated more than 40 percent of total company revenue. In Marine Electronics and Diving markets where the pace of recovery is strong, our brands' performance outpaced the market and the competition. Importantly, we adjusted quickly to marketplace fluctuations resulting from economic uncertainty, political upheaval and severe weather, maintained a strong balance sheet and continued to grow profits faster than sales, a key objective of our three year plan. Going forward, we will continue to invest in innovation to keep our brands strong and growing, and to maximize opportunities to enhance the long-term profitability profile of all our businesses," said
Total net sales increased 7 percent to
Double-digit growth in
Minn Kota® and Humminbird® brands in all channels, with both brands exceeding $100 millionin sales for the year.
Higher revenue in Diving due to growth in
North Americawhich more than offset weak Asia/Pacificmarkets.
- Successful new products which generated more than 40% of total Company sales.
Favorable currency translation which added
$6.4 million, or 2 percent, to total Company revenue.
- Significant declines in U.S. military spending resulting in a 20 percent reduction in Outdoor Gear sales.
- Unfavorable weather conditions weakened demand in the paddling market contributing to a 10 percent decline in Watercraft revenue.
Net income for the fiscal year was
FOURTH QUARTER RESULTS
Due to the seasonality of the warm-weather outdoor recreational products industry, the Company's fourth quarter results historically reflect an industry-wide slowing of sales and production. Higher Marine Electronics sales during the quarter more than offset lower volume in other units. Total Company net sales increased 3 percent compared to the prior year quarter. On a constant currency basis, fiscal fourth quarter sales would have been flat with the prior year quarter.
The Company reported significant improvement in net income for the fiscal fourth quarter of
OTHER FINANCIAL INFORMATION
The Company's debt to total capitalization stood at 8 percent at the end of the year versus 16 percent at
"The balance sheet is strong and healthy, as demonstrated by our success in ending Fiscal 2011 with a three-fold improvement in net cash year-over-year. Looking ahead, due to the need for added investment in innovation and the ongoing unpredictability surrounding external factors which could impact recovery of outdoor rec markets, achievement of 2012 financial targets is uncertain at this time," said
The Company will host a conference call and audio web cast at
ABOUT JOHNSON OUTDOORS INC.
Non-GAAP Financial Measures
We supplement the reporting of our financial information determined in accordance with U.S. generally accepted accounting principles ("GAAP") with the non-GAAP financial measures, adjusted net income/loss and adjusted diluted earnings/loss per share. We believe that these non-GAAP measures provide meaningful information to assist shareholders in understanding our financial results and that adjusted net income and adjusted diluted earnings per share are important indicators of our operations because they exclude items that may not be indicative of or are unrelated to our core results, and provide a better baseline for analyzing trends in our underlying businesses. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. These adjusted financial measures should not be considered in isolation or as a substitute for reported net income and diluted earnings per share, the most directly comparable GAAP financial measures.
The table below reconciles the non-GAAP financial measures adjusted net income and adjusted earnings per share with reported net income and diluted earnings per share for the quarter and year ended
12 Months Ended
3 Months Ended
(Loss) Per Share
|Reported GAAP measure||
|Reversal of deferred tax valuation allowance||
|Adjusted non-GAAP measure||
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,'' "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 changes in economic conditions, consumer confidence levels and discretionary
spending patterns; the Company's continued success in implementing its strategic plan, including its targeted sales growth platforms and focus on innovation; litigation costs related to actions of and disputes with third parties, including companies that compete with the Company; the Company's continued success in working capital management and cost-structure reductions; the Company's success in meeting financial covenants in its credit agreements with lenders; risk of future write-downs of goodwill or other intangible assets; ability of the Company's customers to meet payment obligations; movements in foreign currencies, interest rates and commodity costs; the success of suppliers and customers; the ability of the Company to deploy its capital successfully; adverse weather conditions; and other risks and uncertainties identified in the Company's filings with the
|JOHNSON OUTDOORS INC.|
|(thousands, except per share amounts)|
|THREE MONTHS ENDED||TWELVE MONTHS ENDED|
|Net sales||$ 77,378||$ 75,121||$ 407,422||$ 382,432|
|Cost of sales||48,384||44,827||244,287||228,909|
|Operating (loss) profit||(4,230)||(3,298)||17,670||14,554|
|Interest expense, net||351||1,027||3,130||4,995|
|Other expense, net||212||273||2,290||367|
|(Loss) income before income taxes||(4,793)||(4,598)||12,250||9,192|
|Income tax (benefit) expense||(22,145)||1,242||(20,470)||2,653|
|Net income (loss)||$ 17,352||$ (5,840)||$ 32,720||$ 6,539|
|Diluted average common shares outstanding||9,287||9,409||9,287||9,267|
|Diluted net income (loss) per common share||$ 1.78||$ (0.62)||$ 3.37||$ 0.68|
|Marine electronics||$ 36,099||$ 28,338||$ 222,115||$ 185,495|
|Total||$ 77,378||$ 75,121||$ 407,422||$ 382,432|
|Operating (loss) profit:|
|Marine electronics||$ (1,119)||$ (2,443)||$ 21,074||$ 13,938|
|Total||$ (4,230)||$ (3,298)||$ 17,670||$ 14,554|
|Balance Sheet Information (End of Period)|
|Cash and cash equivalents||$ 44,514||$ 33,316|
|Accounts receivable, net||47,209||46,928|
|Total current assets||176,487||160,128|
|Total current liabilities||65,206||67,015|
JOHNSON OUTDOORS INC. DAVID JOHNSONVP & CHIEF FINANCIAL OFFICER 262-631-6600 CYNTHIA GEORGESONVP - WORLDWIDE COMMUNICATION 262-631-6600
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