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Johnson Outdoors 2011 First Quarter Sales Up 12 Percent
"Recovery of outdoor recreational markets is central to continued progress against our three-year plan to ensure sustained profitability. Markets are on the upswing, credit is reportedly easing and our brands are off to a solid start this year. At the same time, cost-reductions, supply chain efficiency and process improvements implemented over the past two years strengthened operations and competitiveness, and as expected, bottom-line benefits from these initiatives are on-going," said
FIRST QUARTER RESULTS
First fiscal quarter sales are typically at their lowest as the Company ramps up for the primary selling period of its outdoor recreation products during the second and third fiscal quarters.
Net sales of
Marine Electronicsrevenue surged 30 percent ahead of last year due to growth in Minn Kota, Humminbird and Cannon brands in all markets and all channels.
- Outdoor Equipment sales climbed 19 percent above last year driven by gains in Consumer camping and Military tents.
- Diving revenue grew 5 percent on the strength of domestic and export sales despite the negative impact of unfavorable currency translation of 3 percent.
- Watercraft sales dropped 40 percent due to Year I implementation of a new go-to-market strategy which customizes brand and mix for specific channels as opposed to providing a full portfolio offering across every channel.
- Continued recovery of outdoor recreational markets.
Higher sales in
Marine Electronics, Outdoor Equipment and Diving leading to lower operating expense as a percentage of sales.
An increase in gross profit margin to 39.0 percent from 37.4 percent in the prior year due largely to improved operating efficiency year-over-year in Diving and
The Company reported a net loss of
OTHER FINANCIAL INFORMATION
"Higher demand is naturally driving higher working capital and will continue to do so during the year; however, we are being vigilant and disciplined to ensure the critically important measure of days of working capital remains consistent with Fiscal 2010 levels. At this time, we remain focused on driving continued progress against our 2012 financial targets of five percent compound annual growth rate in sales and six percent operating margin," said
The Company will host a conference call and audio web cast at
ABOUT JOHNSON OUTDOORS INC.
JOHNSON OUTDOORS is a leading global outdoor recreation company that turns ideas into adventure with innovative, top-quality products. The company designs, manufactures and markets a portfolio of winning, consumer-preferred brands across four categories: Watercraft,
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 discretionary consumer spending patterns; the Company's success in
implementing its strategic plan, including its focus on innovation; actions of and disputes with third parties, including companies that compete with the Company; the Company's success in managing working capital and its on-going cost-structure reduction efforts; the Company's success in meeting financial covenants and potential risk associated with the cost of obtaining any waiver or amendment that lenders would be willing to provide; 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 or interest rates; the Company's success in implementing targeted sales growth initiatives; 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
FINANCIAL TABLES FOLLOW
|JOHNSON OUTDOORS INC.|
|(thousands, except per share amounts)|
|Net sales||$ 78,700||$ 70,460|
|Cost of sales||48,020||44,104|
|Interest expense, net||824||1,157|
|Other income, net||(6)||(680)|
|Loss before income taxes||(2,153)||(4,032)|
|Income tax (benefit) expense||(916)||204|
|Net loss||$ (1,237)||$ (4,236)|
|Diluted average common shares outstanding||9,611||9,383|
|Net loss per common share - Basic and Diluted||$ (0.13)||$ (0.45)|
|Marine electronics||$ 42,945||$ 33,095|
|Total||$ 78,700||$ 70,460|
|Operating profit (loss):|
|Marine electronics||$ 378||$ (493)|
|Total||$ (1,335)||$ (3,555)|
|Balance Sheet Information (End of Period)|
|Cash and cash equivalents||$ 33,041||$ 25,688|
|Accounts receivable, net||60,792||55,754|
|Total current assets||185,218||157,472|
|Total current liabilities||91,999||77,482|
David JohnsonVP & Chief Financial Officer 262-631-6600 Cynthia GeorgesonVP - Worldwide Communication 262-631-6600
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