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Johnson Outdoors 2011 Second Quarter Earnings Grow 37 Percent
"The growing trend toward an active outdoor lifestyle and improving economic conditions are boosting continued recovery for the outdoor recreational products industry. While the level and pace of recovery varies by category, overall our unparalleled portfolio of consumer-preferred brands gained share to outperform their markets and competition," said
SECOND QUARTER RESULTS
Second fiscal quarter sales reflect initial shipments to customers in advance of the primary retail selling period for the industry's seasonal warm-weather outdoor recreation products. Total net sales grew 14.1 percent to
Marine Electronicsrevenue surged 27.1 percent ahead of last year due to exceptional new product acceptance in Minn Kota®, Humminbird® and Cannon® brands in all markets and all channels.
- Watercraft sales climbed 11.8 percent as a result of growth in national and regional sporting goods channels.
Diving revenue grew 2.7 percent as solid growth in the U.S. was offset in part by sluggish markets in
Japan, Australiaand the Middle East. Currency translation had a positive impact on Diving revenues of 1.7 percent.
Outdoor Equipment sales declined 25.2 percent due to delays in Military orders resulting from continued budget gridlock in
- Higher revenues due to strong new product response and continued recovery of the outdoor recreational markets.
An increase in gross profit margin to 41.1 percent from 40.2 percent in the prior year due to favorable product mix in
Marine Electronicsand improved operating efficiency year-over-year.
- Lower operating expense as a percentage of sales as sales growth more than offset increased R&D costs and discretionary compensation accruals.
The Company reported a 37.2 percent increase in net earnings to
Net sales in the first six months of fiscal 2011 increased 13.2 percent to
Primary drivers behind the year-to-date sales, profit and earning comparisons were consistent with those during the second quarter.
OTHER FINANCIAL INFORMATION
"Commodity, sourcing and freight costs are all on the rise and we are working with vendors and customers to minimize impact across the supply chain," 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, interest rates and commodity costs; 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 the
- - - FINANCIAL TABLES FOLLOW - - - -
|JOHNSON OUTDOORS INC.|
|(thousands, except per share amounts)|
|Net sales||$ 128,864||$ 112,897||$ 207,564||$ 183,357|
|Cost of sales||75,931||67,511||123,951||111,615|
|Interest expense, net||993||1,444||1,817||2,601|
|Other expense (income), net||343||209||337||(471)|
|Income before income taxes||10,088||6,401||7,935||2,369|
|Income tax expense||1,602||218||686||422|
|Net income||$ 8,486||$ 6,183||$ 7,249||$ 1,947|
|Diluted average common shares outstanding||9,289||9,262||9,293||9,244|
|Net income per common share - Basic and Diluted||$ 0.87||$ 0.64||$ 0.75||$ 0.20|
|Marine electronics||$ 78,899||$ 62,096||$ 121,844||$ 95,191|
|Total||$ 128,864||$ 112,897||$ 207,564||$ 183,357|
|Operating profit (loss):|
|Marine electronics||$ 12,822||$ 8,084||$ 13,200||$ 7,591|
|Total||$ 11,424||$ 8,054||$ 10,089||$ 4,499|
|Balance Sheet Information (End of Period)|
|Cash and cash equivalents||$ 28,580||$ 20,623|
|Accounts receivable, net||112,902||104,747|
|Total current assets||232,378||201,948|
|Total current liabilities||127,325||117,490|
Johnson Outdoors Inc. David JohnsonVP & Chief Financial Officer 262-631-6600 Cynthia GeorgesonVP - Worldwide Communication 262-631-6600
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