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Johnson Outdoors 2012 Fiscal Second Quarter Revenue Matches Prior Year Record
"Second quarter results reflect the importance and value of
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 were
Marine Electronicsrevenue edged up 1.7 percent ahead of last year due to continued strong new product performance in Minn Kota® and Humminbird® to set a new record for second quarter sales.
Diving revenue grew 1.6 percent due to solid growth in U.S.,
Asiaand Northern Europewhich was partly offset by weakness in Southern Europe. Currency translation had a negative 2.0 percent impact on Diving revenue in the quarter.
- Watercraft sales slipped 5.8 percent due to lower volume across all channels.
- Outdoor Equipment sales declined 8.2 percent as a result of a 23.5 percent reduction in Military sales versus the prior year period.
$3.5 million dollarsettlement with the Company's insurance carriers previously announced on March 1, 2012.
A decrease in gross profit margin to 39.3 percent from 41.1 percent in the prior year, driven by product mix in Watercraft and
Marine Electronicsalong with inventory reserves related to a facility closure in Southern Europe.
Lower legal and warranty costs of
The Company reported net earnings of
Net sales in the first six months of fiscal 2012 increased 0.6 percent to
Primary drivers behind the year-to-date sales, profit and earnings comparisons were consistent with those during the second quarter.
OTHER FINANCIAL INFORMATION
"Prior year restructuring and pricing strategies have helped lessen the impact of weak economies across
The Company will host a conference call and audio webcast at
ABOUT JOHNSON OUTDOORS INC.
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 in key markets; 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 competitors; the Company's continued success in working capital management and cost-structure reductions; the Company's ongoing 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
|(thousands, except per share amounts)|
|Net sales||$ 128,726||$ 128,864||$ 208,902||$ 207,564|
|Cost of sales||78,199||75,931||127,274||123,951|
|Interest expense, net||807||993||1,382||1,817|
|Other (income) expense, net||(104)||343||(1,296)||337|
|Income before income taxes||13,278||10,088||10,176||7,935|
|Income tax expense||5,995||1,602||5,837||686|
|Net income||$ 7,283||$ 8,486||$ 4,339||$ 7,249|
|Diluted average common shares outstanding||9,382||9,289||9,363||9,293|
Net income per common share -
||$ 0.74||$ 0.87||$ 0.44||$ 0.75|
|Marine electronics||$ 80,256||$ 78,899||$ 128,027||$ 121,844|
|Total||$ 128,726||$ 128,864||$ 208,902||$ 207,564|
|Operating profit (loss):|
|Marine electronics||$ 12,317||$ 12,822||$ 14,390||$ 13,200|
|Total||$ 13,981||$ 11,424||$ 10,262||$ 10,089|
|Balance Sheet Information (End of Period)|
|Cash and cash equivalents||$ 29,649||$ 28,580|
|Accounts receivable, net||111,357||112,902|
|Total current assets||233,808||232,378|
|Total current liabilities||115,247||127,325|
JOHNSON OUTDOORS INC. DAVID JOHNSONVP & CHIEF FINANCIAL OFFICER 262-631-6600 CYNTHIA GEORGESONVP - WORLDWIDE COMMUNICATION 262-631-6600
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