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Johnson Outdoors Announces 2014 First Fiscal Quarter Results
"The outdoor recreational industry is highly seasonal and heavily influenced by weather conditions. Last year, the first quarter benefitted from unusually early new product shipments, particularly in
FIRST QUARTER RESULTS
Sales during the first fiscal quarter are typically the lowest of the year as the Company ramps up for the primary selling period of its warm weather outdoor recreation products during the second and third fiscal quarters. Net sales were
Marine Electronicsrevenue declined due to the year-over-year shift in pacing of new product shipments and implementation of a new pricing-to-value strategy across the Humminbird® family of products.
- Outdoor Gear revenue reflected growth in consumer camping brands, yet continued de-emphasis in non-core military segments.
- Watercraft sales reflected the anticipated decline in international sales resulting from global restructuring designed to improve the long-term profitability profile of the business.
- Diving sales declined due to challenging economic conditions in European markets and timing of new product shipments.
- Lower volume and unfavorable product mix.
- Higher operating expense in the current period due to increased healthcare costs, as well as higher deferred compensation expenses which are offset in "Other income."
The Company reported a net loss of (
OTHER FINANCIAL INFORMATION
"New products drove the increase in inventory year-over-year, and we are working diligently to manage levels down and control expenses without compromising our ability to meet customer demand and expectations throughout the coming season. The balance sheet is strong, our capital structure greatly improved and we have the capacity to invest in opportunities focused against our long-term goal of sustained profitable growth while continuing to enhance value for our shareholders," 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 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; the Company's success in integrating strategic acquisitions; 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
FINANCIAL TABLES FOLLOW
|(thousands, except per share amounts)|
|Net sales||$ 79,100||$ 87,274|
|Cost of sales||49,171||53,460|
|Operating (loss) profit||(2,908)||1,526|
|Interest expense, net||171||418|
|Other (income) expense, net||(159)||498|
|(Loss) Income before income taxes||(2,920)||610|
|Income tax (benefit) expense||(727)||363|
|Net (loss) income||$ (2,193)||$ 247|
|Weighted average common shares outstanding - Dilutive||9,945||9,439|
|Net (loss) income per common share - Diluted||$ (0.22)||$ 0.02|
|Marine electronics||$ 48,185||$ 53,651|
|Total||$ 79,100||$ 87,274|
|Operating profit (loss):|
|Marine electronics||$ 2,332||$ 4,746|
|Total||$ (2,908)||$ 1,526|
|Balance Sheet Information (End of Period)|
|Cash and cash equivalents||$ 45,944||$ 48,084|
|Accounts receivable, net||62,982||62,811|
|Total current assets||211,195||205,154|
|Total current liabilities||60,385||94,480|
|Long-term debt, less current maturities||37,960||8,196|
JOHNSON OUTDOORS INC. DAVID JOHNSONVP & CHIEF FINANCIAL OFFICER 262-631-6600 CYNTHIA GEORGESONVP - WORLDWIDE COMMUNICATION 262-631-6600
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