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Johnson Outdoors Announces Fiscal Second Quarter Results
SECOND QUARTER RESULTS
Sales during the second fiscal quarter historically reflect shipments to customers in advance of the primary selling period for the outdoor recreation industry's warm-weather products season. Net sales were
Marine Electronicssales jumped 9 percent driven by strong growth in the Minn Kota® brand.
- Watercraft sales rose 5 percent due to favorable response to new products.
- Outdoor Gear revenue advanced 11 percent on the improved performance of consumer camping, particularly the Jetboil® brand.
- Diving revenue slipped 3 percent due to unfavorable currency translation.
Fiscal 2015 year-to-date net sales were
OTHER FINANCIAL INFORMATION
"The balance sheet is strong and our cash position is growing despite this year's investments in consumer research to ensure continuous innovation and protect our leading technology in fishing sonar. We remain firmly committed to creating long-term value and delivering consistent dividend payouts to 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 the following: 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 and matters related to the Company's intellectual property rights; 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; the risk of future write-downs of goodwill or other long-lived assets; the ability of the Company's customers to meet payment obligations; movements in foreign currencies, interest rates and commodity costs; fluctuations in the prices of raw materials or the availability of raw materials used
by the Company; the success of the Company's suppliers and customers; the ability of the Company to deploy its capital successfully; unanticipated outcomes related to outsourcing certain manufacturing processes; unanticipated outcomes related to litigation matters; adverse weather conditions; and other risks and uncertainties identified in the Company's filings with the
|(thousands, except per share amounts)|
|Net sales||$ 133,111||$ 124,273||$ 203,933||$ 203,373|
|Cost of sales||81,175||75,427||124,663||124,598|
|Interest expense, net||308||308||473||479|
|Other expense (income), net||495||24||(77)||(135)|
|Income before income taxes||6,820||11,214||(104)||8,294|
|Income tax expense||3,174||3,810||444||3,083|
|Net income||$ 3,646||$ 7,404||$ (548)||$ 5,211|
|Weighted average common shares outstanding - Dilutive||9,725||9,649||9,703||9,611|
|Net income per common share - Diluted||$ 0.36||$ 0.67||$ (0.06)||$ 0.30|
|Marine electronics||$ 89,338||$ 81,870||$ 132,881||$ 130,055|
|Total||$ 133,111||$ 124,273||$ 203,933||$ 203,373|
|Operating profit (loss):|
|Marine electronics||$ 11,130||$ 13,748||$ 9,543||$ 16,080|
|Total||$ 7,623||$ 11,546||$ 292||$ 8,638|
|Balance Sheet Information (End of Period)|
|Cash and cash equivalents||$ 48,906||$ 48,653|
|Accounts receivable, net||110,817||98,484|
|Total current assets||253,852||247,408|
|Total current liabilities||76,340||76,735|
|Long-term debt, less current maturities||55,333||49,627|
DAVID JOHNSONVP & CHIEF FINANCIAL OFFICER 262-631-6600
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