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Johnson Outdoors Announces Higher Sales and Profits in 2013 First Fiscal Quarter
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 outdoor recreation products during the second and third fiscal quarters. Net sales were
Marine Electronicsrevenue increased 12.3 percent year-over-year driven in large part by the shift of distributor shipments into the current quarter from the fiscal 2012 fourth quarter.
Outdoor Gear revenue rose 34.2 percent due to the acquisition of the Jetboil® brand midway through the fiscal first quarter, which added
$1.9 millionto sales during the current quarter, and higher sales in commercial and military segments.
- Watercraft sales compared unfavorably to the same period last year due to non-recurring year-end close-out sales in the sporting goods channel in the prior year quarter.
- Diving sales dipped 1.5 percent as continued growth in SubGear® could not offset the impact of unfavorable currency translation.
- Increased volume and favorable product mix.
- Reduced operating expense in the current period due to lower legal costs versus the prior year quarter and the closure of certain European sales offices in Fiscal 2012.
- Improved gross margins in Diving.
The Company reported net income of
OTHER FINANCIAL INFORMATION
"We head into the primary selling season for our products in a solid, stable financial position. Inventory and working capital are down significantly even with the addition of a new, growing brand to the portfolio, and operating cash-flow is steady with every business contributing. The balance sheet is in excellent shape and we have the capacity to make strategic investments to strengthen and grow the business against the long-term goal of sustained profitable growth," 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||$ 87,274||$ 80,176|
|Cost of sales||53,460||49,075|
|Operating profit (loss):||1,526||(3,719)|
|Interest expense, net||418||575|
|Other expense (income), net||498||(1,192)|
|Income (loss) before income taxes||610||(3,102)|
|Income tax expense (benefit)||363||(158)|
|Net income (loss)||$ 247||$ (2,944)|
|Weighted average common shares outstanding - Dilutive||9,439||9,807|
|Net income (loss) per common share - Diluted||$ 0.02||$ (0.30)|
|Marine electronics||$ 53,651||$ 47,771|
|Total||$ 87,274||$ 80,176|
|Operating profit (loss):|
|Marine electronics||$ 4,746||$ 2,073|
|Total||$ 1,526||$ (3,719)|
|Balance Sheet Information (End of Period)|
|Cash and cash equivalents||$ 47,970||$ 29,096|
|Accounts receivable, net||62,848||65,561|
|Total current assets||205,232||188,259|
|Total current liabilities||94,870||81,681|
JOHNSON OUTDOORS INC. DAVID JOHNSONVP & CHIEF FINANCIAL OFFICER 262-631-6600 CYNTHIA GEORGESONVP - WORLDWIDE COMMUNICATION 262-631-6600
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