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Johnson Outdoors' Earnings Jump in 2013 Fiscal Third Quarter
"We are reaping the benefits of efforts over the past three years to build a strong foundation for sustained profitable growth in each of our businesses. Clear strategic focus and disciplined execution are key factors in the progress achieved. Investment in innovative products and technologies will be a core driver to continued success," said
THIRD QUARTER RESULTS
Third fiscal quarter results reflect in-season replenishment orders for the Company's warm-weather outdoor recreation products. Total Company net sales of
Record third-quarter revenue in
Marine Electronicsdriven by exceptional new product performance and growth in all brands.
Increased sales in consumer camping more than offset declines in big tent segments in Outdoor Gear, with the Jetboil® brand acquired in
November 2012adding $3.5 millionin sales during the quarter.
Despite revenue gains in the
Asiaregion, Diving sales declined 6 percent versus the prior year quarter primarily as a result of challenging economic conditions in Southern Europe.
Watercraft sales compared unfavorably to the same period last year due to continued de-emphasis on low-margin product lines and lower sales in
Europe, where the Company is closing its Watercraft operation at the end of the current fiscal year.
Fiscal 2013 year-to-date net sales for the nine-month period were
OTHER FINANCIAL INFORMATION
The Company reported debt of
"We continue to benefit from an on-going focus on cost savings initiatives and expense controls across every business. The increase in working capital is consistent with higher sales and the addition of Jetboil® to our portfolio this year," said David W. Johnson, Vice President and Chief Financial Officer.
The revolutionary new Humminbird® 360 Imaging bow mount sonar technology was named "Best in Show — Electronics" at the 2013 ICAST, the world's premier fishing product exposition. Also at ICAST, the new Old Town® Predator™ fishing kayak series, designed by anglers, for anglers from concept to commercialization, was named "Best in Show — Boats."
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
|(thousands, except per share amounts)|
|Net sales||$ 129,772||$ 128,595||$ 349,146||$ 337,497|
|Cost of sales||75,435||74,348||206,911||201,622|
|Interest expense, net||172||581||1,043||1,963|
|Other expense (income), net||451||(403)||71||(1,699)|
|Income before income taxes||15,510||14,044||29,183||24,220|
|Income tax expense||1,856||5,049||6,345||10,886|
|Net income||$ 13,654||$ 8,995||$ 22,838||$ 13,334|
|Diluted average common shares outstanding||9,549||9,394||9,511||9,373|
|Net income per common share - Basic and Diluted||$ 1.37||$ 0.91||$ 2.30||$ 1.35|
|Marine electronics||$ 73,572||$ 70,223||$ 215,001||$ 198,250|
|Total||$ 129,772||$ 128,595||$ 349,146||$ 337,497|
|Operating profit (loss):|
|Marine electronics||$ 13,188||$ 12,165||$ 33,528||$ 26,555|
|Total||$ 16,133||$ 14,222||$ 30,297||$ 24,484|
|Balance Sheet Information (End of Period)|
|Cash and cash equivalents||$ 41,678||$ 38,745|
|Accounts receivable, net||75,894||77,012|
|Total current assets||203,519||196,732|
|Total current liabilities||76,733||73,295|
JOHNSON OUTDOORS INC. DAVID JOHNSONVP & CHIEF FINANCIAL OFFICER 262-631-6600 CYNTHIA GEORGESONVP - WORLDWIDE COMMUNICATION 262-631-6600
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