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Johnson Outdoors Posts Record-High Sales and Earnings for Fourth Consecutive Fiscal Quarter
“Unprecedented growth in our flagship Fishing brands throughout the year underscores the importance of our ongoing emphasis on consumer insight driven innovation. Delivering this same level of continuous new product success across our entire brand portfolio is a key priority, and we are working to further strengthen organizational capacity and capability to do so,” said
THIRD QUARTER RESULTS
Fiscal third quarter results reflect in-season replenishment orders for the Company’s warm-weather outdoor recreation products. Favorable marketplace momentum for new products, particularly in Fishing and Camping, fueled a 10 percent increase in total Company net sales of
- Continued high demand for new products introduced over the past 18 months powered growth in Minn Kota®, Humminbird® and Cannon® brands across all key channels, generating sales of
$121.9 millionfor a 17.3 percent increase in unit revenue.
- Camping sales outpaced prior year by 14.7 percent, driven largely by growth in Jetboil® and Eureka!® brands in key consumer channels, bolstered by additional gains in military and commercial segments.
- Transition to a new distribution model in
Japanover the past year led to the unfavorable year-over-year revenue comparison in Diving.
- Kayak market weakness affecting all segments and channels continued to negatively impact Watercraft Recreation sales.
Fiscal 2018 year-to-date net sales grew 13.6 percent to
Net income in the fiscal nine-month period surged 32 percent to
OTHER FINANCIAL INFORMATION
The Company reported cash and short-term investments of
“At this time, we are working hard to sustain positive momentum through the end of the fiscal and ensure our brands are well-positioned for a strong start next year. Looking ahead to 2019, we are in the process of determining the impact, and our mitigation plans, of recently announced U.S. tariffs and retributive sanctions in other countries,” said
“The balance sheet remains very strong and our growing cash position enables us to invest in strategic priorities and other opportunities to strengthen our brands and grow our businesses, while continuing to create value and consistently pay dividends to shareholders.”
The new pioneering Minn Kota® Ultrex™ with Built-In Mega Down Imaging grabbed Best Boating Accessory honors at the 2018 ICAST, the world’s most prestigious fishing show. Beginning next year, select models of Minn Kota bow-mounted trolling motors will be available with the Humminbird® MEGA Down Imaging transducer and wiring fully integrated providing clean rigging protected from wear and tear, and providing anglers crystal clear viewing directly below the boat.
The Company will host a conference call and audio web cast at
JOHNSON OUTDOORS is a leading global innovator of outdoor recreation equipment and technologies that inspire more people to experience the awe of the great outdoors. The company designs, manufactures and markets a portfolio of winning, consumer-preferred brands across four categories: Watercraft Recreation, Fishing, Diving and Camping.
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,'' "confident," "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 matters described under the caption “Risk Factors” in Item 1A of the Company’s Form 10-K which will be filed with the
FINANCIAL TABLES FOLLOW
|(thousands, except per share amounts)|
|Operating Results||June 29
|Cost of sales||91,446||84,644||250,797||226,702|
|Interest (income) expense, net||(117||)||25||(323||)||603|
|Other expense (income), net||293||(848||)||(4,231||)||(2,288||)|
|Income before income taxes||31,779||25,560||69,548||47,352|
|Income tax expense||8,009||9,007||23,923||12,784|
|Weighted average common shares outstanding - Dilutive||10,001||9,928||9,988||9,908|
|Net income per common share - Diluted||$||2.37||$||1.65||$||4.54||$||3.45|
|Operating profit (loss):|
|Balance Sheet Information (End of Period)|
|Cash, cash equivalents and short term investments||$||129,277||$||93,741|
|Accounts receivable, net||80,877||79,292|
|Total current assets||288,465||243,767|
|Total current liabilities||92,246||86,889|
At Johnson Outdoors Inc.
VP & CHIEF FINANCIAL OFFICER
VP – GLOBAL MARKETING SERVICES & COMMUNICATIONS
Source: Johnson Outdoors Inc.