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Johnson Outdoors Posts Strong Growth in Fiscal Second Quarter
"Excitement in the market for Johnson Outdoors' innovative new product line-up is giving us a great start to the year and positioning our brands for continued growth and success. Importantly, we are leveraging the unique combination of pioneering technologies in our
SECOND QUARTER RESULTS
Sales in the second fiscal quarter reflect shipments to customers in anticipation of the
primary retail-selling period for the outdoor recreation industry's warm-weather products. Net sales surged 12 percent to
- Strong demand for new products in
Minn Kota® and Humminbird® brands powered a 16 percent increase in Fishing revenue year-over-year.
- Continued growth in
Old Town®, driven in large part by new product success, resulted in a 2 percent increase in Watercraft Recreation sales.
- Favorable response to new core life support products led to a 6 percent jump in Diving revenue. On a currency neutral basis, Diving sales rose 7 percent.
- Retailer restructuring across the market and higher than normal pre-season customer inventory resulted in a 2 percent decrease in Camping sales.
Fiscal 2017 year-to-date net sales advanced 11 percent to
Net income during the first fiscal six-month period more than doubled to
OTHER FINANCIAL I NFORMATION
"The balance sheet is very strong and our cash position is growing enabling us to continue to invest in strategic priorities and opportunities to expand our business and growth potential. We remain confident in
our ability and plans to create long-term value and consistently pay dividends to shareholders," said
The Company will host a conference call and audio web cast at
A BOUT JOHNSON OUTDOORS INC.
JOHNSON OUTDOORS is a leading global outdoor recreation company that inspires more people to experience the awe of the great outdoors with innovative, top-quality products. 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 changes in economic conditions, consumer confidence levels and discretionary spending patterns in key markets; the Company's success in implementing its strategic plan, including its targeted sales growth platforms, innovation focus, and its increasing digital presence; 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 its lenders; the Company's success in integrating strategic acquisitions; 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 or commodity costs; fluctuations in the prices of raw materials or the availability of raw materials or components used by the Company; any disruptions in the Company's supply chain as a result of material fluctuations in the Company's order volumes and requirements for raw materials and other components necessary to manufacture and produce the Company's products; 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)|
|THREE MONTHS |
|Cost of sales||84,894||79,197||142,058||131,196|
|Interest expense, net||115||287||578||469|
|Other (income) expense, net||(1,494)||182||(1,440)||(381)|
|Income before income taxes||21,837||14,669||21,792||14,150|
|Income tax expense||7,878||5,348||3,777||5,363|
|Weighted average common shares outstanding - Dilutive||9,915||9,848||9,892||9,821|
|Net income per common share - Diluted||$||1.39||$||0.93||$||1.80||$||0.88|
|Operating profit (loss):|
|Balance Sheet Information (End of Period)|
|Cash and cash equivalents||$||29,360||$||50,938|
|Accounts receivable, net||122,386||102,786|
|Total current assets||230,611||248,066|
|Total current liabilities||86,775||86,128|
|Long-term debt, less current maturities||5,000||37,172|
JOHNSON OUTDOORS INC. DAVID JOHNSONVP & CHIEF FINANCIAL OFFICER 262-631-6600 PATRICIA PENMANVP - GLOBAL MARKETING SERVICES & COMMUNICATIONS 262-631-6600
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