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Johnson Outdoors Reports Higher Sales and Earnings for Fiscal Year 2019
FISCAL 2019 HIGHLIGHTS
- Sustained momentum in Fishing
- Improved performance in Camping
- Enhanced digital and ecommerce capacity
- Effective tariff mitigation
- Stable gross margins
- Strong cash flow
- Increased quarterly dividend to shareholders
“Performance this year reflects the value of our sustained focus and investment in delivering the best outdoor recreation experiences possible. Ensuring we are targeting the right consumer with the right product, at the right time, in the right way and at the right price are all critical factors behind continued success. As a result, Fishing has continued on its profitable growth trajectory. Ongoing investment in innovation and digital acceleration across all of our businesses will provide long-term sustainable growth in an increasingly competitive marketplace,” said
FISCAL 2019 RESULTS
- Demand for new products and legacy technologies in Minn Kota® and Humminbird® powered a 5 percent increase in Fishing sales.
- Positive momentum in the North American diving market was not enough to offset declines in Asian markets and the negative impact of foreign currency.
- Camping benefitted from continued growth in Jetboil® and improved performance in military tent sales.
- Overall kayak market weakness masked growth of
Old Town® fishing kayak performance.
Net income for the fiscal year improved to
FOURTH QUARTER RESULTS
During the Company’s fourth quarter, the outdoor recreation industry is in ramp-down mode and sales are historically lower. Total net sales in the quarter increased 14 percent year over year to
Operating profit was
“We’re pleased by the strong finish to the year, particularly with the performance of Fishing and Camping brands. Looking ahead, we continue to believe the power of our innovation, the enduring strength of our brand equities and the diversity of our outdoor recreation portfolio combine to well-position
OTHER FINANCIAL INFORMATION
The Company reported cash and short-term investments of
“Heading into fiscal 2020, we expect continued moderate sales growth. Tariffs are estimated to have a negative impact of
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 to be filed with the
JOHNSON OUTDOORS INC.
|(thousands, except per share amounts)|
|Operating Results||September 27
|Cost of sales||57,436||51,611||312,663||302,408|
|Operating profit (loss)||1,923||(1,973)||63,774||63,021|
|Interest income, net||(783)||(640)||(1,937)||(963|
|Other (income) expense, net||(558)||109||(796)||(4,122|
|Income (loss) before income taxes||3,264||(1,442)||66,507||68,106|
|Income tax (benefit) expense||(639)||3,514||15,094||27,437|
|Net income (loss)||$||3,903||$||(4,956)||$||51,413||$||40,669|
|Diluted average common shares outstanding||10,029||10,013||10,021||9,996|
|Diluted net income (loss) per common share||$||0.39||$||(0.49)||$||5.11||$||4.05|
|Operating profit (loss):|
|Balance Sheet Information (End of Period)|
|Cash, cash equivalents and short-term investments||$||172,382||$||150,591|
|Accounts receivable, net||44,508||40,866|
|Total current assets||322,528||285,694|
|Total current liabilities||87,866||92,784|
|At Johnson Outdoors Inc.|
|David Johnson||Patricia Penman|
|VP & Chief Financial Officer||VP – marketing services & global communications|
Source: Johnson Outdoors Inc.