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Johnson Outdoors Reports Higher Year-to-Date Sales & Earnings
"We are very pleased by the performance of our fishing and watercraft recreation businesses where our brands are gaining share in highly competitive marketplace environments on the strength of new product success. We look to continue this positive momentum with the revolutionary
THIRD QUARTER RESULTS
Fiscal third quarter results historically reflect in-season replenishment orders for the Company's warm-weather outdoor recreation products.
- Strong new product response powered growth in
Minn Kota® and Humminbird® brands, driving a 2.2 percent increase in Marine Electronicsrevenue and a record-high $88.1 millionin third quarter sales.
- Watercraft revenue dipped slightly versus the prior year quarter despite a 4.2 percent growth in
Old Town® sales quarter-over-quarter.
- Significantly higher Jetboil® revenue and growth in specialty camping retailers could not overcome tent sales declines in large outdoor retailers.
- Diving revenue slipped 4.8 percent due largely to continued declines in sales to
Middle Eastdive markets.
YEAR-TO-DATE R ESULTS
Strong marketplace momentum around new products across the Company's consumer fishing, outdoor cooking and watercraft recreation brands drove year-to-date sales for the nine-month period to
OTHER FINANCIAL INFORMATION
The Company reported cash, net of debt, of
"This quarter's non-cash goodwill impairment charges do not affect our confidence in the strength of the
The revolutionary Minn Kota Ultrex™ trolling motor was awarded "Best of Boating Accessories" and the coveted overall "Best of Show." The new Old Town Predator PDL pedal-drive received "Best Boat" honors and Humminbird grabbed its sixth consecutive "Best of Electronics" award for the ultra-bright and easy-to-use Helix 10.
The Company will host a conference call and audio web cast at
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, its 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 used by the Company; 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
|FINANCIAL TABLES FOLLOW|
|(thousands, except per share amounts)|
|THREE MONTHS |
|NINE MONTHS |
|Cost of sales||80,017||82,131||211,213||206,794|
|Interest expense, net||89||205||558||678|
|Other (income) expense, net||(371||)||115||(752||)||38|
|Income before income taxes||13,865||16,101||28,015||15,997|
|Income tax expense||7,024||6,104||12,387||6,548|
|Weighted average common shares outstanding - Dilutive||9,853||9,736||9,832||9,715|
|Net income per common share - Diluted||$||0.68||$||1.00||$||1.56||$||0.95|
|Operating profit (loss):|
|Balance Sheet Information (End of Period)|
|Cash and cash equivalents||$||75,602||$||53,916|
|Accounts receivable, net||70,658||79,663|
|Total current assets||221,070||215,864|
|Total current liabilities||81,167||84,626|
|Long-term debt, less current maturities||7,069||7,156|
JOHNSON OUTDOORS INC. DAVID JOHNSONVP & CHIEF FINANCIAL OFFICER 262-631-6600 PATRICIA PENMANVP - MARKETING SERVICES & COMMUNICATION 262-631-6600
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