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Johnson Outdoors Reports Increased Sales & Operating Profit for 2012 Fiscal Third Quarter
"Three years ago we set a goal to grow profits faster than sales amid a gradual recovery of outdoor recreation markets. While markets remain below pre-recession levels, impressive third quarter results demonstrate the significant progress we've made in leveraging our strengths to maximize market opportunities and address challenges with heightened energy and discipline," said
THIRD QUARTER RESULTS
Third fiscal quarter results reflect in-season replenishment orders for the Company's warm-weather outdoor recreation products. Strong performance in
Double-digit growth in
Minn Kota® and Cannon® brands propelled a 9 percent increase in Marine Electronicsrevenue.
Growth in the
Old Town® brand led to a 1 percent uptick in Watercraft revenue.
- A sharp rise in military sales due to pacing of orders accounted for an 8 percent upswing in Outdoor Gear revenue.
Diving revenue declined 5 percent due to unfavorable currency translation which had a negative 7 percent, or
$1.7 million, impact on sales.
Minn Kota®, Humminbird® and Cannon® brands in all channels.
Old Town® and Carlisle® sales drove a modest 1 percent increase in Watercraft revenue.
- A 27 percent decline in military sales year-over-year drove a 13 percent decline in Outdoor Gear revenue.
Solid growth in
North Americaand Asiamarkets could not offset the impact of unfavorable currency translation and depressed Southern European markets in Diving.
OTHER FINANCIAL INFORMATION
The Company's debt level was
"Margins held firm as demand in
The Company will host a conference call and audio web cast at
ABOUT JOHNSON OUTDOORS INC.
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; 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
|JOHNSON OUTDOORS INC.|
|(thousands, except per share amounts)|
|THREE MONTHS ENDED||NINE MONTHS ENDED|
|Operating Results||June 29 2012||
|Net sales||$ 128,595||$ 122,481||$ 337,497||$ 330,045|
|Cost of sales||74,348||71,953||201,622||195,904|
|Interest expense, net||581||963||1,963||2,779|
|Other (income) expense, net||(403)||1,741||(1,699)||2,078|
|Income before income taxes||14,044||9,106||24,220||17,042|
|Income tax expense||5,049||988||10,886||1,675|
|Net income||$ 8,995||$ 8,118||$ 13,334||$ 15,367|
|Diluted average common shares outstanding||9,394||9,291||9,373||9,293|
|Net income per common share - Basic and Diluted||$ 0.91||$ 0.83||$ 1.35||$ 1.58|
|Marine electronics||$ 70,223||$ 64,172||$ 198,250||$ 186,016|
|Total||$ 128,595||$ 122,481||$ 337,497||$ 330,045|
|Operating profit (loss):|
|Marine electronics||$ 12,165||$ 8,994||$ 26,555||$ 22,194|
|Balance Sheet Information (End of Period)|
|Cash and cash equivalents||$ 38,745||$ 30,325|
|Accounts receivable, net||77,012||80,921|
|Total current assets||196,732||192,660|
|Total current liabilities||73,296||74,791|
JOHNSON OUTDOORS INC. DAVID JOHNSONVP & CHIEF FINANCIAL OFFICER 262-631-6600 CYNTHIA GEORGESONVP - WORLDWIDE COMMUNICATION 262-631-6600
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