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Johnson Outdoors' Sales Rebound in 2014 Fiscal Third Quarter
"This year's unusually long, hard winter significantly delayed the start of the warm-weather outdoor recreation retail season, negatively impacting every market. Consistent strong demand for new products drove top line growth across our brand portfolio during the third quarter, further illustrating the value and importance of our continued investment in innovation," said
THIRD QUARTER RESULTS
Fiscal third quarter results historically reflect in-season replenishment orders for the Company's warm-weather outdoor recreation products. Growth in
A 9 percent increase in
Marine Electronicsrevenue driven primarily by exceptional new product performance and growth in Minn Kota®. Third quarter sales of $80.0 millionin the current year quarter topped last year's record-high third quarter sales for the unit.
- Outdoor Gear sales advanced 6 percent year-over-year reflecting a 46 percent increase in Military tent sales in the current quarter.
- Watercraft sales rose 4 percent due to the strength of new products, which accounted for more than a third of the unit's sales during the current period.
Revenue gains in
North Americaand northern European diving markets could not offset declines in other key dive regions around the world, resulting in a 3 percent dip in sales.
Commenting on the quarter's results, Ms. Johnson-Leipold said, "
The strong rebound of sales during the fiscal third quarter could not overcome sales declines in the first fiscal six months resulting from prolonged, harsh winter conditions extending into the selling season for the Company's warm-weather outdoor recreation products. Fiscal 2014 year-to-date net sales for the nine-month period were
OTHER FINANCIAL INFORMATION
The Company reported debt of
"This year's weather-driven compressed selling season was challenging, but we acted quickly and decisively to keep expenses down, working capital in check and to maintain the flexibility to adjust to the ebb and flow of market demand. We did a great job on all fronts; however, the loss of volume during the first half of the year proved too great to overcome in one quarter. We remain vigilant and disciplined in our efforts to continue to make progress against our 2015 plan targets," said
The Company will host a conference call and audio web cast at
ABOUT JOHNSON OUTDOORS INC.
JOHNSON OUTDOORS is a leading global outdoor recreation company that turns ideas into adventure with innovative, top-quality products. The company designs, manufactures and markets a portfolio of winning, consumer-preferred brands across four categories: Watercraft,
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; the Company's success in integrating strategic acquisitions; 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
FINANCIAL TABLES FOLLOW
|JOHNSON OUTDOORS INC.|
|(thousands, except per share amounts)|
|Net sales||$ 137,133||$ 129,772||$ 340,506||$ 349,146|
|Cost of sales||81,314||75,435||205,912||206,911|
|Goodwill and other intangible assets impairment||8,475||--||8,475||--|
|Other operating expenses||38,012||38,204||108,149||111,938|
|Interest expense, net||179||172||658||1,043|
|Other expense (income), net||(952)||451||(1,087)||71|
|Income before income taxes||10,105||15,510||18,399||29,183|
|Income tax expense||5,407||1,856||8,490||6,345|
|Net income||$ 4,698||$ 13,654||$ 9,909||$ 22,838|
|Diluted average common shares outstanding||9,655||9,549||9,625||9,511|
|Net income per common share - Diluted||$ 0.40||$ 1.37||$ 0.70||$ 2.30|
|Marine electronics||$ 80,009||$ 73,572||$ 210,064||$ 215,001|
|Total||$ 137,133||$ 129,772||$ 340,506||$ 349,146|
|Operating profit (loss):|
|Marine electronics||$ 14,196||$ 13,188||$ 30,276||$ 33,528|
|Total||$ 9,332||$ 16,133||$ 17,970||$ 30,297|
|Balance Sheet Information (End of Period)|
|Cash and cash equivalents||$ 52,139||$ 41,678|
|Accounts receivable, net||80,036||75,894|
|Total current assets||215,990||203,519|
|Total current liabilities||72,357||76,733|
JOHNSON OUTDOORS INC. DAVID JOHNSONVP & CHIEF FINANCIAL OFFICER 262-631-6600 CYNTHIA GEORGESONVP - WORLDWIDE COMMUNICATION 262-631-6600
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