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JOUT Consumer Brand Sales Overcome Steep Military Declines in Fiscal Q1
"Steady recovery of outdoor recreational markets remains central to continued progress against our strategic plan to ensure sustained profitability. Current economic conditions in key regions present a mixed picture of expectations for outdoor markets the remainder of the year. In North America and
FIRST QUARTER RESULTS
First fiscal quarter sales are typically at their lowest of the year as the Company ramps up for the primary selling period of its outdoor recreation products during the second and third fiscal quarters.
Net sales were
Marine Electronicsrevenue increased 11 percent above last year driven in large part by a 25 percent plus increase in sales of Humminbird® patented side-imaging®, as well as down imaging,™ sonar technology products.
- Watercraft sales grew 22 percent primarily due to low-margin year-end close-outs in the sporting goods channel as core specialty channel revenue held steady.
Diving sales dipped 3 percent as strength in U.S. and key dive markets across
Asiacould not overcome weakness across the southern European region.
- Outdoor Gear revenue fell 40 percent driven by a 66 percent decline in military tent sales year-over-year.
Non-recurring costs and charges totaling
$1.1 millionrelated to restructuring of European operations and an asset write-off associated with transfer of the Company's historic Old Town Canoe facility to the city of Old Town, Maine.
- Higher legal, bad debt and sales related expenses in the current period.
The Company reported a net loss of (
OTHER FINANCIAL INFORMATION
"Inventory levels are on track with projections and we feel confident in our ability to meet our Fiscal 2012 target of maintaining days of working capital at Fiscal 2011 levels. We continue to pay down debt and benefit from lower borrowing costs. In Fiscal 2012, we are focused on generating strong profitability and cashflow, reflecting our on-going commitment to enhanced shareholder value," said
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; 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 companies that compete with the Company; the Company's continued success in working capital management and cost-structure reductions; the Company's 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
|(thousands, except per share amounts)|
|Net sales||$ 80,176||$ 78,700|
|Cost of sales||49,075||48,020|
|Interest expense, net||575||824|
|Other income, net||(1,192)||(6)|
|Loss before income taxes||(3,102)||(2,153)|
|Income tax benefit||(158)||(916)|
|Net loss||$ (2,944)||$ (1,237)|
|Diluted average common shares outstanding||9,807||9,611|
|Net loss per common share - Basic and Diluted||$ (0.30)||$ (0.13)|
|Marine electronics||$ 47,771||$ 42,945|
|Total||$ 80,176||$ 78,700|
|Operating profit (loss):|
|Marine electronics||$ 2,073||$ 378|
|Balance Sheet Information (End of Period)|
|Cash and cash equivalents||$ 29,096||$ 33,041|
|Accounts receivable, net||65,561||60,792|
|Total current assets||188,259||185,218|
|Total current liabilities||81,681||91,999|
JOHNSON OUTDOORS INC. DAVID JOHNSONVP & CHIEF FINANCIAL OFFICER 262-631-6600 CYNTHIA GEORGESONVP - WORLDWIDE COMMUNICATION 262-631-6600
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