Johnson Outdoors Acquires Assets of Northport Systems
RACINE, Wis., April 05, 2016 (GLOBE NEWSWIRE) -- Johnson Outdoors Inc. (NASDAQ:JOUT) today announced the acquisition of the key assets of Northport Systems, Inc., specialists in the development and application of unique digital cartography technologies and solutions. Northport Toronto-based operations will be integrated into the Company's fishing business which manufactures and markets the industry powerhouse Minn Kota® and Humminbird® brands. The parties have agreed that financial terms of the transaction will not be disclosed.
"Innovation is what consumers demand, customers expect and Johnson Outdoors has delivered consistently for nearly 50 years. We are pioneers in fishing electronics - from electric trolling motors…. to wireless remote steering and navigation… to revolutionary Side Imaging® sonar… and more," said Helen Johnson-Leipold, Chairman and Chief Executive Officer. "Our ability to continue to deliver new products that enhance the outdoor recreational experience is critical to our continued success. Northport brings new cartography capabilities which can broaden our innovation horizon, accelerate speed-to-market and further enhance potential for bigger new product success and sustained growth in our global fishing brands."
The Company has credited strong new
product performance for record annual sales and profits in the Minn Kota® brand in fiscal 2015 and behind double-digit growth in its fishing business during this year's fiscal first quarter. New fishing products this year include the Minn Kota® Ulterra™ for Saltwater, with unique automatic stow and deploy, and the Humminbird® Helix™ series of fishfinders with patented Side Imaging® sonar.
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, Marine Electronics, Diving and Outdoor Gear. Johnson Outdoors' familiar brands include, among others: Old Town® canoes and kayaks; Ocean Kayak™ and Necky® kayaks; Carlisle® paddles; Extrasport® personal flotation devices; Minn Kota® motors; Cannon® downriggers; Humminbird® marine electronics and charts; SCUBAPRO
® dive equipment; Silva® compasses; Jetboil® outdoor cooking systems; and Eureka!® camping and hiking equipment.
Visit Johnson Outdoors at http://www.johnsonoutdoors.com
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 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 its lenders; the Company's success in integrating strategic acquisitions; the risk of future writedowns 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 Securities and Exchange Commission. Shareholders, potential investors and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
AT JOHNSON OUTDOORS INC.
VP & CHIEF FINANCIAL OFFICER
VP - GLOBAL MARKETING SERVICES & COMMUNICATION
Source: Johnson Outdoors Inc.
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