RACINE, Wis., Feb. 2, 2012 (GLOBE NEWSWIRE) -- Johnson
Outdoors Inc.(Nasdaq:JOUT), a leading global outdoor
recreation company, today announced revenue grew 2 percent
to more than $80 million during the first fiscal period
ended December 30, 2011, despite a 66 percent drop in
year-over-year military sales. Due to the seasonality of
the warm-weather outdoor recreational products industry,
the Company's first fiscal quarter results historically
reflect a loss. Charges and expenses related to
long-term infrastructure and fixed asset reductions
contributed to higher losses in the current period versus
the prior year.
"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 Asia, initial indicators
are favorable for ongoing recovery, while uncertainty
continues throughout Europe, particularly in southern
European markets," said Helen Johnson-Leipold,
Chairman and Chief Executive Officer. "While it
is too early to predict how the year will go, our focus
remains on sustaining marketplace momentum, gaining
additional share and strengthening operations."
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 $80.2 million in the first fiscal quarter
compared with net sales of $78.7 million in the prior year
quarter. Double-digit sales growth in Marine
Electronics and Watercraft more than offset significant
reductions in military tent sales during the
quarter. Key drivers behind the favorable comparison
were:
-
Marine Electronics revenue 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 Asia could 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.
Total Company operating loss during the seasonally slow
first fiscal quarter was $3.7 million compared to an
operating loss of $1.3 million in the prior year
period. Primary drivers behind the quarter-to-quarter
comparison were:
-
Non-recurring costs and charges totaling $1.1 million
related 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 ($2.9 million,) or
($0.30) per diluted share, during the first fiscal quarter,
compared to a net loss of ($1.2 million,) or ($0.13) per
diluted share, in the same quarter last year.
OTHER FINANCIAL INFORMATION
At December 30, 2011, debt, net of cash, was $4.9 million
compared to $14.1 million at the end of the prior year
quarter. Depreciation and amortization was $2.7 million
year-to-date, compared to $2.4 million during the prior
year-to-date period. Capital spending totaled $2.0 million
during the first fiscal quarter compared with $1.6 million
in the 2011 first fiscal quarter.
"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 David W. Johnson, Vice President and
Chief Financial Officer.
WEBCAST
The Company will host a conference call and audio web cast
at 11:00 a.m. Eastern Time on Thursday February 2,
2012. A live listen-only web cast of the
conference call may be accessed at Johnson Outdoors'
home page. A replay of the call will be available for 30
days on the Internet.
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® fishfinders; LakeMaster® electronic charts;
Geonav® marine electronics; SCUBAPRO® and SUBGEAR® dive
equipment; Silva® compasses; Tech4O® digital instruments;
and Eureka!® tents.
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,'' "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 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.
|
JOHNSON OUTDOORS INC.
|
|
|
|
|
|
(thousands, except per share amounts)
|
|
|
|
|
THREE MONTHS
ENDED
|
|
Operating Results
|
December 30
2011
|
December 31
2010
|
|
Net sales
|
$ 80,176
|
$ 78,700
|
|
Cost of sales
|
49,075
|
48,020
|
|
Gross profit
|
31,101
|
30,680
|
|
Operating expenses
|
34,820
|
32,015
|
|
Operating loss
|
(3,719)
|
(1,335)
|
|
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)
|
|
|
|
|
|
Segment Results
|
|
|
|
Net sales:
|
|
|
|
Marine electronics
|
$ 47,771
|
$ 42,945
|
|
Outdoor equipment
|
6,290
|
10,456
|
|
Watercraft
|
7,485
|
6,136
|
|
Diving
|
18,758
|
19,352
|
|
Other/eliminations
|
(128)
|
(189)
|
|
Total
|
$ 80,176
|
$ 78,700
|
|
Operating profit (loss):
|
|
|
|
Marine electronics
|
$ 2,073
|
$ 378
|
|
Outdoor equipment
|
(252)
|
1,501
|
|
Watercraft
|
(2,458)
|
(1,743)
|
|
Diving
|
(98)
|
1,151
|
|
Other/eliminations
|
(2,984)
|
(2,622)
|
|
Total
|
$(3,719)
|
$(1,335)
|
|
|
|
|
|
Balance Sheet Information (End of Period)
|
|
|
|
Cash and cash equivalents
|
$ 29,096
|
$ 33,041
|
|
Accounts receivable, net
|
65,561
|
60,792
|
|
Inventories, net
|
79,015
|
84,190
|
|
Total current assets
|
188,259
|
185,218
|
|
Total assets
|
270,725
|
252,079
|
|
Short-term debt
|
22,759
|
32,363
|
|
Total current liabilities
|
81,681
|
91,999
|
|
Long-term debt
|
11,257
|
14,818
|
|
Shareholders' equity
|
158,300
|
126,512
|
CONTACT: AT JOHNSON OUTDOORS INC.
DAVID JOHNSON
VP & CHIEF FINANCIAL OFFICER
262-631-6600
CYNTHIA GEORGESON
VP - WORLDWIDE COMMUNICATION
262-631-6600
Source: Johnson Outdoors Inc.
News Provided by Acquire Media
