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News

Johnson Outdoors - 2007 Second Quarter Fiscal Results

Johnson Outdoors Inc. : 27 April, 2007  (New Product)
Johnson Outdoors Inc. Announces Fiscal 2007 Second Quarter Results
Johnson Outdoors Inc. has announced net sales of $122.1 million for the second quarter ended March 30, 2007, a 14 percent increase compared to net sales of $107.4 million for the prior year quarter. Net earnings were $1.6 million, or $0.17 per diluted share, for the second quarter of 2007 compared to net earnings of $4.2 million, or $0.46 per diluted share in the prior year quarter.

SECOND QUARTER RESULTS

Second quarter sales reflect initial shipments to customers in anticipation of the primary consumer retail selling period for the Company's seasonal outdoor products. Gains in Marine Electronics, Watercraft and Diving business units more than offset the anticipated continued slowing of military sales. Excluding the $2.4 million military sales decline, total Company net sales would have increased $17.1 million or 16 percent. Key drivers during the quarter included:

Marine Electronics revenues rose 25 percent above last year due to favorable reception to new products across all brands in what has become one of the world's leading marine electronic fishing system portfolios.

Watercraft sales were 12 percent ahead of last year led by strong performances across the entire paddle sport brand portfolio. Key international markets posted double-digit growth year-over-year led by market and distribution expansion in Europe.

Diving revenues increased 14 percent based on the strong performance of the SCUBAPRO(R) brand internationally. Excluding the impact of currency, Diving revenues would have grown 9 percent compared with the previous quarter.

Outdoor Equipment revenues were down 16 percent due to a 25 percent decline in military sales versus the prior year quarter.

Total Company operating profit was $4.1 million compared to operating profit of $8.3 million in the prior year quarter. Net income was $1.6 million, or $0.17 per diluted share, compared to net earnings of $4.2 million, or $0.46 per diluted share, in the same quarter last year. Key drivers behind the comparisons were:

Lower military sales

Operational inefficiency in UWATEC(R) and Marine Electronics

One-time corporate investment of $1.8 million in strategic future growth initiatives

'Corporate spending during the quarter was critical to help generate long-term value for shareholders and sustainable, profitable growth. We have been testing new go-to-market strategies to drive sales and enhance brand equity. We have also completed a comprehensive analysis of the outdoor recreational landscape to identify new growth platforms and targeted acquisition opportunities,' said Helen Johnson-Leipold, Chairman and Chief Executive Officer. 'All in all, we feel very good about the topline growth, the success of our investments in innovation, the consumer demand for our products, and we are working to address the supply chain challenges which led to operational inefficiencies in Diving and Marine Electronics. We continue to be very excited for the future of Johnson Outdoors.'
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