Johnson Outdoors 2011 First Quarter Sales Up 12 Percent

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Fri Feb 4, 2011 6:00am EST

RACINE, Wis., Feb. 4, 2011 (GLOBE NEWSWIRE) -- Johnson Outdoors Inc.
(Nasdaq:JOUT), a leading global outdoor recreation company, today announced a 12
percent increase in net sales during the first fiscal quarter ended December 31,
2010. Due to the seasonality of the warm-weather outdoor recreational products
industry, the Company's first fiscal quarter results historically reflect a
loss; however, on the strength of higher volume, improved operating efficiency
and sustained cost reductions, the Company's first quarter net loss was cut by
more than half.

"Recovery of outdoor recreational markets is central to continued progress
against our three-year plan to ensure sustained profitability. Markets are on
the upswing, credit is reportedly easing and our brands are off to a solid start
this year. At the same time, cost-reductions, supply chain efficiency and
process improvements implemented over the past two years strengthened operations
and competitiveness, and as expected, bottom-line benefits from these
initiatives are on-going," said Helen Johnson-Leipold, Chairman and Chief
Executive Officer. "While it is too early to predict how the year will go, early
indicators suggest customer demand is up and our focus now is on sustaining
marketplace momentum and gaining additional share."

FIRST QUARTER RESULTS

First fiscal quarter sales are typically at their lowest as the Company ramps up
for the primary selling period of its outdoor recreation products during the
second and third fiscal quarters.

Net sales of $78.7 million in the first fiscal quarter were 12 percent above net
sales of $70.5 million in the prior year quarter. Outdoor recreational markets
demonstrated resiliency and continued recovery this period with three of the
Company's four business units posting solid revenue gains during the first
quarter. Key drivers behind the favorable comparison were:

  --  Marine Electronics revenue surged 30 percent ahead of last year due to
      growth in Minn Kota, Humminbird and Cannon brands in all markets and all
      channels.
  --  Outdoor Equipment sales climbed 19 percent above last year driven by
      gains in Consumer camping and Military tents.
  --  Diving revenue grew 5 percent on the strength of domestic and export
      sales despite the negative impact of unfavorable currency translation of
      3 percent.
  --  Watercraft sales dropped 40 percent due to Year I implementation of a
      new go-to-market strategy which customizes brand and mix for specific
      channels as opposed to providing a full portfolio offering across every
      channel.


Total Company operating loss during the seasonally slow first fiscal quarter
declined 63 percent to $1.3 million compared to an operating loss of $3.6
million in the prior year quarter. Primary factors behind the favorable
comparison were:

  --  Continued recovery of outdoor recreational markets.
  --  Higher sales in Marine Electronics, Outdoor Equipment and Diving leading
      to lower operating expense as a percentage of sales.
  --  An increase in gross profit margin to 39.0 percent from 37.4 percent in
      the prior year due largely to improved operating efficiency
      year-over-year in Diving and Marine Electronics.


The Company reported a net loss of $1.2 million, or ($0.13) per diluted share,
during the first fiscal quarter, compared to a net loss of $4.2 million, or
($0.45) per diluted share, in the same quarter last year.

OTHER FINANCIAL INFORMATION

At December 31, 2010, debt, net of cash, was $14.1 million compared to $21.1
million at the end of the prior year quarter. Depreciation and amortization was
$2.4 million year-to-date, compared to $2.6 million during the prior
year-to-date period. Capital spending totaled $1.6 million during the first
fiscal quarter compared with $1.5 million in the 2010 first fiscal quarter.

"Higher demand is naturally driving higher working capital and will continue to
do so during the year; however, we are being vigilant and disciplined to ensure
the critically important measure of days of working capital remains consistent
with Fiscal 2010 levels. At this time, we remain focused on driving continued
progress against our 2012 financial targets of five percent compound annual
growth rate in sales and six percent operating margin," 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 Friday February 4, 2011.   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
Equipment.  Johnson Outdoors' familiar brands include, among others: Old Town(R)
canoes and kayaks; Ocean Kayak(TM) and Necky(R) kayaks; Carlisle paddles;
Extrasport(R) personal flotation devices; Minn Kota(R) motors; Cannon(R)
downriggers; Humminbird(R) fishfinders; Geonav(R)marine electronics; SCUBAPRO(R)
and SUBGEAR(R) dive equipment; Silva(R) compasses; Tech4O(R) digital
instruments; and Eureka!(R) 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 discretionary
consumer spending patterns; the Company's success in implementing its strategic
plan, including its focus on innovation; actions of and disputes with third
parties, including companies that compete with the Company; the Company's
success in managing working capital and its on-going cost-structure reduction
efforts; the Company's success in meeting financial covenants and potential risk
associated with the cost of obtaining any waiver or amendment that lenders would
be willing to provide; 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 or interest rates; the Company's
success in implementing targeted sales growth initiatives; 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.


                        FINANCIAL TABLES FOLLOW



                         JOHNSON OUTDOORS INC.                       
  (thousands, except per                                             
   share amounts)                                                    
                                         THREE MONTHS                
                                             ENDED                   

                                    December 31            January 1 
  Operating Results                        2010                 2010 
  ----------------------  ---------------------  ------------------- 
  Net sales                            $ 78,700             $ 70,460 

  Cost of sales                          48,020               44,104 
  ----------------------  ---------------------  ------------------- 
  Gross profit                           30,680               26,356 

  Operating expenses                     32,015               29,911 
  ----------------------  ---------------------  ------------------- 
  Operating loss                        (1,335)              (3,555) 
  Interest expense, net                     824                1,157 

  Other income, net                         (6)                (680) 
  ----------------------  ---------------------  ------------------- 
  Loss before income                                                 
   taxes                                (2,153)              (4,032) 

  Income tax (benefit)                                               
   expense                                (916)                  204 
  ----------------------  ---------------------  ------------------- 
  Net loss                            $ (1,237)            $ (4,236) 
  Diluted average common                                             
   shares outstanding                     9,611                9,383 

  Net loss per common                                                
   share - Basic and                                                 
   Diluted                             $ (0.13)             $ (0.45) 
  ----------------------  ---------------------  ------------------- 


  Segment Results                                                    
  ------------------------------------------------------------------ 
  Net sales:                                                         
  Marine electronics                   $ 42,945             $ 33,095 
  Outdoor equipment                      10,456                8,762 
  Watercraft                              6,136               10,269 
  Diving                                 19,352               18,495 

  Other/eliminations                      (189)                (161) 
  ----------------------  ---------------------  ------------------- 

  Total                                $ 78,700             $ 70,460 
  ----------------------  ---------------------  ------------------- 
  Operating profit                                                   
   (loss):                                                           
  Marine electronics                      $ 378              $ (493) 
  Outdoor equipment                       1,501                  730 
  Watercraft                            (1,743)              (1,145) 
  Diving                                  1,151                 (84) 

  Other/eliminations                    (2,622)              (2,563) 
  ----------------------  ---------------------  ------------------- 

  Total                               $ (1,335)            $ (3,555) 
  ----------------------  ---------------------  ------------------- 


  Balance Sheet Information (End of Period)                          
  ------------------------------------------------------------------ 
  Cash and cash                                                      
   equivalents                         $ 33,041             $ 25,688 
  Accounts receivable,                                               
   net                                   60,792               55,754 
  Inventories, net                       84,190               65,811 
  Total current assets                  185,218              157,472 
  Total assets                          252,079              225,063 
  Short-term debt                        32,363               30,627 
  Total current                                                      
   liabilities                           91,999               77,482 
  Long-term debt                         14,818               16,145 

  Shareholders' equity                  126,512              111,780 
  ----------------------  ---------------------  ------------------- 

CONTACT: David Johnson
         VP & Chief Financial Officer
         262-631-6600

         Cynthia Georgeson
         VP - Worldwide Communication
         262-631-6600
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