Johnson Outdoors Inc (JOUT) SEC Filing 10-Q Quarterly report for the period ending Friday, March 27, 2020

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JOUT Quarterly Reports

Johnson Outdoors Inc

CIK: 788329 Ticker: JOUT


Johnson Outdoors Reports Fiscal Second Quarter Results

RACINE, Wis., May 05, 2020 (GLOBE NEWSWIRE) --

Johnson Outdoors Inc. (Nasdaq: JOUT), a leading global innovator of outdoor recreation equipment and technology, today reported lower sales and net income during the Company’s 2020 second fiscal quarter ending March 27, 2020.  Year-to-date revenue and net income compared favorably to the prior year fiscal six-month period.

Following a temporary suspension of operations at some of the Company’s locations, on April 22, 2020, the Company resumed production and shipments in its North American operations in compliance with government-ordered procedures and public health safety guidelines for COVID-19.  During the temporary suspension, all facilities were deep-cleaned and sanitized, and strict operating procedures and protocols, consistent with CDC guidelines, were put in place, along with good personal hygiene directives. Employees’ benefits were unaffected during the suspension.  Employees with positions conducive to working from home have been and will continue to do so. 

“During this unsettling time, we are taking steps to protect the health and safety of our people and ensure the future for Johnson Outdoors.  Government mandates in response to COVID-19 have overlapped with our primary selling season, and the third quarter is expected to be significantly impacted as a result. However, as stay-at-home orders are lifted, Johnson Outdoors will be there ready to help people have a great outdoor experience,” said Helen Johnson-Leipold, Chairman and Chief Executive Officer. “Importantly, our unwavering commitment to building a thriving enterprise long-term remains stronger than ever.  Now, as always, consumer-driven innovation will play a critical role in helping us overcome challenging times and emerge stronger and better positioned for the future.”          


Sales in the second fiscal quarter reflect shipments in anticipation of the primary retail-selling period for the outdoor recreation industry’s warm-weather products.  Net sales decreased 8 percent to $163.1 million in the current fiscal second quarter compared with $177.7 million in the previous year quarter.  Government-mandated “stay-at-home” orders resulted in temporary suspensions across Company operations around the world during the quarter and were a key contributing factor to the year-over-year unfavorable comparison in total Company net sales. While each unit experienced a different degree of impact from COVID-19, other factors affecting unit results were:

  • Fishing revenue declined 3 percent to $134 million due to the pacing of new product introductions in the prior year quarter.  
  • Camping sales decreased 7 percent to $8.8 million as strong growth in Jetboil® could not offset lower sales in other categories.
  • Diving revenue dropped 29 percent due to the impact on dive markets across Europe, Asia-Pacific and North America as a result of the COVID-19 pandemic.
  • Watercraft Recreation sales fell 38 percent due largely to COVID-19 impacts on production and demand.  

Total Company operating profit in the fiscal second quarter was $31.8 million compared to $27.8 million in the prior year fiscal second quarter.  Gross margin improved to 46.1 percent from 44.5 percent, due primarily to stronger pricing and improved mix in the current year quarter.  Operating expense declined $7.9 million driven primarily by a $5.5 million favorable impact from valuation adjustments to the Company’s deferred compensation plan assets, which are totally offset in Other Income, and a $3.4 million reduction in incentive compensation costs.  Net income was $20.4 million, or $2.02 per diluted share, in the current quarter versus $21.9 million, or $2.18 per diluted share, in the previous year quarter.


Fiscal 2020 year-to-date net sales were $291.1 million, a 3 percent increase over last year’s first fiscal six-month period, driven by strong first quarter sales.  Total Company operating profit increased 14 percent to $38.6 million compared with the prior fiscal year-to-date period.  Gross margin improved to 44.2 percent in the first fiscal six-months versus 43.8 percent in the prior fiscal year-to-date period. Operating expenses increased slightly in the current year period, where increased sales volume-related expenses were largely offset by the items noted above for the quarter. Net income during the first fiscal six months was $26.8 million, or $2.66 per diluted share, versus $25.4 million, or $2.53 per diluted share, in the prior fiscal year-to-date period. The Company’s effective tax rate increased slightly year-over-year to 27.5 percent. 


The Company reported cash and short-term investments of $131.3 million as of March 27, 2020, a 93 percent increase over $68.2 million as of March 29, 2019.  Depreciation and amortization were flat year-over-year at $6.8 million.  Capital spending was $7.8 million in the first fiscal six months compared to $8.2 million in the previous year-to-date period.

“We have cut travel and non-essential spending, deferred capital expenditures and are working to scale operations consistent with demand.  In addition, the Board of Directors and Executives have voluntarily taken reductions in pay,” said David W. Johnson, Vice President and Chief Financial Officer. “Looking forward, our debt-free balance sheet remains strong, and our healthy cash position will be beneficial as we work through challenges ahead, while continuing to make smart investments in strengthening the business and driving value for our shareholders.”     


The Company will host a conference call and audio web cast at 11:00 a.m. Eastern Time on Tuesday, May 5, 2020.  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 innovator of outdoor recreation equipment and technologies that inspire more people to experience the awe of the great outdoors. The company designs, manufactures and markets a portfolio of winning, consumer-preferred brands across four categories: Watercraft Recreation, Fishing, Diving and Camping.  Johnson Outdoors' iconic brands include: Old Town® canoes and kayaks; Ocean Kayak; Carlisle® paddles; Minn Kota® fishing motors, batteries and anchors; Cannon® downriggers; Humminbird® marine electronics and charts; SCUBAPRO® dive equipment; Jetboil® outdoor cooking systems; and, Eureka!®camping and hiking equipment. 

Visit Johnson Outdoors at

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 the matters described under the caption “Risk Factors” in Item 1A of the Company’s Form 10-K filed with the Securities and Exchange Commission on December 6, 2019, the update to such “Risk Factors” section in Part II, Item 1A in the Company’s  Form 10-Q to be filed with the Securities and Exchange Commission on May 5, 2020 and the following: changes in economic conditions, consumer confidence levels and discretionary spending patterns in key markets; uncertainties stemming from changes in U.S. trade policies, tariffs, and the reaction of other countries to such changes; the global outbreaks of disease, such as the COVID-19 pandemic beginning in late 2019 and spreading across the globe in early 2020, which may affect market and economic conditions, along with wide-ranging impacts on employees, customers and various aspects of operations; the Company’s success in implementing its strategic plan, including its targeted sales growth platforms, innovation focus and its increasing digital presence; litigation costs related to actions of and disputes with third parties, including competitors; the Company’s continued success in its working capital management and cost-structure reductions; the Company’s success in integrating strategic acquisitions; the risk of future write-downs of goodwill or other long-lived assets; the ability of the Company’s customers to meet payment obligations; the impact of actions of the Company’s competitors with respect to product development or enhancement or the introduction of new products into the Company’s markets; movements in foreign currencies, interest rates or commodity costs; fluctuations in the prices of raw materials or the availability of raw materials or components used by the Company; any disruptions in the Company’s supply chain as a result of material fluctuations in the Company’s order volumes and requirements for raw materials and other components necessary to manufacture and produce the Company’s products; the success of the Company’s suppliers and customers and the impact of any consolidation in the industries 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; and adverse weather conditions. 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 filing. The Company assumes no obligation, and disclaims any obligation, to update such forward-looking statements to reflect subsequent events or circumstances.

Johnson Outdoors Inc.
(thousands, except per share amounts)


Operating ResultsMarch 27
March 29

 March 27
March 29
Net sales$163,084 $177,707  $291,138 $282,147 
Cost of sales 87,952  98,578   162,394  158,699 
Gross profit 75,132  79,129   128,744  123,448 
Operating expenses 43,338  51,285   90,149  89,626 
Operating profit 31,794  27,844   38,595  33,822 
Interest (income) expense, net (449) (281)  (1,069) (784)
Other expense (income), net 3,866  (1,895)  2,698  255 
Income before income taxes 28,377  30,020   36,966  34,351 
Income tax expense 7,990  8,097   10,149  8,907 
Net income$20,387 $21,923  $26,817 $25,444 
Diluted average common shares outstanding 10,060  10,028   10,047  10,015 
Diluted net income per common share$2.02 $2.18  $2.66 $2.53 
Segment Results     
Net sales:     
Fishing$133,955 $138,229  $233,233 $217,026 
Camping 8,849  9,529   16,363  15,349 
Watercraft Recreation 6,064  9,851   10,873  14,176 
Diving 14,261  20,085   30,720  35,623 
Other/eliminations (45) 13   (51) (27)
Total$163,084 $177,707  $291,138 $282,147 
Operating profit (loss):    
Fishing$32,917 $34,590  $47,935 $46,012 
Camping 709  419   775  (267)
Watercraft Recreation (1,639) (516)  (3,202) (2,008)
Diving (812) 1,423   (607) 716 
Other 619  (8,072)  (6,306) (10,631)
Total$31,794 $27,844  $38,595 $33,822 
Balance Sheet Information (End of Period) 
Cash and cash equivalents  $131,256 $68,205 
Accounts receivable, net   106,629  124,750 
Inventories, net    107,680  116,231 
Total current assets   353,342  316,273 
Total assets    504,304  427,993 
Total current liabilities   102,623  102,585 
Total liabilities    157,202  127,292 
Shareholders’ equity   347,102  300,701 


David W. Johnson, VP and Chief Financial OfficerPatricia Penman, VP – Marketing Services & Global Communications


The following information was filed by Johnson Outdoors Inc (JOUT) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Johnson Outdoors Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Shareholders??? Equity (Unaudited)
Condensed Consolidated Statements Of Shareholders??? Equity (Unaudited) (Parenthetical)
Accounts Receivable
Accounts Receivable (Details)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Changes By Component) (Details)
Accumulated Other Comprehensive Income (Loss) (Reclassifications) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Basis Of Presentation
Basis Of Presentation (Policies)
Coronavirus (Covid-19)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Details)
Earnings Per Share (???Eps???)
Earnings Per Share (???Eps???) (Details)
Earnings Per Share (???Eps???) (Tables)
Fair Value Measurements
Fair Value Measurements (Effect Of Changes In Financial Instruments) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Summary Of Financial Assets) (Details)
Fair Value Measurements (Tables)
Goodwill (Details)
Goodwill (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Summary Of Earnings Before Income Taxes, Income Tax Expense And Effective Income Tax Rate) (Details)
Income Taxes (Tables)
Indebtedness (Narrative) (Details)
Inventories (Details)
Inventories (Tables)
Leases (Components Of Lease Expense) (Details)
Leases (Future Minimum Rental Commitments Under Non-Cancelable Operating Leases) (Details)
Leases (Narrative) (Details)
Leases (Other Information Related To Operating Leases) (Details)
Leases (Tables)
New Accounting Pronouncements
Pension Plans
Pension Plans (Details)
Pension Plans (Tables)
Revenue (Details)
Segments Of Business
Segments Of Business (Details)
Segments Of Business (Tables)
Stock-Based Compensation And Stock Ownership Plans
Stock-Based Compensation And Stock Ownership Plans (Narrative) (Details)
Stock-Based Compensation And Stock Ownership Plans (Schedule Of Non-Vested Stock Activity) (Details)
Stock-Based Compensation And Stock Ownership Plans (Schedule Of Rsu Activity) (Details)
Stock-Based Compensation And Stock Ownership Plans (Tables)
Warranties (Details)
Warranties (Tables)

Material Contracts, Statements, Certifications & more

Johnson Outdoors Inc provided additional information to their SEC Filing as exhibits

Ticker: JOUT
CIK: 788329
Form Type: 10-Q Quarterly Report
Accession Number: 0001140361-20-010697
Submitted to the SEC: Tue May 05 2020 2:22:43 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Friday, March 27, 2020
Industry: Sporting And Athletic Goods

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