UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13
or 15(d) of the
Securities Exchange Act of 1934
| Date of Report |
|
| (Date of earliest |
| event reported): |
January 29, 2004 |
| Johnson Outdoors Inc. |
|
| (Exact name of registrant as specified in its charter) |
| Wisconsin |
0-16255 |
39-1536083 |
|
| (State or Other Jurisdiction |
(Commission File Number) |
(I.R.S. Employer |
| of Incorporation) |
|
Identification No.) |
| 555 Main Street, Racine, Wisconsin 53403 |
|
| (Address of principal executive offices, including zip code) |
| (262) 631-6600 |
|
| (Registrant's telephone number, including area code) |
| Item 7. |
Financial Statements and Exhibits. |
| |
(c) |
Exhibits.
The following exhibit is being furnished with this Current Report on Form 8-K (this
"Report"): |
| |
99 |
Press
Release dated January 29, 2004. |
| Item 12. |
Results of Operations and Financial Condition. |
| |
On January 29, 2004, Johnson Outdoors Inc. (the “Company”) issued a press
release announcing the Company’s quarterly financial results for the reporting period
ended January 2, 2004 (the “Press Release”). A copy of the Press Release is
being furnished as Exhibit 99 to this Report. |
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
Date: January 29, 2004
|
JOHNSON OUTDOORS INC. |
|
By: /s/ Paul Lehmann |
|
Paul Lehmann |
|
Its: Vice President and Chief Financial Officer, Secretary |
|
(Principal Financial and Accounting Officer) |
JOHNSON OUTDOORS INC.
Exhibit Index to
Current Report on Form 8-K
| |
99 |
Press
Release dated January 29, 2004. |
[GRAPHIC OMITTED]
[JOHNSON OUTDOORS LOGO]
| AT JOHNSON OUTDOORS: |
|
AT FINANCIAL RELATIONS BOARD: |
| Paul A. Lehmann |
Cynthia Georgeson |
Larry Stein |
| VP and Chief Financial Officer |
Media Contact |
General Inquiries |
| (262) 631-6600 |
(262) 631-6600 |
(312) 266-7800 |
FOR IMMEDIATE RELEASE
THURSDAY,
JANUARY 29, 2004
JOHNSON OUTDOORS INC.
REPORTS
FIRST QUARTER 2004 RESULTS
Racine, Wisconsin, January 29,
2004 — Johnson Outdoors Inc. (Nasdaq: JOUT) reported today increased net
sales and improved operating profits driven by the continued strength of its Motors
business and military tent sales. The Company announced earnings per diluted
share of $0.02 for the first fiscal quarter ended January 2, 2004, compared with a
net loss per diluted share of $0.03 in the prior year. Favorable adjustments in
accrual and reserve balances added $0.07 per diluted share in the current year.
Similar favorable adjustments in the year-ago quarter added $0.03 per diluted share.
Due to the seasonality of Johnson Outdoors’ market segments, first quarter
results may not be indicative of the Company’s primary selling period,
which takes place in its second and third fiscal quarters.
Total net sales grew 15% to
$62.9 million versus $54.9 million, with all four Johnson Outdoors business units
— Motors, Outdoor Equipment, Watercraft and Global Diving —
posting higher sales over the first quarter of last year. Favorable currency
translations totaling $2.0 million are reflected in net sales of the Company’s Global
Diving unit, in a market sector that continues to face challenges related to the
decline in travel to major dive destinations. Operating profit increased to $1.3
million compared with $0.2 million in the quarter year-ago. Improvements in
other businesses helped offset the operating loss in Watercraft resulting from continued
operating inefficiencies, a delay in transitioning to production of new kayak designs and
revised pacing of shipments to a major pedal boat customer.
Helen Johnson-Leipold, Chairman and
Chief Executive Officer, provided perspective on the Company’s first fiscal quarter
results: “We continue to benefit from the diversity of our portfolio, as two of
our businesses had a good start and two still face challenges. It is too soon to
tell whether growing retailer and consumer confidence in the economy will have a
positive impact across our market segments this year. Our
priorities continue to be: improving operational efficiency in Watercraft;
maintaining tight fiscal controls in Diving; and, advancing new product development
efforts across our businesses.”
Balance sheet variances from
the year ago quarter reflect the increase in sales from the prior
year’s first quarter, and include $3.3 and $3.0 million from the impact of
currency changes on inventory and accounts receivable, respectively. Paul
Lehmann, Chief Financial Officer, commented, “With the most recent scheduled
debt reduction payments during the first quarter, the company’s debt to equity
ratio has declined to 31%, its lowest point in 10 years, further strengthening the
company’s liquidity and strategic flexibility.”
Webcast
Johnson Outdoors will hold its
quarterly conference call on January 29, 2004 at 11:00 a.m. Eastern Time. The call will be
webcast at www.johnsonoutdoors.com and www.companyboardroom.com. A replay will be
available on both web sites for at least 30 days, and by telephone through
February 5, 2004 by dialing 877-519-4471 or 973-341-3080 and providing confirmation
code 4434845.
About Johnson Outdoors
Inc.
Nasdaq: JOUT
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, Motors, Diving and
Outdoor Equipment. Johnson Outdoors’ familiar brands include, among others: Old
Town® canoes and kayaks; Ocean(tm) Kayak, Necky(tm) and Dimension® kayaks; Minn
Kota® motors; SCUBAPRO® and SnorkelPro; UWATEC® dive equipment; and,
Eureka!® tents. The company has 24 locations around the world, employs 1,400 people
and reported annual sales of $315.9 million in 2003.
— Financial
Tables Follow —
JOHNSON OUTDOORS INC.
AND SUBSIDIARIES
(thousands, except per share amounts)
|
|
|
Operating Results
|
THREE MONTHS ENDED
|
|
Jan 2
2004
|
Dec 27
2002
|
| Net sales |
|
|
| $ 62,941 |
|
| $ 54,895 |
|
| Cost of sales | | |
| 35,971 |
|
| 31,212 |
|
|
| Gross profit | | |
| 26,970 |
|
| 23,683 |
|
| Operating expenses | | |
| 25,624 |
|
| 23,517 |
|
|
| Operating profit | | |
| 1,346 |
|
| 166 |
|
| Interest expense, net | | |
| 1,204 |
|
| 1,018 |
|
| Other expenses (income), net | | |
| (120 |
) |
| (356 |
) |
|
| Income (loss) before income taxes | | |
| 262 |
|
| (496 |
) |
| Income tax expense (benefit) | | |
| 102 |
|
| (216 |
) |
|
| Net income (loss) | | |
| $ 160 |
|
| $ (280 |
) |
|
| Net income (loss) basic and diluted per common share | | |
| $ 0.02 |
|
| $ (0.03 |
) |
|
| Diluted average common shares outstanding | | |
| 8,710 |
|
| 8,349 |
|
|
| Segment Results | | |
| Net sales: | | |
| Outdoor equipment | | |
| $ 15,803 |
|
| $ 11,897 |
|
| Watercraft | | |
| 12,440 |
|
| 11,909 |
|
| Motors | | |
| 18,008 |
|
| 15,006 |
|
| Diving | | |
| 16,942 |
|
| 16,474 |
|
| Other/eliminations | | |
| (252 |
) |
| (391 |
) |
|
| Total | | |
| $ 62,941 |
|
| $ 54,895 |
|
|
| Operating profit: | | |
| Outdoor equipment | | |
| $ 2,481 |
|
| $ 1,409 |
|
| Watercraft | | |
| (3,511 |
) |
| (1,929 |
) |
| Motors | | |
| 3,038 |
|
| 1,577 |
|
| Diving | | |
| 1,685 |
|
| 2,025 |
|
| Other/eliminations | | |
| (2,347 |
) |
| (2,916 |
) |
|
| Total | | |
| $ 1,346 |
|
| $ 166 |
|
|
| Balance Sheet Information (End of Period) | | |
| Cash and short-term investments | | |
| $ 60,558 |
|
| $ 66,089 |
|
| Accounts receivable, net | | |
| 50,922 |
|
| 46,260 |
|
| Inventories, net | | |
| 61,835 |
|
| 49,814 |
|
| Total current assets | | |
| 189,126 |
|
| 172,470 |
|
| Total assets | | |
| 272,244 |
|
| 253,134 |
|
| Short-term debt | | |
| 15,769 |
|
| 9,568 |
|
| Total current liabilities | | |
| 63,726 |
|
| 48,949 |
|
| Long-term debt | | |
| 51,322 |
|
| 68,680 |
|
| Shareholders' equity | | |
| 150,912 |
|
| 130,368 |
|
|
