Form 8-K Filing

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): April 30, 2010

Johnson Outdoors
(Exact name of registrant as specified in its charter)

Wisconsin   0-16255   39-1536083
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer
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)

Not Applicable
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
  [   ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [   ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [   ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [   ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Item 2.02. Results of Operations and Financial Condition.

On April 30, 2010, Johnson Outdoors Inc. (the "Company") issued a press release announcing results for the fiscal second quarter ended April 2, 2010 (the "Press Release"). A copy of the Press Release is being furnished as Exhibit 99.1 to this Report.

The information in this Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that Section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits. The following exhibit is being furnished herewith:

      99.1 Press Release Dated April 30, 2010.


SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  Johnson Outdoors

Date: April 30, 2010
By:   /s/ DAVID W. JOHNSON
David W. Johnson
Vice President and Chief Financial Officer



JOHNSON OUTDOORS INC.

Exhibit Index to Current Report on Form 8-K

Exhibit
Number

99.1 Press Release Dated April 30, 2010.
Johnson Outdoors Announces Improved 2010 Fiscal Second Quarter Results

EXHIBIT 99.1

Johnson Outdoors Announces Improved 2010 Fiscal Second Quarter Results

RACINE, Wis., April 30, 2010 (GLOBE NEWSWIRE) -- Johnson Outdoors Inc. (Nasdaq:JOUT), a leading global outdoor recreation company, today announced higher earnings on increased net sales for its second fiscal quarter ended April 2, 2010. Net income of $6.2 million, or $0.64 per diluted share, compared favorably to the prior year second quarter net income of $2.5 million, or $0.27 per diluted share. Total net sales for the quarter were $112.9 million versus net sales of $106.6 million in the prior year period.

SECOND QUARTER RESULTS

Second quarter sales reflect initial shipments to customers in anticipation of the primary retail selling period for the industry's seasonal outdoor products. Total net sales grew 5.9 percent year-over-year due to improved economic conditions in key markets, with three of the Company's four business units posting solid gains during the quarter. Favorable currency translation had a 2.1 percent positive impact on total Company revenues in the quarter.

Total Company operating profit of $8.1 million for the second fiscal quarter compared favorably to operating profit of $5.8 million in the prior year quarter.  Key factors contributing to the comparison were:

The Company reported net income of $6.2 million, or $0.64 per diluted share, during the second fiscal quarter, compared to net income of $2.5 million, or $0.27 per diluted share, in the same quarter last year.  Interest expense declined 54 percent during the current fiscal quarter as a result of the Company's improved debt restructuring announced in September 2009.   

In November, the Company announced completion of single-site manufacturing consolidation for its Watercraft unit as part of an initiative to significantly reduce cost and complexity, and optimize synergies and assets. The Company anticipates at least $4.0 million in annual long-term savings to be achieved by these initiatives. During the current quarter, despite declining sales, Watercraft gross margins improved 3.2 points year-over-year and the unit posted its first second quarter profit in three years.

"Second quarter results reflect improving economic conditions, stabilization in the outdoor recreational industry and our ability to deliver meaningful innovation that brings excitement to the marketplace and drives growth in a very tough competitive environment. Importantly, we are benefiting from the actions we have taken to transform Johnson Outdoors for sustained profitability. We feel good about where we are and continue to work aggressively to grow share, reduce costs and enhance shareholder value," said Helen Johnson-Leipold, Chairman and Chief Executive Officer.  

TRANSFORMATION UPDATE

On November 20, 2009, the Company outlined plans to further transform Johnson Outdoors to achieve sustained profitable growth focusing on continued cost-structure reductions, enhanced product price/value, targeted revenue gains and strong balance sheet management. At the end of the second quarter: 

YEAR-TO-DATE RESULTS

Net sales in the first six months of fiscal 2010 were $183.4 million versus $176.4 million in the same six-month period last year, an increase of 4.0 percent.  Key drivers in the year-to-date period were:

Total Company operating profit was $4.5 million during the first six months of fiscal 2010 compared to an operating profit of $0.6 million during the prior year-to-date period. Net income for the first six months of the year was $1.9 million, or $0.20 per diluted share, versus a net loss of ($4.4) million, or ($0.49) per diluted share, in the first six months of the prior year. Primary drivers behind the year-to-date comparison were consistent with those during the second quarter in addition to a 44 percent decrease in interest expense versus the same period last year. 

OTHER FINANCIAL INFORMATION

The Company's debt level was $74.0 million at the end of the second quarter versus $65.3 million at April 3, 2009, and debt, net of cash, was $53.4 million versus $51.4 million at the end of the prior year's quarter due in part to the growth in accounts receivable.  Depreciation and amortization was $5.0 million year-to-date, compared to $5.2 million during the first six months of the prior year. Capital spending totaled $4.0 million during the first six months of fiscal 2010 compared with $3.9 million in same period in 2009.  

"We continue to make significant progress to further strengthen the balance sheet, and remain on track to achieve our three-year growth and profitability targets," 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, April 30, 2010.   A live listen-only web cast of the conference call may be accessed at Johnson Outdoors' home page: www.johnsonoutdoors.com. 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® canoes and kayaks; Ocean Kayak and Necky® kayaks; Carlisle® paddles; Extrasport® personal flotation devices (PFDs); Minn Kota® motors; Cannon® downriggers; Humminbird® fishfinders; Geonav® marine electronics; SCUBAPRO® UWATEC® 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 consumer spending patterns; the Company's success in implementing its strategic plan, including its focus on innovation; actions of and disputes with companies that compete with the Company ; the Company's success in managing inventory and its continuing efforts to implement sustainable cost-cutting and sales growth initiatives; the risk that the Company's lenders may be unwilling to provide a waiver or amendment if the Company were to violate financial covenants and the cost to the Company of obtaining any waiver or amendment that the 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 its on-going cost-structure reduction efforts; 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 statem ents 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 TABLE FOLLOWS - - - -

JOHNSON OUTDOORS INC.
(Unaudited)
         
(thousands, except per share amounts)        
  THREE MONTHS
ENDED
SIX MONTHS
ENDED
Operating Results April 2
2010
April 3
2009
April 2
2010
April 3
2009
Net sales  $ 112,897  $ 106,630  $ 183,357  $ 176,386
Cost of sales  67,511  66,662  111,615  111,312
Gross profit  45,386  39,968  71,742  65,074
Operating expenses  37,332  34,176  67,243  64,505
Operating profit  8,054  5,792  4,499  569
Interest expense, net  1,444  3,080  2,601  4,574
Other (income) expense, net  209  (456)  (471)  664
Income (loss) before income taxes  6,401  3,168  2,369  (4,669)
Income tax expense (benefit)  218  703  422  (193)
Income (loss) from continuing operations  6,183  2,465  1,947  (4,476)
Income from discontinued operations  --   --   --   41
Net income (loss)  $ 6,183  $ 2,465  $ 1,947  $ (4,435)
Net income (loss) per common share - Diluted:        
Continuing operations  $ 0.64  $ 0.27  $ 0.20  $ (0.49)
Discontinued operations  --   --   --   -- 
Diluted average common shares outstanding 9,339 9,166 9,244 9,152
Segment Results        
Net sales:        
Marine electronics   $ 62,096  $ 58,732  $ 95,191  $ 90,710
Outdoor equipment  13,738  8,475  22,500  19,712
Watercraft   16,200  21,672  26,469  32,719
Diving  21,194  17,835  39,689  33,385
Other/eliminations  (331)  (84)  (492)  (140)
Total  $ 112,897  $ 106,630  $ 183,357  $ 176,386
Operating profit (loss):        
Marine electronics  $ 8,084  $ 7,147  $ 7,591  $ 6,178
Outdoor equipment  1,935  405  2,665  1,330
Watercraft   134  (245)  (1,011)  (1,844)
Diving  300  294  216  (903)
Other/eliminations  (2,399)  (1,809)  (4,962)  (4,192)
Total $ 8,054          $  5,792 $ 4,499            $  569
Balance Sheet Information (End of Period)
Cash and cash equivalents             $ 20,623       $ 13,919
Accounts receivable, net      104,747  100,466
Inventories, net      69,055  75,405
Total current assets      201,948  197,806
Total assets      269,494  262,991
Short-term debt      58,017  4,648
Total current liabilities      117,490  76,172
Long-term debt        15,961  60,690
Shareholders' equity      116,254  112,386
 
CONTACT:  Johnson Outdoors Inc.
          David Johnson, VP & Chief Financial Officer
            262-631-6600
          Cynthia Georgeson, VP - Worldwide Communication
            262-631-6600