joutform11k09.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________

FORM 11-K

For Annual Reports of Employee Stock Purchase,
Savings and Similar Plans Pursuant to Section 15(d)
of the Securities Exchange Act of 1934


x
Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
 
For the fiscal year ended December 31, 2009.

 
Or

¨
Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
 
For the transition period from _________ to _________.

Commission File Number:  0-16255  (Johnson Outdoors Inc.)

A.
Full title of the plan and address of the plan, if different from that of the issuer named below:

JOHNSON OUTDOORS RETIREMENT AND SAVINGS PLAN

B.
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
 
Johnson Outdoors Inc.
555 Main Street
Racine, WI 53403



______________________________________________________________________________

 
 

 


REQUIRED INFORMATION

The following financial statements and schedules of the Johnson Outdoors Retirement and Savings Plan (the "Plan"), prepared in accordance with the financial reporting requirements of the Employee Retirement Income Securities Act of 1974, as amended, are filed herewith. Grant Thornton LLP, the current independent auditors for the Plan, audited the financial statements and schedules as of and for the Plan fiscal years ended December 31, 2009 and 2008.


 
 

 


Financial Statements and Report of Independent
Registered Public Accounting Firm
 
Johnson Outdoors Retirement and Savings Plan
 
December 31, 2009 and 2008

 
 

 


CONTENTS
 
Page
   
Report of Independent Registered Public Accounting Firm
3
   
Statements of Net Assets Available for Benefits
5
   
Statements of Changes in Net Assets Available for Benefits
6
   
Notes to Financial Statements
7
   
Supplemental Schedule
 
   
Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year)
18

 
2

 

Report of Independent Registered Public Accounting Firm
 
Plan Administrator
Johnson Outdoors Retirement and Savings Plan
 
We have audited the accompanying statements of net assets available for benefits of the Johnson Outdoors Retirement and Savings Plan (the "Plan") as of December 31, 2009 and 2008, and the related statements of changes in net assets available for benefits for the years then ended.  These financial statements are the responsibility of the Plan’s management.  Our responsibility is to express an opinion on these financial statements based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The Plan is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting.  Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting.  Accordingly, we express no such opinion.  An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of Johnson Outdoors Retirement and Savings Plan as of December 31, 2009 and 2008, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
 
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplemental schedule as listed in the accompanying Table of Contents is presented for purposes of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor’s Rules and Regulations for
 

 
3

 

Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.  The supplemental schedule is the responsibility of the Plan’s management.  The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
 

/s/ GRANT THORNTON LLP
Milwaukee, Wisconsin
June 23, 2010


 
4

 

JOHNSON OUTDOORS RETIREMENT AND SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
As of December 31,

   
2009
   
2008
 
Investments
           
       Investments, at fair value
  $ 50,773,491     $ 41,226,659  
       Loans to participants
    1,517,154       1,476,391  
                 
Total investments
    52,290,645       42,703,050  
                 
Contributions Receivable
               
       Participant
    10,901       2,554  
       Company
    4,375       1,094  
                 
Total receivables
    15,276       3,648  
                 
Net assets available for benefits at fair value
    52,305,921       42,706,698  
                 
Adjustments from fair value to contract value for interest in
collective trust relating to fully benefit-responsive investment
contracts
    (541,443 )       789,954  
                 
Net assets available for benefits
  $ 51,764,478     $ 43,496,652  

The accompanying notes are an integral part of these statements.



 
5

 

JOHNSON OUTDOORS RETIREMENT AND SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Years ended December 31,

   
2009
   
2008
 
Investment income (loss)
           
Net realized and unrealized appreciation (depreciation) in fair value of investments
  $ 8,026,249     $ (20,607,656 )
Interest
    116,990       168,924  
Dividends
    1,062,539       1,831,146  
                 
Total investment income (loss)
    9,205,778       (18,607,586 )
                 
Contributions
               
Participant
    2,171,610       2,692,032  
Company
    828,952       1,002,250  
Rollover
    70,852       180,843  
                 
Total contributions
    3,071,414       3,875,125  
                 
Distributions to participants or beneficiaries
    (3,915,241 )     (5,419,907 )
Administrative expenses and investment management fees
    (94,125 )     (105,773 )
                 
Total disbursements
    (4,009,366 )     (5,525,680 )
                 
                 Net increase (decrease)
    (8,267,826 )     (20,258,141 )
                 
Assets available for benefits:
               
Beginning of year
    43,496,652       63,754,793  
End of year
  $ 51,764,478     $ 43,496,652  
 
The accompanying notes are an integral part of these statements.

 
6

 

JOHNSON OUTDOORS RETIREMENT AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008

 
NOTE A - DESCRIPTION OF THE PLAN

The following description of the Johnson Outdoors Retirement and Savings Plan (the “Plan”) provides only general information.  Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions.

1.     General

The Plan is a defined contribution plan sponsored by Johnson Outdoors Inc. (the “Company” or “Employer”) and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

2.     Participation

The following participating employers of the Company participate in the Plan:
 
    Johnson Outdoors Inc.
    Johnson Outdoors Watercraft Inc.
    Johnson Outdoors Marine Electronics, Inc.
    Johnson Outdoors Gear LLC
    Johnson Outdoors Diving LLC
 
The Plan allows all regular full-time employees, as defined by the Employer, to participate in the Plan on the first day of employment with one of the above-named participating employers.  An employee who is classified as other than a regular full-time employee shall be eligible to participate in the savings feature of the Plan effective January 1 or July 1 following one year of service during which the employee completes 1,000 or more hours of service.

3.     Contributions

The Plan is a two-part plan consisting of a retirement contribution feature and a savings feature.  The retirement contribution feature of the Plan enables eligible participants to accumulate additional funds for retirement purposes.  The retirement contributions made by the Company are discretionary.  Effective September 30, 2009, participation in the retirement contribution feature was extended to eligible employees of Johnson Outdoors Mankato Operations and Old Town Canoe.

 
7

 

JOHNSON OUTDOORS RETIREMENT AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008


NOTE A - DESCRIPTION OF THE PLAN - Continued

3.     Contributions - continued

Pursuant to the savings feature, eligible participants may make voluntary pre-tax and after-tax contributions of their base compensation (as defined by the Plan), subject to certain statutory limits.  Participant contributions made with tax-deferred dollars under Section 401(k) of the Internal Revenue Code (“IRC”) are excluded from the participant’s current wages for federal income tax purposes.  No federal income tax is paid on the tax-deferred contributions and growth thereon until the participant makes a withdrawal from the Plan.

Participants may also choose to make contributions on an after-tax basis through a Roth 401(k) option.  Contributions and earnings for the Roth 401(k) option are not subject to taxation at the time of distribution, as long as the distribution is a “qualified distribution” made no earlier than five years after the first Roth 401(k) contribution to the Plan.  A qualified distribution is a distribution after separation of service and due to death, disability or after age 59½.  The participant’s contribution rate may be adjusted at the discretion of the Plan administrator if a reduced rate is necessary to maintain Section 401(k) benefits.  The Company’s matching contribution is equal to 50% of the first 6% of a participant’s compensation contributed by the partic ipant to the Plan.  The Company made matching contributions of $828,952 and $1,002,250 in 2009 and 2008, respectively.

In addition, the Company may make a deferred profit sharing contribution to the Plan to be allocated to the accounts of eligible participants.  The amount of such profit sharing contributions, if any, is at the discretion of the Compensation Committee of the Board of Directors.  Due to deteriorating economic conditions, the Company made no discretionary profit sharing contributions in 2009 or 2008.
 
4.     Participant Accounts

Each participant’s account is credited with the participant’s contributions, the Company’s matching contribution, an allocation of the respective business unit’s discretionary contribution based on regular employee earnings for the period, if applicable, and an allocation of Plan investment earnings based upon the participant’s net account balance.  The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account.
 
5.    Vesting

Participant contributions, Company matching contributions, discretionary contributions and investment earnings thereon are 100% vested at all times.
 
6.     Payment of Benefits

Upon retirement, termination, or permanent disability, participants will receive the value of their account.  Upon death, the account balance will be paid to the participant’s beneficiary or estate.

 
8

 

JOHNSON OUTDOORS RETIREMENT AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008


NOTE A - DESCRIPTION OF THE PLAN - Continued

7.     Loans to Participants

Participants may borrow from their account a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their account balance.  Loan terms may not exceed five years.  Loans are secured by the balance in the participant’s account and bear interest at a rate commensurate with local prevailing rates as determined by the Benefits Administration Committee.  Principal and interest are paid through payroll deductions.  The outstanding balance of any loan may be prepaid at any time without penalty.  Outstanding loans are considered past due after 30 days.
 
8.     Investment Options

During 2009 and 2008, participants in the Plan had the ability to self-direct their funds into the following investment options:

 
Vanguard Total Stock Market Index Fund
 
PIMCO II Total Return
 
American Balanced Fund R5
 
Fidelity Advisor Equity Growth Fund
 
Capital World Growth and Income Fund R5
 
T. Rowe Price Small Cap Stock Fund
 
William Blair International Growth Fund
 
Johnson Outdoors Common Stock
 
Harding Loevner Emerging Markets Fund
 
Putnam Stable Value Fund

In 2009, the Oppenheimer Commodity Strategic Total Return Fund was replaced with the Goldman Sachs Commodity Strategy Fund A and the Vanguard Windsor Fund was replaced with the Riversource Diversified Equity Income Fund.

A participant may invest a maximum of 25% of their post-1994 contributions in the Johnson Outdoors Common Stock fund.

9.     Plan Termination

Although the Company has not expressed any intent to terminate the Plan, it may do so at any time upon proper resolution by the Board of Directors.  In the event of Plan termination, the Plan Trustee shall continue to administer the trust until otherwise directed by the Board of Directors.  Upon termination of the trust, participants or their beneficiaries will receive the value of their account.

 
9

 

JOHNSON OUTDOORS RETIREMENT AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008


NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1.     Basis of Accounting

The financial statements of the Plan have been prepared on the accrual basis of accounting and in conformity with accounting principles generally accepted in the United States of America.

Investment contracts held by a defined-contribution plan are required to be reported at fair value.  However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined-contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the plan.  The Plan invests in investment contracts through the Putnam Stable Value Fund, a collective trust.  The Statements of Net Assets Available for Benefits present the fair value of the investment in the collective trust as well as the adjustment of the investment in the collective trust from fair value to contract value relating to the investment contracts. & #160;The Statements of Changes in Net Assets Available for Benefits are prepared on a contract value basis.

2.     Investments

The Plan’s investments are stated at fair value.  Securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the Plan year.  The shares of mutual funds are valued at quoted market prices which represent the net asset values of shares held by the Plan at year-end.  Loans to participants are valued at their outstanding balances, which approximate fair value.  The Plan’s interest in the collective trust is valued based on information reported by the investment advisor using the audited financial statements of the collective trust at year-end.

The Plan holds an investment in the Putnam Stable Value Fund (“Stable Value”), which is a common/collective trust fund managed by Putnam Fiduciary Trust Company (“PFTC”), as trustee of the fund.  The fund invests primarily in guaranteed investment contracts, or funding agreements, security-backed investment contracts, separate accounts issued or wrapped by insurance companies, banks or externally managed stable value commingled investment funds.  The Stable Value fund may also invest in high-quality money market instruments or other similar short-term investments.  The Plan’s interest in the Stable Value fund is valued based on information reported by PFTC using the audited financial statements of the common/collective trust at year-end.


 
10

 

JOHNSON OUTDOORS RETIREMENT AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008


NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

3.     Administrative Expenses and Investment Management Fees

Certain expenses incurred in the administration of the Plan and expenses incurred in connection with the sale, investment and reinvestment of Plan assets are paid by the Plan.  Participants are required to pay a quarterly $18.75 administrative fee.  Expenses incurred for attorney and audit fees and salary expense incurred by the Company related to the administration of the Plan are paid by the Company.
 
4.    Use of Estimates
 
The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America requires the plan administrator to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes.  Actual results could differ from those estimates.

5.     New Accounting Pronouncements

In June 2009, the Financial Accounting Standards Board (“FASB”) issued the FASB Accounting Standards Codification (the “ASC” or “Codification”).  The Codification will become the single source for all authoritative generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied for financial statements issued for periods ending after September 15, 2009.  The Codification does not change GAAP and did not have an impact on the Plan’s statements of changes or statements of net assets.

In May 2009, new accounting and disclosure requirements for subsequent events were incorporated into U.S. generally accepted accounting principles.  These requirements introduce new terminology, define a date though which management must evaluate subsequent events, and list the circumstances under which an entity must recognize and disclose events or transactions occurring after the statement of financial position date.  See note J for the expanded disclosure related to this standard.

NOTE C - FAIR VALUE MEASUREMENTS

FASB ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritized the inputs to valuation techniques.  Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.  Under this guidance, valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.  This guidance establishes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable.
 


 
11

 

JOHNSON OUTDOORS RETIREMENT AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008

NOTE C - FAIR VALUE MEASUREMENTS - Continued

Level 1 - Quoted prices in active markets (e.g. NYSE, NASDAQ, etc.) for identical assets or liabilities.  These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets.

Level 2 - Inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly.  These are typically obtained from readily-available pricing sources for comparable instruments and inputs derived from observable market data by correlation or other means.

Level 3 - Unobservable inputs, where there is little or no market activity for the asset or liability.  These inputs reflect the reporting entity’s own assumptions of the data that market participants would use in pricing the asset or liability, based on the best information available in the circumstances.

Investments Measured at Fair Value on a Recurring Basis
Investments measured at fair value on a recurring basis consisted of the following types of instruments:

As of December 31, 2009
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Description:
                       
   Mutual funds:
                       
       Large cap
  $ 12,039,284     $ -     $ -     $ 12,039,284  
       Foreign and global
    11,397,514       -       -       11,397,514  
       Fixed income
    5,082,323       -       -       5,082,323  
       Small cap
    4,880,444       -       -       4,880,444  
       Balanced
    2,952,804       -       -       2,952,804  
       Commodities
    907,708       -       -       907,708  
            Total mutual funds
    37,260,077       -       -       37,260,077  
                                 
   Common stock:
                               
       Consumer discretionary - leisure
    453,070       -       -       453,070  
                                 
   Common/collective trust
    -       13,060,344       -       13,060,344  
   Loans to participants
    -       -       1,517,154       1,517,154  
            Total
  $ 37,713,147     $ 13,060,344     $ 1,517,154     $ 52,290,645  
 
As of December 31, 2008
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Description:
                           
   Mutual funds
  $ 29,277,833     $ -     $ -     $ 29,277,833  
   Common stock
    268,195       -       -       268,195  
   Common/collective trust
    -       11,680,631       -       11,680,631  
   Loans to participants
    -       -       1,476,391       1,476,391  
            Total
  $ 29,546,028     $ 11,680,631     $ 1,476,391     $ 42,703,050  


 
12

 


JOHNSON OUTDOORS RETIREMENT AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008


NOTE C - FAIR VALUE MEASUREMENTS - Continued

Investments Measured at Fair Value on a Recurring Basis - continued

The Plan’s valuation methodology used to measure the fair values of common stock and mutual funds were derived from quoted market prices as substantially all of these instruments have active markets.  The valuation techniques used to measure fair value of participant loans above, all of which mature by the end of 2014 and are secured by vested account balances of borrowing participants, were derived using a discounted cash flow model with inputs derived from unobservable market data. The participant loans are included at their carrying values, in the statements of net assets available for benefits, which approximated their fair values at December 31, 2009 and 2008.  The valuation techniques used to measure fair value of the common/collective trust fund are included in note B-2.

The methods described above could produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values.  Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The table below sets forth a summary of changes in the fair value of the Plan’s level 3 assets for the years ended December 31, 2009 and 2008:

   
Loans to participants
 
   
2009
   
2008
 
Balance, beginning of year
  $ 1,476,391     $ 1,436,132  
Purchases, sales, issuances and settlements (net)
    40,763       40,259  
Balance, end of year
  $ 1,517,154     $ 1,476,391  



 
13

 

JOHNSON OUTDOORS RETIREMENT AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008


NOTE D - INVESTMENTS

The following investments represent 5% or more of the Plan’s net assets available for benefits as of December 31:

Description
 
2009
 
       
PIMCO II Total Return
  $ 5,082,323  
American Balanced Fund R5
    2,952,804  
Fidelity Advisor Equity Growth Fund
    4,878,855  
Capital World Growth and Income Fund R5
    5,547,064  
T. Rowe Price Small Cap Stock Fund
    4,880,444  
Putnam Stable Value Fund*
    12,518,901  
Vanguard Total Stock Market Index Fund
    3,016,138  
William Blair International Growth Fund
    2,803,000  
Harding Loevner Emerging Markets Fund
    3,047,450  
Riversource Diversified Equity Income Fund
    4,144,291  
         
*Amount represents contract value (fair value is $13,060,344)
       

Description
 
2008
 
       
PIMCO II Total Return
  $ 4,394,014  
American Balanced Fund R5
    2,537,673  
Fidelity Advisor Equity Growth Fund
    3,918,637  
Capital World Growth and Income Fund R5
    4,398,324  
T. Rowe Price Small Cap Stock Fund
    3,590,374  
Putnam Stable Value Fund*
    12,470,585  
Vanguard Total Stock Market Index Fund
    2,391,167  
Vanguard Windsor Fund
    3,312,564  
         
*Amount represents contract value (fair value is $11,680,631)
       

As of December 31, 2009 and 2008, the Plan’s investments included approximately 46,374 and 48,133 shares of Company common stock, respectively, representing less than 1% of the Company’s outstanding common stock for each year.


 
14

 

JOHNSON OUTDOORS RETIREMENT AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008


NOTE D - INVESTMENTS - Continued

During 2009 and 2008, the Plan’s investments appreciated (depreciated) in value as follows:

   
2009
   
2008
 
Mutual funds
  $ 7,778,049     $ (19,859,886 )
Johnson Outdoors Common Stock
    248,200       (747,770 )
    $ 8,026,249     $ (20,607,656 )
 
All investments are participant directed.

NOTE E - INCOME TAX STATUS

The Plan has received a determination letter from the Internal Revenue Service dated June 4, 2002, stating that the Plan is qualified under Section 401(a) of the IRC, and, therefore, the related trust is exempt from taxation.  Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification.  The Plan has been amended since receiving the determination letter.  However, the Plan’s administrator believes the Plan is operating in compliance, in all material respects, with the applicable requirements of the IRC and, therefore, believes that the Plan is qualified and the related trust is tax-exempt as of the financial statements date.

NOTE F - PARTY-IN-INTEREST TRANSACTIONS

All transactions involving the investments administered by Mercer (the “trustee”) and investments in Johnson Outdoors Common Stock and other transactions with the Company or plan participants are considered party-in-interest transactions.

NOTE G - RISK AND UNCERTAINTIES

The Plan invests in various securities.  Investment securities are exposed to various risks such as interest rate, market and credit risks.  Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and, that such changes could materially affect participants account balances and the amounts reported in the statements of net assets available for benefits.



 
15

 

JOHNSON OUTDOORS RETIREMENT AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008


NOTE H - COMMITMENTS AND CONTINGENCIES

The Company is preparing an application under the IRS’ Employee Plans Compliance Resolution System (“EPCRS”) process.  The submission addresses an administrative discrepancy that occurred in prior years.  The submission of an application under EPCRS permits a plan sponsor to receive IRS approval of the method of resolution of such discrepancies.  Based upon the Company’s review of the issue, the Company has estimated that the potential contribution to be made related to this matter ranges from $0 to $525,000.

The ultimate impact of this uncertainty on the financial statements is not determinable as of the date of these financial statements.
 
NOTE I - RECONCILIATION OF FINANCIAL STATEMENTS TO THE FORM 5500

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 at December 31:

   
2009
   
2008
 
Net assets available for benefits per the financial statements
  $ 51,764,478     $ 43,496,652  
Adjustment from contract value to fair value
    541,443       (789,954 )
Net assets available for benefits per the Form 5500
  $ 52,305,921     $ 42,706,698  

The following is a reconciliation of investment income per the financial statements to the Form 5500 during the year ended December 31:

   
2009
   
2008
 
Investment income per the financial statements
  $ 9,205,778     $ (18,607,586 )
Reverse adjustment from contract value to fair value, prior year
    789,954       (227,872 )
Adjustment from contract value to fair value, current year
    541,443       (789,954 )
Investment income per the Form 5500
  $ 10,537,175     $ (19,625,412 )

NOTE J - SUBSEQUENT EVENTS

The Company adopted a new prototype plan document on January 1, 2010.

The Company evaluated its December 31, 2009 financial statements for subsequent events.  Other than the event previously mentioned, the Company is not aware of any additional subsequent events which would require recognition or disclosure in the financial statements.

 
16

 

 
SUPPLEMENTAL SCHEDULE


 
17

 

JOHNSON OUTDOORS RETIREMENT AND SAVINGS PLAN
EMPLOYEE IDENTIFICATION NUMBER 39-1536083
PLAN NUMBER 001
FORM 5500, SCHEDULE H, PART IV, LINE 4i
SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 
December 31, 2009

   
Number of
   
Current
 
Identity of issue, borrower, lessor or similar party
 
shares/units
   
fair value
 
             
Vanguard Total Stock Market Index Fund
    113,817     $ 3,016,138  
PIMCO II Total Return
    486,347       5,082,323  
American Balanced Fund R5
    182,047       2,952,804  
Riversource Diversified Equity Income Fund
    470,942       4,144,291  
Fidelity Advisor Equity Growth Fund
    104,944       4,878,855  
Capital World Growth and Income Fund R5
    162,766       5,547,064  
Goldman Sachs Commodity Strategy Fund A
    146,641       907,708  
T.Rowe Price Small Cap Stock Fund
    181,160       4,880,444  
William Blair International Growth Fund
    151,105       2,803,000  
Johnson Outdoors Common Stock*
    46,374       453,070  
Harding Loevner Emerging Markets Fund
    70,887       3,047,450  
Putnam Stable Value Fund*
    12,518,901       13,060,344  
                 
Investments, at fair value
            50,773,491  
                 
Loans to participants, interest rates ranging from 4.25% to 10.5%
            1,517,154  
                 
Total investments
          $ 52,290,645  
 
* Party-in-interest to the Plan

 
18

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Johnson Outdoors Retirement and Savings Plan (the "Plan") Administrative Committee which administers the Plan, has duly caused this Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Racine, and State of Wisconsin, on the 24th day of June, 2010.

 
JOHNSON OUTDOORS RETIREMENT AND SAVINGS PLAN
 
 
By: /s/ Richard Fiegel                                                     
       Richard Fiegel
 
By: /s/ David Marquette                                                                    
       David Marquette 
 
By: /s/ Sara Vidian                                                                                       
       Sara Vidian
 
By: /s/ David W. Johnson                                                                
       David W. Johnson
 
By: /s/ Erik Hokanson                                                                 
       Erik Hokanson
 
By: /s/ Elizabeth A. Limpel                                                           
       Elizabeth A. Limpel
 
As members of the Johnson Outdoors Retirement
and Savings Plan Administrative Committee
 



 
19

 


EXHIBIT INDEX

JOHNSON OUTDOORS RETIREMENT AND SAVINGS PLAN

FORM 11-K

FOR THE FISCAL YEAR ENDED DECEMBER 31, 2009
 
 
Exhibit No.
Description
Page Number in
Sequentially Numbered
Form 11-K
     
23.1
Consent of Grant Thornton LLP
 
     

 

 20

ex231joutform11k09.htm
Exhibit 23.1


CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
We have issued our report dated June 23, 2010, with respect to the financial statements and supplemental schedule of Johnson Outdoors Retirement and Savings Plan on Form 11-K for the years ended December 31, 2009 and 2008. We hereby consent to the incorporation by reference of said report in the Registration Statement of Johnson Outdoors, Inc. on Form S-8 (File No. 033-61285, effective July 25, 1995).
 
 
/s/ GRANT THORNTON LLP
Milwaukee, Wisconsin
June 23, 2010