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): May 3, 2013

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))


Section 2 - Financial Information

Item 2.02. Results of Operations and Financial Condition.

On May 3, 2013, Johnson Outdoors Inc. (the "Company") issued a press release announcing results for the second fiscal quarter ended March 29, 2013 (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.

Section 9 - Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

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


99.1 Press Release Dated May 3, 2013.


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: May 3, 2013
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 May 3, 2013.

Johnson Outdoors Reports Growth in 2nd Quarter Sales and Earnings

EXHIBIT 99.1

Johnson Outdoors Reports Growth in 2nd Quarter Sales and Earnings

Fiscal 2013 Year-to-Date Earnings More Than Double

RACINE, Wis., May 3, 2013 (GLOBE NEWSWIRE) -- Johnson Outdoors Inc. (Nasdaq:JOUT), a leading global outdoor recreation equipment company, today announced higher second quarter and year-to-date revenue and earnings. Sales increased 3 percent to $132.1 million during the second fiscal quarter ended March 29, 2013. Second quarter net income grew 23 percent to $8.9 million, a $1.7 million improvement year-over-year. Fiscal year-to-date revenue grew 5 percent to $219.4 million and net earnings increased 112 percent to $9.2 million during the fiscal first six-months.

"Growth in North America and Northern Europe more than offset declines in challenging markets across Southern Europe this year. Marine Electronics remains our primary growth engine with an 11 percent jump in sales and significant growth in operating profit year-to-date. Exceptional new products generated more than half of Marine Electronic sales, in particular, the Minn Kota® iPilot® Link which is exceeding expectations. Equally important, meaningful innovation is driving organic growth in core segments and key channels across all Marine Electronic brands," said Helen Johnson-Leipold, Chairman & CEO. "Ensuring a better balance of profit contribution across Johnson Outdoors' portfolio is a key focus of our new three-year Value Plus strategic plan. Comprehensive efforts are underway to reinvigorate and build momentum in Watercraft and Camping, and deliver innovation in core life-support categories in Diving, against that goal."

Ms. Johnson-Leipold continued: "Disciplined balance sheet management and improved operating flexibility continue to benefit the bottom-line, and while financial results are solid thru the first half of the year, it is still too early to predict full-year performance. Unseasonably cold and wet Spring weather has delayed the retail season in some parts of the country and consumer demand is always the critical determining factor. We feel good about where we are and our ability to adjust accordingly to unpredictable variables and meet our 2015 plan goal of consistently growing profits faster than sales."

SECOND QUARTER RESULTS

Sales during the second fiscal quarter reflect initial shipments to customers in advance of the primary retail selling period for the outdoor recreation industry's warm-weather products season. Net sales were $132.1 million in the second fiscal quarter compared with net sales of $128.7 million in the prior year quarter. Increased sales in Marine Electronics and Outdoor Gear more than offset revenue declines in other units. Key drivers behind the year-over-year comparison in each business unit were:

Total Company operating profit of $12.6 million during the second quarter was $1.3 million below the prior year quarter, a period during which the Company benefitted from a $3.5 million settlement with the Company's insurance carriers. Higher gross margin was driven by successful new products in Marine Electronics. The Company reported record second-quarter net income of $8.9 million, or $0.90 per diluted share, during the current quarter, compared to net income of $7.3 million, or $0.74 per diluted share, in the same quarter last year. 

YEAR-TO-DATE RESULTS

Fiscal 2013 year-to-date net sales were $219.4 million, a 5 percent increase over net sales of $208.9 million in the same year-to-date period last year. Total Company operating profit increased 38 percent to $14.2 million during the first six months of fiscal 2013 compared to an operating profit of $10.3 million during the prior year-to-date period which included a favorable $3.5 million settlement with the Company's insurance carriers. Net income for the first six months of the year was a record $9.2 million, or $0.93 per diluted share, a 112 percent increase compared to net earnings of $4.3 million, or $0.44 per diluted share, in the first six months of the prior year. Net interest expense declined 37 percent compared with the same period last year.  The Company's effective tax rate during the fiscal first six months was 33 percent compared to an effective tax rate of 57 percent in the prior year-to-date period.  

OTHER FINANCIAL INFORMATION

At March 29, 2013, debt, net of cash was $20.2 million which was slightly below debt, net of cash of $21.8 million at the end of the prior year quarter.  Depreciation and amortization was $5.1 million year-to-date, compared to $5.7 million during the prior year-to-date period. Capital spending totaled $6.1 million during the first six-month period compared with $5.0 million in the previous 2012 year-to-date period.

"Pre-season demand and a delay in shipments due to a delayed season in some U.S. markets resulted in the increase in inventory. Access and analysis of proprietary point-of-sale data helps ensure we take the right steps at the right time throughout the year to keep inventory levels consistent with demand," said David W. Johnson, Vice President and Chief Financial Officer. "Our cash position is strong, providing us the ability to invest in targeted strategic growth opportunities as we continue to evaluate a range of capital deployment strategies."  

WEBCAST

The Company will host a conference call and audio web cast at 11:00 a.m. Eastern Time on Friday May 3, 2013.   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 Gear.  Johnson Outdoors' familiar brands include, among others: Old Town® canoes and kayaks; Ocean Kayak and Necky® kayaks; Carlisle® paddles; Extrasport® personal flotation devices; Minn Kota® motors; Cannon® downriggers; Humminbird® marine electronics; LakeMaster® electronic charts; SCUBAPRO® and SUBGEAR® dive equipment; Silva® compasses; Jetboil® outdoor cooking systems; and Eureka!® camping and hiking equipment. 

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 economic conditions, consumer confidence levels and discretionary spending patterns in key markets; the Company's continued success in implementing its strategic plan, including its targeted sales growth platforms and focus on innovation; the Company's success in integrating strategic acquisitions; litigation costs related to actions of and disputes with third parties, including competitors; the Company's continued success in working capital management and cost-structure reductions; the Company's ongoing success in meeting financial covenants in its credit agreements with lenders; 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, interest rates and commodity costs; 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
SIX MONTHS
ENDED
Operating Results March 29
2013
March 30
2012
March 29
2013
March 30
2012
Net sales  $ 132,100  $ 128,726  $ 219,374  $ 208,902
Cost of sales  78,016  78,199  131,476  127,274
Gross profit  54,084  50,527  87,898  81,628
Operating expenses  41,446  36,546  73,734  71,366
Operating profit:  12,638  13,981  14,164  10,262
Interest expense, net  453  807  871  1,382
Other expense (income), net  (878)  (104)  (380)  (1,296)
Income before income taxes  13,063  13,278  13,673  10,176
Income tax expense  4,126  5,995  4,489  5,837
Net income  $ 8,937  $ 7,283  $ 9,184  $ 4,339
Weighted average common shares outstanding - Dilutive  9,546  9,382  9,491  9,363
Net income per common share - Diluted  $ 0.90  $ 0.74  $ 0.93  $ 0.44
Segment Results        
Net sales:        
Marine electronics   $ 87,778  $ 80,256  $ 141,429  $ 128,027
Outdoor equipment  10,096  9,437  18,536  15,727
Watercraft   13,754  17,060  20,568  24,545
Diving  20,815  22,098  39,298  40,856
Other/eliminations  (343)  (125)  (457)  (253)
Total  $ 132,100  $ 128,726  $ 219,374  $ 208,902
Operating profit (loss):        
Marine electronics  $ 15,594  $ 12,317  $ 20,340  $ 14,390
Outdoor equipment  (268)  831  (44)  579
Watercraft   (542)  3,061  (2,224)  603
Diving  1,379  1,706  2,081  1,608
Other/eliminations  (3,525)  (3,934)  (5,989)  (6,918)
Total  $ 12,638  $ 13,981  $ 14,164  $ 10,262
Balance Sheet Information (End of Period)        
Cash and cash equivalents      $ 40,392  $ 29,649
Accounts receivable, net      109,176  111,357
Inventories, net      85,192  79,304
Total current assets      248,024  233,808
Total assets      346,175  312,880
Short-term debt      52,542  42,867
Total current liabilities      132,532  115,247
Long-term debt      8,057  8,604
Shareholders' equity      180,365  168,428
         
CONTACT: AT JOHNSON OUTDOORS INC.
         DAVID JOHNSON
         VP & CHIEF FINANCIAL OFFICER
         262-631-6600

         CYNTHIA GEORGESON
         VP - WORLDWIDE COMMUNICATION
         262-631-6600