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): | March 1, 2005 |
Johnson Outdoors Inc. |
(Exact name of registrant as specified in its charter) |
Wisconsin |
0-16255 |
39-1536083 |
(State or other jurisdiction | (Commission File Number) | (IRS 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) |
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 8.01. Other Events.
On March 1, 2005, Johnson Outdoors Inc. (the Company) issued a press release announcing plans to reduce its workforce at its Binghamton, New York facility due to a significant decline in military tent sales (the Press Release). A copy of the Press Release is being furnished as Exhibit 99 to this Report and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(c) | Exhibits. The following exhibit is being furnished herewith: |
99 | Press Release Dated March 1, 2005. |
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.
JOHNSON OUTDOORS INC. | |
Date: March 2, 2005 |
By: /s/ Paul A. Lehmann |
Its: Vice President and Chief Financial Officer |
Exhibit
Number
99 | Press Release Dated March 1, 2005. |
CONTACT: | CYNTHIA
GEORGESON 262-631-6600 |
Decline in Military Tent Sales Results in Permanent Layoff Notification
Racine, Wisconsin, March 1, 2005 JOHNSON OUTDOORS INC. (Nasdaq: JOUT) today announced plans to reduce the Companys workforce by more than 70 positions at its Binghamton, New York facility due to a significant decline in military tent sales. The Company has formally notified employees and state and local officials of the pending permanent reduction in accordance with the WARN Act.
Jerry Perkins, President and Chief Operating Officer of Johnson Outdoors, said, While we knew military tent sales would decline, we now know the rate of decline is greater than previously expected. With no indication that new orders or decisions on new contracts are coming soon, military tent sales will decline at least 40% this year, and significantly more than that in fiscal 2006. It is unfortunate, but business conditions require that we take this difficult step, which regrettably affects our talented and dedicated workforce.
The Company also noted that financial projections included in the Companys definitive proxy were based on historical levels of military tent sales, approximately $30 million per year, but that current expectations for military tent sales are significantly lower. As a result, managements financial projections for future years have been adversely affected. The Company now anticipates that military tent sales may contribute as little as $8 to $10 million in annual revenue unless new contracts are secured in future years. The decrease in revenue is expected to result in a corresponding reduction in net income of approximately $5 million in 2006, from approximately $14.7 million to $10 million.
In accordance with Johnson Outdoors practice, affected employees will receive appropriate severance packages and outplacement services.
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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; Minn Kota® motors; Humminbird® fishfinders; SCUBAPRO® and UWATEC® dive equipment; and Eureka!® tents.
Visit Johnson Outdoors online at http://www.JohnsonOutdoors.com.
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. 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; unanticipated issues related to the Companys military tent business; the Companys success in implementing its strategic plan, including its focus on innovation; actions of companies that compete with the Company; the Companys success in managing inventory; movements in foreign currencies or interest rates; unanticipated issues associated with the Companys proposed going private transaction; the success of suppliers and customers; the ability of the Company to deploy its capital successfully; unanticipated outcomes related to outstanding 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 press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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