Johnson
Outdoors Inc.
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(Exact
name of registrant as specified in its
charter)
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Wisconsin
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0-16255
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39-1536083
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||
(State
or other jurisdiction
of
incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
No.)
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555
Main Street, Racine, Wisconsin 53403
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(Address
of principal executive offices, including zip
code)
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(262)
631-6600
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(Registrant's
telephone number, including area
code)
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Not
Applicable
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(Former
name or former address, if changed since last
report)
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[
]
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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)
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[
]
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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[
]
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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(d)
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Exhibits.
The following exhibit is being furnished
herewith:
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99.1
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Press
Release Dated January 26, 2006.
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JOHNSON
OUTDOORS INC.
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Date: January
26, 2006
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By: /s/
David W.
Johnson
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|
David W. Johnson,
Vice President and Chief Financial Officer
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99.1
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Press
Release Dated January 26, 2006.
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§
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Watercraft
continued its positive momentum with sales 2% ahead of last year’s first
quarter due to the favorable reception of new
products.
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§
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Marine
Electronics had an 8% increase in quarterly sales due primarily to
the
continued growth of Humminbird®, and the acquisition of Cannon® and
Bottomline® brands completed on October 3, 2005 which added $1.2 million
in sales to the division during the period.
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§
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Diving
revenues declined 3% due to unfavorable currency translation.
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§
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Outdoor
Equipment revenues decreased 23% due entirely to a 29% decline in
military
sales from the prior year quarter.
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§
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The
significant drop in military sales compared with the prior year quarter,
resulting in a $1.8 million decline in Outdoor Equipment operating
profits.
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§
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Increased
spending in R&D and marketing in Marine Electronics, which has now
fully integrated the Cannon® and Bottomline® brands.
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§
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The
new Humminbird® 700 and 300 series of products, both offering higher
resolution screen technology, and new industrial design housing for
easy
dashboard mounting to enhance the appeal in the OEM channel (boat
manufacturers). Unique to the 700 series is Hemispherical
Viewing™
technology that provides crystal clear, page-like viewing from every
angle
and in every level of sunlight.
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§
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The
Old Town® Dirigo™, named 2005 recreational kayak of the year by
Paddler
Magazine,
generated 25% of the brand’s kayak sales in fiscal 2005 and production
capacity has been increased this year to keep up with the continued
high
consumer demand. Two new additions to the Necky® Manitou™ series of
touring kayaks are generating excitement in the marketplace: a 14-footer
for greater stability for beginning paddlers, and the Manitou II™, the
first tandem kayak in the series.
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(thousands,
except per share amounts)
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|||||||
Operating
Results
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THREE MONTHS ENDED
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||||||
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Dec
30
2005
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Dec
31
2004
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|||||
Net
sales
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$
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72,563
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$
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74,982
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|||
Cost
of sales
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43,134
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44,710
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|||||
Gross
profit
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29,429
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30,272
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|||||
Operating
expenses
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30,241
|
30,347
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|||||
Operating
loss
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(812
|
)
|
(75
|
)
|
|||
Interest
expense, net
|
903
|
1,090
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|||||
Other
expenses (income), net
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69
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(119
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)
|
||||
Loss
before income taxes
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(1,784
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)
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(1,046
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)
|
|||
Income
tax benefit
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(690
|
)
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(15
|
)
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|||
Net
loss
|
$
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(1,094
|
)
|
$
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(1,031
|
)
|
|
Net
loss basic and diluted per common share
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$
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(0.12
|
)
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$
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(0.12
|
)
|
|
Diluted
average common shares outstanding
|
8,977
|
8,599
|
|||||
Segment
Results
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|||||||
Net
sales:
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|||||||
Marine
electronics
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$
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29,974
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$
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27,851
|
|||
Outdoor
equipment
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14,524
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18,851
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|||||
Watercraft
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12,284
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12,066
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|||||
Diving
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15,818
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16,324
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|||||
Other/eliminations
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(37
|
)
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(108
|
)
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|||
Total
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$
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72,563
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$
|
74,982
|
|||
Operating
profit (loss):
|
|||||||
Marine
electronics
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$
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2,416
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$
|
2,887
|
|||
Outdoor
equipment
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1,648
|
3,408
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|||||
Watercraft
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(2,491
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)
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(2,819
|
)
|
|||
Diving
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66
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(136
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)
|
||||
Other/eliminations
|
|
(2,451
|
)
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(3,415
|
)
|
||
Total
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$
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(812
|
)
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$
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(75
|
)
|
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Balance
Sheet Information (End
of Period)
|
|||||||
Cash
and short-term investments
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$
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45,206
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$
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34,980
|
|||
Accounts
receivable, net
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62,465
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57,736
|
|||||
Inventories,
net
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62,704
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65,523
|
|||||
Total
current assets
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184,353
|
177,095
|
|||||
Total
assets
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286,247
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278,117
|
|||||
Short-term
debt
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45,000
|
17,024
|
|||||
Total
current liabilities
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91,713
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64,508
|
|||||
Long-term
debt
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20,800
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37,800
|
|||||
Shareholders’
equity
|
163,918
|
168,259
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