Wisconsin
(State
or other jurisdiction of
incorporation
or organization)
|
39-1536083
(I.R.S.
Employer Identification No.)
|
Index
|
Page
No.
|
|||
PART
I
|
FINANCIAL
INFORMATION
|
|||
Item
1.
|
Financial
Statements (unaudited)
|
|||
|
|
1
|
||
|
|
2
|
||
|
|
3
|
||
|
|
4
|
||
Item
2.
|
|
16
|
||
Item
3.
|
|
27
|
||
Item
4.
|
|
27
|
||
PART
II
|
OTHER
INFORMATION
|
|||
Item
6.
|
|
27
|
||
|
|
28
|
||
|
|
29
|
(thousands,
except per share data)
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||||
June
27
2008
|
June
29
2007
|
June
27
2008
|
June
29
2007
|
|||||||||||||
Net
sales
|
$ | 141,243 | $ | 149,868 | $ | 339,023 | $ | 343,267 | ||||||||
Cost
of sales
|
85,492 | 86,130 | 207,177 | 203,851 | ||||||||||||
Gross
profit
|
55,751 | 63,738 | 131,846 | 139,416 | ||||||||||||
Operating
expenses:
|
||||||||||||||||
Marketing
and selling
|
30,293 | 30,484 | 78,313 | 75,473 | ||||||||||||
Administrative
management, finance and
information systems
|
8,257 | 10,632 | 30,555 | 31,489 | ||||||||||||
Research
and development
|
3,065 | 3,049 | 9,329 | 9,122 | ||||||||||||
Litigation
settlement
|
-- | 4,400 | -- | 4,400 | ||||||||||||
Profit
sharing
|
(433 | ) | 390 | 14 | 1,773 | |||||||||||
Total
operating expenses
|
41,182 | 48,955 | 118,211 | 122,257 | ||||||||||||
Operating
profit
|
14,569 | 14,783 | 13,635 | 17,159 | ||||||||||||
Interest
income
|
(118 | ) | (106 | ) | (603 | ) | (465 | ) | ||||||||
Interest
expense
|
1,651 | 1,572 | 4,206 | 4,128 | ||||||||||||
Other
(income) expense, net
|
(304 | ) | (527 | ) | 1,056 | (657 | ) | |||||||||
Income
before income taxes
|
13,340 | 13,844 | 8,976 | 14,153 | ||||||||||||
Income
tax expense
|
5,453 | 5,509 | 3,931 | 5,199 | ||||||||||||
Income
from continuing operations
|
7,887 | 8,335 | 5,045 | 8,954 | ||||||||||||
Loss
from discontinued operations, net of income tax
benefit of $61, $39, $875 and $389, respectively
|
(104 | ) | (67 | ) | (1,490 | ) | (662 | ) | ||||||||
Net
income
|
$ | 7,783 | $ | 8,268 | $ | 3,555 | $ | 8,292 | ||||||||
Weighted
average common – Basic:
|
||||||||||||||||
Class
A
|
7,875,835 | 7,836,312 | 7,862,119 | 7,811,345 | ||||||||||||
Class
B
|
1,217,309 | 1,217,964 | 1,217,353 | 1,217,973 | ||||||||||||
Dilutive
stock options and restricted stock
|
149,392 | 207,909 | 175,571 | 209,182 | ||||||||||||
Weighted
average common – Dilutive
|
9,242,536 | 9,262,185 | 9,255,043 | 9,238,500 | ||||||||||||
Income
from continuing operations per common
share – Basic:
|
||||||||||||||||
Class
A
|
$ | 0.88 | $ | 0.93 | $ | 0.56 | $ | 1.01 | ||||||||
Class
B
|
$ | 0.79 | $ | 0.84 | $ | 0.50 | $ | 0.90 | ||||||||
Loss
from discontinued operations per common
share – Basic:
|
||||||||||||||||
Class
A
|
$ | (0.01 | ) | $ | -- | $ | (0.16 | ) | $ | (0.08 | ) | |||||
Class
B
|
$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.15 | ) | $ | (0.07 | ) | ||||
Income
per common share – Basic:
|
||||||||||||||||
Class
A
|
$ | 0.87 | $ | 0.93 | $ | 0.40 | $ | 0.93 | ||||||||
Class
B
|
$ | 0.78 | $ | 0.83 | $ | 0.35 | $ | 0.83 | ||||||||
Income
from continuing operations per common
Class A and B share – Dilutive
|
$ | 0.85 | $ | 0.90 | $ | 0.55 | $ | 0.97 | ||||||||
Loss
from discontinued operations per common
Class A and B share – Dilutive
|
$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.17 | ) | $ | (0.07 | ) | ||||
Income
per common Class A and B share – Dilutive
|
$ | 0.84 | $ | 0.89 | $ | 0.38 | $ | 0.90 | ||||||||
Dividends
per share:
|
||||||||||||||||
Class
A Common Stock
|
$ | 0.055 | $ | 0.055 | $ | 0.165 | $ | 0.055 | ||||||||
Class
B Common Stock
|
$ | 0.050 | $ | 0.050 | $ | 0.150 | $ | 0.050 |
(thousands,
except share data)
|
June
27
2008
(unaudited)
|
September
28
2007
(audited)
|
June
29
2007
(unaudited)
|
|||||||||
Assets
|
||||||||||||
Current
assets:
|
||||||||||||
Cash
and temporary cash investments
|
$ | 22,292 | $ | 39,232 | $ | 35,426 | ||||||
Accounts
receivable, less allowance for doubtful
accounts
of $2,447, $2,267 and $2,484,
respectively
|
103,780 | 57,275 | 107,248 | |||||||||
Inventories,
net
|
96,964 | 87,726 | 84,203 | |||||||||
Deferred
income taxes
|
11,835 | 11,029 | 9,859 | |||||||||
Other
current assets
|
8,756 | 8,253 | 7,997 | |||||||||
Assets
held for sale
|
131 | 1,706 | 1,791 | |||||||||
Total
current assets
|
243,758 | 205,221 | 246,524 | |||||||||
Property,
plant and equipment, net
|
38,438 | 36,406 | 33,234 | |||||||||
Deferred
income taxes
|
13,941 | 13,097 | 15,205 | |||||||||
Goodwill
|
57,547 | 51,454 | 51,073 | |||||||||
Intangible
assets, net
|
6,531 | 6,638 | 4,550 | |||||||||
Other
assets
|
7,284 | 6,868 | 6,160 | |||||||||
Total
assets
|
$ | 367,499 | $ | 319,684 | $ | 356,746 | ||||||
Liabilities
And Shareholders' Equity
|
||||||||||||
Current
liabilities:
|
||||||||||||
Short-term
notes payable
|
$ | -- | $ | 22,000 | $ | 51,042 | ||||||
Current
maturities of long-term debt
|
10,001 | 10,800 | 10,801 | |||||||||
Accounts
payable
|
28,755 | 23,051 | 28,468 | |||||||||
Accrued
liabilities:
|
||||||||||||
Salaries,
wages and benefits
|
10,691 | 15,485 | 13,186 | |||||||||
Accrued
discounts and returns
|
7,596 | 5,524 | 7,155 | |||||||||
Accrued
interest payable
|
258 | 610 | 330 | |||||||||
Income
taxes payable
|
3,432 | 2,192 | 5,713 | |||||||||
Litigation
settlement
|
-- | -- | 4,400 | |||||||||
Other
|
18,971 | 16,619 | 21,579 | |||||||||
Liabilities
held for sale
|
62 | 938 | 665 | |||||||||
Total
current liabilities
|
79,766 | 97,219 | 143,339 | |||||||||
Long-term
debt, less current maturities
|
60,003 | 10,006 | 10,006 | |||||||||
Other
liabilities
|
13,704 | 12,294 | 9,081 | |||||||||
Total
liabilities
|
153,473 | 119,519 | 162,426 | |||||||||
Shareholders'
equity:
|
||||||||||||
Preferred
stock: none issued
|
-- | -- | -- | |||||||||
Common
stock:
|
||||||||||||
Class
A shares issued:
June
27, 2008, 8,005,255;
September
28, 2007, 7,949,617;
June
29, 2007, 7,949,087
|
400 | 397 | 397 | |||||||||
Class
B shares issued (convertible into Class A):
June
27, 2008, 1,217,309;
September
28, 2007, 1,217,409;
June
29, 2007, 1,217,939
|
61 | 61 | 61 | |||||||||
Capital
in excess of par value
|
57,901 | 56,835 | 56,620 | |||||||||
Retained
earnings
|
128,177 | 126,253 | 125,809 | |||||||||
Accumulated
other comprehensive income
|
27,566 | 16,619 | 11,433 | |||||||||
Treasury
stock at cost, 4,881 shares of Class A
Common
Stock
|
(79 | ) | -- | -- | ||||||||
Total
shareholders' equity
|
214,026 | 200,165 | 194,320 | |||||||||
Total
liabilities and shareholders' equity
|
$ | 367,499 | $ | 319,684 | $ | 356,746 |
(thousands)
|
Nine
Months Ended
|
|||||||
June
27
2008
|
June
29
2007
|
|||||||
Cash
Used For Operating Activities
|
||||||||
Net
income
|
$ | 3,555 | $ | 8,292 | ||||
Adjustments
to reconcile net income to net cash used for operating
activities:
|
||||||||
Depreciation
|
6,930 | 6,850 | ||||||
Amortization
of intangible assets
|
331 | 74 | ||||||
Amortization
of deferred financing costs
|
110 | 132 | ||||||
Stock
based compensation
|
583 | 489 | ||||||
Deferred
income taxes
|
(1,587 | ) | (1,026 | ) | ||||
Change
in operating assets and liabilities, net of effect of businesses
acquired
or sold:
|
||||||||
Accounts
receivable, net
|
(40,785 | ) | (52,886 | ) | ||||
Inventories,
net
|
(902 | ) | (18,391 | ) | ||||
Accounts
payable and accrued liabilities
|
(1,128 | ) | 21,624 | |||||
Other
current assets
|
855 | (243 | ) | |||||
Other,
net
|
(479 | ) | 199 | |||||
(32,517 | ) | (34,886 | ) | |||||
Cash
Used For Investing Activities
|
||||||||
Payments
for purchase of business
|
(5,788 | ) | (9,595 | ) | ||||
Additions
to property, plant and equipment
|
(8,356 | ) | (8,255 | ) | ||||
(14,144 | ) | (17,850 | ) | |||||
Cash
Provided By Financing Activities
|
||||||||
Net
borrowings (repayments) from short-term notes payable
|
(22,001 | ) | 51,040 | |||||
Borrowings
from long-term debt
|
60,000 | -- | ||||||
Principal
payments on senior notes
|
(10,800 | ) | (17,001 | ) | ||||
Excess
tax benefits from stock based compensation
|
15 | 37 | ||||||
Dividends
paid
|
(1,499 | ) | -- | |||||
Common
stock transactions
|
471 | 663 | ||||||
26,186 | 34,739 | |||||||
Effect
of foreign currency fluctuations on cash
|
3,535 | 1,734 | ||||||
Decrease
in cash and temporary cash investments
|
(16,940 | ) | (16,263 | ) | ||||
Cash
And Temporary Cash Investments
|
||||||||
Beginning
of period
|
39,232 | 51,689 | ||||||
End
of period
|
$ | 22,292 | $ | 35,426 |
Shares
|
Weighted
Average
Exercise Price
|
Weighted
Average Remaining Contractual Term (Years)
|
Aggregate
Intrinsic Value
|
|||||||||||||
Outstanding
and exercisable at September 28, 2007
|
286,393 | $ | 8.66 | 3.0 | $ | 3,713 | ||||||||||
Granted
|
-- | |||||||||||||||
Exercised
|
(10,000 | ) | 17.50 | 44 | ||||||||||||
Outstanding
and exercisable at June 27, 2008
|
276,393 | $ | 8.34 | 2.4 | $ | 2,098 |
Shares
|
Weighted
Average
Grant
Price
|
|||||||
Unvested
restricted stock at September 28, 2007
|
105,102 | $ | 17.39 | |||||
Restricted
stock grants
|
35,972 | 21.75 | ||||||
Restricted
stock vested
|
(31,797 | ) | 17.77 | |||||
Unvested
restricted stock at June 27, 2008
|
109,277 | $ | 18.72 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
June
27
2008
|
June
29
2007
|
June
27
2008
|
June
29
2007
|
|||||||||||||
Components
of net periodic benefit cost:
|
||||||||||||||||
Service
cost
|
$ | 197 | $ | 176 | $ | 512 | $ | 528 | ||||||||
Interest
on projected benefit obligation
|
303 | 231 | 805 | 694 | ||||||||||||
Less
estimated return on plan assets
|
270 | 218 | 732 | 654 | ||||||||||||
Amortization
of unrecognized:
|
||||||||||||||||
Gain
(loss)
|
(3 | ) | 67 | 44 | 201 | |||||||||||
Prior
service cost
|
(1 | ) | 3 | 3 | 7 | |||||||||||
Transition
asset
|
-- | (1 | ) | -- | (2 | ) | ||||||||||
Net
amount recognized
|
$ | 226 | $ | 258 | $ | 632 | $ | 774 |
June
27
2008
|
September
28
2007
|
June
29
2007
|
||||||||||
Raw
materials
|
$ | 32,014 | $ | 34,585 | $ | 32,418 | ||||||
Work
in process
|
3,938 | 3,850 | 3,460 | |||||||||
Finished
goods
|
66,078 | 53,315 | 52,075 | |||||||||
102,030 | 91,750 | 87,953 | ||||||||||
Less
inventory reserves
|
5,066 | 4,024 | 3,750 | |||||||||
$ | 96,964 | $ | 87,726 | $ | 84,203 |
Total
current assets
|
$ | 1,831 | ||
Property,
plant and equipment
|
122 | |||
Trademark
|
936 | |||
Customer
list
|
267 | |||
Goodwill
|
5,678 | |||
Total
assets acquired
|
8,834 | |||
Total
liabilities assumed
|
453 | |||
Net
purchase price
|
$ | 8,381 |
Total
current assets
|
$ | 8,482 | ||
Property,
plant and equipment
|
55 | |||
Other
intangibles
|
24 | |||
Goodwill
|
2,329 | |||
Total
assets acquired
|
10,890 | |||
Total
liabilities assumed
|
5,102 | |||
Net
purchase price
|
$ | 5,788 |
June
27
2008
|
June
29
2007
|
|||||||
Balance
at beginning of period
|
$ | 51,454 | $ | 42,947 | ||||
Amount
attributable to Geonav acquisition
|
2,329 | -- | ||||||
Amount
attributable to Lendal acquisition
|
-- | 973 | ||||||
Amount
attributable to Seemann purchase price allocation
|
158 | 6,354 | ||||||
Amount
attributable to movements in foreign currencies
|
3,606 | 799 | ||||||
Balance
at end of period
|
$ | 57,547 | $ | 51,073 |
June
27
2008
|
June
29
2007
|
|||||||
Balance
at beginning of period
|
$ | 4,290 | $ | 3,844 | ||||
Expense
accruals for warranties issued during the period
|
3,240 | 3,196 | ||||||
Warranty
accruals assumed
|
-- | 39 | ||||||
Less
current period warranty claims paid
|
(2,331 | ) | (1,959 | ) | ||||
Balance
at end of period
|
$ | 5,199 | $ | 5,120 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
June
27
2008
|
June
29
2007
|
June
27
2008
|
June
29
2007
|
|||||||||||||
Net
income
|
$ | 7,783 | $ | 8,268 | $ | 3,555 | $ | 8,292 | ||||||||
Translation
adjustments
|
(489 | ) | 1,136 | 11,836 | 4,480 | |||||||||||
Gain
(loss) on cash flow hedge, net of tax
|
1,544 | -- | (888 | ) | -- | |||||||||||
Comprehensive
income
|
$ | 8,838 | $ | 9,404 | $ | 14,503 | $ | 12,772 |
Employee
Termination Costs
|
Contract
Exit
Costs
|
Other
Exit Costs
|
Total
|
|||||||||||||
Accrued
liabilities as of September 28, 2007
|
$ | 147 | $ | 116 | $ | -- | $ | 263 | ||||||||
Activity
during period ended June 27, 2008:
|
||||||||||||||||
Additional
charges (recoveries)
|
||||||||||||||||
Charges
to earnings
|
-- | -- | 74 | 74 | ||||||||||||
Settlement
payments and other
|
(147 | ) | (116 | ) | (74 | ) | (337 | ) | ||||||||
Accrued
liabilities as of June 27, 2008
|
$ | -- | $ | -- | $ | -- | $ | -- |
Employee
Termination Costs
|
Contract
Exit
Costs
|
Other
Exit
Costs
|
Total
|
|||||||||||||
Accrued
liabilities as of September 28, 2007
|
$ | -- | $ | -- | $ | -- | $ | -- | ||||||||
Activity
during period ended June 27, 2008:
|
||||||||||||||||
Additional
charges (recoveries)
|
||||||||||||||||
Charges
to earnings
|
409 | -- | 960 | 1,369 | ||||||||||||
Settlement
payments and other
|
-- | -- | (960 | ) | (960 | ) | ||||||||||
Accrued
liabilities as of June 27, 2008
|
$ | 409 | $ | -- | $ | -- | $ | 409 |
Employee
Termination Costs
|
Contract
Exit
Costs
|
Other
Exit Costs
|
Total
|
|||||||||||||
Accrued
liabilities as of September 28, 2007
|
$ | -- | $ | -- | $ | -- | $ | -- | ||||||||
Activity
during period ended June 27, 2008:
|
||||||||||||||||
Additional
charges (recoveries)
|
||||||||||||||||
Charges
to earnings
|
285 | -- | -- | 285 | ||||||||||||
Settlement
payments and other
|
-- | -- | -- | -- | ||||||||||||
Accrued
liabilities as of June 27, 2008
|
$ | 285 | $ | -- | $ | -- | $ | 285 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
June
27
2008
|
June
29
2007
|
June
27
2008
|
June
29
2007
|
|||||||||||||
Net
sales:
|
||||||||||||||||
Marine
electronics:
|
||||||||||||||||
Unaffiliated
customers
|
$ | 62,269 | $ | 70,882 | $ | 157,017 | $ | 164,768 | ||||||||
Interunit
transfers
|
110 | 124 | 169 | 242 | ||||||||||||
Outdoor
equipment:
|
||||||||||||||||
Unaffiliated
customers
|
17,077 | 17,184 | 38,283 | 46,432 | ||||||||||||
Interunit
transfers
|
38 | 36 | 60 | 62 | ||||||||||||
Watercraft:
|
||||||||||||||||
Unaffiliated
customers
|
34,525 | 36,332 | 71,666 | 70,339 | ||||||||||||
Interunit
transfers
|
124 | 112 | 167 | 150 | ||||||||||||
Diving:
|
||||||||||||||||
Unaffiliated
customers
|
27,113 | 25,238 | 71,571 | 61,375 | ||||||||||||
Interunit
transfers
|
133 | 223 | 697 | 535 | ||||||||||||
Other/Corporate
|
259 | 232 | 486 | 353 | ||||||||||||
Eliminations
|
(405 | ) | (495 | ) | (1,093 | ) | (989 | ) | ||||||||
$ | 141,243 | $ | 149,868 | $ | 339,023 | $ | 343,267 | |||||||||
Operating
profit:
|
||||||||||||||||
Marine
electronics
|
$ | 7,696 | $ | 12,551 | $ | 13,442 | $ | 21,559 | ||||||||
Outdoor
equipment
|
2,412 | 2,806 | 2,784 | 5,681 | ||||||||||||
Watercraft
|
3,583 | (1,094 | ) | 1,240 | (3,043 | ) | ||||||||||
Diving
|
2,443 | 3,014 | 3,579 | 3,769 | ||||||||||||
Other/Corporate
|
(1,565 | ) | (2,494 | ) | (7,410 | ) | (10,807 | ) | ||||||||
$ | 14,569 | $ | 14,783 | $ | 13,635 | $ | 17,159 | |||||||||
Total
assets (end of period):
|
||||||||||||||||
Marine
electronics
|
$ | 121,159 | $ | 115,163 | ||||||||||||
Outdoor
equipment
|
26,001 | 32,230 | ||||||||||||||
Watercraft
|
80,271 | 78,050 | ||||||||||||||
Diving
|
111,557 | 115,016 | ||||||||||||||
Other/Corporate
|
28,380 | 14,496 | ||||||||||||||
Assets
held for sale
|
131 | 1,791 | ||||||||||||||
$ | 367,499 | $ | 356,746 |
|
·
|
Forward
Looking Statements
|
|
·
|
Trademarks
|
|
·
|
Overview
|
|
·
|
Results
of Operations
|
|
·
|
Financial
Condition
|
|
·
|
Obligations
and Off Balance Sheet Arrangements
|
|
·
|
Market
Risk Management
|
|
·
|
Critical
Accounting Policies and Estimates
|
|
·
|
New
Accounting Pronouncements
|
·
|
Marine
Electronics sales decreased 12.1% from the prior year quarter largely
due
to a soft domestic boat market, partially offset by incremental sales
from
the GEONAV business acquired in November,
2007.
|
·
|
Watercraft
sales were down 4.9% versus the prior year quarter due primarily
to the
effect of economic uncertainty in the retail
marketplace.
|
·
|
Diving
sales were up 7.1% due to favorable foreign currency
translation.
|
·
|
Outdoor
Equipment sales were essentially flat with the prior year quarter
as sales
gains in Consumer were virtually offset by lower military and commercial
tent sales.
|
Year
Ended
|
||||||||||||||||||||||||
September
28, 2007
|
September
29, 2006
|
September
30, 2005
|
||||||||||||||||||||||
Quarter
Ended
|
Net
Sales
|
Operating
Profit
(loss)
|
Net
Sales
|
Operating
Profit
(loss)
|
Net
Sales
|
Operating
Profit
(loss)
|
||||||||||||||||||
December
|
17 | % | (15 | )% | 19 | % | (4 | )% | 20 | % | — | % | ||||||||||||
March
|
28 | 23 | 27 | 40 | 28 | 54 | ||||||||||||||||||
June
|
35 | 82 | 34 | 67 | 32 | 76 | ||||||||||||||||||
September
|
20 | 10 | 20 | (3 | ) | 20 | (30 | ) | ||||||||||||||||
100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
(millions)
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||||
June
27
2008
|
June
29
2007
|
June
27
2008
|
June
29
2007
|
|||||||||||||
Net
sales:
|
||||||||||||||||
Marine
electronics
|
$ | 62.4 | $ | 71.0 | $ | 157.2 | $ | 165.0 | ||||||||
Outdoor
equipment
|
17.1 | 17.2 | 38.3 | 46.4 | ||||||||||||
Watercraft
|
34.6 | 36.4 | 71.8 | 70.5 | ||||||||||||
Diving
|
27.3 | 25.5 | 72.3 | 61.9 | ||||||||||||
Other/eliminations
|
(0.2 | ) | (0.2 | ) | (0.6 | ) | (0.5 | ) | ||||||||
Total
|
$ | 141.2 | $ | 149.9 | $ | 339.0 | $ | 343.3 | ||||||||
Operating
profit:
|
||||||||||||||||
Marine
electronics
|
$ | 7.7 | $ | 12.6 | $ | 13.4 | $ | 21.6 | ||||||||
Outdoor
equipment
|
2.4 | 2.8 | 2.8 | 5.7 | ||||||||||||
Watercraft
|
3.5 | (1.1 | ) | 1.2 | (3.0 | ) | ||||||||||
Diving
|
2.5 | 3.0 | 3.6 | 3.8 | ||||||||||||
Other/eliminations
|
(1.5 | ) | (2.5 | ) | (7.4 | ) | (10.9 | ) | ||||||||
Total
|
$ | 14.6 | $ | 14.8 | $ | 13.6 | $ | 17.2 |
(millions)
|
Nine
Months Ended
|
|||||||
June
27
2008
|
June
29
2007
|
|||||||
Cash
provided by (used for):
|
||||||||
Operating
activities
|
$ | (32.5 | ) | $ | (34.9 | ) | ||
Investing
activities
|
(14.1 | ) | (17.8 | ) | ||||
Financing
activities
|
26.2 | 34.7 | ||||||
Effect
of exchange rate changes
|
3.5 | 1.7 | ||||||
Decrease
in cash and temporary cash investments
|
$ | (16.9 | ) | $ | (16.3 | ) |
Payment
Due by Period
|
||||||||||||||||||||
(millions)
|
Total
|
Remainder
2008
|
2009/10 | 2011/12 |
2013
& After
|
|||||||||||||||
Long-term
debt
|
$ | 70.0 | $ | -- | $ | 10.0 | $ | -- | $ | 60.0 | ||||||||||
Short-term
debt
|
-- | -- | -- | -- | -- | |||||||||||||||
Operating
lease obligations
|
23.4 | 1.5 | 8.0 | 5.6 | 8.3 | |||||||||||||||
Open
purchase orders
|
39.2 | 39.2 | -- | -- | -- | |||||||||||||||
Contractually
obligated interest payments
|
13.9 | 0.7 | 6.2 | 5.8 | 1.2 | |||||||||||||||
Total
contractual obligations
|
$ | 146.5 | $ | 41.4 | $ | 24.2 | $ | 11.4 | $ | 69.5 |
(millions)
|
Estimated
Impact on
|
|||||||
Fair
Value
|
Earnings
Before Income Taxes
|
|||||||
Interest
rate instruments
|
$ | 0.1 | $ | 0.7 |
JOHNSON
OUTDOORS INC.
|
|
Signatures
Dated: August 5, 2008
|
|
/s/
Helen P.
Johnson-Leipold
|
|
Helen
P. Johnson-Leipold
Chairman
and Chief Executive Officer
|
|
/s/
David W.
Johnson
|
|
David
W. Johnson
Vice
President and Chief Financial Officer
(Principal
Financial and Accounting Officer)
|
Exhibit
Number
|
Description
|
31.1
|
|
31.2
|
|
32
(1)
|
1)
|
I
have reviewed this Quarterly Report on Form 10-Q of Johnson Outdoors
Inc.;
|
2)
|
Based
on my knowledge, this report does not contain any untrue statement
of a
material fact or omit to state a material fact necessary to make
the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
|
3)
|
Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects
the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this report;
|
4)
|
The
registrant’s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed
such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to
ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is
being
prepared;
|
|
b)
|
Designed
such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision,
to
provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness
of
the disclosure controls and procedures, as of the end of the period
covered by this report based on such evaluation; and
|
|
d)
|
Disclosed
in this report any change in the registrant’s internal control over
financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely
to
materially affect, the registrant’s internal control over financial
reporting; and
|
5)
|
The
registrant’s other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting,
to
the registrant’s auditors and the audit committee of registrant’s board of
directors (or persons performing the equivalent functions):
|
|
a)
|
All
significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record,
process, summarize and report financial information; and
|
|
b)
|
Any
fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant’s internal control
over financial reporting.
|
Date:
|
August
5, 2008
|
/s/ Helen P. Johnson-Leipold | |
Helen
P. Johnson-Leipold
Chairman
and Chief Executive Officer
|
1)
|
I
have reviewed this Quarterly Report on Form 10-Q of Johnson Outdoors
Inc.;
|
2)
|
Based
on my knowledge, this report does not contain any untrue statement
of a
material fact or omit to state a material fact necessary to make
the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
|
3)
|
Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects
the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this report;
|
4)
|
The
registrant’s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed
such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to
ensure
that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is
being
prepared;
|
|
b)
|
Designed
such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision,
to
provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness
of
the disclosure controls and procedures, as of the end of the period
covered by this report based on such evaluation; and
|
|
d)
|
Disclosed
in this report any change in the registrant’s internal control over
financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely
to
materially affect, the registrant’s internal control over financial
reporting; and
|
5)
|
The
registrant’s other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting,
to
the registrant’s auditors and the audit committee of registrant’s board of
directors (or persons performing the equivalent functions):
|
|
a)
|
All
significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record,
process, summarize and report financial information; and
|
|
b)
|
Any
fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant’s internal control
over financial reporting.
|
Date:
|
August
5, 2008
|
/s/ David W. Johnson | |
David
W. Johnson
Vice
President and Chief Financial Officer
Treasurer
|
/s/ Helen P. Johnson-Leipold |
Helen
P. Johnson-Leipold
Chairman
and Chief Executive Officer
August
5, 2008
|
/s/ David W. Johnson |
David
W. Johnson
Vice
President and Chief Financial Officer
Treasurer
August
5, 2008
|