Johnson Outdoors reports year-end resultsPosted on
Johnson Outdoors today announced increased revenues and a swing to profitability in fiscal 2010.
The Wisconsin-based company reported net income of $6.5 million, or 68 cents a diluted share, for the current fiscal year, compared with a net loss of $9.7 million, or $1.06 a diluted share, for the prior fiscal year.
“We have transformed Johnson Outdoors, taking aggressive, strategic action to enhance competitiveness and profitability now and in the future,” chairman and CEO Helen Johnson-Leipold said in a statement.
“We streamlined operations, simplified processes and kept working capital within target levels, while investing strategically in innovative new products and programs to strengthen our market-leading positions,” she added. “As a result, this year’s revenue growth outpaced our markets as we gained share and outperformed the competition.”
For the year, total net sales grew 7 percent, to $382.4 million, compared with $356.5 million in fiscal 2009. The company saw double-digit growth in Minn Kota and Humminbird brands in all channels and markets, it said.
In the fourth quarter of 2010, the company’s net sales continued a yearlong positive upward trend, increasing 15 percent, compared with the prior year’s quarter.
Johnson Outdoors reported double-digit increases in marine electronics and outdoor equipment sales for the quarter.