Skip to main content

Johnson Outdoors reports 3Q results

Johnson Outdoors today reported double-digit growth in operating profits and earnings in its third quarter and for the fiscal year to date.

Net sales increased slightly, from $128.6 million to $129.8 million, in the quarter that ended June 28 and they were 3.5 percent above the prior year-to-date revenue, the Wisconsin-based outdoor recreation equipment company said.

Operating profits in the third quarter totaled $16.1 million, a 13 percent increase from the quarter a year earlier. Operating expenses declined $1.8 million quarter-over-quarter, largely because of lower restructuring charges and the benefit of a $500,000 insurance settlement related to a flood in the company's Binghamton, N.Y., operation in late fiscal 2011.

Third-quarter net income of $13.7 million, or $1.37 a diluted share, marked a 52 percent increase from $9 million, or 91 cents a share, in the same quarter last year.

Net income in the quarter this year reflected changes in foreign tax valuation allowances, which the company said significantly reduced its effective tax rate year-over-year.

"We are reaping the benefits of efforts over the past three years to build a strong foundation for sustained profitable growth in each of our businesses,” chairman and CEO Helen Johnson-Leipold said in a statement. “Clear strategic focus and disciplined execution are key factors in the progress achieved. Investment in innovative products and technologies will be a core driver to continued success."

The company said fiscal 2013 net sales for the nine-month period that ended June 28 were $349.1 million, a 3.5 percent increase from the same period in the previous year.

The company’s total operating profit was $30.3 million for the current nine-month period, a 24 percent increase from the prior year period, which benefited from a $3.5 million favorable settlement with the company's insurance carriers.

Net income for the current nine-month period was $22.8 million, or $2.30 a diluted share, a 71 percent increase from the prior year nine-month net income of $13.3 million, or $1.35 a diluted share.

Click here for the full release.

Related

1_ABA

ABA Celebrates 30 Years

The America Boatbuilders Association was founded in 1992 with the objective of collectively buying engines, raw materials and manufactured products at better prices.

1_YEARGIN

Who, Not How

Sometimes, to solve a tough problem, you need to get a different person in the room.

1_WHALESACTION

NMMA: Proposed Speed Rule an ‘Existential Threat’ to Industry

The association is calling on every marine brand, employee and boat owner to file public comment by Oct. 31 over a sweeping regulation to protect North Atlantic right whales.

1_AXOPAR

Axopar and Nimbus Renew Agreement

The boatbuilders have entered an agreement whereby Nimbus Group will retain exclusive rights to sell Axopar boats on the Swedish market.

1_IAN

Hurricane Ian Leaves Devastation in Florida

The storm left a wide swath of destruction, heavily impacting marine interests from Tampa Bay to Marco Island.

Norm

Email Is Your Ticket to Holiday Sales

Developing an effective email campaign can bolster sales and help fill winter coffers at your dealership.

1_NMRA

NMRA Presents Annual Awards

Edson CEO Will Keene and ComMar Sales president Tim Conroy were recognized for their contributions to the marine industry.

1_ PULSE.PING.2

DEALERS: Are Interest Rates Impacting Demand?

This month’s Pulse Report survey asks dealers whether interest rate increases are causing a downturn in boat sales. Take the survey here.

1_EPROPULSION

EPropulsion, Mack Boring Partner with Crest

Pontoon builder Crest will use an ePropulsion Navy 3.0 Evo electric outboard motor and an E175 battery for its 2023 Current model.