Johnson Outdoors posts 4Q results - Trade Only Today

Johnson Outdoors posts 4Q results

Author:
Publish date:
Social count:
0

Johnson Outdoors reported a net loss of nearly $75 million for the fourth quarter, as well as a drop in sales.

Net loss for the quarter was $74.6 million ($8.18 per diluted share) compared to net income of $900,000 ($0.10 per diluted share) for the prior year quarter. Net sales for the fourth quarter were $81.8 million compared to $87.3 million in the prior year quarter.

For the full year, the company reported net sales of $420.8 million compared to the record revenues of $430.6 million in the prior year. Net loss for the year was $71 million ($7.81 per diluted share) compared to the prior year's net income of $9.2 million ($1 per diluted share.)

In addition to its financial results, Johnson Outdoors last week announced it was intensifying efforts to reduce operating costs, working capital and capital spending by more than $30 million combined. The cost-savings plan includes a 7 percent reduction in employees and a wage freeze.

"This was a challenging year, and given the 2009 economic outlook, we are acting quickly to protect profitability going forward while making smart investments behind future growth opportunities,” said Helen Johnson-Leipold, chairman and CEO.

“While we work to scale back our cost-structure, we remain focused on leveraging our marketing and innovation expertise to create consumer demand and drive increased volume in the year ahead,” she added.

Related

Anglers help fisheries management in Gulf

Angler participation has led the Florida Fish and Wildlife Conservation Commission for the first time ever to be able to manage the harvest of recreational red snapper in both state and federal waters in the Gulf of Mexico.

NMMA: Bad trade policies are piling up

President Trump announced a new round of tariffs on China that would affect marine components being imported from there, further jeopardizing strong growth in the industry, said the National Marine Manufacturers Association.