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.