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Johnson Outdoors reports 1Q results - Trade Only Today

Johnson Outdoors reports 1Q results

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Johnson Outdoors reported a slight increase in net sales for the first quarter, which ended Jan. 1, 2010, though it had a loss from continuing operations for the period.

The company announced net sales of $70.5 million for the quarter, up 1 percent compared to net sales of $69.8 million for the prior-year quarter.

Loss from continuing operations of $4.2 million, or 45 cents per diluted share, was reported, compared with a loss of $6.9 million, or 75 cents per diluted share, in the prior-year quarter.

"We have worked hard over the past 18 months to position Johnson Outdoors to compete effectively in today's new marketplace by reducing infrastructure, focusing strategies, strengthening the balance sheet and investing appropriately in meaningful innovation," chairman and CEO Helen Johnson-Leipold said in a statement.

"Early indications are that outdoor recreational markets will begin a slow, yet steady recovery in 2010 and we feel good about our ability to grow share, improve profitability and enhance shareholder value going forward," she added.

At the end of the first quarter, the company reported inventory levels were 25 percent below the prior year and net debt had been reduced $20 million versus the prior-year quarter.

Marine electronics revenues were up 3.5 percent for the quarter, while watercraft sales declined 7 percent, the company said.

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