Johnson Outdoors reports 2Q results

Author:
Publish date:

Johnson Outdoors announced record second-quarter sales and earnings for the quarter that ended April 1.

Total net sales grew 14.1 percent, to $128.9 million, compared with net sales of $112.9 million in the prior year's quarter. Strong new-product response, anticipated pent-up demand in the marine accessories marketplace and a favorable retail season outlook drove the quarterly revenue growth, the company said.

Marine electronics revenue surged 27.1 percent ahead of last year because of new-product acceptance in Minn Kota, Humminbird and Cannon brands in all markets and all channels.

Watercraft sales climbed 11.8 percent as a result of growth in national and regional sporting goods channels.

The company's operating profit rose 41.8 percent, to $11.4 million, compared with an operating profit of $8.1 million in the prior year's quarter.

The company reported a 37.2 percent increase in net earnings, to $8.5 million, or 87 cents a diluted share, during the second fiscal quarter, compared with net earnings of $6.2 million, or 64 cents a diluted share, in the quarter last year.

"The growing trend toward an active outdoor lifestyle and improving economic conditions are boosting continued recovery for the outdoor recreational products industry. While the level and pace of recovery varies by category, overall our unparalleled portfolio of consumer-preferred brands gained share to outperform their markets and competition," chairman and CEO Helen Johnson-Leipold said in a statement.

Net sales in the first six months of fiscal 2011 increased 13.2 percent, to $207.6 million, compared with $183.4 million in the same six-month period last year.

The company's operating profit increased 124.4 percent, to $10.1 million, during the first six months of fiscal 2011, compared with an operating profit of $4.5 million during the period last year.

Net income for the first six months of the year improved more than 270 percent, to $7.2 million, or 75 cents a diluted share, compared with net earnings of $1.9 million, or 20 cents a diluted share, in the first six months of the prior year.

Click here for the full report.

Related