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Johnson Outdoors reports 2Q results

Johnson Outdoors today announced that revenue during the second fiscal quarter, which ended March 30, matched record second-quarter sales reported in the prior year.

Although operating profits benefited from a $3.5 million settlement with the company's insurance carriers, net income decreased because of a substantially higher effective tax rate.

“Second-quarter results reflect the importance and value of Johnson Outdoors' diverse business portfolio. Exceptional new products in our largest businesses, marine electronics and diving, have created strong preseason momentum across key channels in North America and Asia where the economic outlook is favorable,” chairman and CEO Helen Johnson-Leipold said in a statement.

“At the same time, military declines weighed on outdoor gear results, while efforts to address the challenges in watercraft continued,” she added. “We are looking forward to the third quarter, when the full extent of consumer sell-through for the year can be determined.”

Net sales for the quarter were $128.7 million, essentially flat with record net sales of $128.9 million in the prior-year quarter. Excluding the unfavorable $600,000 impact of currency in the current quarter, revenue would have exceeded the record second-quarter sales in the previous year.

Marine electronics revenue edged up 1.7 percent ahead of last year because of continued strong new product performance in Minn Kota and Humminbird to set a new record for second-quarter sales. Watercraft sales slipped 5.8 percent because of lower volume across all channels.

Total company operating profit increased 22.4 percent, to $14 million, compared with an operating profit of $11.4 million in the prior-year quarter.

The company reported net earnings of $7.3 million, or 74 cents a diluted share, during the second fiscal quarter, compared with net earnings of $8.5 million, or 87 cents a diluted share, in the same quarter last year.

Net sales in the first six months of fiscal 2012 increased 0.6 percent, to $208.9 million, versus $207.6 million in the same six-month period last year. Total company operating profit increased 1.7 percent, to $10.3 million, during the first six months of the fiscal year, compared with an operating profit of $10.1 million during the prior year-to-date period.

Net income for the first six months of the year was $4.3 million, or 44 cents a diluted share, compared with net earnings of $7.2 million, or 75 cents a diluted share, in the first six months of the prior year.



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