Johnson Outdoors reports 4Q, year-end results

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Johnson Outdoors, a leading global outdoor recreation company, today announced higher revenue, profits and earnings for fiscal 2011.

Strong performance by new products in the company's marine electronics and diving brands more than offset a 45
percent drop in military sales, the company said.

Net income rose to $32.7 million, or $3.37 a diluted share, for fiscal 2011, which ended Sept. 30, compared with $6.5 million, or 68 cents a diluted share, for the previous fiscal year, in part because of a $21.9 million reversal of the company's deferred tax asset valuation allowance.

"Meaningful innovation is at the core of who we are, and this year's new products generated more than 40 percent of total company revenue. In marine electronics and diving markets where the pace of recovery is strong, our brands' performance outpaced the market and the competition,” chairman and CEO Helen Johnson-Leipold said in a
statement.

Total net sales increased 7 percent, to $407.4 million, in fiscal 2011, compared with $382.4 million in fiscal 2010,
because of double-digit growth in marine electronics, which more than offset declines in other units. Key contributing factors in the year-over-year comparison were:

  • Double-digit growth in Minn Kota and Humminbird brands in all channels, with both brands exceeding $100 million in sales for the year.
  • Higher revenue in diving because of growth in North America, which more than offset weak Asia/Pacific markets.
  • Successful new products, which generated more than 40 percent of total company sales.

Total company operating profit rose 21 percent, to $17.7 million, for fiscal 2011, compared with an operating profit of $14.6 million in fiscal 2010.

Because of the seasonality of the warm-weather outdoor recreational products industry, the company's fourth quarter results historically reflect an industrywide slowing of sales and production. Higher marine electronics sales during the quarter more than offset lower volume in other units, the Racine, Wis.-based company said.

Total company net sales increased 3 percent, compared with the prior year’s quarter. The total company operating
loss was $4.2 million for the fourth fiscal quarter, compared with an operating loss of $3.3 million in the prior year’s quarter.

The company reported significant improvement in net income for the fiscal fourth quarter of $17.4 million, or $1.78 a diluted share, primarily because of the reversal of the company's tax valuation allowance. The adjusted net loss for the fiscal 2011 fourth quarter was $4.5 million, or 47 cents on an adjusted-loss-per-diluted-share basis.

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