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Johnson Outdoors Announces Higher Sales And Profits In 2013 First Fiscal Quarter

RACINE, Wis., Feb. 1, 2013 (GLOBE NEWSWIRE) -- Johnson Outdoors Inc. (Nasdaq:JOUT), a leading global outdoor recreation equipment company, today announced quarterly revenue increased 9 percent to $87.3 million during the first fiscal period ended December 28, 2012, due to higher sales in Marine Electronics and the addition of the Jetboil ® brand acquired on November 14, 2012. First quarter operating profit was $1.5 million, a $5.2 million improvement year-over-year. Net Income was $0.2 million, a $3.2 million improvement versus the prior year first quarter.

"Johnson Outdoors' legacy of success is built on our unique value proposition: understanding our markets, consumers and recreational activities best, and then leveraging our deep insights, product expertise and know-how to deliver winning innovation to enhance and enrich the outdoor experience for outdoor enthusiasts. Future growth demands discipline and focus on what we know best, what we do best and doing it even better to deliver sustained 'Value Plus' for consumers, customers, employees and shareholders," said Helen Johnson-Leipold, Chairman and Chief Executive Officer. "While it is too early to predict how the year will go, we are pleased by such a strong start as we ramp up for the primary selling period for our products over the next two quarters. The competition for consumer discretionary dollars is always tough, and we feel good about our position and ability to grow share across every segment."

F IRST Q UARTER R ESULTS

Sales during the first fiscal quarter are typically the lowest of the year as the Company ramps up for the primary selling period of its outdoor recreation products during the second and third fiscal quarters. Net sales were $87.3 million in the first fiscal quarter compared with net sales of $80.2 million in the prior year quarter. Increased sales in Marine Electronics and Outdoor Gear more than offset revenue declines in other units. Key drivers behind the year-over-year comparison in each business unit were:
  • Marine Electronics revenue increased 12.3 percent year-over-year driven in large part by the shift of distributor shipments into the current quarter from the fiscal 2012 fourth quarter.
  • Outdoor Gear revenue rose 34.2 percent due to the acquisition of the Jetboil ® brand midway through the fiscal first quarter, which added $1.9 million to sales during the current quarter, and higher sales in commercial and military segments.
  • Watercraft sales compared unfavorably to the same period last year due to non-recurring year-end close-out sales in the sporting goods channel in the prior year quarter.
  • Diving sales dipped 1.5 percent as continued growth in SubGear ® could not offset the impact of unfavorable currency translation.

Total Company operating profit during the seasonally slow first fiscal quarter was $1.5 million compared to an operating loss of ($3.7 million) in the prior year period. Primary drivers behind the quarter-to-quarter comparison were:
  • Increased volume and favorable product mix.
  • Reduced operating expense in the current period due to lower legal costs versus the prior year quarter and the closure of certain European sales offices in Fiscal 2012.
  • Improved gross margins in Diving.

The Company reported net income of $0.2 million, or $0.02 per diluted share, during the first fiscal quarter, compared to a net loss of ($2.9 million), or ($0.30) per diluted share, in the same quarter last year.

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