This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Johnson Outdoors Reports Growth In 2nd Quarter Sales And Earnings

S ECOND Q UARTER R ESULTS

Sales during the second fiscal quarter reflect initial shipments to customers in advance of the primary retail selling period for the outdoor recreation industry's warm-weather products season. Net sales were $132.1 million in the second fiscal quarter compared with net sales of $128.7 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 9 percent year-over-year due to growth in all brands from innovative new products.
  • Outdoor Gear revenue increased 7 percent due to the acquisition of the Jetboil ® brand midway through the fiscal first quarter, which added $2.4 million to sales during the current quarter to more than offset a 42 percent decline in military sales.
  • Watercraft sales compared unfavorably to the same period last year due to a continuing de-emphasis on low-margin product lines and lower sales in Europe.
  • Diving sales were 6 percent behind the prior year due to weak economic conditions in key diving markets. 

Total Company operating profit of $12.6 million during the second quarter was $1.3 million below the prior year quarter, a period during which the Company benefitted from a $3.5 million settlement with the Company's insurance carriers. Higher gross margin was driven by successful new products in Marine Electronics. The Company reported record second-quarter net income of $8.9 million, or $0.90 per diluted share, during the current quarter, compared to net income of $7.3 million, or $0.74 per diluted share, in the same quarter last year. 

Y EAR-TO- D ATE R ESULTS

Fiscal 2013 year-to-date net sales were $219.4 million, a 5 percent increase over net sales of $208.9 million in the same year-to-date period last year. Total Company operating profit increased 38 percent to $14.2 million during the first six months of fiscal 2013 compared to an operating profit of $10.3 million during the prior year-to-date period which included a favorable $3.5 million settlement with the Company's insurance carriers. Net income for the first six months of the year was a record $9.2 million, or $0.93 per diluted share, a 112 percent increase compared to net earnings of $4.3 million, or $0.44 per diluted share, in the first six months of the prior year. Net interest expense declined 37 percent compared with the same period last year.  The Company's effective tax rate during the fiscal first six months was 33 percent compared to an effective tax rate of 57 percent in the prior year-to-date period.  

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,698.08 -47.90 -0.27%
S&P 500 2,108.45 -0.18 -0.01%
NASDAQ 5,135.8350 +7.05 0.14%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs