RACINE, Wis., Aug. 02, 2019 (GLOBE NEWSWIRE) — Johnson Outdoors Inc. (Nasdaq: JOUT), a main international innovator of out of doors undertaking equipment and technology, nowadays pronounced increased sales for the Company’s 2019 third economic area ending June 28, 2019. Fishing’s continued boom drove better sales all through the 0.33 region and fiscal 2019 12 months-to-date duration.
“Outstanding new product success over the past three years continues to electricity growth in Fishing and units the stage for exciting improvements at the horizon. At the equal time, paintings maintain to bolster performance in Diving. Camping and Watercraft Recreation are transitioning product traces to capitalize on marketplace evolutions. We experience properly about wherein we are headed,” stated Helen Johnson-Leipold, Chairman and Chief Executive Officer. “The scope of Johnson Outdoors’ portfolio and the many possibilities for growth it offers puts us in a strong, specific position in an increasingly aggressive out of doors exercise enterprise.”
THIRD QUARTER RESULTS
Fiscal 1/3 region results mirror in-season replenishment orders for the Company’s warm-climate out of doors undertaking merchandise. Total Company internet income expanded 3 percent to $176.3 million compared to $170.8 million within the previous year’s quarter. Key elements behind the 12 months-over-yr assessment in every enterprise unit were:
Fishing revenue extended five percentage due to the continued achievement of new products in each Minn Kota® and Humminbird®.
Growth in Jetboil® helped gasoline higher sales in Camping.
Diving income had been down 3 percent, however flat on a currency-neutral basis instead of the prior year’s length.
Watercraft Recreation sales declines reflect ongoing weakness in paddleboat markets.
Total Company working profit at some stage in the quarter changed into $28.Zero million as compared to $32.Zero million inside the previous yr’s zone. Operating expenses for the 0.33 quarter elevated $4.Three million versus the previous 12 months length due to better income extent-associated price, better horrific debt expense, and expanded advertising aid. Gross margin changed into forty-five .2 percentage, versus forty six.5 percentage inside the previous zone, due in component to $1 — nine million in price lists on Chinese additives. Net profits within the third fiscal zone changed into $22.1 million, or $2.19 consistent with diluted percentage, compared to $23.8 million, or $2.37 in step with diluted proportion, inside the preceding year 0.33 region.
Fiscal 2019 year-to-date internet sales grew 1 percentage to $458.Four million as opposed to net income of $453.1 million within the equal monetary 9-month duration closing year. Total Company working profit turned into $ sixty-one.Nine million compared with $ sixty-five .0 million in the course of the previous monetary 12 months’ first nine months. While favorable product blend helped offset the impact of $four.Zero million of the price above lists on Chinese components multiplied operating expenses drove the decline in working profit yr over yr. The boom in running expense turned into general to awful debt and endured investment in advertising sophistication.
Net income inside the economic nine-month duration advanced 4 percentage to $ forty-seven. 5 million, or $4.Seventy-two in keeping with diluted percentage, compared with $45.6 million, or $four.54 in line with diluted proportion, inside the identical 9-month period closing 12 months. The yr-to-date effective tax fee of 24. Nine percent compared favorably to the previous economic first nine months, which contemplated charges related to the preliminary implementation of the new U.S. Tax Reform Act.
OTHER FINANCIAL INFORMATION
The Company reported coins and short-time period investments of $149.Zero million as of June 28, 2019, as opposed to $129.3 million on June 29, 2018. Depreciation and amortization have been $10.4 million, compared to $nine.6 million throughout the first nine months of the prior monetary. Capital spending totaled $12.0 million for the duration of the first nine months of monetary 2019 compared with $14.7 million in the same financial 2018 duration.
“At this time, our clean cognizance is on finishing the 12 months strong and ensuring our manufacturers are well-placed for the destiny. We continue to be assured of our potential and plans to force ongoing achievement. Our growing cash and debt-free function permit us to spend money on strategic priorities and other opportunities to reinforce our brands and grow our organizations, at the same time as continually paying dividends to shareholders,” stated David W. Johnson, Chief Financial Officer.
Humminbird® obtained “Best of Electronics” honors on the 2019 ICAST, the world’s most prestigious fishing display, with the brand’s new MEGA 360 Imaging™. Showing anglers exactly what’s occurring under the water, which will make every forged count number, MEGA 360 Imaging is the best sonar choice that provides an excessive-decision 360-diploma view across the boat. Sweeping 125 toes in each route, MEGA 360 Imaging grants unrivaled detail and coverage, integrated mapping, and custom-designed viewing options, so anglers can pick out how their returns seem and dial them in based on their fishing fashion, situations, and what they’re after. And no longer best that, however, MEGA 360 Imaging complements the capacity for anglers to provide complete use of the trolling motor so that you can use Spot-Lock™ and different important Minn Kota capabilities without restricting their capacity to use 360-degree sonar.
Humminbird’s ICE HELIX CHIRP GPS G3N ALL-SEASON™ additionally grabbed “Best of Ice Fishing” honors; a brand new category added to ICAST this yr. Humminbird leads the industry in ice fishing innovation. The ICE HELIX CHIRP GPS G3N ALL-SEASON brings the interesting new feature of AutoChart® Live Ice, which lets ice anglers quickly map and discover humps and drop-offs formerly unknown on remote or unmapped lakes. Combined with Humminbird’s confirmed Dual Spectrum CHIRP sonar’s clarity and detail, AutoChart Live Ice allows ice anglers to be extra without problems discover productive fishing holes.
The Company will host a convention call and audio web forged at eleven:00 a.M. Eastern Time on Friday, August 2, 2019. A stay concentrate-most effective netcast of the convention call can be accessed at Johnson Outdoors’ domestic page. A replay of the decision might be to be had for 30 days on the Internet.
ABOUT JOHNSON OUTDOORS INC.
JOHNSON OUTDOORS is a leading worldwide innovator of outside exercise gadget and technology that inspire more human beings to enjoy the awe of the exceptional outdoors. The enterprise designs, manufactures and markets a portfolio of triumphing, purchaser-desired brands throughout 4 categories: Watercraft Recreation, Fishing, Diving, and Camping. Johnson Outdoors’ iconic brands encompass Old Town® canoes and kayaks; Ocean Kayak™; Carlisle® paddles; Minn Kota® fishing motors, batteries, and anchors; Cannon® downriggers; Humminbird® marine electronics and charts; SCUBAPRO® dive device; Jetboil® out of doors cooking structures; and, Eureka!®camping and hiking gadget.