Please select your home edition
Edition
A+T Instruments 2024 Leaderboard

Johnson Outdoors reports Fiscal Second Quarter Results

by Johnson Outdoors Inc 7 May 2021 17:46 PDT
Johnson Outdoors Inc © Johnson Outdoors Inc

Johnson Outdoors Inc. (Nasdaq:JOUT), a leading global innovator of outdoor recreation equipment and technology, today announced higher sales and earnings during the Company's second fiscal quarter ending Friday, April 2, 2021. Year-to-date revenue and net income compared favorably to the prior year fiscal six-month period.

"Through the second fiscal quarter, our results reflect the strong levels of demand fueled by the pandemic and the increased interest in outdoor activities. I am proud of our team for their exceptional work in delivering these results during this unprecedented time. Our primary focus continues to be keeping pace with high demand," said Helen Johnson-Leipold, Chairman and Chief Executive Officer. "Looking ahead, the power of our innovation and the enduring strength of our brand equities continue to well-position Johnson Outdoors for marketplace success."

Second Quarter Results

Sales in the second fiscal quarter reflect shipments to customers in anticipation of the primary retail selling period for the outdoor recreation industry's warm-weather products. Total Company net sales in the second quarter surged 26 percent year over year to $206.2 million, versus $163.1 million in the prior year fiscal quarter. Key contributing factors to the results were:

  • Continued high demand across all product lines in Minn Kota® and Humminbird® propelled a 19.5 percent increase in Fishing revenue.

  • Watercraft Recreation and Camping sales rose significantly due to strong demand across all product categories.

  • Ongoing pandemic-related global travel restrictions and lockdowns in various countries led to the unfavorable year-over-year revenue comparison in Diving.

Total Company operating profit during the quarter was $36.0 million versus $31.8 million in the prior year second quarter. Gross margin dipped slightly to 45.2 percent due primarily to increases in tariffs and freight costs year over year. Operating expenses were $57.2 million, with the increase driven by higher sales volume-driven expenses, as well as higher variable and deferred compensation expense between quarters. Favorable market conditions on the Company's deferred compensation plan assets resulted in higher deferred compensation expense in the current year quarter as compared to the prior year quarter, which was entirely offset by a gain in Other Income. Net income increased to $27.8 million, or $2.74 per diluted share.

Year-to-Date Results

Fiscal 2021 year-to-date net sales were $371.8 million, a 28 percent increase over last year's first fiscal six-month period. Total Company operating profit rose 54.4 percent to $59.6 million compared to $38.6 million in prior fiscal year-to-date period. Gross margin improved to 45.3 percent in the first fiscal six months versus 44.2 percent in the prior fiscal year-to-date period. Operating expenses were $108.7 million due to volume-related costs and the items noted above for the quarter. Net income during the first fiscal six months was $47.7 million, or $4.70 per diluted share, versus $26.8 million, or $2.66 per diluted share, in the prior fiscal year-to-date period. The Company's effective tax rate decreased year-over-year to 24.7 percent.

Other Financial Information

The Company reported cash and short-term investments of $186.9 million as of April 2, 2021. Depreciation and amortization were flat year over year at $6.8 million. Capital spending was $9.8 million in the first fiscal six months compared with $7.8 million in the prior year period. In February 2021, the Company's Board of Directors approved a quarterly cash dividend to shareholders of record as of April 15, 2021, which was payable on April 29, 2021.

"We're continuing to work with our supply chain partners to maintain adequate inventory and increase capacity where possible as we work hard to fill demand," said David W. Johnson, Chief Financial Officer. "The balance sheet remains strong and our healthy cash position enables us to invest in strategic opportunities to strengthen the business, while continuing to create value for the long-term and consistently pay dividends to shareholders."

Webcast

The Company will host a conference call and audio web cast at 11:00 a.m. Eastern Time on Friday, May 7, 2021. A live listen-only web cast of the conference call may be accessed at Johnson Outdoors' home page. A replay of the call will be available for 30 days on the Internet.

Related Articles

Johnson Outdoors Inc. Annual Shareholders Meeting
To be held on Wednesday, March 1, 2023, beginning at 8:00 a.m. Central Time Johnson Outdoors Inc. (Nasdaq: JOUT), a leading global innovator of outdoor recreation equipment and technology, will hold its Annual Shareholders meeting on Wednesday, March 1, 2023, beginning at 8:00 a.m. Central Time. Posted on 9 Feb 2023
Johnson Outdoors 2023 fiscal first quarter result
Total Company net sales in the first quarter increased 16 percent to $178.3 million Johnson Outdoors Inc. (Nasdaq:JOUT), a leading global innovator of outdoor recreation equipment and technology, today announced higher sales and decreased earnings results for the Company's first fiscal quarter ending December 30, 2022. Posted on 4 Feb 2023
Johnson Outdoors to release Fiscal 2023 Q1 results
The Company will host a conference call and audio webcast on February 3, 2023 Johnson Outdoors Inc. (Nasdaq: JOUT), a leading global innovator of outdoor recreation equipment and technology, will release financial results for the Fiscal 2023 first quarter on Friday, February 3, 2023, before market open that day. Posted on 21 Jan 2023
Johnson Outdoors thanks retiring board member
William D. Perez will not stand for re-election to the company's board of directors Johnson Outdoors Inc. today announced that William " Bill" D. Perez, director, will not stand for re-election to the company's board of directors during the 2023 Annual Shareholder Meeting. Posted on 19 Dec 2022
Johnson Outdoors reports Fiscal 2022 results
Falling 1 percent compared to the previous record-high fiscal year Johnson Outdoors Inc. (Nasdaq:JOUT), a leading global innovator of outdoor recreation equipment and technology, today announced slightly lower sales and decreased earnings for the fiscal year ending September 30, 2022. Posted on 9 Dec 2022
Johnson Outdoors announces Cash Dividend Increase
The quarterly cash dividend is payable on October 27, 2022 Johnson Outdoors Inc. (Nasdaq: JOUT), a leading global innovator of outdoor recreation equipment and technology, today announced approval by its Board of Directors of an increased quarterly cash dividend. Posted on 29 Sep 2022
Johnson Outdoors reports Fiscal Q3 Results
Fishing sales declined by 12 percent driven primarily by ongoing supply chain disruptions Johnson Outdoors Inc. (Nasdaq:JOUT), a leading global innovator of outdoor recreation equipment and technology, today announced lower sales and earnings results for the Company's third fiscal quarter ending July 1, 2022. Posted on 5 Aug 2022
Johnson Outdoors to release fiscal 2022 3Q results
The Company will host a conference call and audio webcast Johnson Outdoors Inc. (Nasdaq: JOUT), a leading global innovator of outdoor recreation equipment and technology, will release financial results for the Fiscal 2022 third quarter on Friday, August 5, 2022, before market open that day. Posted on 25 Jul 2022
Johnson Outdoors announces cash dividend
The quarterly cash dividend is payable on July 28, 2022 Johnson Outdoors, a leading global innovator of outdoor recreation equipment and technology, today announced approval by its Board of Directors of a quarterly cash dividend of $0.30 per Class A share and $0.2727 per Class B share. Posted on 26 May 2022
Johnson Outdoors reports Fiscal Q2 Results
Total Company net sales in the second quarter declined 8 percent Johnson Outdoors Inc. (Nasdaq:JOUT), a leading global innovator of outdoor recreation equipment and technology, today announced lower sales and earnings results for the Company's second fiscal quarter ending April 1, 2022. Posted on 9 May 2022
Maritimo S SeriesNorth Sails Loft 57 PodcastAllen Dynamic 40 Footer