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Johnson Outdoors reports Fiscal Second Quarter Results

by Johnson Outdoors 9 May 2022 16:13 PDT
Johnson Outdoors Inc © Johnson Outdoors Inc

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.

"Consumers continue to want to spend time outdoors and demand for Johnson Outdoors products across all segments of the business remains high. Managing ongoing global supply chain challenges, which we expect to continue through the second half of the fiscal year, is our primary focus," said Helen Johnson-Leipold, Chairman and Chief Executive Officer. "As we navigate through this unpredictable environment, our commitment is to maximize product build and shipments to customers."

Second Quarter Results

Total Company net sales in the second quarter declined 8 percent to $189.6 million compared to the prior year's record-high second fiscal quarter. Key contributing factors include:

  • In Fishing, despite continued strong demand, sales declined by 19 percent driven primarily by supply chain disruptions that slowed our ability to complete and ship finished goods
  • Camping revenue outpaced market growth and increased 35 percent, including significant growth in both consumer tents and stoves
  • Watercraft Recreation revenue also exceeded market growth and grew 29 percent, driven by higher sales for the Sportsman line of products
  • Diving sales increased 28 percent as dive markets continue to experience recovery as more consumers resume travel

Total Company operating profit was $15.4 million for the second fiscal quarter versus $36.0 million in the prior year second quarter. Gross margin of 36.2 percent was 9 points below the prior year quarter primarily due to increased materials and inbound freight costs driven by supply chain dynamics. Operating expenses of $53.2 million decreased from the prior year period due primarily to the impact of lower sales volume-driven expenses, as well as lower variable and deferred compensation expense.

Net income was $9.9 million, or $0.97 per diluted share, versus $27.8 million, or $2.74 per diluted share in the previous year's second quarter. The Company's effective tax rate was 25.1 percent compared to 25.4 percent in the prior year's second quarter.

Year-To-Date Results

Fiscal 2022 year-to-date net sales were $343.1 million, an 8 percent decrease over last year's first fiscal six-month period. Total Company operating profit declined to $29.2 million compared to $59.6 million in prior fiscal year-to-date period. Gross margin declined to 37.7 percent in the first fiscal six months versus 45.3 percent in the prior fiscal year-to-date period. Operating expenses were $100.0 million in the six months ending April 1, 2022, a decrease of $8.7 million from the first half of the prior year due to the same volume-related and variable and deferred compensation costs noted above for the quarter. Net income during the first fiscal six months was $20.8 million, or $2.04 per diluted share, versus $47.7 million, or $4.70 per diluted share, in the prior fiscal year-to-date period. The Company's effective tax rate increased to 25.3 percent in the current year period versus 24.7 percent in the prior year six-month period.

Other Financial Information

The Company reported cash and short-term investments of $113.2 million as of April 1, 2022. Depreciation and amortization were $6.9 million in the six months ending April 1, 2022, compared to $6.8 million in the six months ending April 2, 2021. Capital spending totaled $15.7 million in the current quarter compared with $9.8 million in the prior year period, due to additional capacity investments in the current year. In February 2022, the Company's Board of Directors approved a quarterly cash dividend to shareholders of record as of April 14, 2022, which was payable April 28, 2022.

"As we work through persisting supply constraints, this fiscal year we are strategically maintaining higher inventory levels as well as seeking alternative sources for key components where possible. Planned product price increases announced last quarter have been taken, and we will continue to evaluate future pricing actions. During this time, we expect margins will continue to be impacted by pressure caused by the supply chain and related inflationary trends everyone is seeing in the marketplace," said David W. Johnson, Chief Financial Officer. "Importantly, our strong balance sheet and cash position enable us to invest in opportunities to strengthen the business, and we remain confident in our ability to deliver long-term value 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 Monday, May 9, 2022. A live listen-only web cast of the conference call may be accessed at Johnson Outdoors' home page or here. A replay of the call will be available for 30 days on the Internet.

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