Please select your home edition
Edition
RS Sailing 2021 - LEADERBOARD

Johnson Outdoors reports Fiscal 2022 results

by Johnson Outdoors 9 Dec 2022 14:37 PST
Johnson Outdoors Inc © Johnson Outdoors Inc

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. Fiscal 2022 sales fell 1 percent compared to the previous record-high fiscal year, while operating profit decreased 40 percent and net income fell 47 percent over the prior fiscal year.

"While fiscal 2022 sales remained relatively flat compared to fiscal 2021, which was one of our strongest fiscal years, the challenging supply chain situation, primarily in our Fishing business, resulted in significant impact to our profitability. The fiscal fourth quarter showed some easing of supply availability, and we continue to focus on evaluating options to address increased costs and the efficiency of our supply chain. We ended the fiscal year with strong orders, and we continue to replenish customer inventory levels," said Helen Johnson-Leipold, Chairman and Chief Executive Officer. "While it's unclear the extent to which economic conditions and inflation may affect consumer buying behavior in the future, we remain focused on sustaining innovation leadership and building value for our consumers for the long-term."

FISCAL 2022 Highlights:

  • Continued strong orders in all business segments
  • Awards for new product innovation
  • Debt-free balance sheet
  • Increased quarterly dividend to shareholders

FISCAL 2022 Results

Total Company revenue fell 1 percent to $743.4 million versus fiscal 2021 revenue of $751.7 million. Key factors in the year-over-year comparison were:

  • In Fishing, despite continued strong demand, revenue declined by 5 percent driven primarily by ongoing supply chain disruptions that slowed our ability to complete and ship finished goods
  • Camping grew 12 percent due to higher sales in both Jetboil┬« and Eureka┬« product categories
  • Watercraft Recreation sales increased 2 percent due to continued high demand for the Sportsman line
  • Diving sales rose 14 percent from the prior fiscal year, as several regions of the world reopened and tourism increased

Total Company operating profit was $66.3 million in fiscal 2022, which compared unfavorably to operating profit of $111.3 million in the prior fiscal year. As a result of significant increases in materials costs, gross margin was 36.5 percent in fiscal 2022 compared to 44.5 percent in fiscal 2021. Operating expenses decreased $17.8 million versus the prior year due largely to lower variable and deferred compensation expense incurred in fiscal 2022 as compared to the prior fiscal year. Profit before income taxes was $58.9 million versus $112.9 million in the prior year.

Net income for the fiscal year was $44.5 million, or $4.37 per diluted share, a 47 percent decline versus $83.4 million, or $8.21 per diluted share, in the last fiscal year. The effective tax rate was 24.4 percent compared to the previous fiscal year's rate of 26.2 percent.

Fourth Quarter Results

Total Company net sales in the fiscal fourth quarter were $196.4 million, an 18 percent increase from the prior fiscal year fourth quarter's sales, as supply availability in our Fishing business started to improve. Operating profit of $13.3 million in the current year fourth quarter declined slightly from $13.6 million in the prior year fourth quarter. Gross margin declined 6 points from the prior year quarter due primarily to increased material costs and inventory reserves. Operating expenses remained consistent year over year despite higher sales volumes due in large part to lower warranty and bad debt expenses. Additionally, deferred compensation expense declined by $1.2 million due to losses on plan assets, which was entirely offset in Other Expense. Profit before income taxes improved from $10.5 million to $11.8 million in the current fiscal year fourth quarter. Net income for the fourth quarter was $9.7 million compared to $6.9 million in the fiscal 2021 fourth quarter.

Other Financial Information

The Company reported cash and short-term investments of $129.8 million as of September 30, 2022, a $110.6 million decrease from the prior year, with no debt on its balance sheet. Depreciation and amortization were $14.2 million compared to $13.4 million in fiscal 2021. Capital spending totaled $31.7 million in fiscal 2022 compared with $21.4 million in fiscal 2021. In September 2022, the Company's Board of Directors approved a 3 percent increase in the quarterly cash dividend to shareholders of record as of October 13, 2022, which was payable on October 27, 2022.

"Heading into fiscal 2023, we remain focused on closely monitoring demand and proactively managing higher-than-normal inventory levels. While we have seen improvement in the supply chain for raw materials and purchased components, we do expect some supply chain constraints to periodically occur during fiscal 2023 and for our margins to continue to be impacted by inflationary pricing conditions," said David W. Johnson, Chief Financial Officer. "Our balance sheet and healthy cash position continue to provide us with the flexibility and resources necessary to invest in strategic opportunities to strengthen the business, while consistently paying dividends to shareholders."

Webcast

The Company will host a conference call and audio web cast at 11:00 a.m. Eastern Time on Friday, December 9, 2022. A live listen-only web cast of the conference call may be accessed here. A replay of the call will be available for 30 days on the Internet.

For more information visit www.johnsonoutdoors.com.

Related Articles

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
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
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 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
Johnson Outdoors to release Fiscal 2022 Q2 results
Leading global innovator of outdoor recreation equipment and technology Johnson Outdoors Inc. (Nasdaq: JOUT), a leading global innovator of outdoor recreation equipment and technology, will release financial results for the Fiscal 2022 second quarter on Monday, May 9, 2022, before market open that day. Posted on 23 Apr 2022
Johnson Outdoors announces cash dividend
An innovator of outdoor recreation equipment and technology Johnson Outdoors Inc. (Nasdaq: JOUT), 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 Feb 2022
J Composites 2022 - J45 v4 FOOTERRooster 2020 - Impact BA - FOOTERNorth Sails 2021 Innovation - FOOTER