Well-performing new products helped to make up for a
poor-performing first half of fiscal 2014 for Johnson
The Racine-based company that specializes in outdoor
recreation equipment announced its yearly fiscal results
Friday. According to Johnson Outdoors, strong market
momentum of new products throughout the second fiscal
six-month period nearly offset declines due to extreme
weather conditions during the first fiscal six-months,
while lower volume in the first half of the year and
non-cash one-time charges in the second half contributed
to an unfavorable comparison in operating profit.
Some of the 2014 fiscal highlights for Johnson Outdoors
included record sales for flagship Minn Kota brand,
watercraft business unit turns profitable and historic
low debt with $70.8 million in cash at year-end.
“Despite a challenging start to the year, we once again
benefitted from the power of our market-leading brands
and dedication to delivering innovation to our outdoor
recreation enthusiasts. Bottom-line results mask the
progress made to help ensure a better balance of
profitability across our portfolio in the future,
notably in outdoor gear and watercraft. Our marine
electronics business remains a formidable engine of
profitable growth, while our work to strengthen
performance in diving continues,” said Helen Johnson-Leipold,
chairman and chief executive officer, in a statement.
Total company net sales were $425.4 million versus
$426.5 million in the previous fiscal year, driven by 7
percent growth during the second six-month period,
virtually offsetting declines during the first-six
months caused by prolonged harsh winter conditions,
according to the announcement.
Operating profit was $16.7 million versus $25.6 million
in the prior fiscal year and net income for the fiscal
year was $9.1 million, or $0.90 per diluted share,
versus $19.3 million, or $1.95 per diluted share in
fiscal 2013, according to the announcement.