May 14, 2019

Johnson OutdoorsOn May 03, 2019 Johnson Outdoors Inc., reported increased sales and earnings during the Company’s 2019 second fiscal quarter ending March 29, 2019, and double-digit growth in net income during the first fiscal six-month period.  

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.  Net sales rose 7 percent to $177.7 million in the current fiscal second quarter compared to $165.8 million in the prior year quarter, driven by positive momentum in the Company’s Fishing and Diving groups. Key contributing factors in year-over-year quarterly comparisons in each group were:
• Favorable response to new products propelled a 10.1 percent increase in Fishing revenue.
• Strong performance in North America drove a 3.7 percent increase in Diving sales.  On a currency neutral basis, sales were 7.4 percent higher than the prior year quarter.  
• Watercraft Recreation sales declined due to continued kayak market weakness.  
• Lower sales across tent categories primarily accounted for the unfavorable year-over-year comparison in Camping.
Total Company operating profit in the fiscal second quarter was $27.8 million compared with operating profit of $26.0 million in the previous year quarter.  Gross margin of 44.5 percent was slightly below the prior year quarter due in part to the unfavorable impact of $1.4 million in Section 301 tariffs on Chinese goods and components.  Operating expense during the quarter increased 6.4 percent year-over-year due primarily to higher deferred compensation expense resulting from a $2.0 million upward adjustment in the valuation of the plan’s assets; however, an offsetting gain was reflected in other income/expenses. Net income of $21.9 million, or $2.18 per diluted share, in the fiscal second quarter improved slightly versus the previous fiscal year’s second quarter. 

YEAR-TO-DATE RESULTS
Fiscal 2019 year-to-date net sales of $282.1 million were on par with the record-high fiscal six-month period last year.  Total Company operating profit increased 2.4 percent to $33.8 million compared with the prior fiscal year-to-date period.  Year-to-date gross margin improved to 43.8 percent versus 43.6 percent for the previous fiscal year first six months, despite the negative impact of $2.1 million in Section 301 tariffs.

“Looking ahead, we continue to expect moderate sales growth this fiscal year and will pursue a range of additional Section 301 tariff mitigation efforts with respect to other affected product components with the goal of further reducing their impact on profitability,” said David W. Johnson, Vice President and Chief Financial Officer.  “Nonetheless, we continue to benefit from our ongoing focus on improved operational efficiency, enabling us to protect margins and effectively manage working capital. The balance sheet remains strong, and our growing cash position enables us to continue investment against strategic priorities and opportunities to expand our business and growth potential.  We remain confident in our ability and plans to create long-term value and consistently pay dividends to shareholders.”

JOHNSON OUTDOORS is a leading global innovator of outdoor recreation equipment and technologies that inspire more people to experience the awe of the great outdoors. The company designs, manufactures and markets a portfolio of winning, consumer-preferred brands across four categories: Watercraft Recreation, Fishing, Diving and Camping.  Johnson Outdoors' iconic brands include: 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 equipment; Jetboil® outdoor cooking systems; and, Eureka!®camping and hiking equipment. 

Featured Articles

  • Prev
Kelowna Yacht Club is the first facility in the province’s Interior region to be awarded Clean ...
The world’s oldest continuously operating fibreglass boatbuilding company is Hourston Glascraft in ...
Getting his Peterson 29 Foxy Lady ready for what will be his 53rd consecutive Chester ...
On July 31st, 2019, Mercury Marine Canada announced that they will be partnering with Georgian ...
Since 1976, the Marine Museum of the Great Lakes at Kingston has been dedicated to celebrating our ...
Marine Service Technician Certification 3-day Prep Course for Trade Qualifiers: August 20-22 in ...
The International BoatBuilders’ Exhibition and Conference (IBEX) has announced a series of ...
Beginning on Tuesday, August 20, 2019 in Annapolis, Md., BENETEAU will host a five-day launch ...
Saltspring Island Sailing Club (SISC) has doubled its eco-certification ranking in the Clean ...
The Association of Marina Industries is offering a new webinar on Marina Electrical ...

HOURSTON GLASCRAFT LTD.

 

Hourston Glascraft at Port Hardy Government DockThe world’s oldest continuously operating fibreglass boatbuilding company is Hourston Glascraft in North Vancouver. 

Charles ‘Chuck’ Hourston was born in Vancouver, BC in 1923. He attended Vancouver Technical School before serving in the Canadian Army during the Second World War. He was an avid hockey player and played for the Army. After the War, in 1948, he worked for Hamish Davidson (Davidson Manufacturing Ltd.) building Sabot sailboats. Davidson experimented early with the new technology of fibreglass in boat construction, and Hourston taught himself the art of building hulls with this material. His first boat was a dinghy.

Read more about Hourston Glascraft Ltd................

 

Marine Products

  • Prev
Oru Kayak, the original origami folding kayak company, released their revolutionary new Inlet ...
Volvo Penta has long since solidified its market share in the gasoline sterndrive field. While ...
Many owners prefer the clean appearance and added safety of retractable boat cleats, yet may not ...
Wavve Boating’s newest app feature allows you to record your boating trips and share it ...
AIRMAR® Technology Corporation, a world leader in ultrasonic sonar and Chirp ...
Many owners mistakenly use strong generic soap on their boats, thinking harsh equals effective. ...
Boat Fix, a leading telematics service for boat owners, has announced the launch of its unique ...
Protecting your boat from scratches and dents isn’t always easy. That’s why the Big Bumper Company ...
Every year, corrosion costs the boating industry billions of dollars. In addition to affecting ...
Announcing the latest in remote, real-time vessel monitoring – Simrad BoatConnect™ provides ...

People

  • Prev
Navico, parent company to the Lowrance®, Simrad®, B&G® and C-MAP® brands has announced that its ...
George Armendariz, CEO of Groupe Beneteau Americas, announced today the appointment of Yannick ...
According to the Minneapolis Star Tribune on April 10 2019, Irwin Jacobs and his wife were found ...
Co2 Inflatables is pleased to announce that Jason Edwards, formerly of Grand/Gala Marine, will be ...
Marine electronics pioneer Darrell Lowrance, 80, passed away Saturday morning after suffering a ...
Extremely popular and well respected for leading the reemergence of Iconic Marine's three ...