Johnson Outdoors Inc. Reports Earnings Results for the First Quarter Ended December 29, 2017; Provides Tax Rate Guidance for the Full Year of Fiscal 2018
February 02, 2018 at 05:00 am EST
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Johnson Outdoors Inc. reported earnings results for the first quarter ended December 29, 2017. For the quarter, the company announced net sales of $116,579,000 against $93,729,000 a year ago. Key contributing factors to the results were: Continued positive momentum in new products from Minn Kota and Humminbird brands drove a 33% increase in pre-season Fishing sales; Growth in new core life-support products spurred a 17% jump in Diving revenue; Sales in Camping were flat year-over-year due to ongoing market challenges; Tightened retail inventory levels due to overall kayak market declines led to lower Watercraft Recreation sales. Operating profit was $7,037,000 against $472,000 a year ago. Income before income taxes was $8,324,000 against loss before income taxes of $45,000 a year ago. Net income was $235,000 or $0.02 per diluted share against $4,056,000 or $0.40 per diluted share a year ago. Capital spending was also higher this quarter.
The company announced that excluding unusual tax items, it would expect full year tax rate to be a blended U.S. tax rate in the mid-20s plus a few points for state and foreign taxes.
Johnson Outdoors Inc. is engaged in manufacturing and marketing of branded seasonal outdoor recreation products that are used primarily for fishing, diving, paddling and camping. The Companyâs segments include Fishing, Camping, Watercraft Recreation and Diving. The Fishing segment brands are Minn Kota, Humminbird and Cannon. The Camping segment brands are Eureka! and Jetboil. Eureka! designs and manufactures large tents and lightweight backpacking tents for the United States military. Watercraft Recreation segment designs and markets canoes and kayaks under the Ocean Kayaks and Old Town brand names for family recreation, touring, angling and tripping. Diving segment manufactures and markets underwater diving products for recreational divers, which it sells and distributes under the SCUBAPRO brand name. It markets a range of underwater diving and snorkeling equipment, including regulators, buoyancy compensators, dive computers and gauges, wetsuits, masks, fins, snorkels and accessories.
Johnson Outdoors Inc. Reports Earnings Results for the First Quarter Ended December 29, 2017; Provides Tax Rate Guidance for the Full Year of Fiscal 2018