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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Johnson Outdoors Inc | NASDAQ:JOUT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-4.78 | -11.22% | 37.83 | 37.00 | 44.00 | 41.60 | 37.75 | 40.00 | 152,374 | 01:00:00 |
☒
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Wisconsin
|
39-1536083
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Securities registered pursuant to Section 12(b) of the Act:
|
|
Title of Each Class
|
Name of Exchange on Which Registered
|
Class A Common Stock, $.05 par value per share
|
NASDAQ Global Select Market
SM
|
Large Accelerated Filer
|
☐
|
||
Accelerated Filer
|
☒
|
||
Non-Accelerated Filer
|
☐
|
(do not check if a smaller reporting company)
|
|
Smaller Reporting Company
|
☐
|
||
Emerging Growth Company
|
☐
|
Page
|
|
4 | |
9 | |
16 | |
16 | |
17 | |
17 | |
17 | |
19 | |
20 | |
30 | |
31 | |
31 | |
31 | |
32 | |
32 | |
32 | |
32 | |
33 | |
33 | |
33 | |
34 | |
35 | |
F-1 |
Fiscal Year
|
||||||||||||||||||||||||
2017
|
2016
|
2015
|
||||||||||||||||||||||
Quarter Ended
|
Net
Sales
|
Operating
Profit
|
Net
Sales
|
Operating
Profit
|
Net
Sales
|
Operating
Profit
|
||||||||||||||||||
December
|
19
|
%
|
1
|
%
|
20
|
%
|
(4
|
)%
|
16
|
%
|
(41
|
)%
|
||||||||||||
March
|
30
|
%
|
45
|
%
|
31
|
%
|
66
|
%
|
31
|
%
|
43
|
%
|
||||||||||||
June
|
32
|
%
|
54
|
%
|
32
|
%
|
59
|
%
|
33
|
%
|
92
|
%
|
||||||||||||
September
|
19
|
%
|
0
|
%
|
17
|
%
|
(21
|
)%
|
20
|
%
|
6
|
%
|
||||||||||||
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
•
|
the timing of our announcements or those of our competitors concerning significant product developments, acquisitions or financial performance;
|
•
|
fluctuation in our quarterly operating results;
|
•
|
substantial sales of our common stock;
|
•
|
general stock market conditions; or
|
•
|
other economic or external factors.
|
•
|
the acquired business may experience losses which could adversely affect our profitability;
|
•
|
unanticipated costs relating to the integration of acquired businesses may increase our expenses and reduce our profitability;
|
•
|
the possible failure to obtain any necessary consents to the transfer of licenses or other material agreements of the acquired company;
|
•
|
the possible failure to maintain customer, licensor and other relationships of the acquired company after the closing of the transaction with the acquired company;
|
•
|
difficulties in achieving planned cost savings and synergies may increase our expenses;
|
•
|
diversion of our management’s attention could impair their ability to effectively manage our other business operations;
|
•
|
unanticipated management or operational problems or liabilities may adversely affect our profitability and financial condition; and/or
|
•
|
breaches of the representations or warranties or other violations of the contractual obligations required by the acquisition agreement of other parties to the acquisition transaction and any contractual remedies related thereto may not adequately protect or compensate us.
|
•
|
economic and political instability;
|
•
|
restrictive actions by foreign governments;
|
•
|
opportunity costs and reputational damage related to the presence of counterfeit versions of the Company’s products in such foreign markets;
|
•
|
greater difficulty enforcing intellectual property rights and weaker laws protecting intellectual property rights;
|
•
|
changes in import duties or import or export restrictions;
|
•
|
timely shipping of product and unloading of product, including the timely rail/truck delivery to our warehouses and/or a customer’s warehouse of our products;
|
•
|
complications in complying with the laws and policies of the United States affecting the importation of goods, including duties, quotas and taxes;
|
•
|
required compliance with U.S. laws that impact the Company’s operations in foreign jurisdictions that do not impact local operating companies; and
|
•
|
complications in complying with trade and foreign tax laws.
|
•
|
incur additional debt;
|
•
|
create liens on our assets or make guarantees;
|
•
|
make certain investments or loans;
|
•
|
pay dividends; or
|
•
|
dispose of or sell assets, make acquisitions above certain amounts or enter into a merger or similar transaction.
|
ITEM 5. |
First Quarter
|
Second Quarter
|
Third Quarter
|
Fourth Quarter
|
|||||||||||||||||||||||||||||||||||||||||||||
2017
|
2016
|
2015
|
2017
|
2016
|
2015
|
2017
|
2016
|
2015
|
2017
|
2016
|
2015
|
|||||||||||||||||||||||||||||||||||||
Stock prices:
|
||||||||||||||||||||||||||||||||||||||||||||||||
High
|
$
|
44.86
|
$
|
24.24
|
$
|
31.74
|
$
|
37.77
|
$
|
22.99
|
$
|
34.66
|
$
|
48.85
|
$
|
26.75
|
$
|
34.86
|
$
|
73.28
|
$
|
36.62
|
$
|
26.95
|
||||||||||||||||||||||||
Low
|
34.72
|
21.43
|
25.60
|
31.68
|
19.69
|
28.35
|
33.38
|
20.79
|
20.43
|
46.68
|
26.09
|
20.50
|
*
|
$100 invested on September 28, 2012 in stock or index, including reinvestment of dividends.
|
9/28/2012
|
9/27/2013
|
10/3/2014
|
10/2/2015
|
9/30/2016
|
9/29/2017
|
|||||||||||||||||||
Johnson Outdoors Inc.
|
$
|
100.0
|
$
|
124.4
|
$
|
122.0
|
$
|
103.3
|
$
|
176.6
|
$
|
359.3
|
||||||||||||
NASDAQ Composite
|
100.0
|
123.1
|
147.5
|
156.9
|
179.3
|
221.8
|
||||||||||||||||||
Russell 2000 Index
|
100.0
|
130.1
|
135.6
|
138.5
|
158.0
|
190.8
|
||||||||||||||||||
New Peer Group
|
100.0
|
127.4
|
143.0
|
125.7
|
158.5
|
187.4
|
||||||||||||||||||
Old Peer Group
|
100.0
|
127.9
|
140.1
|
122.8
|
153.8
|
179.4
|
(thousands, except per share data)
|
September 29
2017 |
September 30
2016 |
October 2
2015 |
October 3
2014 |
September 27
2013 |
|||||||||||||||
OPERATING RESULTS
|
||||||||||||||||||||
Net sales
|
$
|
490,565
|
$
|
433,727
|
$
|
430,489
|
$
|
425,410
|
$
|
426,461
|
||||||||||
Gross profit
|
210,940
|
176,462
|
171,733
|
168,613
|
171,049
|
|||||||||||||||
Impairment losses
|
—
|
6,197
|
—
|
8,475
|
—
|
|||||||||||||||
Operating expenses
|
165,349
|
147,371
|
153,880
|
143,447
|
145,458
|
|||||||||||||||
Operating profit
|
45,591
|
22,894
|
17,853
|
16,691
|
25,591
|
|||||||||||||||
Interest expense
|
757
|
727
|
865
|
788
|
1,285
|
|||||||||||||||
Other (income) expense, net
|
(3,376
|
)
|
(1,488
|
)
|
1,235
|
(1,519
|
)
|
(354
|
)
|
|||||||||||
Income before income taxes
|
48,210
|
23,655
|
15,753
|
17,422
|
24,660
|
|||||||||||||||
Income tax expense
|
13,053
|
10,154
|
5,137
|
8,299
|
5,333
|
|||||||||||||||
Net income
|
$
|
35,157
|
$
|
13,501
|
$
|
10,616
|
$
|
9,123
|
$
|
19,327
|
||||||||||
Weighted average common shares - Dilutive
|
9,920
|
9,855
|
9,727
|
9,635
|
9,523
|
|||||||||||||||
Net income per common share - Diluted:
|
||||||||||||||||||||
Class A
|
$
|
3.51
|
$
|
1.34
|
$
|
1.06
|
$
|
0.90
|
$
|
1.95
|
||||||||||
Class B
|
3.51
|
1.34
|
1.06
|
0.90
|
1.95
|
|||||||||||||||
Dividends declared, per common share*:
|
||||||||||||||||||||
Class A
|
$
|
0.37
|
$
|
0.32
|
$
|
0.31
|
$
|
0.38
|
$
|
—
|
||||||||||
Class B
|
0.34
|
0.29
|
0.28
|
0.34
|
—
|
*
|
There were five quarterly dividends declared in fiscal 2014 and four quarterly dividends declared in fiscal 2015, 2016 and 2017.
|
(thousands, except per share data)
|
September 29
2017 |
September 30
2016 |
October 2
2015 |
October 3
2014 |
September 27
2013 |
|||||||||||||||
BALANCE SHEET DATA
|
||||||||||||||||||||
Current assets
|
$
|
240,849
|
$
|
201,968
|
$
|
209,370
|
$
|
197,550
|
$
|
188,572
|
||||||||||
Total assets
|
353,659
|
310,279
|
299,204
|
288,626
|
288,350
|
|||||||||||||||
Current liabilities
|
84,077
|
67,654
|
69,554
|
60,232
|
63,372
|
|||||||||||||||
Long-term debt, less current maturities
|
—
|
7,008
|
7,062
|
7,431
|
7,794
|
|||||||||||||||
Total debt
|
—
|
7,389
|
7,430
|
7,791
|
8,333
|
|||||||||||||||
Shareholders' equity
|
243,004
|
207,496
|
197,968
|
198,458
|
197,668
|
(thousands, except per share data)
|
2017
|
2016
|
2015
|
|||||||||
Net sales
|
$
|
490,565
|
$
|
433,727
|
$
|
430,489
|
||||||
Gross profit
|
210,940
|
176,462
|
171,733
|
|||||||||
Operating expenses
|
165,349
|
153,568
|
153,880
|
|||||||||
Operating profit
|
45,591
|
22,894
|
17,853
|
|||||||||
Interest expense
|
757
|
727
|
865
|
|||||||||
Other (income) expense, net
|
(3,376
|
)
|
(1,488
|
)
|
1,235
|
|||||||
Income tax expense
|
13,053
|
10,154
|
5,137
|
|||||||||
Net income
|
35,157
|
13,501
|
10,616
|
2017
|
2016
|
2015
|
||||||||||
Net sales:
|
||||||||||||
Fishing
|
$
|
328,138
|
$
|
274,872
|
$
|
262,518
|
||||||
Camping
|
37,920
|
40,018
|
47,573
|
|||||||||
Watercraft Recreation
|
48,272
|
50,388
|
48,961
|
|||||||||
Diving
|
76,732
|
69,137
|
72,125
|
|||||||||
Other / Eliminations
|
(497
|
)
|
(688
|
)
|
(688
|
)
|
||||||
$
|
490,565
|
$
|
433,727
|
$
|
430,489
|
2017
|
2016
|
2015
|
||||||||||
Operating profit (loss):
|
||||||||||||
Fishing
|
$
|
58,697
|
$
|
43,092
|
$
|
26,055
|
||||||
Camping
|
1,946
|
2,077
|
3,847
|
|||||||||
Watercraft Recreation
|
2,860
|
3,349
|
1,620
|
|||||||||
Diving
|
1,847
|
(9,384
|
)
|
934
|
||||||||
Other / Eliminations
|
(19,759
|
)
|
(16,240
|
)
|
(14,603
|
)
|
||||||
$
|
45,591
|
$
|
22,894
|
$
|
17,853
|
Year Ended
|
||||||||||||
(thousands)
|
September 29
2017 |
September 30
2016 |
October 2
2015 |
|||||||||
Cash provided by (used for):
|
||||||||||||
Operating activities
|
$
|
46,350
|
$
|
43,434
|
$
|
18,056
|
||||||
Investing activities
|
(58,008
|
)
|
(20,741
|
)
|
(10,394
|
)
|
||||||
Financing activities
|
(11,551
|
)
|
(4,736
|
)
|
(3,989
|
)
|
||||||
Effect of foreign currency rate changes on cash
|
(275
|
)
|
178
|
(5,307
|
)
|
|||||||
(Decrease) increase in cash and cash equivalents
|
$
|
(23,484
|
)
|
$
|
18,135
|
$
|
(1,634
|
)
|
(thousands, except share data)
|
September 29
2017 |
September 30
2016 |
||||||
Current assets
|
$
|
240,849
|
$
|
201,968
|
||||
Current liabilities
|
84,077
|
67,654
|
||||||
Working capital
|
$
|
156,772
|
$
|
134,314
|
||||
Current ratio
|
|
2.9:1 |
|
3.0:1 |
(thousands, except share data)
|
2017
|
2016
|
||||||
Current debt
|
$
|
—
|
$
|
381
|
||||
Long-term debt
|
—
|
7,008
|
||||||
Total debt
|
—
|
7,389
|
||||||
Shareholders' equity
|
243,004
|
207,496
|
||||||
Total capitalization
|
$
|
243,004
|
$
|
214,885
|
||||
Total debt to total capitalization
|
—
|
%
|
3
|
%
|
Total
|
Less than 1
year
|
2-3 years
|
4-5 years
|
After 5 years
|
||||||||||||||||
Operating lease obligations
|
$
|
24,213
|
$
|
5,993
|
$
|
10,114
|
$
|
5,914
|
$
|
2,192
|
||||||||||
Open purchase orders
|
89,852
|
89,852
|
—
|
—
|
—
|
|||||||||||||||
Total contractual obligations
|
$
|
114,065
|
$
|
95,845
|
$
|
10,114
|
$
|
5,914
|
$
|
2,192
|
(a)
|
Evaluation of Disclosure Controls and Procedures
|
(b)
|
Changes in Internal Control over Financial Reporting.
|
(c)
|
Attestation Report of Independent Registered Public Accounting Firm
|
ITEM 12. |
Plan Category
|
Number of Common
Shares to Be Issued
Upon Exercise of
Outstanding Options,
Warrants and Rights
|
Weighted-average
Exercise Price of
Outstanding Options,
Warrants and Rights
|
Number of Common
Shares Available for
Future Issuance Under
Equity Compensation
Plans
|
|||||||||
2010 Long-Term Stock Incentive Plan
|
—
|
$
|
—
|
550,299
|
||||||||
2012 Non-Employee Director Stock Ownership Plan
|
19,464
|
—
|
62,271
|
|||||||||
2009 Employee Stock Purchase Plan
|
—
|
—
|
90,989
|
|||||||||
Total All Plans
|
19,464
|
—
|
703,559
|
•
|
Reports of Independent Registered Public Accounting Firm
|
•
|
Consolidated Statements of Operations – Years ended September 29, 2017, September 30, 2016 and October 2, 2015
|
•
|
Consolidated Statements of Comprehensive Income – Years ended September 29, 2017, September 30, 2016 and October 2, 2015
|
•
|
Consolidated Balance Sheets – September 29, 2017 and September 30, 2016
|
•
|
Consolidated Statements of Shareholders’ Equity – Years ended September 29, 2017, September 30, 2016 and October 2, 2015
|
•
|
Consolidated Statements of Cash Flows – Years ended September 29, 2017, September 30, 2016 and October 2, 2015
|
•
|
Notes to Consolidated Financial Statements
|
JOHNSON OUTDOORS INC.
(Registrant)
|
||
By
|
/s/ Helen P. Johnson-Leipold
|
|
Helen P. Johnson-Leipold
|
||
Chairman and Chief Executive Officer |
/s/ Helen P. Johnson-Leipold
|
Chairman and Chief Executive Officer
|
|
(Helen P. Johnson-Leipold)
|
and Director
|
|
(Principal Executive Officer)
|
||
/s/ Thomas F. Pyle, Jr.
|
Vice Chairman of the Board
|
|
(Thomas F. Pyle, Jr.)
|
and Lead Outside Director
|
|
/s/ Terry E. London
|
Director
|
|
(Terry E. London)
|
||
/s/ John M. Fahey, Jr.
|
Director
|
|
(John M. Fahey, Jr.)
|
||
/s/ Edward Stevens
|
Director
|
|
(Edward Stevens)
|
||
/s/ Edward F. Lang
|
Director
|
|
(Edward F. Lang)
|
||
/s/ Katherine Button Bell
|
Director
|
|
(Katherine Button Bell)
|
||
/s/ Richard Sheahan
|
Director
|
|
(Richard (“Casey”) Sheahan)
|
||
/s/ David W. Johnson
|
Vice President and Chief Financial Officer
|
|
(David W. Johnson)
|
(Principal Financial and Accounting Officer)
|
Exhibit
|
Title
|
Articles of Incorporation of the Company as amended through February 17, 2000. (Filed as Exhibit 3.1(a) to the Company’s Form 10-Q for the quarter ended March 31, 2000 and incorporated herein by reference.)
|
|
Bylaws of the Company as amended and restated through December 6, 2010. (Filed as Exhibit 3.2 to the Company’s Form 10-K for the year ended October 1, 2010 and incorporated herein by reference.)
|
|
Johnson Outdoors Inc. Class B common stock Amended and Restated Voting Trust Agreement, dated as of February 16, 2010 (Filed as Exhibit 2 to Amendment No. 14 to the Schedule 13D filed by Helen P. Johnson-Leipold on February 24, 2017 and incorporated herein by reference.)
|
|
Registration Rights Agreement made as of December 16, 1985 regarding Johnson Outdoors Inc. common stock issued to the Johnson family prior to the acquisition of Johnson Diversified, Inc.
|
|
Registration Rights Agreement made as of February 4, 1991 regarding Johnson Outdoors Inc. Class A common stock held by Mr. Samuel C. Johnson.
|
|
10.3
+
|
Johnson Outdoors Inc. 2000 Long-Term Stock Incentive Plan. (Filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K dated July 29, 2005 and incorporated herein by reference.)
|
10.4
+
|
Johnson Outdoors Inc. Worldwide Key Executives’ Discretionary Bonus Plan. (Filed as Appendix A to the Company’s Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on January 13, 2014 and incorporated herein by reference.)
|
10.5
+
|
Johnson Outdoors Inc. 2003 Non-Employee Director Stock Ownership Plan. (Filed as Exhibit 10.2 to the Company’s Form 10-Q dated April 2, 2004 and incorporated herein by reference.)
|
10.6
+
|
Form of Restricted Stock Agreement under Johnson Outdoors Inc. 2003 Non-Employee Director Stock Ownership Plan. (Filed as Exhibit 4.2 to the Company’s Form S-8 Registration Statement No. 333-115298 and incorporated herein by reference.)
|
10.7
+
|
Form of Stock Option Agreement under Johnson Outdoors Inc. 2003 Non-Employee Director Stock Ownership Plan. (Filed as Exhibit 4.3 to the Company’s Form S-8 Registration Statement No. 333-115298 and incorporated herein by reference.)
|
Amended and Restated Credit Agreement dated as of November 15, 2017 among Johnson Outdoors Inc., certain subsidiaries of Johnson Outdoors Inc., PNC Bank, National Association, as lender and administrative agent, PNC Capital Markets LLC, as sole lead arranger and bookrunner, and the other lender named therein (filed as Exhibit 99.1 to the current report on Form 8-K dated and filed with the Securities and Exchange Commission on November 20, 2017).
|
|
10.9
+
|
Johnson Outdoors Inc. 2009 Employees’ Stock Purchase Plan. (Filed as Exhibit 99.2 to the current report on Form 8-K dated and filed with the Securities and Exchange Commission on March 8, 2010.)
|
10.10
+
|
Johnson Outdoors Inc. 2010 Long Term Stock Incentive Plan. (Filed as Appendix A to the Company’s Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on January 15, 2015 and incorporated herein by reference.)
|
10.11
+
|
Johnson Outdoors Inc. 2012 Non-Employee Director Stock Ownership Plan. (Filed as Appendix A to the Company’s Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on January 23, 2013 and incorporated herein by reference.)
|
10.12
+
|
Form of Restricted Stock Unit Agreement under Johnson Outdoors Inc. 2012 Non-Employee Director Stock Ownership Plan. (Filed as Exhibit 10.31 to the annual report on Form 10-K dated and filed with the Securities and Exchange Commission on December 5, 2014.)
|
10.13
+
|
Form of Restricted Stock Unit Agreement (Performance Based) under Johnson Outdoors Inc. 2012 Non-Employee Director Stock Ownership Plan. (Filed as Exhibit 10.32 to the annual report on Form 10-K dated and filed with the Securities and Exchange Commission on December 7, 2015.)
|
Subsidiaries of the Company as of September 29, 2017.
|
|
Consent of Independent Registered Public Accounting Firm.
|
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a).
|
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a).
|
|
Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350.
(1)
|
|
101
|
The following materials from Johnson Outdoors Inc.’s Annual Report on Form 10-K for the fiscal year ended September 29, 2017 formatted in XBRL (eXtensible Business Reporting Language) and furnished electronically herewith: (i) Consolidated Statements of Operations; (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets; (iv) Consolidated Statements of Shareholders’ Equity; (v) Consolidated Statements of Cash Flows; and (vi) Notes to Consolidated Financial Statements.
|
+ |
A management contract or compensatory plan or arrangement.
|
(1)
|
This certification is not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
|
Page
|
||
F-2 | ||
F-3 | ||
F-4 | ||
F-5 | ||
F-6 | ||
F-7 | ||
F-8 | ||
F-9 | ||
F-10 |
(a)
|
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;
|
(b)
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and
|
(c)
|
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.
|
/s/ Helen P. Johnson-Leipold
|
/s/ David W. Johnson
|
||
Chairman and Chief Executive Officer
|
Vice President and Chief Financial Officer
|
/s/ RSM US LLP
|
Milwaukee, Wisconsin
|
December 8, 2017
|
/s/ RSM US LLP
|
Milwaukee, Wisconsin
|
December 8, 2017
|
Year Ended
|
||||||||||||
(thousands, except per share data)
|
September 29
2017 |
September 30
2016 |
October 2
2015 |
|||||||||
Net sales
|
$
|
490,565
|
$
|
433,727
|
$
|
430,489
|
||||||
Cost of sales
|
279,625
|
257,265
|
258,756
|
|||||||||
Gross profit
|
210,940
|
176,462
|
171,733
|
|||||||||
Operating expenses:
|
||||||||||||
Marketing and selling
|
100,359
|
90,690
|
93,707
|
|||||||||
Administrative management, finance and information systems
|
45,824
|
38,251
|
43,690
|
|||||||||
Goodwill and other intangible assets impairment
|
—
|
6,197
|
—
|
|||||||||
Research and development
|
19,166
|
18,430
|
16,483
|
|||||||||
Total operating expenses
|
165,349
|
153,568
|
153,880
|
|||||||||
Operating profit
|
45,591
|
22,894
|
17,853
|
|||||||||
Interest income
|
(316
|
)
|
(81
|
)
|
(64
|
)
|
||||||
Interest expense
|
757 |
727
|
865
|
|||||||||
Other (income) expense
|
(3,060
|
)
|
(1,407
|
)
|
1,299
|
|||||||
Profit before income taxes
|
48,210
|
23,655
|
15,753
|
|||||||||
Income tax expense
|
13,053
|
10,154
|
5,137
|
|||||||||
Net income
|
$
|
35,157
|
$
|
13,501
|
$
|
10,616
|
||||||
Weighted average common shares - Basic:
|
||||||||||||
Class A
|
8,675
|
8,627
|
8,515
|
|||||||||
Class B
|
1,212
|
1,212
|
1,212
|
|||||||||
Dilutive stock options and restricted stock units
|
33
|
16
|
—
|
|||||||||
Weighted average common shares - Dilutive
|
9,920
|
9,855
|
9,727
|
|||||||||
Net income per common share - Basic:
|
||||||||||||
Class A
|
$
|
3.56
|
$
|
1.36
|
$
|
1.08
|
||||||
Class B
|
$
|
3.23
|
$
|
1.24
|
$
|
0.98
|
||||||
Net income per common share - Diluted:
|
||||||||||||
Class A
|
$
|
3.51
|
$
|
1.34
|
$
|
1.06
|
||||||
Class B
|
$
|
3.51
|
$
|
1.34
|
$
|
1.06
|
||||||
Dividends declared per common share:
|
||||||||||||
Class A
|
$
|
0.37
|
$
|
0.32
|
$
|
0.31
|
||||||
Class B
|
$
|
0.34
|
$
|
0.29
|
$
|
0.28
|
Year Ended
|
||||||||||||
(thousands, except per share data)
|
September 29
2017 |
September 30
2016 |
October 2
2015 |
|||||||||
Comprehensive income:
|
||||||||||||
Net income
|
$
|
35,157
|
$
|
13,501
|
$
|
10,616
|
||||||
Other comprehensive income (loss):
|
||||||||||||
Foreign currency translation gain (loss)
|
590
|
521
|
(8,348
|
)
|
||||||||
Write off of currency translation adjustment loss (gain)
|
64
|
(249
|
)
|
177
|
||||||||
Change in pension plans, net of tax of ($1,216), $952 and $541, respectively
|
1,985
|
(1,555
|
)
|
(970
|
)
|
|||||||
Total other comprehensive income (loss)
|
2,639
|
(1,283
|
)
|
(9,141
|
)
|
|||||||
Total comprehensive income
|
$
|
37,796
|
$
|
12,218
|
$
|
1,475
|
(thousands, except share data)
|
September 29
2017 |
September 30
2016 |
||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
63,810
|
$
|
87,294
|
||||
Short-term investments
|
46,607
|
—
|
||||||
Accounts receivable, net
|
46,814
|
41,522
|
||||||
Inventories
|
79,148
|
68,397
|
||||||
Other current assets
|
4,470
|
4,755
|
||||||
Total current assets
|
240,849
|
201,968
|
||||||
Property, plant and equipment, net of accumulated depreciation of $132,567 and $123,921, respectively
|
48,938
|
48,998
|
||||||
Deferred income taxes
|
22,632
|
19,063
|
||||||
Goodwill
|
11,238
|
11,196
|
||||||
Other intangible assets, net
|
13,476
|
14,462
|
||||||
Other assets
|
16,526
|
14,592
|
||||||
Total assets
|
$
|
353,659
|
$
|
310,279
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current maturities of long-term debt
|
$
|
—
|
$
|
381
|
||||
Accounts payable
|
31,686
|
24,521
|
||||||
Accrued liabilities:
|
||||||||
Salaries, wages and benefits
|
21,825
|
17,396
|
||||||
Accrued warranty
|
6,393
|
4,326
|
||||||
Income taxes payable
|
5,434
|
1,691
|
||||||
Accrued discounts and returns
|
5,137
|
7,074
|
||||||
Other
|
13,602
|
12,265
|
||||||
Total current liabilities
|
84,077
|
67,654
|
||||||
Long-term debt, less current maturities
|
—
|
7,008
|
||||||
Deferred income taxes
|
1,845
|
1,216
|
||||||
Retirement benefits
|
8,844
|
12,699
|
||||||
Other liabilities
|
15,889
|
14,206
|
||||||
Total liabilities
|
110,655
|
102,783
|
||||||
Shareholders' equity:
|
||||||||
Preferred stock: none issued
|
—
|
—
|
||||||
Common stock:
|
||||||||
Class A shares issued and outstanding:
|
442
|
441
|
||||||
September 29, 2017: 8,784,513
|
||||||||
September 30, 2016: 8,778,028
|
||||||||
Class B shares issued and outstanding:
|
61
|
61
|
||||||
September 29, 2017: 1,211,686
|
||||||||
September 30, 2016: 1,212,006
|
||||||||
Capital in excess of par value
|
72,801
|
71,127
|
||||||
Retained earnings
|
166,905
|
135,405
|
||||||
Accumulated other comprehensive income
|
4,993
|
2,354
|
||||||
Treasury stock at cost, shares of Class A common stock: 67,137 and 64,323, respectively
|
(2,198
|
)
|
(1,892
|
)
|
||||
Total shareholders' equity
|
243,004
|
207,496
|
||||||
Total liabilities and shareholders' equity
|
$
|
353,659
|
$
|
310,279
|
(thousands except for shares)
|
Shares
|
Common
Stock
|
Capital in
Excess of
Par
Value
|
Retained
Earnings
|
Treasury
Stock
|
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||||||||||||
BALANCE AT OCTOBER 3, 2014
|
9,981,808
|
$
|
500
|
$
|
67,882
|
$
|
117,573
|
$
|
(275
|
)
|
$
|
12,778
|
||||||||||||
Net income
|
—
|
—
|
—
|
10,616
|
—
|
—
|
||||||||||||||||||
Dividends declared
|
—
|
—
|
—
|
(3,016
|
)
|
—
|
—
|
|||||||||||||||||
Exercise of stock options
|
2,304
|
—
|
77
|
—
|
—
|
—
|
||||||||||||||||||
Issuance of stock under employee stock purchase plan
|
8,062
|
2
|
194
|
—
|
—
|
—
|
||||||||||||||||||
Award of non-vested shares
|
38,222
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Stock-based compensation
|
—
|
—
|
1,573
|
—
|
—
|
—
|
||||||||||||||||||
Tax effects on stock based awards
|
—
|
—
|
(8
|
)
|
—
|
—
|
—
|
|||||||||||||||||
Currency translation adjustment
|
—
|
—
|
—
|
—
|
—
|
(8,348
|
)
|
|||||||||||||||||
Write off of currency translation adjustment loss
|
—
|
—
|
—
|
—
|
—
|
177
|
||||||||||||||||||
Change in pension plans, net of tax of $541
|
—
|
—
|
—
|
—
|
—
|
(970
|
)
|
|||||||||||||||||
Non-vested stock forfeitures
|
(25,364
|
)
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||
Purchase of treasury stock at cost
|
(31,934
|
)
|
—
|
—
|
—
|
(865
|
)
|
—
|
||||||||||||||||
Reissue of treasury stock
|
9,896
|
—
|
(173
|
)
|
—
|
251
|
—
|
|||||||||||||||||
BALANCE AT OCTOBER 2, 2015
|
9,982,994
|
502
|
69,545
|
125,173
|
(889
|
)
|
3,637
|
|||||||||||||||||
Net income
|
—
|
—
|
—
|
13,501
|
—
|
—
|
||||||||||||||||||
Dividends declared
|
—
|
—
|
—
|
(3,269
|
)
|
—
|
—
|
|||||||||||||||||
Issuance of stock under employee stock purchase plan
|
7,732
|
—
|
160
|
—
|
—
|
—
|
||||||||||||||||||
Award of non-vested shares
|
54,850
|
—
|
(493
|
)
|
—
|
493
|
—
|
|||||||||||||||||
Stock-based compensation
|
—
|
—
|
1,813
|
—
|
—
|
—
|
||||||||||||||||||
Tax effects on stock based awards
|
—
|
—
|
112
|
—
|
—
|
—
|
||||||||||||||||||
Currency translation adjustment
|
—
|
—
|
—
|
—
|
—
|
521
|
||||||||||||||||||
Write off of currency translation adjustment loss
|
—
|
—
|
—
|
—
|
—
|
(249
|
)
|
|||||||||||||||||
Change in pension plans, net of tax of $952
|
—
|
—
|
—
|
—
|
—
|
(1,555
|
)
|
|||||||||||||||||
Non-vested stock forfeitures
|
(7,885
|
)
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||
Purchase of treasury stock at cost
|
(19,973
|
)
|
—
|
—
|
—
|
(1,506
|
)
|
—
|
||||||||||||||||
Reissue of treasury stock
|
3,416
|
—
|
(10
|
)
|
—
|
10
|
—
|
|||||||||||||||||
BALANCE AT SEPTEMBER 30, 2016
|
10,021,134
|
502
|
71,127
|
135,405
|
(1,892
|
)
|
2,354
|
|||||||||||||||||
Net income
|
—
|
—
|
—
|
35,157
|
—
|
—
|
||||||||||||||||||
Dividends declared
|
—
|
—
|
—
|
(3,657
|
)
|
—
|
—
|
|||||||||||||||||
Issuance of stock under employee stock purchase plan
|
1,414
|
—
|
47
|
—
|
—
|
—
|
||||||||||||||||||
Award of non-vested shares
|
20,460
|
1
|
(553
|
)
|
—
|
553
|
—
|
|||||||||||||||||
Stock-based compensation
|
—
|
—
|
1,985
|
—
|
—
|
—
|
||||||||||||||||||
Currency translation adjustment
|
—
|
—
|
—
|
—
|
—
|
590
|
||||||||||||||||||
Write off of currency translation adjustment loss
|
—
|
—
|
—
|
—
|
—
|
64
|
||||||||||||||||||
Change in pension plans, net of tax of $1,216
|
—
|
—
|
—
|
—
|
—
|
1,985
|
||||||||||||||||||
Non-vested stock forfeitures
|
—
|
—
|
195
|
—
|
(195
|
)
|
—
|
|||||||||||||||||
Purchase of treasury stock at cost
|
(46,809
|
)
|
—
|
—
|
—
|
(664
|
)
|
—
|
||||||||||||||||
BALANCE AT SEPTEMBER 29, 2017
|
9,996,199
|
$
|
503
|
$
|
72,801
|
$
|
166,905
|
$
|
(2,198
|
)
|
$
|
4,993
|
Year Ended
|
||||||||||||
(thousands)
|
September 29
2017 |
September 30
2016 |
October 2
2015 |
|||||||||
CASH PROVIDED BY OPERATING ACTIVITIES
|
||||||||||||
Net income
|
$
|
35,157
|
$
|
13,501
|
$
|
10,616
|
||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||
Depreciation
|
11,804
|
10,654
|
10,846
|
|||||||||
Amortization of intangible assets
|
1,276
|
1,179
|
856
|
|||||||||
Amortization of deferred financing costs
|
297
|
122
|
122
|
|||||||||
Impairment losses
|
—
|
6,197
|
—
|
|||||||||
Stock based compensation
|
1,986
|
1,832
|
1,606
|
|||||||||
Write off of currency translation adjustment (gain) loss
|
64
|
(249
|
)
|
177
|
||||||||
Provision for doubtful accounts receivable
|
876
|
299
|
292
|
|||||||||
Provision for inventory reserves
|
1,356
|
3,650
|
2,123
|
|||||||||
Deferred income taxes
|
(2,784
|
)
|
(2,219
|
)
|
(1,485
|
)
|
||||||
Change in operating assets and liabilities:
|
||||||||||||
Accounts receivable, net
|
(5,364
|
)
|
3,390
|
(2,534
|
)
|
|||||||
Inventories, net
|
(11,413
|
)
|
8,524
|
(17,999
|
)
|
|||||||
Accounts payable and accrued liabilities
|
15,901
|
(2,513
|
)
|
10,582
|
||||||||
Other current assets
|
193
|
197
|
2,599
|
|||||||||
Other non-current assets
|
57
|
(246
|
)
|
(284
|
)
|
|||||||
Other long-term liabilities
|
(2,399
|
)
|
(622
|
)
|
(160
|
)
|
||||||
Other, net
|
(657
|
)
|
(262
|
)
|
699
|
|||||||
46,350
|
43,434
|
18,056
|
||||||||||
CASH USED FOR INVESTING ACTIVITIES
|
||||||||||||
Payments for purchase of business
|
—
|
(9,152
|
)
|
—
|
||||||||
Purchase of short-term investments
|
(46,607
|
)
|
—
|
—
|
||||||||
Capital expenditures
|
(11,613
|
)
|
(11,702
|
)
|
(10,409
|
)
|
||||||
Proceeds from sales of property, plant and equipment
|
212
|
113
|
15
|
|||||||||
(58,008
|
)
|
(20,741
|
)
|
(10,394
|
)
|
|||||||
CASH USED FOR FINANCING ACTIVITIES
|
||||||||||||
Principal payments on term loans and other long-term debt
|
(7,376
|
)
|
(332
|
)
|
(360
|
)
|
||||||
Common stock transactions
|
47
|
271
|
202
|
|||||||||
Dividends paid
|
(3,559
|
)
|
(3,169
|
)
|
(2,966
|
)
|
||||||
Purchases of treasury stock
|
(663
|
)
|
(1,506
|
)
|
(865
|
)
|
||||||
(11,551
|
)
|
(4,736
|
)
|
(3,989
|
)
|
|||||||
Effect of foreign currency rate changes on cash
|
(275
|
)
|
178
|
(5,307
|
)
|
|||||||
(Decrease) increase in cash and cash equivalents
|
(23,484
|
)
|
18,135
|
(1,634
|
)
|
|||||||
CASH AND CASH EQUIVALENTS
|
||||||||||||
Beginning of period
|
87,294
|
69,159
|
70,793
|
|||||||||
End of period
|
$
|
63,810
|
$
|
87,294
|
69,159
|
|||||||
Supplemental Disclosure:
|
||||||||||||
Cash paid for taxes
|
$
|
13,751
|
$
|
14,496
|
$
|
2,269
|
||||||
Cash paid for interest
|
493
|
732
|
754
|
1 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
September 29
2017
|
September 30
2016
|
|||||||
Raw materials
|
$
|
32,826
|
$
|
26,379
|
||||
Work in process
|
48
|
34
|
||||||
Finished goods
|
46,274
|
41,984
|
||||||
$
|
79,148
|
$
|
68,397
|
Property improvements
|
5-20 years
|
Buildings and improvements
|
20-40 years
|
Furniture and fixtures, equipment and computer software
|
3-10 years
|
2017
|
2016
|
|||||||
Property improvements
|
$
|
590
|
$
|
590
|
||||
Buildings and improvements
|
21,770
|
21,631
|
||||||
Furniture and fixtures, equipment and computer software
|
159,145
|
150,698
|
||||||
181,505
|
172,919
|
|||||||
Less accumulated depreciation
|
132,567
|
123,921
|
||||||
$
|
48,938
|
$
|
48,998
|
Fishing
|
Camping
|
Watercraft
|
Diving
|
Total
|
||||||||||||||||
Balance at October 2, 2015
|
||||||||||||||||||||
Goodwill
|
$
|
16,596
|
$
|
7,038
|
$
|
6,242
|
$
|
30,806
|
$
|
60,682
|
||||||||||
Accumulated impairment losses
|
(6,229
|
)
|
(7,038
|
)
|
(6,242
|
)
|
(26,881
|
)
|
(46,390
|
)
|
||||||||||
10,367
|
—
|
—
|
3,925
|
14,292
|
||||||||||||||||
Currency translation
|
2
|
—
|
—
|
53
|
55
|
|||||||||||||||
Acquisitions
|
827
|
—
|
—
|
2,219
|
3,046
|
|||||||||||||||
Impairment loss
|
—
|
—
|
—
|
(6,197
|
)
|
(6,197
|
)
|
|||||||||||||
Balance at September 30, 2016
|
||||||||||||||||||||
Goodwill
|
17,425
|
7,038
|
6,242
|
33,078
|
63,783
|
|||||||||||||||
Accumulated impairment losses
|
(6,229
|
)
|
(7,038
|
)
|
(6,242
|
)
|
(33,078
|
)
|
(52,587
|
)
|
||||||||||
11,196
|
—
|
—
|
—
|
11,196
|
||||||||||||||||
Currency translation
|
42
|
—
|
—
|
—
|
42
|
|||||||||||||||
Balance at September 29, 2017
|
||||||||||||||||||||
Goodwill
|
17,467
|
7,038
|
6,242
|
33,078
|
63,825
|
|||||||||||||||
Accumulated impairment losses
|
(6,229
|
)
|
(7,038
|
)
|
(6,242
|
)
|
(33,078
|
)
|
(52,587
|
)
|
||||||||||
$
|
11,238
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
11,238
|
2017
|
2016
|
|||||||||||||||||||||||
Gross
Intangible
|
Accumulated
Amortization
|
Net
|
Gross
Intangible
|
Accumulated
Amortization
|
Net
|
|||||||||||||||||||
Amortized other intangible assets:
|
||||||||||||||||||||||||
Patents and trademarks
|
$
|
4,213
|
$
|
(4,144
|
)
|
$
|
69
|
$
|
4,155
|
$
|
(4,026
|
)
|
$
|
129
|
||||||||||
Other amortizable intangibles
|
11,131
|
(4,749
|
)
|
6,382
|
10,804
|
(3,496
|
)
|
7,308
|
||||||||||||||||
Non-amortized trademarks
|
7,025
|
—
|
7,025
|
7,025
|
—
|
7,025
|
||||||||||||||||||
$
|
22,369
|
$
|
(8,893
|
)
|
$
|
13,476
|
$
|
21,984
|
$
|
(7,522
|
)
|
$
|
14,462
|
Balance at October 3, 2014
|
$
|
4,078
|
||
Expense accruals for warranties issued during the period
|
5,631
|
|||
Less current period warranty claims paid
|
5,408
|
|||
Balance at October 2, 2015
|
$
|
4,301
|
||
Expense accruals for warranties issued during the period
|
4,699
|
|||
Less current period warranty claims paid
|
4,674
|
|||
Balance at September 30, 2016
|
$
|
4,326
|
||
Expense accruals for warranties issued during the period
|
7,452
|
|||
Less current period warranty claims paid
|
5,385
|
|||
Balance at September 29, 2017
|
$
|
6,393
|
2017
|
2016
|
2015
|
||||||||||||||||||||||||||||||||||
Pre-Tax
Amount
|
Tax
Effect
|
Net of Tax
Effect
|
Pre-Tax
Amount
|
Tax
Effect
|
Net of Tax
Effect
|
Pre-Tax
Amount
|
Tax
Effect
|
Net of Tax
Effect
|
||||||||||||||||||||||||||||
Foreign currency translation adjustment
|
$
|
11,179
|
$
|
—
|
$
|
11,179
|
$
|
10,525
|
$
|
—
|
$
|
10,525
|
$
|
10,253
|
$
|
—
|
$
|
10,253
|
||||||||||||||||||
Unamortized loss on pension plans
|
(7,799
|
)
|
1,613
|
(6,186
|
)
|
(10,999
|
)
|
2,828
|
(8,171
|
)
|
(8,492
|
)
|
1,876
|
(6,616
|
)
|
|||||||||||||||||||||
Accumulated other comprehensive income
|
$
|
3,380
|
$
|
1,613
|
$
|
4,993
|
$
|
(474
|
)
|
$
|
2,828
|
$
|
2,354
|
$
|
1,761
|
$
|
1,876
|
$
|
3,637
|
Statement of Operations
Presentation
|
||||||
Unamortized loss on defined benefit pension plans
|
||||||
Amortization of loss
|
$
|
731
|
Cost of sales / Operating expense
|
|||
Tax effects
|
(278
|
)
|
Income tax expense
|
|||
Foreign currency translation adjustments
|
||||||
Write off of currency translation amounts
|
64
|
Other income and expense
|
||||
Total reclassifications for the period
|
$
|
517
|
Statement of Operations
Presentation
|
||||||
Unamortized loss on defined benefit pension plans:
|
||||||
Amortization of loss
|
$
|
566
|
Cost of sales / Operating expense
|
|||
Tax effects
|
(215
|
)
|
Income tax expense
|
|||
Foreign currency translation adjustments:
|
||||||
Write off of currency translation amounts
|
(249
|
)
|
Other income and expense
|
|||
Total reclassifications for the period
|
$
|
102
|
Statement of Operations
Presentation
|
||||||
Unamortized loss on defined benefit pension plans:
|
||||||
Amortization of loss
|
$
|
622
|
Cost of sales / Operating expense
|
|||
Tax effects
|
(237
|
)
|
Income tax expense
|
|||
Foreign currency translation adjustments
|
||||||
Write off of currency translation amounts
|
177
|
Other income and expense
|
||||
Total reclassifications for the period
|
$
|
562
|
Foreign
Currency
Translation
Adjustment
|
Unamortized
Loss on
Defined
Benefit Pension
Plans
|
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||||
Balance at September 30, 2016
|
$
|
10,525
|
$
|
(8,171
|
)
|
$
|
2,354
|
|||||
Other comprehensive income before reclassifications
|
590
|
2,470
|
3,060
|
|||||||||
Amounts reclassified from accumulated other comprehensive income
|
64
|
731
|
795
|
|||||||||
Tax effects
|
—
|
(1,216
|
)
|
(1,216
|
)
|
|||||||
Balance at September 29, 2017
|
$
|
11,179
|
$
|
(6,186
|
)
|
$
|
4,993
|
Foreign
Currency
Translation
Adjustment
|
Unamortized
Loss on
Defined
Benefit Pension
Plans
|
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||||
Balance at October 2, 2015
|
$
|
10,253
|
$
|
(6,616
|
)
|
$
|
3,637
|
|||||
Other comprehensive income (loss) before reclassifications
|
521
|
(3,073
|
)
|
(2,552
|
)
|
|||||||
Amounts reclassified from accumulated other comprehensive income
|
(249
|
)
|
566
|
317
|
||||||||
Tax effects
|
—
|
952
|
952
|
|||||||||
Balance at September 30, 2016
|
$
|
10,525
|
$
|
(8,171
|
)
|
$
|
2,354
|
2017
|
2016
|
2015
|
||||||||||
Net income
|
$
|
35,157
|
$
|
13,501
|
$
|
10,616
|
||||||
Less: Undistributed earnings reallocated to non-vested shareholders
|
(375
|
)
|
(258
|
)
|
(191
|
)
|
||||||
Dilutive earnings
|
$
|
34,782
|
$
|
13,243
|
$
|
10,425
|
||||||
Weighted average common shares – Basic:
|
||||||||||||
Class A
|
8,675
|
8,627
|
8,515
|
|||||||||
Class B
|
1,212
|
1,212
|
1,212
|
|||||||||
Dilutive stock options and restricted stock units
|
33
|
16
|
—
|
|||||||||
Weighted average common shares - Dilutive
|
9,920
|
9,855
|
9,727
|
|||||||||
Net income per common share – Basic:
|
||||||||||||
Class A
|
$
|
3.56
|
$
|
1.36
|
$
|
1.08
|
||||||
Class B
|
$
|
3.23
|
$
|
1.24
|
$
|
0.98
|
||||||
Net income per common share – Diluted:
|
||||||||||||
Class A
|
$
|
3.51
|
$
|
1.34
|
$
|
1.06
|
||||||
Class B
|
$
|
3.51
|
$
|
1.34
|
$
|
1.06
|
• |
Persuasive evidence of an arrangement exists. Contracts, internet commerce agreements, and customer purchase orders are generally used to determine the existence of an arrangement.
|
• |
All substantial risk of ownership transfers to the customer. Shipping documents and customer acceptance, when applicable, are used to verify delivery.
|
• |
The fee is fixed or determinable. This is assessed based on the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment.
|
• |
Collectibility is reasonably assured. Collectibility is assessed based on the creditworthiness of the customer as determined by credit checks and analysis, as well as by the customer’s payment history.
|
2 |
INDEBTEDNESS
|
September 29
2017
|
September 30
2016
|
|||||||
Term loans
|
$
|
—
|
$
|
7,098
|
||||
Revolvers
|
—
|
—
|
||||||
Other
|
—
|
291
|
||||||
Total debt
|
—
|
7,389
|
||||||
Less current portion of long term debt
|
—
|
381
|
||||||
Less short term debt
|
—
|
—
|
||||||
Total long-term debt
|
$
|
—
|
$
|
7,008
|
3 |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
|
4 |
FAIR VALUE MEASUREMENTS
|
• |
Level 1 - Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets.
|
• |
Level 2 - Inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. These are typically obtained from readily-available pricing sources for comparable instruments.
|
• |
Level 3 - Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity’s own assumptions of the data that market participants would use in pricing the asset or liability, based on the best information available in the circumstances.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets:
|
||||||||||||||||
Rabbi trust assets
|
$
|
14,932
|
$
|
—
|
$
|
—
|
$
|
14,932
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets:
|
||||||||||||||||
Rabbi trust assets
|
$
|
12,637
|
$
|
—
|
$
|
—
|
$
|
12,637
|
|
Location of (income) loss
recognized in Statement of
Operations
|
2017
|
2016
|
2015
|
|||||||||
Rabbi trust assets
|
Other (income) expense
|
$
|
(1,687
|
)
|
$
|
(624
|
)
|
$
|
638
|
Level 1
|
Level 2
|
Level 3
|
Losses incurred
|
|||||||||||||
Goodwill
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
6,197
|
5 |
LEASES AND OTHER COMMITMENTS
|
Year
|
Related parties included
in total
|
Total
|
||||||
2018
|
$
|
1,017
|
$
|
5,993
|
||||
2019
|
1,009
|
5,216
|
||||||
2020
|
1,038
|
4,898
|
||||||
2021
|
1,067
|
3,481
|
||||||
2022
|
179
|
2,433
|
||||||
Thereafter
|
—
|
2,192
|
6 |
INCOME TAXES
|
2017
|
2016
|
2015
|
||||||||||
United States
|
$
|
41,463
|
$
|
28,881
|
$
|
11,886
|
||||||
Foreign
|
6,747
|
(5,226
|
)
|
3,867
|
||||||||
$
|
48,210
|
$
|
23,655
|
$
|
15,753
|
2017
|
2016
|
2015
|
||||||||||
Current:
|
||||||||||||
Federal
|
$
|
13,154
|
$
|
9,471
|
$
|
4,916
|
||||||
State
|
2,361
|
1,492
|
882
|
|||||||||
Foreign
|
1,455
|
986
|
1,469
|
|||||||||
Deferred
|
(3,917
|
)
|
(1,795
|
)
|
(2,130
|
)
|
||||||
$
|
13,053
|
$
|
10,154
|
$
|
5,137
|
2017
|
2016
|
|||||||
Deferred tax assets:
|
||||||||
Inventories
|
$
|
2,263
|
$
|
2,041
|
||||
Compensation
|
14,260
|
13,956
|
||||||
Tax credit carryforwards
|
8,203
|
4,691
|
||||||
Net operating loss carryforwards
|
5,844
|
7,628
|
||||||
Other
|
8,041
|
7,558
|
||||||
Total gross deferred tax assets
|
38,611
|
35,874
|
||||||
Less valuation allowance
|
8,613
|
10,215
|
||||||
Deferred tax assets
|
29,998
|
25,659
|
||||||
Deferred tax liabilities:
|
||||||||
Goodwill and other intangibles
|
1,805
|
1,571
|
||||||
Depreciation and amortization
|
6,802
|
5,744
|
||||||
Foreign statutory reserves
|
604
|
497
|
||||||
Net deferred tax assets
|
$
|
20,787
|
$
|
17,847
|
2017
|
2016
|
|||||||
Non-current assets
|
$
|
22,632
|
$
|
19,063
|
||||
Non-current liabilities
|
1,845
|
1,216
|
||||||
Net deferred tax assets
|
$
|
20,787
|
$
|
17,847
|
2017
|
2016
|
2015
|
||||||||||
Statutory U.S. federal income tax rate
|
35.0
|
%
|
35.0
|
%
|
35.0
|
%
|
||||||
Foreign rate differential
|
(1.1
|
)%
|
0.3
|
%
|
(1.5
|
)%
|
||||||
State income tax, net of federal benefit
|
4.0
|
%
|
6.1
|
%
|
2.4
|
%
|
||||||
Tax credit
|
(0.9
|
)%
|
(3.2
|
)%
|
(16.6
|
)%
|
||||||
Deferred tax asset valuation allowance
|
(0.3
|
)%
|
0.8
|
%
|
10.0
|
%
|
||||||
Uncertain tax positions, net of settlements
|
0.9
|
%
|
1.4
|
%
|
1.7
|
%
|
||||||
Goodwill impairment
|
—
|
%
|
6.6
|
%
|
—
|
%
|
||||||
Section 199 manufacturer's deduction
|
(2.8
|
)%
|
(4.2
|
)%
|
(3.7
|
)%
|
||||||
Taxes related to foreign income, net of credits
|
(8.7
|
)%*
|
0.5
|
%
|
(0.8
|
)%
|
||||||
Amended tax returns
|
—
|
%
|
—
|
%
|
3.5
|
%
|
||||||
Other
|
1.0
|
%
|
(0.4
|
)%
|
2.6
|
%
|
||||||
27.1
|
%
|
42.9
|
%
|
32.6
|
%
|
State
|
Foreign
|
Total
|
|||||||||||
Year of expiration
|
|||||||||||||
2018-2022
|
$
|
—
|
$
|
2,336
|
$
|
2,336
|
|||||||
2023-2027
|
3,071
|
2,605
|
5,676
|
||||||||||
2028-2032
|
16,968
|
—
|
16,968
|
||||||||||
2033-2037
|
312
|
—
|
312
|
||||||||||
Indefinite
|
—
|
9,631
|
9,631
|
||||||||||
Total
|
$
|
20,351
|
$
|
14,572
|
$
|
34,923
|
State
|
Federal
|
Total
|
|||||||||||
Year of expiration
|
|||||||||||||
2018-2022
|
$
|
1,895
|
$
|
—
|
$
|
1,895
|
|||||||
2023-2027
|
1,536
|
—
|
1,536
|
||||||||||
2028-2032
|
751
|
—
|
751
|
||||||||||
2033-2037
|
239
|
—
|
239
|
||||||||||
Indefinite
|
—
|
—
|
—
|
||||||||||
Total
|
$
|
4,421
|
$
|
—
|
$
|
4,421
|
Balance at October 2, 2015
|
$
|
3,881
|
||
Settlement
|
—
|
|||
Lapse of statute of limitations
|
(391
|
)
|
||
Gross increases - tax positions in period
|
1,606
|
|||
Balance at September 30, 2016
|
$
|
5,096
|
||
Settlement
|
(81
|
)
|
||
Lapse of statute of limitations
|
(380
|
)
|
||
Gross increases - tax positions in period
|
854
|
|||
Balance at September 29, 2017
|
$
|
5,489
|
Jurisdiction
|
Fiscal Years
|
United States
|
2014-2017
|
Canada
|
2013-2017
|
France
|
2014-2017
|
Germany
|
2013-2017
|
Italy
|
2012-2017
|
Switzerland
|
2007-2017
|
7 |
EMPLOYEE BENEFITS
|
2017
|
2016
|
|||||||
Projected benefit obligation:
|
||||||||
Projected benefit obligation, beginning of year
|
$
|
29,449
|
$
|
26,212
|
||||
Service cost
|
—
|
—
|
||||||
Interest cost
|
1,043
|
1,137
|
||||||
Actuarial (gain) loss
|
(1,025
|
)
|
3,069
|
|||||
Benefits paid
|
(995
|
)
|
(969
|
)
|
||||
Projected benefit obligation, end of year
|
28,472
|
29,449
|
||||||
Fair value of plan assets:
|
||||||||
Fair value of plan assets, beginning of year
|
17,793
|
17,020
|
||||||
Actual gain on plan assets
|
2,639
|
1,260
|
||||||
Company contributions
|
1,365
|
482
|
||||||
Benefits paid
|
(995
|
)
|
(969
|
)
|
||||
Fair value of plan assets, end of year
|
20,802
|
17,793
|
||||||
Funded status of the plans
|
(7,670
|
)
|
(11,656
|
)
|
||||
Amounts recognized in the Consolidated Balance Sheets consist of:
|
||||||||
Current pension liabilities
|
186
|
188
|
||||||
Non-current pension liabilities
|
7,484
|
11,468
|
||||||
Accumulated other comprehensive loss
|
(7,799
|
)
|
(10,999
|
)
|
||||
Components of accumulated other comprehensive loss:
|
||||||||
Net actuarial loss
|
(7,799
|
)
|
(10,999
|
)
|
||||
Accumulated other comprehensive loss
|
$
|
(7,799
|
)
|
$
|
(10,999
|
)
|
2017
|
2016
|
2015
|
||||||||||
Interest cost
|
$
|
1,043
|
$
|
1,137
|
$
|
1,108
|
||||||
Expected return on plan assets
|
(1,193
|
)
|
(1,265
|
)
|
(1,197
|
)
|
||||||
Amortization of unrecognized net actuarial loss
|
731
|
566
|
622
|
|||||||||
Net periodic pension cost
|
581
|
438
|
533
|
|||||||||
Other changes in benefit obligations recognized in other comprehensive income ("OCI"):
|
||||||||||||
Net actuarial (gain) loss
|
(3,201
|
)
|
2,507
|
1,511
|
||||||||
Total recognized in net periodic pension cost and OCI
|
$
|
(2,620
|
)
|
$
|
2,945
|
$
|
2,044
|
2018
|
$
|
1,121
|
||
2019
|
1,152
|
|||
2020
|
1,205
|
|||
2021
|
1,217
|
|||
2022
|
1,233
|
|||
Five years thereafter
|
6,926
|
Projected Benefit Obligation
|
Net Periodic Pension Cost
|
|||||||||||||||||||||||
2017
|
2016
|
2015
|
2017
|
2016
|
2015
|
|||||||||||||||||||
Discount rate
|
3.79
|
%
|
3.60
|
%
|
4.35
|
%
|
3.60
|
%
|
4.35
|
%
|
4.25
|
%
|
||||||||||||
Long-term rate of return
|
N/A
|
N/A
|
N/A
|
6.50
|
%
|
7.50
|
%
|
7.50
|
%
|
|||||||||||||||
Average salary increase rate
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
2017
|
2016
|
|||||||
Equity securities
|
73
|
%
|
69
|
%
|
||||
Fixed income securities
|
24
|
%
|
30
|
%
|
||||
Other securities
|
3
|
%
|
1
|
%
|
||||
100
|
%
|
100
|
%
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Description:
|
||||||||||||||||
Mutual funds
|
$
|
20,207
|
$
|
—
|
$
|
—
|
$
|
20,207
|
||||||||
Money market funds
|
515
|
—
|
—
|
515
|
||||||||||||
Group annuity contract
|
—
|
—
|
80
|
80
|
||||||||||||
Total
|
$
|
20,722
|
$
|
—
|
$
|
80
|
$
|
20,802
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Description:
|
||||||||||||||||
Mutual funds
|
$
|
17,467
|
$
|
—
|
$
|
—
|
$
|
17,467
|
||||||||
Money market funds
|
213
|
—
|
—
|
213
|
||||||||||||
Group annuity contract
|
—
|
—
|
113
|
113
|
||||||||||||
Total
|
$
|
17,680
|
$
|
—
|
$
|
113
|
$
|
17,793
|
2017
|
2016
|
|||||||
Level 3 assets, beginning of year
|
$
|
113
|
$
|
155
|
||||
Purchases
|
2
|
2
|
||||||
Unrealized loss
|
1
|
(2
|
)
|
|||||
Sales
|
(36
|
)
|
(42
|
)
|
||||
Level 3 assets, end of year
|
$
|
80
|
$
|
113
|
8 |
PREFERRED STOCK
|
9 |
COMMON STOCK
|
2017
|
2016
|
|||||||
Class A, $0.05 par value:
|
||||||||
Authorized
|
20,000,000
|
20,000,000
|
||||||
Outstanding
|
8,784,513
|
8,778,028
|
||||||
Class B, $0.05 par value:
|
||||||||
Authorized
|
3,000,000
|
3,000,000
|
||||||
Outstanding
|
1,211,686
|
1,212,006
|
10 |
STOCK-BASED COMPENSATION AND STOCK OWNERSHIP PLANS
|
Shares
|
Weighted
Average
Grant Price
|
|||||||
Non-vested stock at October 2, 2015
|
214,027
|
$
|
21.43
|
|||||
Non-vested stock grants
|
54,850
|
24.16
|
||||||
Non-vested stock forfeited
|
(7,885
|
)
|
18.52
|
|||||
Restricted stock vested
|
(98,520
|
)
|
19.18
|
|||||
Non-vested stock at September 30, 2016
|
162,472
|
24.49
|
||||||
Non-vested stock grants
|
8,846
|
43.12
|
||||||
Restricted stock vested
|
(76,250
|
)
|
20.54
|
|||||
Non-vested stock September 29, 2017
|
95,068
|
27.68
|
Number of
RSUs
|
Weighted
Average
Grant Price
|
|||||||
RSUs at October 2, 2015
|
7,336
|
$
|
33.40
|
|||||
RSUs granted
|
48,456
|
23.64
|
||||||
RSUs forfeited
|
(2,045
|
)
|
24.16
|
|||||
RSUs vested
|
(7,336
|
)
|
33.40
|
|||||
RSUs at September 30, 2016
|
46,411
|
23.62
|
||||||
RSUs granted
|
28,301
|
40.64
|
||||||
RSUs vested
|
(14,070
|
)
|
22.39
|
|||||
RSUs at September 29, 2017
|
60,642
|
31.85
|
11 |
RELATED PARTY TRANSACTIONS
|
12 |
SEGMENTS OF BUSINESS
|
2017
|
2016
|
2015
|
||||||||||
Net sales:
|
||||||||||||
Fishing:
|
||||||||||||
Unaffiliated customers
|
$
|
327,796
|
$
|
274,539
|
$
|
262,184
|
||||||
Interunit transfers
|
342
|
333
|
334
|
|||||||||
Camping:
|
||||||||||||
Unaffiliated customers
|
37,887
|
39,975
|
47,526
|
|||||||||
Interunit transfers
|
33
|
43
|
47
|
|||||||||
Watercraft Recreation:
|
||||||||||||
Unaffiliated customers
|
48,126
|
50,240
|
48,805
|
|||||||||
Interunit transfers
|
146
|
148
|
156
|
|||||||||
Diving
|
||||||||||||
Unaffiliated customers
|
76,080
|
68,330
|
71,414
|
|||||||||
Interunit transfers
|
652
|
807
|
711
|
|||||||||
Other / Corporate
|
676
|
643
|
560
|
|||||||||
Eliminations
|
(1,173
|
)
|
(1,331
|
)
|
(1,248
|
)
|
||||||
Total
|
$
|
490,565
|
$
|
433,727
|
$
|
430,489
|
||||||
Operating profit (loss):
|
||||||||||||
Fishing
|
$
|
58,697
|
$
|
43,092
|
$
|
26,055
|
||||||
Camping
|
1,946
|
2,077
|
3,847
|
|||||||||
Watercraft Recreation
|
2,860
|
3,349
|
1,620
|
|||||||||
Diving
(1)
|
1,847
|
(9,384
|
)
|
934
|
||||||||
Other / Corporate
|
(19,759
|
)
|
(16,240
|
)
|
(14,603
|
)
|
||||||
$
|
45,591
|
$
|
22,894
|
$
|
17,853
|
|||||||
Depreciation and amortization expense:
|
||||||||||||
Fishing
|
$
|
8,437
|
$
|
7,597
|
$
|
7,749
|
||||||
Camping
|
888
|
1,121
|
1,128
|
|||||||||
Watercraft Recreation
|
950
|
819
|
972
|
|||||||||
Diving
|
1,573
|
1,210
|
826
|
|||||||||
Other / Corporate
|
1,232
|
1,086
|
1,027
|
|||||||||
$
|
13,080
|
$
|
11,833
|
$
|
11,702
|
|||||||
Capital expenditures:
|
||||||||||||
Fishing
|
$
|
6,774
|
$
|
6,970
|
$
|
6,739
|
||||||
Camping
|
372
|
311
|
427
|
|||||||||
Watercraft Recreation
|
988
|
911
|
889
|
|||||||||
Diving
|
695
|
1,464
|
661
|
|||||||||
Other / Corporate
|
2,784
|
2,046
|
1,693
|
|||||||||
$
|
11,613
|
$
|
11,702
|
$
|
10,409
|
|||||||
Goodwill, net:
|
||||||||||||
Fishing
|
$
|
11,238
|
$
|
11,196
|
||||||||
Camping
|
—
|
—
|
||||||||||
Watercraft Recreation
|
—
|
—
|
||||||||||
Diving
|
—
|
—
|
||||||||||
$
|
11,238
|
$
|
11,196
|
|||||||||
Total assets (end of period):
|
||||||||||||
Fishing
|
$
|
128,706
|
$
|
118,357
|
||||||||
Camping
|
32,652
|
28,249
|
||||||||||
Watercraft Recreation
|
20,222
|
19,693
|
||||||||||
Diving
|
58,190
|
77,195
|
||||||||||
Other / Corporate
|
113,889
|
66,785
|
||||||||||
$
|
353,659
|
$
|
310,279
|
(1)
|
Diving 2016 operating profit includes $6,197 of goodwill impairment charges.
|
2017
|
2016
|
2015
|
|
|||||||||
Net sales:
|
||||||||||||
United States:
|
||||||||||||
Unaffiliated customers
|
$
|
404,073
|
$
|
357,592
|
$
|
350,340
|
||||||
Interunit transfers
|
19,725
|
14,672
|
17,872
|
|||||||||
Europe:
|
||||||||||||
Unaffiliated customers
|
34,521
|
32,069
|
35,547
|
|||||||||
Interunit transfers
|
10,983
|
9,824
|
9,371
|
|||||||||
Canada:
|
||||||||||||
Unaffiliated customers
|
32,553
|
28,308
|
28,155
|
|||||||||
Interunit transfers
|
2
|
16
|
11
|
|||||||||
Other:
|
||||||||||||
Unaffiliated customers
|
19,418
|
15,758
|
16,447
|
|||||||||
Interunit transfers
|
22
|
62
|
82
|
|||||||||
Eliminations
|
(30,732
|
)
|
(24,574
|
)
|
(27,336
|
)
|
||||||
$
|
490,565
|
$
|
433,727
|
$
|
430,489
|
|||||||
Total assets:
|
||||||||||||
United States
|
$
|
276,916
|
$
|
219,625
|
||||||||
Europe
|
42,956
|
52,642
|
||||||||||
Canada and other
|
33,787
|
38,012
|
||||||||||
$
|
353,659
|
$
|
310,279
|
|||||||||
Long-term assets
(1)
:
|
||||||||||||
United States
|
$
|
83,726
|
$
|
81,292
|
||||||||
Europe
|
3,396
|
3,713
|
||||||||||
Canada and other
|
3,056
|
4,243
|
||||||||||
$
|
90,178
|
$
|
89,248
|
(1)
|
Long term assets consist of net property, plant and equipment, net intangible assets, goodwill and other assets excluding deferred income taxes.
|
13 |
CONTINGENCIES
|
14 |
SUBSEQUENT EVENT
|
15 |
VALUATION AND QUALIFYING ACCOUNTS
|
Balance at
Beginning of Year
|
Additions
Charged
to Costs and
Expenses
|
Less Deductions
|
Balance at End of
Year
|
|||||||||||||
Year Ended September 29, 2017
|
||||||||||||||||
Allowance for doubtful accounts
|
$
|
2,182
|
$
|
876
|
$
|
827
|
$
|
2,231
|
||||||||
Reserves for inventory valuation
|
5,623
|
1,356
|
1,551
|
5,428
|
||||||||||||
Valuation of deferred tax assets
|
10,215
|
603
|
2,094
|
8,724
|
||||||||||||
Reserves for sales returns
|
2,772
|
2,346
|
3,188
|
1,930
|
||||||||||||
Year ended September 30, 2016
|
||||||||||||||||
Allowance for doubtful accounts
|
$
|
2,329
|
$
|
299
|
$
|
446
|
$
|
2,182
|
||||||||
Reserves for inventory valuation
|
4,879
|
3,650
|
2,906
|
5,623
|
||||||||||||
Valuation of deferred tax assets
|
9,786
|
1,670
|
1,241
|
10,215
|
||||||||||||
Reserves for sales returns
|
1,945
|
4,596
|
3,769
|
2,772
|
||||||||||||
Year ended October 2, 2015
|
||||||||||||||||
Allowance for doubtful accounts
|
$
|
2,665
|
$
|
292
|
$
|
628
|
$
|
2,329
|
||||||||
Reserves for inventory valuation
|
3,950
|
2,123
|
1,194
|
4,879
|
||||||||||||
Valuation of deferred tax assets
|
8,734
|
2,602
|
1,550
|
9,786
|
||||||||||||
Reserves for sales returns
|
1,428
|
3,139
|
2,622
|
1,945
|
16 |
QUARTERLY FINANCIAL SUMMARY (UNAUDITED)
|
First Quarter
|
Second Quarter
|
Third Quarter
|
Fourth Quarter
|
|||||||||||||||||||||||||||||
(thousands, except per share data)
|
2017
|
2016
|
2017
|
2016
|
2017
|
2016
|
2017
|
2016
|
||||||||||||||||||||||||
Net sales
|
$
|
93,729
|
$
|
85,298
|
$
|
149,807
|
$
|
134,192
|
$
|
155,274
|
$
|
139,300
|
$
|
91,755
|
$
|
74,937
|
||||||||||||||||
Gross profit
|
36,565
|
33,299
|
64,913
|
54,995
|
70,630
|
59,283
|
38,832
|
28,885
|
||||||||||||||||||||||||
Operating profit (loss)
|
472
|
(900
|
)
|
20,458
|
15,138
|
24,737
|
13,583
|
(76
|
)
|
(4,927
|
)
|
|||||||||||||||||||||
Income (loss) before income taxes
|
(45
|
)
|
(519
|
)
|
21,837
|
14,669
|
25,560
|
13,865
|
858
|
(4,360
|
)
|
|||||||||||||||||||||
Income tax expense (benefit)
|
(4,101
|
)
|
15
|
7,878
|
5,348
|
9,007
|
7,024
|
269
|
(2,233
|
)
|
||||||||||||||||||||||
Net income (loss)
|
$
|
4,056
|
$
|
(534
|
)
|
$
|
13,959
|
$
|
9,321
|
$
|
16,553
|
$
|
6,841
|
$
|
589
|
$
|
(2,127
|
)
|
||||||||||||||
Net income (loss) per common share - Basic:
|
||||||||||||||||||||||||||||||||
Class A
|
$
|
0.41
|
$
|
(0.05
|
)
|
$
|
1.41
|
$
|
0.94
|
$
|
1.68
|
$
|
0.69
|
$
|
0.06
|
$
|
(0.21
|
)
|
||||||||||||||
Class B
|
$
|
0.37
|
$
|
(0.05
|
)
|
$
|
1.28
|
$
|
0.86
|
$
|
1.52
|
$
|
0.63
|
$
|
0.05
|
$
|
(0.21
|
)
|
||||||||||||||
Net income (loss) per common share - Diluted:
|
||||||||||||||||||||||||||||||||
Class A
|
$
|
0.40
|
$
|
(0.05
|
)
|
$
|
1.39
|
$
|
0.93
|
$
|
1.65
|
$
|
0.68
|
$
|
0.06
|
$
|
(0.21
|
)
|
||||||||||||||
Class B
|
$
|
0.40
|
$
|
(0.05
|
)
|
$
|
1.39
|
$
|
0.93
|
$
|
1.65
|
$
|
0.68
|
$
|
0.06
|
$
|
(0.21
|
)
|
17 |
ACQUISITIONS
|
Recognized amounts of identifiable assets acquired and liabilities assumed
|
||||
Accounts receivable
|
$
|
66
|
||
Inventories
|
197
|
|||
Other current assets
|
40
|
|||
Property, plant and equipment
|
27
|
|||
Identifiable intangible assets
|
6,706
|
|||
Less, accounts payable and accruals
|
350
|
|||
Less, long term liabilities
|
580
|
|||
Total identifiable net assets
|
6,106
|
|||
Goodwill
|
3,046
|
|||
Net assets acquired
|
$
|
9,152
|
Description
|
Amount
|
Useful
Life (yrs)
|
||||
Developed technologies
|
$
|
6,131
|
7.6 years
|
|||
Non-compete agreements
|
575
|
5.0 years
|
1 Year Johnson Outdoors Chart |
1 Month Johnson Outdoors Chart |
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