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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 36.35 | 36.35 | 58.15 | 0 | 09:05:04 |
Wisconsin
|
39-1536083
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Page No.
|
|||
PART I
|
FINANCIAL INFORMATION
|
||
Item 1.
|
Financial Statements
|
||
1
|
|||
2
|
|||
3
|
|||
4
|
|||
5
|
|||
Item 2.
|
21
|
||
Item 3.
|
28
|
||
Item 4.
|
29
|
||
PART II
|
OTHER INFORMATION
|
||
Item 1.
|
30
|
||
Item 1A.
|
30
|
||
Item 6.
|
30
|
||
31
|
|||
32
|
PART I |
FINANCIAL INFORMATION
|
Item 1. |
Financial Statements
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
(thousands, except per share data)
|
March 31
2017
|
April 1
2016
|
March 31
2017
|
April 1
2016
|
||||||||||||
Net sales
|
$
|
149,807
|
$
|
134,192
|
$
|
243,536
|
$
|
219,490
|
||||||||
Cost of sales
|
84,894
|
79,197
|
142,058
|
131,196
|
||||||||||||
Gross profit
|
64,913
|
54,995
|
101,478
|
88,294
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Marketing and selling
|
28,796
|
25,776
|
49,618
|
45,775
|
||||||||||||
Administrative management, finance and information systems
|
11,001
|
9,891
|
21,562
|
20,045
|
||||||||||||
Research and development
|
4,658
|
4,190
|
9,368
|
8,236
|
||||||||||||
Total operating expenses
|
44,455
|
39,857
|
80,548
|
74,056
|
||||||||||||
Operating profit
|
20,458
|
15,138
|
20,930
|
14,238
|
||||||||||||
Interest income
|
(9
|
)
|
(10
|
)
|
(32
|
)
|
(18
|
)
|
||||||||
Interest expense
|
124
|
297
|
610
|
487
|
||||||||||||
Other (income) expense, net
|
(1,494
|
)
|
182
|
(1,440
|
)
|
(381
|
)
|
|||||||||
Profit before income taxes
|
21,837
|
14,669
|
21,792
|
14,150
|
||||||||||||
Income tax expense
|
7,878
|
5,348
|
3,777
|
5,363
|
||||||||||||
Net income
|
$
|
13,959
|
$
|
9,321
|
$
|
18,015
|
$
|
8,787
|
||||||||
Weighted average common shares - Basic:
|
||||||||||||||||
Class A
|
8,684
|
8,636
|
8,659
|
8,609
|
||||||||||||
Class B
|
1,212
|
1,212
|
1,212
|
1,212
|
||||||||||||
Participating securities
|
19
|
-
|
21
|
-
|
||||||||||||
Weighted average common shares - Dilutive
|
9,915
|
9,848
|
9,892
|
9,821
|
||||||||||||
Net income per common share - Basic:
|
||||||||||||||||
Class A
|
$
|
1.41
|
$
|
0.94
|
$
|
1.83
|
$
|
0.89
|
||||||||
Class B
|
$
|
1.28
|
$
|
0.86
|
$
|
1.66
|
$
|
0.81
|
||||||||
Net income per common share - Diluted:
|
||||||||||||||||
Class A
|
$
|
1.39
|
$
|
0.93
|
$
|
1.80
|
$
|
0.88
|
||||||||
Class B
|
$
|
1.39
|
$
|
0.93
|
$
|
1.80
|
$
|
0.88
|
||||||||
Dividends declared per common share:
|
||||||||||||||||
Class A
|
$
|
0.09
|
$
|
0.08
|
$
|
0.18
|
$
|
0.16
|
||||||||
Class B
|
$
|
0.08
|
$
|
0.07
|
$
|
0.16
|
$
|
0.15
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
(thousands, except per share data)
|
March 31
2017
|
April 1
2016
|
March 31
2017
|
April 1
2016
|
||||||||||||
Comprehensive income:
|
||||||||||||||||
Net income
|
$
|
13,959
|
9,321
|
$
|
18,015
|
$
|
8,787
|
|||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Foreign currency translation gain (loss)
|
874
|
3,048
|
(2,873
|
)
|
1,271
|
|||||||||||
Change in pension plans, net of tax of $54, $59, $108 and $118, respectively
|
87
|
97
|
175
|
193
|
||||||||||||
Total other comprehensive income (loss)
|
961
|
3,145
|
(2,698
|
)
|
1,464
|
|||||||||||
Total comprehensive income
|
$
|
14,920
|
$
|
12,466
|
$
|
15,317
|
$
|
10,251
|
(thousands, except share data)
|
March 31
2017
|
September 30
2016
|
April 1
2016
|
|||||||||
ASSETS
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
$
|
29,360
|
$
|
87,294
|
$
|
50,938
|
||||||
Accounts receivable, net
|
122,386
|
41,522
|
102,786
|
|||||||||
Inventories
|
74,858
|
68,397
|
89,769
|
|||||||||
Other current assets
|
4,007
|
4,755
|
4,573
|
|||||||||
Total current assets
|
230,611
|
201,968
|
248,066
|
|||||||||
Property, plant and equipment, net of accumulated depreciation of $128,519, $123,921 and $122,369, respectively
|
48,130
|
48,998
|
45,862
|
|||||||||
Deferred income taxes
|
22,583
|
19,063
|
16,389
|
|||||||||
Goodwill
|
11,182
|
11,196
|
16,672
|
|||||||||
Other intangible assets, net
|
13,950
|
14,462
|
14,435
|
|||||||||
Other assets
|
15,846
|
14,592
|
13,365
|
|||||||||
Total assets
|
$
|
342,302
|
$
|
310,279
|
$
|
354,789
|
||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||
Current liabilities:
|
||||||||||||
Current maturities of long-term debt
|
$
|
-
|
$
|
381
|
$
|
373
|
||||||
Accounts payable
|
39,069
|
24,521
|
40,966
|
|||||||||
Accrued liabilities:
|
||||||||||||
Salaries, wages and benefits
|
13,883
|
17,396
|
12,162
|
|||||||||
Accrued warranty
|
5,543
|
4,326
|
4,735
|
|||||||||
Income taxes payable
|
4,952
|
1,691
|
7,618
|
|||||||||
Accrued discounts and returns
|
8,445
|
7,074
|
6,427
|
|||||||||
Other
|
14,883
|
12,265
|
13,847
|
|||||||||
Total current liabilities
|
86,775
|
67,654
|
86,128
|
|||||||||
Long-term debt, less current maturities
|
5,000
|
7,008
|
37,172
|
|||||||||
Deferred income taxes
|
1,178
|
1,216
|
1,266
|
|||||||||
Retirement benefits
|
12,409
|
12,699
|
9,901
|
|||||||||
Other liabilities
|
15,616
|
14,206
|
13,133
|
|||||||||
Total liabilities
|
120,978
|
102,783
|
147,600
|
|||||||||
Shareholders' equity:
|
||||||||||||
Common stock:
|
||||||||||||
Class A shares issued and outstanding:
|
442
|
441
|
441
|
|||||||||
March 31, 2017: 8,782,779
|
||||||||||||
September 30, 2016: 8,778,028
|
||||||||||||
April 1, 2016: 8,808,905
|
||||||||||||
Class B shares issued and outstanding:
|
61
|
61
|
61
|
|||||||||
March 31, 2016: 1,212,006
|
||||||||||||
September 30, 2016: 1,212,006
|
||||||||||||
April 1, 2016: 1,212,382
|
||||||||||||
Capital in excess of par value
|
71,721
|
71,127
|
70,084
|
|||||||||
Retained earnings
|
151,641
|
135,405
|
132,374
|
|||||||||
Accumulated other comprehensive (loss) income
|
(344
|
)
|
2,354
|
5,101
|
||||||||
Treasury stock at cost, shares of Class A common stock: 79,071, 64,323 and 33,599, respectively
|
(2,197
|
)
|
(1,892
|
)
|
(872
|
)
|
||||||
Total shareholders' equity
|
221,324
|
207,496
|
207,189
|
|||||||||
Total liabilities and shareholders' equity
|
$
|
342,302
|
$
|
310,279
|
$
|
354,789
|
Six Months Ended
|
||||||||
(thousands)
|
March 31
2017
|
April 1
2016
|
||||||
CASH USED FOR OPERATING ACTIVITIES
|
||||||||
Net income
|
$
|
18,015
|
$
|
8,787
|
||||
Adjustments to reconcile net income to net cash used for operating activities:
|
||||||||
Depreciation
|
5,683
|
5,220
|
||||||
Amortization of intangible assets
|
673
|
430
|
||||||
Amortization of deferred financing costs
|
217
|
61
|
||||||
Stock based compensation
|
954
|
947
|
||||||
Deferred income taxes
|
(3,862
|
)
|
(302
|
)
|
||||
Change in operating assets and liabilities:
|
||||||||
Accounts receivable, net
|
(81,169
|
)
|
(57,481
|
)
|
||||
Inventories, net
|
(7,028
|
)
|
(9,080
|
)
|
||||
Accounts payable and accrued liabilities
|
19,883
|
16,146
|
||||||
Other current assets
|
647
|
377
|
||||||
Other non-current assets
|
44
|
23
|
||||||
Other long-term liabilities
|
(15
|
)
|
(444
|
)
|
||||
Other, net
|
(252
|
)
|
(179
|
)
|
||||
(46,210
|
)
|
(35,495
|
)
|
|||||
CASH USED FOR INVESTING ACTIVITIES
|
||||||||
Payments for purchase of businesses
|
-
|
(5,250
|
)
|
|||||
Capital expenditures
|
(5,194
|
)
|
(5,608
|
)
|
||||
(5,194
|
)
|
(10,858
|
)
|
|||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES
|
||||||||
Net borrowings from revolving credit lines
|
5,000
|
30,000
|
||||||
Principal payments on term loans and other long-term debt
|
(7,374
|
)
|
(180
|
)
|
||||
Common stock transactions
|
-
|
22
|
||||||
Dividends paid
|
(1,779
|
)
|
(1,583
|
)
|
||||
Purchases of treasury stock
|
(663
|
)
|
(476
|
)
|
||||
(4,816
|
)
|
27,783
|
||||||
Effect of foreign currency rate changes on cash
|
(1,714
|
)
|
349
|
|||||
Decrease in cash and cash equivalents
|
(57,934
|
)
|
(18,221
|
)
|
||||
CASH AND CASH EQUIVALENTS
|
||||||||
Beginning of period
|
87,294
|
69,159
|
||||||
End of period
|
$
|
29,360
|
$
|
50,938
|
||||
Supplemental Disclosure:
|
||||||||
Cash paid for taxes
|
$
|
4,236
|
$
|
2,015
|
||||
Cash paid for interest
|
386
|
402
|
1 |
BASIS OF PRESENTATION
|
2 |
ACCOUNTS RECEIVABLE
|
3 |
EARNINGS PER SHARE (“EPS”)
|
4 |
STOCK-BASED COMPENSATION AND STOCK OWNERSHIP PLANS
|
Shares
|
Weighted Average
Grant Price
|
|||||||
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 at March 31, 2017
|
95,068
|
27.68
|
Number of RSUs
|
Weighted Average
Grant Price
|
|||||||
RSUs at September 30, 2016
|
46,411
|
$
|
23.62
|
|||||
RSUs granted
|
28,301
|
40.64
|
||||||
RSUs vested
|
(14,070
|
)
|
22.39
|
|||||
RSUs at March 31, 2017
|
60,642
|
31.85
|
5 |
PENSION PLANS
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
March 31
2017
|
April 1
2016
|
March 31
2017
|
April 1
2016
|
|||||||||||||
Components of net periodic benefit cost:
|
||||||||||||||||
Service cost
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Interest on projected benefit obligation
|
284
|
277
|
568
|
554
|
||||||||||||
Less estimated return on plan assets
|
274
|
299
|
548
|
598
|
||||||||||||
Amortization of unrecognized losses
|
141
|
155
|
283
|
310
|
||||||||||||
Net periodic benefit cost
|
$
|
151
|
$
|
133
|
$
|
303
|
$
|
266
|
6 |
INCOME TAXES
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
(thousands, except tax rate data)
|
March 31
2017
|
April 1
2016
|
March 31
2017
|
April 1
2016
|
||||||||||||
Profit before income taxes
|
$
|
21,837
|
$
|
14,669
|
$
|
21,792
|
$
|
14,150
|
||||||||
Income tax expense
|
7,878
|
5,348
|
3,777
|
5,363
|
||||||||||||
Effective income tax rate
|
36.1
|
%
|
36.5
|
%
|
17.3
|
%
|
37.9
|
%
|
March 31
2017
|
April 1
2016
|
Australia
|
Australia
|
Austria
|
France
|
France
|
Italy
|
Indonesia
|
Japan
|
Italy
|
Netherlands
|
Japan
|
New Zealand
|
Netherlands
|
Spain
|
New Zealand
|
Switzerland
|
Spain
|
|
Switzerland
|
Jurisdiction
|
Fiscal Years
|
United States
|
2013-2016
|
Canada
|
2012-2016
|
France
|
2012-2016
|
Germany
|
2009-2016
|
Italy
|
2011-2016
|
Japan
|
2016
|
Switzerland
|
2006-2016
|
7 |
INVENTORIES
|
March 31
2017
|
September 30
2016
|
April 1
2016
|
||||||||||
Raw materials
|
$
|
32,183
|
$
|
26,379
|
$
|
33,028
|
||||||
Work in process
|
161
|
34
|
155
|
|||||||||
Finished goods
|
42,514
|
41,984
|
56,586
|
|||||||||
$
|
74,858
|
$
|
68,397
|
$
|
89,769
|
8 |
GOODWILL
|
March 31
2017
|
April 1
2016
|
|||||||
Balance at beginning of period
|
$
|
11,196
|
$
|
14,292
|
||||
Acquisitions
|
-
|
2,338
|
||||||
Amount attributable to movements in foreign currency rates
|
(14
|
)
|
42
|
|||||
Balance at end of period
|
$
|
11,182
|
$
|
16,672
|
9 |
WARRANTIES
|
March 31
2017
|
April 1
2016
|
|||||||
Balance at beginning of period
|
$
|
4,326
|
$
|
4,301
|
||||
Expense accruals for warranties issued during the period
|
3,173
|
2,337
|
||||||
Less current period warranty claims paid
|
1,956
|
1,903
|
||||||
Balance at end of period
|
$
|
5,543
|
$
|
4,735
|
10 |
CONTINGENCIES
|
11 |
INDEBTEDNESS
|
March 31
2017
|
September 30
2016
|
April 1
2016
|
||||||||||
Term loans
|
$
|
-
|
$
|
7,098
|
$
|
7,251
|
||||||
Revolvers
|
5,000
|
-
|
30,000
|
|||||||||
Other
|
-
|
291
|
294
|
|||||||||
Total debt
|
5,000
|
7,389
|
37,545
|
|||||||||
Less current portion of long term debt
|
-
|
381
|
373
|
|||||||||
Less short term debt
|
-
|
-
|
-
|
|||||||||
Total long-term debt
|
$
|
5,000
|
$
|
7,008
|
$
|
37,172
|
Fiscal Year
|
||||
2017
|
$
|
-
|
||
2018
|
5,000
|
|||
2019
|
-
|
|||
2020
|
-
|
|||
2021
|
-
|
|||
Thereafter
|
-
|
|||
Total
|
$
|
5,000
|
12 |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
|
13 |
FAIR VALUE MEASUREMENTS
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets:
|
||||||||||||||||
Rabbi trust assets
|
$
|
14,158
|
$
|
-
|
$
|
-
|
$
|
14,158
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets:
|
||||||||||||||||
Rabbi trust assets
|
$
|
12,637
|
$
|
-
|
$
|
-
|
$
|
12,637
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets:
|
||||||||||||||||
Rabbi trust assets
|
$
|
11,536
|
$
|
-
|
$
|
-
|
$
|
11,536
|
Location of (income) loss
|
Three Months Ended
|
||||||||
recognized in Statement of
Operations
|
March 31
2017
|
April 1
2016
|
|||||||
Rabbi trust assets
|
Other (income) expense, net
|
$
|
(753
|
)
|
$
|
(9
|
)
|
Location of (income) loss
|
Six Months Ended
|
||||||||
recognized in Statement of
Operations
|
March 31
2017
|
April 1
2016
|
|||||||
Rabbi trust assets
|
Other (income) expense, net
|
$
|
(551
|
)
|
$
|
54
|
14 |
NEW ACCOUNTING PRONOUNCEMENTS
|
15 |
SEGMENTS OF BUSINESS
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||||||
March 31
2017
|
April 1
2016
|
March 31
2017
|
April 1
2016
|
September 30
2016
|
|||||||||||||||
Net sales:
|
|||||||||||||||||||
Fishing (f.k.a Marine Electronics):
|
|||||||||||||||||||
Unaffiliated customers
|
$
|
105,329
|
$
|
90,865
|
$
|
172,379
|
$
|
149,423
|
|||||||||||
Interunit transfers
|
95
|
128
|
116
|
170
|
|||||||||||||||
Camping (f.k.a. Outdoor Equipment):
|
|||||||||||||||||||
Unaffiliated customers
|
11,370
|
11,609
|
17,098
|
17,915
|
|||||||||||||||
Interunit transfers
|
5
|
7
|
12
|
15
|
|||||||||||||||
Watercraft Recreation (f.k.a Watercraft):
|
|||||||||||||||||||
Unaffiliated customers
|
15,070
|
14,730
|
21,278
|
21,103
|
|||||||||||||||
Interunit transfers
|
17
|
21
|
26
|
26
|
|||||||||||||||
Diving
|
|||||||||||||||||||
Unaffiliated customers
|
17,894
|
16,836
|
32,597
|
30,845
|
|||||||||||||||
Interunit transfers
|
132
|
224
|
322
|
507
|
|||||||||||||||
Other / Corporate
|
144
|
152
|
184
|
204
|
|||||||||||||||
Eliminations
|
(249
|
)
|
(380
|
)
|
(476
|
)
|
(718
|
)
|
|||||||||||
Total
|
$
|
149,807
|
$
|
134,192
|
$
|
243,536
|
$
|
219,490
|
|||||||||||
Operating profit (loss):
|
|||||||||||||||||||
Fishing
|
$
|
22,838
|
$
|
17,283
|
$
|
30,031
|
$
|
22,978
|
|||||||||||
Camping
|
1,011
|
999
|
239
|
797
|
|||||||||||||||
Watercraft Recreation
|
847
|
831
|
49
|
296
|
|||||||||||||||
Diving
|
311
|
(704
|
)
|
(750
|
)
|
(2,578
|
)
|
||||||||||||
Other / Corporate
|
(4,549
|
)
|
(3,271
|
)
|
(8,639
|
)
|
(7,255
|
)
|
|||||||||||
$
|
20,458
|
$
|
15,138
|
$
|
20,930
|
$
|
14,238
|
||||||||||||
Total assets (end of period):
|
|||||||||||||||||||
Fishing
|
$
|
186,108
|
$
|
168,007
|
$ 118,357
|
||||||||||||||
Camping
|
25,508
|
34,261
|
28,249
|
||||||||||||||||
Watercraft Recreation
|
31,946
|
33,329
|
19,693
|
||||||||||||||||
Diving
|
51,920
|
67,267
|
77,195
|
||||||||||||||||
Other / Corporate
|
46,820
|
51,925
|
66,785
|
||||||||||||||||
$
|
342,302
|
$
|
354,789
|
$ 310,279
|
16 |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
|
Foreign
Currency
Translation
Adjustment
|
Unamortized
Loss on Defined
Benefit Pension
Plans
|
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||||
Balance at December 30, 2016
|
$
|
6,778
|
$
|
(8,083
|
)
|
$
|
(1,305
|
)
|
||||
Other comprehensive income before reclassifications
|
874
|
-
|
874
|
|||||||||
Amounts reclassified from accumulated other comprehensive income
|
-
|
141
|
141
|
|||||||||
Tax effects
|
-
|
(54
|
)
|
(54
|
)
|
|||||||
Balance at March 31, 2017
|
$
|
7,652
|
$
|
(7,996
|
)
|
$
|
(344
|
)
|
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 loss before reclassifications
|
(2,873
|
)
|
-
|
(2,873
|
)
|
|||||||
Amounts reclassified from accumulated other comprehensive income
|
-
|
283
|
283
|
|||||||||
Tax effects
|
-
|
(108
|
)
|
(108
|
)
|
|||||||
Balance at March 31, 2017
|
$
|
7,652
|
$
|
(7,996
|
)
|
$
|
(344
|
)
|
Foreign
Currency
Translation
Adjustment
|
Unamortized
Loss on Defined
Benefit Pension
Plans
|
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||||
Balance at January 1, 2016
|
$
|
8,476
|
$
|
(6,520
|
)
|
$
|
1,956
|
|||||
Other comprehensive loss before reclassifications
|
3,048
|
-
|
3,048
|
|||||||||
Amounts reclassified from accumulated other comprehensive income
|
-
|
156
|
156
|
|||||||||
Tax effects
|
-
|
(59
|
)
|
(59
|
)
|
|||||||
Balance at April 1, 2016
|
$
|
11,524
|
$
|
(6,423
|
)
|
$
|
5,101
|
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 loss before reclassifications
|
1,271
|
-
|
1,271
|
|||||||||
Amounts reclassified from accumulated other comprehensive income
|
-
|
311
|
311
|
|||||||||
Tax effects
|
-
|
(118
|
)
|
(118
|
)
|
|||||||
Balance at April 1, 2016
|
$
|
11,524
|
$
|
(6,423
|
)
|
$
|
5,101
|
Statement of Operations
Presentation
|
|||||
Unamortized loss on defined benefit pension plans
|
|||||
Amortization of loss
|
$
|
141
|
Cost of sales / Operating expense
|
||
Tax effects
|
(54
|
)
|
Income tax expense
|
||
Total reclassifications for the period
|
$
|
87
|
Statement of Operations
Presentation
|
|||||
Unamortized loss on defined benefit pension plans:
|
|||||
Amortization of loss
|
$
|
156
|
Cost of sales / Operating expense
|
||
Tax effects
|
(59
|
)
|
Income tax expense
|
||
Total reclassifications for the period
|
$
|
97
|
Statement of Operations
Presentation
|
|||||
Unamortized loss on defined benefit pension plans:
|
|||||
Amortization of loss
|
$
|
283
|
Cost of sales / Operating expense
|
||
Tax effects
|
(108
|
)
|
Income tax expense
|
||
Total reclassifications for the period
|
$
|
175
|
Statement of Operations
Presentation
|
|||||
Unamortized loss on defined benefit pension plans:
|
|||||
Amortization of loss
|
$
|
311
|
Cost of sales / Operating expense
|
||
Tax effects
|
(118
|
)
|
Income tax expense
|
||
Total reclassifications for the period
|
$
|
193
|
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
|
|||||
Non-compete agreements
|
575
|
5
|
||||||
· |
Forward Looking Statements
|
· |
Trademarks
|
· |
Overview
|
· |
Results of Operations
|
· |
Liquidity and Financial Condition
|
· |
Contractual Obligations and Off Balance Sheet Arrangements
|
· |
Critical Accounting Policies and Estimates
|
Fiscal Year
|
||||||||||||||||||||||||
2016
|
2015
|
2014
|
||||||||||||||||||||||
Quarter Ended
|
Net
Sales
|
Operating
Profit
|
Net
Sales
|
Operating
Profit
|
Net
Sales
|
Operating
Profit
|
||||||||||||||||||
December
|
20
|
%
|
-4
|
%
|
16
|
%
|
-41
|
%
|
19
|
%
|
-17
|
%
|
||||||||||||
March
|
31
|
%
|
66
|
%
|
31
|
%
|
43
|
%
|
29
|
%
|
69
|
%
|
||||||||||||
June
|
32
|
%
|
59
|
%
|
33
|
%
|
92
|
%
|
32
|
%
|
56
|
%
|
||||||||||||
September
|
17
|
%
|
-21
|
%
|
20
|
%
|
6
|
%
|
20
|
%
|
-8
|
%
|
||||||||||||
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
March 31
2017
|
April 1
2016
|
March 31
2017
|
April 1
2016
|
|||||||||||||
Net sales:
|
||||||||||||||||
Fishing (f.k.a Marine Electronics)
|
$
|
105,424
|
$
|
90,993
|
$
|
172,495
|
$
|
149,593
|
||||||||
Camping (f.k.a Outdoor Equipment)
|
11,375
|
11,616
|
17,110
|
17,930
|
||||||||||||
Watercraft Recreation (f.k.a Watercraft)
|
15,087
|
14,751
|
21,304
|
21,129
|
||||||||||||
Diving
|
18,026
|
17,060
|
32,919
|
31,352
|
||||||||||||
Other / Eliminations
|
(105
|
)
|
(228
|
)
|
(292
|
)
|
(514
|
)
|
||||||||
Total
|
$
|
149,807
|
$
|
134,192
|
$
|
243,536
|
$
|
219,490
|
||||||||
Operating profit (loss):
|
||||||||||||||||
Fishing
|
$
|
22,838
|
$
|
17,283
|
$
|
30,031
|
$
|
22,978
|
||||||||
Camping
|
1,011
|
999
|
239
|
797
|
||||||||||||
Watercraft Recreation
|
847
|
831
|
49
|
296
|
||||||||||||
Diving
|
311
|
(704
|
)
|
(750
|
)
|
(2,578
|
)
|
|||||||||
Other / Eliminations
|
(4,549
|
)
|
(3,271
|
)
|
(8,639
|
)
|
(7,255
|
)
|
||||||||
Total
|
$
|
20,458
|
$
|
15,138
|
$
|
20,930
|
$
|
14,238
|
Six Months Ended
|
||||||||
(thousands)
|
March 31
2017
|
April 1
2016
|
||||||
Cash (used for) provided by:
|
||||||||
Operating activities
|
$
|
(46,210
|
)
|
$
|
(35,495
|
)
|
||
Investing activities
|
(5,194
|
)
|
(10,858
|
)
|
||||
Financing activities
|
(4,816
|
)
|
27,783
|
|||||
Effect of foreign currency rate changes on cash
|
(1,714
|
)
|
349
|
|||||
Decrease in cash and cash equivalents
|
$
|
(57,934
|
)
|
$
|
(18,221
|
)
|
Total
|
Less than 1 year
|
2-3 years
|
4-5 years
|
After 5 years
|
||||||||||||||||
Long-term debt
|
$
|
5,000
|
$
|
-
|
$
|
5,000
|
$
|
-
|
$
|
-
|
||||||||||
Operating lease obligations
|
25,109
|
3,029
|
9,617
|
7,858
|
4,605
|
|||||||||||||||
Open purchase orders
|
74,079
|
74,079
|
-
|
-
|
-
|
|||||||||||||||
Contractually obligated interest payments
|
356
|
116
|
240
|
-
|
-
|
|||||||||||||||
Total contractual obligations
|
$
|
104,544
|
$
|
77,224
|
$
|
14,857
|
$
|
7,858
|
$
|
4,605
|
Estimated Impact on
|
||||||||
(thousands)
|
Fair Value
|
Income Before Income Taxes
|
||||||
Interest rate instruments
|
$
|
-
|
$
|
50
|
PART II |
OTHER INFORMATION
|
JOHNSON OUTDOORS INC.
|
|
Signatures Dated: May 5, 2017
|
|
/s/ Helen P. Johnson-Leipold
|
|
Helen P. Johnson-Leipold
|
|
Chairman and Chief Executive Officer
(Principal Executive Officer)
|
|
/s/ David W. Johnson
|
|
David W. Johnson
|
|
Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
Exhibit
Number
|
Description
|
Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32
(
1)
|
Certification of Periodic Financial Report by the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101
|
The following materials from Johnson Outdoors Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2017 formatted in XBRL (eXtensible Business Reporting Language) and furnished electronically herewith: (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Operations; (iii) Condensed Consolidated Statements of Comprehensive Income (Loss); (iv) Condensed Consolidated Statements of Cash Flows; and (v) Notes to Condensed Consolidated Financial Statements.
|
1 Year Johnson Outdoors Chart |
1 Month Johnson Outdoors Chart |
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