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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.90 | 2.19% | 41.91 | 40.50 | 43.72 | 42.66 | 41.20 | 41.24 | 38,169 | 23:09:00 |
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.
|
27 | ||
Item 4.
|
28 | ||
PART II
|
OTHER INFORMATION
|
||
Item 1.
|
29 | ||
Item 1A.
|
29 | ||
Item 6.
|
29 | ||
29 | |||
30 |
PART I |
FINANCIAL INFORMATION
|
Item 1. |
Financial Statements
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
(thousands, except per share data)
|
June 30,
2017
|
July 1,
2016
|
June 30,
2017
|
July 1,
2016
|
||||||||||||
Net sales
|
$
|
155,274
|
$
|
139,300
|
$
|
398,810
|
$
|
358,790
|
||||||||
Cost of sales
|
84,644
|
80,017
|
226,702
|
211,213
|
||||||||||||
Gross profit
|
70,630
|
59,283
|
172,108
|
147,577
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Marketing and selling
|
29,438
|
26,701
|
79,056
|
72,476
|
||||||||||||
Administrative management, finance and information systems
|
11,584
|
7,679
|
33,146
|
27,724
|
||||||||||||
Goodwill and other intangible assets impairment
|
—
|
6,197
|
—
|
6,197
|
||||||||||||
Research and development
|
4,871
|
5,123
|
14,239
|
13,359
|
||||||||||||
Total operating expenses
|
45,893
|
45,700
|
126,441
|
119,756
|
||||||||||||
Operating profit
|
24,737
|
13,583
|
45,667
|
27,821
|
||||||||||||
Interest income
|
(52
|
)
|
(4
|
)
|
(84
|
)
|
(22
|
)
|
||||||||
Interest expense
|
77
|
93
|
687
|
580
|
||||||||||||
Other (income) expense, net
|
(848
|
)
|
(371
|
)
|
(2,288
|
)
|
(752
|
)
|
||||||||
Profit before income taxes
|
25,560
|
13,865
|
47,352
|
28,015
|
||||||||||||
Income tax expense
|
9,007
|
7,024
|
12,784
|
12,387
|
||||||||||||
Net income
|
$
|
16,553
|
$
|
6,841
|
$
|
34,568
|
$
|
15,628
|
||||||||
Weighted average common shares - Basic:
|
||||||||||||||||
Class A
|
8,688
|
8,641
|
8,670
|
8,620
|
||||||||||||
Class B
|
1,212
|
1,212
|
1,212
|
1,212
|
||||||||||||
Participating securities
|
28
|
8
|
26
|
10
|
||||||||||||
Weighted average common shares - Dilutive
|
9,928
|
9,861
|
9,908
|
9,842
|
||||||||||||
Net income per common share - Basic:
|
||||||||||||||||
Class A
|
$
|
1.68
|
$
|
0.69
|
$
|
3.50
|
$
|
1.58
|
||||||||
Class B
|
$
|
1.52
|
$
|
0.63
|
$
|
3.18
|
$
|
1.43
|
||||||||
Net income per common share - Diluted:
|
||||||||||||||||
Class A
|
$
|
1.65
|
$
|
0.68
|
$
|
3.45
|
$
|
1.56
|
||||||||
Class B
|
$
|
1.65
|
$
|
0.68
|
$
|
3.45
|
$
|
1.56
|
||||||||
Dividends declared per common share:
|
||||||||||||||||
Class A
|
$
|
0.09
|
$
|
0.08
|
$
|
0.27
|
$
|
0.24
|
||||||||
Class B
|
$
|
0.08
|
$
|
0.07
|
$
|
0.25
|
$
|
0.22
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
(thousands)
|
June 30,
2017
|
July 1,
2016
|
June 30,
2017
|
July 1,
2016
|
||||||||||||
Comprehensive income:
|
||||||||||||||||
Net income
|
$
|
16,553
|
$
|
6,841
|
$
|
34,568
|
$
|
15,628
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Foreign currency translation
|
2,350
|
(873
|
)
|
(523
|
)
|
398
|
||||||||||
Change in pension plans, net of tax of $100, $44, $208 and $162, respectively
|
165
|
70
|
340
|
263
|
||||||||||||
Total other comprehensive income (loss)
|
2,515
|
(803
|
)
|
(183
|
)
|
661
|
||||||||||
Total comprehensive income
|
$
|
19,068
|
$
|
6,038
|
$
|
34,385
|
$
|
16,289
|
(thousands, except share data)
|
June 30, 2017
|
September 30, 2016
|
July 1, 2016
|
|||||||||
ASSETS
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
$
|
53,741
|
$
|
87,294
|
$
|
75,602
|
||||||
Short term investments
|
40,000
|
—
|
—
|
|||||||||
Accounts receivable, net
|
79,292
|
41,522
|
70,658
|
|||||||||
Inventories
|
68,239
|
68,397
|
71,127
|
|||||||||
Other current assets
|
2,495
|
4,755
|
3,683
|
|||||||||
Total current assets
|
243,767
|
201,968
|
221,070
|
|||||||||
Property, plant and equipment, net of accumulated depreciation of $132,188, $123,921 and $124,227, respectively
|
48,239
|
48,998
|
48,981
|
|||||||||
Deferred income taxes
|
22,291
|
19,063
|
16,392
|
|||||||||
Goodwill
|
11,201
|
11,196
|
11,508
|
|||||||||
Other intangible assets, net
|
13,727
|
14,462
|
14,220
|
|||||||||
Other assets
|
15,732
|
14,592
|
13,990
|
|||||||||
Total assets
|
$
|
354,957
|
$
|
310,279
|
$
|
326,161
|
||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||||||
Current liabilities:
|
||||||||||||
Current maturities of long-term debt
|
$
|
—
|
$
|
381
|
$
|
378
|
||||||
Accounts payable
|
33,889
|
24,521
|
33,715
|
|||||||||
Accrued liabilities:
|
||||||||||||
Salaries, wages and benefits
|
17,211
|
17,396
|
14,377
|
|||||||||
Accrued warranty
|
6,251
|
4,326
|
4,584
|
|||||||||
Income taxes payable
|
8,647
|
1,691
|
7,057
|
|||||||||
Accrued discounts and returns
|
5,751
|
7,074
|
6,175
|
|||||||||
Other
|
15,140
|
12,265
|
14,881
|
|||||||||
Total current liabilities
|
86,889
|
67,654
|
81,167
|
|||||||||
Long-term debt, less current maturities
|
—
|
7,008
|
7,069
|
|||||||||
Deferred income taxes
|
1,232
|
1,216
|
1,488
|
|||||||||
Retirement benefits
|
11,355
|
12,699
|
9,744
|
|||||||||
Other liabilities
|
15,557
|
14,206
|
13,594
|
|||||||||
Total liabilities
|
115,033
|
102,783
|
113,062
|
|||||||||
Shareholders’ equity:
|
||||||||||||
Common stock:
|
||||||||||||
Class A shares issued and outstanding:
|
442
|
441
|
441
|
|||||||||
June 30, 2017: 8,783,099
|
||||||||||||
September 30, 2016: 8,778,028
|
||||||||||||
July 1, 2016: 8,816,675
|
||||||||||||
Class B shares issued and outstanding:
|
61
|
61
|
61
|
|||||||||
June 30, 2017: 1,211,686
|
||||||||||||
September 30, 2016: 1,212,006
|
||||||||||||
July 1, 2016: 1,212,344
|
||||||||||||
Capital in excess of par value
|
72,143
|
71,127
|
70,750
|
|||||||||
Retained earnings
|
167,304
|
135,405
|
138,421
|
|||||||||
Accumulated other comprehensive income
|
2,171
|
2,354
|
4,298
|
|||||||||
Treasury stock at cost, shares of Class A common stock: 67,137, 64,323 and 33,561, respectively
|
(2,197
|
)
|
(1,892
|
)
|
(872
|
)
|
||||||
Total shareholders’ equity
|
239,924
|
207,496
|
213,099
|
|||||||||
Total liabilities and shareholders’ equity
|
$
|
354,957
|
$
|
310,279
|
$
|
326,161
|
Nine Months Ended
|
||||||||
(thousands)
|
June 30, 2017
|
July 1, 2016
|
||||||
CASH PROVIDED BY OPERATING ACTIVITIES
|
||||||||
Net income
|
$
|
34,568
|
$
|
15,628
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation
|
8,699
|
7,928
|
||||||
Amortization of intangible assets
|
978
|
832
|
||||||
Amortization of deferred financing costs
|
270
|
92
|
||||||
Impairment losses
|
—
|
6,197
|
||||||
Stock based compensation
|
1,377
|
1,460
|
||||||
Gain on disposal of fixed assets
|
(205
|
)
|
—
|
|||||
Deferred income taxes
|
(3,073
|
)
|
35
|
|||||
Change in operating assets and liabilities:
|
||||||||
Accounts receivable, net
|
(37,503
|
)
|
(25,451
|
)
|
||||
Inventories, net
|
380
|
9,310
|
||||||
Accounts payable and accrued liabilities
|
19,443
|
10,913
|
||||||
Other current assets
|
2,191
|
1,257
|
||||||
Other non-current assets
|
18
|
(246
|
)
|
|||||
Other long-term liabilities
|
(973
|
)
|
(751
|
)
|
||||
Other, net
|
(284
|
)
|
(271
|
)
|
||||
25,886
|
26,933
|
|||||||
CASH USED FOR INVESTING ACTIVITIES
|
||||||||
Payments for purchase of businesses
|
—
|
(8,902
|
)
|
|||||
Purchase of short-term investments
|
(40,000
|
)
|
—
|
|||||
Proceeds from sale of productive assets
|
205
|
—
|
||||||
Capital expenditures
|
(8,147
|
)
|
(8,602
|
)
|
||||
(47,942
|
)
|
(17,504
|
)
|
|||||
CASH USED FOR FINANCING ACTIVITIES
|
||||||||
Principal payments on term loans and other long-term debt
|
(7,374
|
)
|
(272
|
)
|
||||
Common stock transactions
|
—
|
246
|
||||||
Dividends paid
|
(2,669
|
)
|
(2,376
|
)
|
||||
Purchases of treasury stock
|
(663
|
)
|
(476
|
)
|
||||
(10,706
|
)
|
(2,878
|
)
|
|||||
Effect of foreign currency rate changes on cash
|
(791
|
)
|
(108
|
)
|
||||
(Decrease) Increase in cash and cash equivalents
|
(33,553
|
)
|
6,443
|
|||||
CASH AND CASH EQUIVALENTS
|
||||||||
Beginning of period
|
87,294
|
69,159
|
||||||
End of period
|
$
|
53,741
|
$
|
75,602
|
||||
Supplemental Disclosure:
|
||||||||
Cash paid for taxes
|
$
|
9,170
|
$
|
9,136
|
||||
Cash paid for interest
|
447
|
618
|
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 June 30, 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 June 30, 2017
|
60,642
|
31.85
|
5 |
PENSION PLANS
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
June 30,
2017
|
July 1,
2016
|
June 30,
2017
|
July 1,
2016
|
|||||||||||||
Components of net periodic benefit cost:
|
||||||||||||||||
Service cost
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
Interest on projected benefit obligation
|
215
|
299
|
783
|
853
|
||||||||||||
Less estimated return on plan assets
|
347
|
351
|
895
|
949
|
||||||||||||
Amortization of unrecognized losses
|
265
|
114
|
548
|
424
|
||||||||||||
Net periodic benefit cost
|
$
|
133
|
$
|
62
|
$
|
436
|
$
|
328
|
6
|
INCOME TAXES
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
(thousands, except tax rate data)
|
June 30, 2017
|
July 1, 2016
|
June 30, 2017
|
July 1, 2016
|
||||||||||||
Profit before income taxes
|
$
|
25,560
|
$
|
13,865
|
$
|
47,352
|
$
|
28,015
|
||||||||
Income tax expense
|
9,007
|
7,024
|
12,784
|
12,387
|
||||||||||||
Effective income tax rate
|
35.2
|
%
|
50.7
|
%
|
27.0
|
%
|
44.2
|
%
|
June 30, 2017
|
July 1, 2016
|
Australia
|
Australia
|
Austria
|
|
France
|
France
|
Indonesia
|
|
Japan
|
Japan
|
Netherlands
|
Netherlands
|
New Zealand
|
New Zealand
|
Spain
|
Spain
|
Switzerland
|
Switzerland
|
Jurisdiction
|
Fiscal Years
|
United States
|
2014-2016
|
Canada
|
2013-2016
|
France
|
2012-2016
|
Germany
|
2013-2016
|
Italy
|
2011-2016
|
Japan
|
2016
|
Switzerland
|
2006-2016
|
7 |
INVENTORIES
|
June 30,
2017
|
September 30,
2016
|
July 1,
2016
|
||||||||||
Raw materials
|
$
|
26,250
|
$
|
26,379
|
$
|
24,529
|
||||||
Work in process
|
168
|
34
|
85
|
|||||||||
Finished goods
|
41,821
|
41,984
|
46,513
|
|||||||||
$
|
68,239
|
$
|
68,397
|
$
|
71,127
|
8 |
GOODWILL
|
June 30, 2017
|
July 1, 2016
|
|||||||
Balance at beginning of period
|
$
|
11,196
|
$
|
14,292
|
||||
Acquisitions
|
—
|
3,400
|
||||||
Impairment
|
—
|
(6,197
|
)
|
|||||
Amount attributable to movements in foreign currency rates
|
5
|
13
|
||||||
Balance at end of period
|
$
|
11,201
|
$
|
11,508
|
9 |
WARRANTIES
|
June 30, 2017
|
July 1, 2016
|
|||||||
Balance at beginning of period
|
$
|
4,326
|
$
|
4,301
|
||||
Expense accruals for warranties issued during the period
|
5,386
|
3,489
|
||||||
Less current period warranty claims paid
|
3,461
|
3,206
|
||||||
Balance at end of period
|
$
|
6,251
|
$
|
4,584
|
10 |
CONTINGENCIES
|
11 |
INDEBTEDNESS
|
June 30, 2017
|
September 30,
2016
|
July 1, 2016
|
||||||||||
Term loans
|
$
|
—
|
$
|
7,098
|
$
|
7,159
|
||||||
Revolvers
|
—
|
—
|
—
|
|||||||||
Other
|
—
|
291
|
288
|
|||||||||
Total debt
|
—
|
7,389
|
7,447
|
|||||||||
Less current portion of long term debt
|
—
|
381
|
378
|
|||||||||
Less short term debt
|
—
|
—
|
—
|
|||||||||
Total long-term debt
|
$
|
—
|
$
|
7,008
|
$
|
7,069
|
12 |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
|
13 |
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 or liabilities.
|
• |
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
|
$
|
14,071
|
$
|
—
|
$
|
—
|
$
|
14,071
|
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
|
$
|
12,004
|
$
|
—
|
$
|
—
|
$
|
12,004
|
Three Months Ended
|
|||||||||
|
Location of (income) loss
recognized in Statement of
Operations
|
June 30, 2017
|
July 1, 2016
|
||||||
Rabbi trust assets
|
Other (income) expense, net
|
$
|
(499
|
)
|
$
|
(259
|
)
|
Nine Months Ended
|
|||||||||
Location of (income) loss
recognized in Statement of Operations |
June 30, 2017
|
July 1, 2016
|
|||||||
Rabbi trust assets
|
Other (income) expense, net
|
$
|
(1,050
|
)
|
$
|
(204
|
)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Goodwill
|
$
|
—
|
$
|
—
|
$
|
6,197
|
$
|
6,197
|
14 |
NEW ACCOUNTING PRONOUNCEMENTS
|
15 |
SEGMENTS OF BUSINESS
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||||||
June 30,
2017
|
July 1,
2016
|
June 30,
2017
|
July 1,
2016
|
September 30, 2016
|
|||||||||||||||
Net sales:
|
|||||||||||||||||||
Fishing (f.k.a. Marine Electronics):
|
|||||||||||||||||||
Unaffiliated customers
|
$
|
103,808
|
$
|
87,928
|
$
|
276,187
|
$
|
237,351
|
|||||||||||
Interunit transfers
|
166
|
135
|
282
|
305
|
|||||||||||||||
Camping (f.k.a. Outdoor Equipment):
|
|||||||||||||||||||
Unaffiliated customers
|
12,115
|
13,202
|
29,213
|
31,117
|
|||||||||||||||
Interunit transfers
|
14
|
15
|
26
|
30
|
|||||||||||||||
Watercraft Recreation (f.k.a. Watercraft):
|
|||||||||||||||||||
Unaffiliated customers
|
17,199
|
19,167
|
38,477
|
40,270
|
|||||||||||||||
Interunit transfers
|
91
|
97
|
117
|
123
|
|||||||||||||||
Diving
|
|||||||||||||||||||
Unaffiliated customers
|
21,814
|
18,709
|
54,411
|
49,554
|
|||||||||||||||
Interunit transfers
|
170
|
136
|
492
|
643
|
|||||||||||||||
Other / Corporate
|
338
|
294
|
522
|
498
|
|||||||||||||||
Eliminations
|
(441
|
)
|
(383
|
)
|
(917
|
)
|
(1,101
|
)
|
|||||||||||
Total
|
$
|
155,274
|
$
|
139,300
|
$
|
398,810
|
$
|
358,790
|
|||||||||||
Operating profit (loss):
|
|||||||||||||||||||
Fishing
|
$
|
24,293
|
$
|
19,970
|
$
|
54,324
|
$
|
42,948
|
|||||||||||
Camping
|
1,452
|
1,168
|
1,691
|
1,965
|
|||||||||||||||
Watercraft Recreation
|
2,417
|
2,894
|
2,466
|
3,190
|
|||||||||||||||
Diving
|
1,218
|
(6,204
|
)
|
468
|
(8,782
|
)
|
|||||||||||||
Other / Corporate
|
(4,643
|
)
|
(4,245
|
)
|
(13,282
|
)
|
(11,500
|
)
|
|||||||||||
$
|
24,737
|
$
|
13,583
|
$
|
45,667
|
$
|
27,821
|
||||||||||||
Total assets (end of period):
|
|||||||||||||||||||
Fishing
|
$
|
137,259
|
$
|
128,299
|
$ |
118,357
|
|||||||||||||
Camping
|
29,777
|
31,979
|
28,249
|
||||||||||||||||
Watercraft Recreation
|
26,551
|
29,589
|
19,693
|
||||||||||||||||
Diving
|
55,410
|
73,930
|
77,195
|
||||||||||||||||
Other / Corporate
|
105,960
|
62,364
|
66,785
|
||||||||||||||||
$
|
354,957
|
$
|
326,161
|
$ |
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 March 31, 2017
|
$
|
7,652
|
$
|
(7,996
|
)
|
$
|
(344
|
)
|
||||
Other comprehensive income before reclassifications
|
2,350
|
—
|
2,350
|
|||||||||
Amounts reclassified from accumulated other comprehensive income
|
—
|
265
|
265
|
|||||||||
Tax effects
|
—
|
(100
|
)
|
(100
|
)
|
|||||||
Balance at June 30, 2017
|
$
|
10,002
|
$
|
(7,831
|
)
|
$
|
2,171
|
Foreign
Currency
Translation
Adjustment
|
Unamortized
Loss on Defined
Benefit Pension
Plans
|
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||||
Balance at April 1, 2016
|
$
|
11,524
|
$
|
(6,423
|
)
|
$
|
5,101
|
|||||
Other comprehensive loss before reclassifications
|
(873
|
)
|
—
|
(873
|
)
|
|||||||
Amounts reclassified from accumulated other comprehensive income
|
—
|
114
|
114
|
|||||||||
Tax effects
|
—
|
(44
|
)
|
(44
|
)
|
|||||||
Balance at July 1, 2016
|
$
|
10,651
|
$
|
(6,353
|
)
|
$
|
4,298
|
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
|
(523
|
)
|
—
|
(523
|
)
|
|||||||
Amounts reclassified from accumulated other comprehensive income
|
—
|
548
|
548
|
|||||||||
Tax effects
|
—
|
(208
|
)
|
(208
|
)
|
|||||||
Balance at June 30, 2017
|
$
|
10,002
|
$
|
(7,831
|
)
|
$
|
2,171
|
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 before reclassifications
|
398
|
—
|
398
|
|||||||||
Amounts reclassified from accumulated other comprehensive income
|
—
|
425
|
425
|
|||||||||
Tax effects
|
—
|
(162
|
)
|
(162
|
)
|
|||||||
Balance at July 1, 2016
|
$
|
10,651
|
$
|
(6,353
|
)
|
$
|
4,298
|
Statement of Operations
Presentation
|
|||||
Unamortized loss on defined benefit pension plans
|
|||||
Amortization of loss
|
$
|
265
|
Cost of sales / Operating expense
|
||
Tax effects
|
(100
|
)
|
Income tax expense
|
||
Total reclassifications for the period
|
$
|
165
|
Statement of Operations
Presentation
|
|||||
Unamortized loss on defined benefit pension plans:
|
|||||
Amortization of loss
|
$
|
114
|
Cost of sales / Operating expense
|
||
Tax effects
|
(44
|
)
|
Income tax expense
|
||
Total reclassifications for the period
|
$
|
70
|
Statement of Operations
Presentation
|
|||||
Unamortized loss on defined benefit pension plans:
|
|||||
Amortization of loss
|
$
|
548
|
Cost of sales / Operating expense
|
||
Tax effects
|
(208
|
)
|
Income tax expense
|
||
Total reclassifications for the period
|
$
|
340
|
Statement of Operations
Presentation
|
|||||
Unamortized loss on defined benefit pension plans:
|
|||||
Amortization of loss
|
$
|
425
|
Cost of sales / Operating expense
|
||
Tax effects
|
(162
|
)
|
Income tax expense
|
||
Total reclassifications for the period
|
$
|
263
|
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
|
Nine Months Ended
|
|||||||||||||||
June 30, 2017
|
July 1, 2016
|
June 30, 2017
|
July 1, 2016
|
|||||||||||||
Net sales:
|
||||||||||||||||
Fishing (f.k.a. Marine Electronics)
|
$
|
103,974
|
$
|
88,063
|
$
|
276,469
|
$
|
237,656
|
||||||||
Camping (f.k.a. Outdoor Equipment)
|
12,129
|
13,217
|
29,239
|
31,147
|
||||||||||||
Watercraft Recreation (f.k.a. Watercraft)
|
17,290
|
19,264
|
38,594
|
40,393
|
||||||||||||
Diving
|
21,984
|
18,845
|
54,903
|
50,197
|
||||||||||||
Other / Eliminations
|
(103
|
)
|
(89
|
)
|
(395
|
)
|
(603
|
)
|
||||||||
Total
|
$
|
155,274
|
$
|
139,300
|
$
|
398,810
|
$
|
358,790
|
||||||||
Operating profit (loss):
|
||||||||||||||||
Fishing
|
$
|
24,293
|
$
|
19,970
|
$
|
54,324
|
$
|
42,948
|
||||||||
Camping
|
1,452
|
1,168
|
1,691
|
1,965
|
||||||||||||
Watercraft Recreation
|
2,417
|
2,894
|
2,466
|
3,190
|
||||||||||||
Diving
|
1,218
|
(6,204
|
)
|
468
|
(8,782
|
)
|
||||||||||
Other / Eliminations
|
(4,643
|
)
|
(4,245
|
)
|
(13,282
|
)
|
(11,500
|
)
|
||||||||
Total
|
$
|
24,737
|
$
|
13,583
|
$
|
45,667
|
$
|
27,821
|
Nine Months Ended
|
||||||||
(thousands)
|
June 30,
2017
|
July 1,
2016
|
||||||
Cash provided by (used for):
|
||||||||
Operating activities
|
$
|
25,886
|
$
|
26,933
|
||||
Investing activities
|
(47,942
|
)
|
(17,504
|
)
|
||||
Financing activities
|
(10,706
|
)
|
(2,878
|
)
|
||||
Effect of foreign currency rate changes on cash
|
(791
|
)
|
(108
|
)
|
||||
(Decrease) Increase in cash and cash equivalents
|
$
|
(33,553
|
)
|
$
|
6,443
|
Total
|
Less than 1
year
|
2-3 years
|
4-5 years
|
After 5 years
|
||||||||||||||||
Operating lease obligations
|
23,595
|
1,515
|
9,617
|
7,858
|
4,605
|
|||||||||||||||
Open purchase orders
|
68,825
|
68,825
|
—
|
—
|
—
|
|||||||||||||||
Total contractual obligations
|
$
|
92,420
|
$
|
70,340
|
$
|
9,617
|
$
|
7,858
|
$
|
4,605
|
Estimated Impact on
|
||||||||
(thousands)
|
Fair Value
|
Income Before Income Taxes
|
||||||
Interest rate instruments
|
$
|
—
|
$
|
—
|
PART II |
OTHER INFORMATION
|
JOHNSON OUTDOORS INC.
|
|
Signatures Dated: August 4, 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 June 30, 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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