<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>cmw93.txt
<DESCRIPTION>QUARTERLY REPORT
<TEXT>
================================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q

           [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


                  For the quarterly period ended June 27, 2003

                                       OR

          [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

              For the transition period from _________ to _________

                         Commission file number 0-16255

                              JOHNSON OUTDOORS INC.
             (Exact name of Registrant as specified in its charter)


              Wisconsin                                  39-1536083
   (State or other jurisdiction of          (I.R.S. Employer Identification No.)
   incorporation or organization)


                    555 Main Street, Racine, Wisconsin 53403
                    (Address of principal executive offices)


                                 (262) 631-6600
              (Registrant's telephone number, including area code)

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the Registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

As of July 24, 2003, 7,239,482 shares of Class A and 1,222,647 shares of Class B
common stock of the Registrant were outstanding.


================================================================================


<PAGE>
                              JOHNSON OUTDOORS INC.


                  Index                                                 Page No.
          ----------------------                                        --------

PART I    FINANCIAL INFORMATION

          Item 1.  Financial Statements

                   Consolidated Statements of Operations - Three
                   months and nine months ended June 27, 2003 and
                   June 28, 2002                                           1

                   Consolidated Balance Sheets - June 27, 2003,
                   September 27, 2002 and June 28, 2002                    2

                   Consolidated Statements of Cash Flows - Nine
                   months ended June 27, 2003 and June 28, 2002            3

                   Notes to Consolidated Financial Statements              4

          Item 2.  Management's Discussion and Analysis of Financial
                   Condition and Results of Operations                     9

          Item 3.  Quantitative and Qualitative Disclosures About
                   Market Risk                                            16

          Item 4.  Controls and Procedures                                17

PART II   OTHER INFORMATION

          Item 1.  Legal Proceedings                                      17

          Item 6.  Exhibits and Reports on Form 8-K                       17

                   Signatures                                             18

                   Exhibit Index                                          21

<PAGE>
PART I    FINANCIAL INFORMATION

Item 1. Financial Statements

<TABLE>
<CAPTION>

(thousands, except per share data)                               Three Months Ended                  Nine Months Ended
                                                                 ------------------                  -----------------
                                                              June 27          June 28           June 27           June 28
                                                                 2003             2002              2003              2002
                                                           ----------       ----------        ----------        ----------
<S>                                                        <C>              <C>               <C>               <C>
Net sales                                                  $  108,546       $  116,699        $  246,706        $  274,155
Cost of sales                                                  65,038           67,317           143,322           158,742
                                                           ----------       ----------        ----------        ----------
Gross profit                                                   43,508           49,382           103,384           115,413
                                                           ----------       ----------        ----------        ----------
Operating expenses:
    Marketing and selling                                      23,025           24,800            56,511            60,798
    Administrative management, finance and
        information systems                                     9,033            8,517            24,839            23,450
    Research and development                                    1,575            1,824             4,738             5,082
    Amortization and write-down of intangibles                     58               98               222               274
    Profit sharing                                                898            1,103             1,865             2,369
    Strategic charges                                              --               66                --             1,217
                                                           ----------       ----------        ----------        ----------
Total operating expenses                                       34,589           36,408            88,175            93,190
                                                           ----------       ----------        ----------        ----------
Operating profit                                                8,919           12,974            15,209            22,223
Interest income                                                  (135)             (88)             (713)             (464)
Interest expense                                                1,326            1,703             4,036             5,164
Other (income) expense, net                                      (644)             872            (3,115)            1,209
                                                           ----------       ----------        ----------        ----------
Income from continuing operations before income
    taxes and cumulative effect of change in
    accounting principle                                        8,372           10,487            15,001            16,314
Income tax expense                                              3,312            4,054             5,924             6,388
                                                           ----------       ----------        ----------        ----------
Income from continuing operations before cumulative
    effect of change in accounting principle
                                                                5,060            6,433             9,077             9,926
Gain on disposal of discontinued operations, net of
    tax of $255                                                    --               --                --               495
Cumulative effect of change in accounting principle,
    net of tax of $(2,200)                                         --               --                --           (22,876)
                                                           ----------       ----------        ----------        ----------
Net income (loss)                                          $    5,060       $    6,433        $    9,077        $  (12,455)
                                                           ==========       ==========        ==========        ==========
BASIC EARNINGS (LOSS) PER COMMON SHARE:
    Continuing operations                                  $     0.60       $     0.78        $     1.08        $     1.21
    Discontinued operations                                        --               --                --              0.06
    Cumulative effect of change in accounting
        principle                                                  --               --                --             (2.79)
                                                           ----------       ----------        ----------        ----------
Net income (loss)                                          $     0.60       $     0.78        $     1.08        $    (1.52)
                                                           ==========       ==========        ==========        ==========
DILUTED EARNINGS (LOSS) PER COMMON SHARE:
    Continuing operations                                  $     0.59       $     0.75        $     1.06        $     1.18
    Discontinued operations                                        --               --                --              0.06
    Cumulative effect of change in accounting
        principle                                                  --               --                --             (2.73)
                                                           ----------       ----------        ----------        ----------
Net income (loss)                                          $     0.59       $     0.75        $     1.06        $    (1.49)
                                                           ==========       ==========        ==========        ==========
</TABLE>

     The accompanying notes are an integral part of the consolidated financial
     statements.


                                      -1-
<PAGE>
                              JOHNSON OUTDOORS INC.

                           CONSOLIDATED BALANCE SHEETS
                                   (unaudited)
<TABLE>
<CAPTION>

                                                                             June 27        September 27            June 28
(thousands, except share data)                                                  2003                2002               2002
------------------------------                                            ----------          ----------         ----------
<S>                                                                       <C>                 <C>                <C>
ASSETS
Current assets:
    Cash and temporary cash investments                                   $   62,696          $  100,830         $   27,297
    Accounts receivable, less allowance for doubtful accounts of
        $4,316, $4,028 and $4,279, respectively                               75,888              39,972             74,678
    Inventories                                                               51,606              42,231             60,718
    Deferred income taxes                                                      5,209               5,083              4,972
    Other current assets                                                       5,190               4,021              4,588
                                                                          ----------          ----------         ----------
Total current assets                                                         200,589             192,137            172,253
Property, plant and equipment                                                 30,520              29,611             29,345
Deferred income taxes                                                         19,478              19,588             21,647
Intangible assets                                                             29,459              27,139             33,698
Other assets                                                                   2,960               2,810              1,154
                                                                          ----------          ----------         ----------
Total assets                                                              $  283,006          $  271,285         $  258,097
                                                                          ==========          ==========         ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
    Short-term debt and current maturities of long-term debt              $    9,591          $    8,058         $   23,233
    Accounts payable                                                          16,619              13,589             17,350
    Accrued liabilities:
        Salaries and wages                                                     8,029               9,428              8,507
        Income taxes                                                           5,192               6,567              4,775
        Other                                                                 24,859              24,005             19,576
                                                                          ----------          ----------         ----------
Total current liabilities                                                     64,290              61,647             73,441
Long-term debt, less current maturities                                       68,444              80,195             78,496
Other liabilities                                                              5,651               5,298              4,851
                                                                          ----------          ----------         ----------
Total liabilities                                                            138,385             147,140            156,788
                                                                          ----------          ----------         ----------
Shareholders' equity:
    Preferred stock: none issued                                                  --                  --                 --
    Common stock:
    Class A shares issued:
        June 27, 2003, 7,211,649;
        September 27, 2002, 7,112,155;
        June 28, 2002, 7,101,491                                                 361                 355                355
    Class B shares issued (convertible into Class A):
        June 27, 2003, 1,222,647;
        September 27, 2002, 1,222,729;
        June 28, 2002, 1,222,729                                                  61                  61                 61
    Capital in excess of par value                                            48,476              47,583             46,286
    Retained earnings                                                         97,165              88,089             67,706
    Contingent compensation                                                      (32)                (22)               (37)
    Accumulated other comprehensive loss                                      (1,410)            (11,921)           (13,062)
                                                                          ----------          ----------         ----------
Total shareholders' equity                                                   144,621             124,145            101,309
                                                                          ----------          ----------         ----------
Total liabilities and shareholders' equity                                $  283,006          $  271,285         $  258,097
                                                                          ==========          ==========         ==========
</TABLE>

     The accompanying notes are an integral part of the consolidated financial
     statements.


                                      -2-
<PAGE>
                              JOHNSON OUTDOORS INC.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (unaudited)
<TABLE>
<CAPTION>


(thousands)                                                                                         Nine Months Ended
-----------                                                                                         -----------------
                                                                                                June 27            June 28
                                                                                                   2003               2002
                                                                                             ----------         ----------
<S>                                                                                          <C>                <C>
CASH PROVIDED BY (USED FOR) OPERATIONS
Net income (loss)                                                                            $    9,077         $  (12,455)
Less gain from discontinued operations                                                               --                495
Less loss from cumulative effect of change in accounting principle                                   --            (22,876)
                                                                                             ----------         ----------
Income from continuing operations before cumulative effect of change in accounting
    principle                                                                                     9,077              9,926
Adjustments to reconcile income from continuing operations before cumulative
    effect of change in accounting principle to net cash provided by (used for)
    operating activities of continuing operations:
        Depreciation and amortization                                                             5,844              6,809
        Deferred income taxes                                                                       (24)               240
Change in assets and liabilities, net of effect of businesses acquired or sold:
    Accounts receivable                                                                         (33,419)           (27,192)
    Inventories                                                                                  (7,010)             3,441
    Accounts payable and accrued liabilities                                                     (3,067)            13,484
    Other, net                                                                                   (6,932)            (2,445)
                                                                                             ----------         ----------
                                                                                                (35,531)             4,263
                                                                                             ----------         ----------
CASH USED FOR INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment                                                  --              4,982
Net additions to property, plant and equipment                                                   (5,612)            (6,570)
                                                                                             ----------         ----------
                                                                                                 (5,612)            (1,588)
                                                                                             ----------         ----------
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Issuance of senior notes                                                                             --             50,000
Principal payments on senior notes and other long-term debt                                      (8,100)           (11,604)
Net change in short-term debt                                                                        29            (34,624)
Common stock transactions                                                                           806              3,055
                                                                                             ----------         ----------
                                                                                                 (7,265)             6,827
                                                                                             ----------         ----------
Effect of foreign currency fluctuations on cash                                                  10,274              1,726
                                                                                             ----------         ----------
Increase (decrease) in cash and temporary cash investments                                      (38,134)            11,228
CASH AND TEMPORARY CASH INVESTMENTS
Beginning of period                                                                             100,830             16,069
                                                                                             ----------         ----------
End of period                                                                                $   62,696         $   27,297
                                                                                             ==========         ==========
</TABLE>

     The accompanying notes are an integral part of the consolidated financial
     statements.


                                      -3-
<PAGE>
                              JOHNSON OUTDOORS INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                    (Dollars in thousands, except share data)
                                   (unaudited)



1    Basis of Presentation

     The consolidated financial statements included herein are unaudited. In the
     opinion of management, these statements contain all adjustments (consisting
     of only normal recurring items) necessary to present fairly the financial
     position of Johnson Outdoors Inc. and subsidiaries (the Company) as of June
     27, 2003 and the results of operations and cash flows for the three months
     and nine months ended June 27, 2003. These consolidated financial
     statements should be read in conjunction with the consolidated financial
     statements and notes thereto included in the Company's 2002 Annual Report
     on Form 10-K.

     Because of seasonal and other factors, the results of operations for the
     three months and nine months ended June 27, 2003 are not necessarily
     indicative of the results to be expected for the full year.

     All monetary amounts, other than share and per share amounts, are stated in
     thousands.

     Certain amounts as previously reported have been reclassified to conform to
     the current period presentation.

2    Change in Accounting Principle

     Effective September 29, 2001, the Company adopted Statement of Financial
     Accounting Standards ("SFAS") No. 142. In accordance with the adoption of
     this new standard, the Company ceased the amortization of goodwill.

     As required under SFAS No. 142, the Company performed an assessment of the
     carrying value of goodwill using a number of criteria, including the value
     of the overall enterprise as of September 29, 2001. This assessment
     resulted in a write off of goodwill during the quarter ended December 28,
     2001 totaling $22,876, net of tax ($2.76 per diluted share) and was
     reflected as a change in accounting principle. The write off was associated
     with the Watercraft ($12,900) and Diving ($10,000) business units. Future
     impairment charges from existing operations or other acquisitions, if any,
     will be reflected as an operating expense in the statement of operations.

3    Income Taxes

     The provision for income taxes includes deferred taxes and is based upon
     estimated annual effective tax rates in the tax jurisdictions in which the
     Company operates.

4    Inventories

     Inventories at the end of the respective periods consist of the following:

                           June 27        September 27          June 28
                              2003                2002             2002
                         ---------           ---------        ---------
      Raw materials      $  20,467           $  17,709        $  19,344
      Work in process        1,678               1,072            2,572
      Finished goods        33,105              25,633           42,202
                         ---------           ---------        ---------
                            55,250              44,414           64,118
      Less reserves          3,644               2,183            3,400
                         ---------           ---------        ---------
                         $  51,606           $  42,231        $  60,718
                         =========           =========        =========

                                      -4-
<PAGE>

5    Warranties

     The Company has recorded product warranty accruals of $2,279 as of June 27,
     2003. The Company provides for warranties of certain products as they are
     sold in accordance with SFAS No. No. 5, Accounting for Contingencies. The
     following table summarizes the warranty activity for the nine months ended
     June 27, 2003.

      Balance at September 27, 2002                                    $   1,571
      Expense accruals for warranties issued during the year               1,951
      Less current year warranty claims paid                               1,253
                                                                       ---------
      Balance at June 27, 2003                                         $   2,279
                                                                       =========

6    Earnings per Share

     The following table sets forth the computation of basic and diluted
     earnings per common share from continuing operations before cumulative
     effect of change in accounting principle:

<TABLE>
<CAPTION>

                                                                 Three Months Ended             Nine Months Ended
                                                                 ------------------             -----------------
                                                              June 27        June 28        June 27         June 28
                                                                 2003           2002           2003            2002
                                                            ---------      ---------      ---------       ---------
<S>                                                         <C>            <C>            <C>             <C>
      Income from continuing operations before
           cumulative effect of change in
           accounting principle for basic and
           diluted earnings per share                       $   5,060      $   6,433      $   9,077       $   9,926
                                                            ---------      ---------      ---------       ---------
      Weighted average common shares outstanding
                                                            8,407,335      8,227,290      8,388,534       8,189,980
      Less nonvested restricted stock                          (4,830)        (6,967)        (5,560)         (7,321)
                                                            ---------      ---------      ---------       ---------
      Basic average common shares                           8,402,505      8,220,323      8,382,974       8,182,659
      Dilutive stock options and restricted stock             176,618        340,389        161,757         201,204
                                                            ---------      ---------      ---------       ---------
      Diluted average common shares                         8,579,123      8,560,712      8,544,731       8,383,863
                                                            =========      =========      =========       =========
      Basic earnings per common share from continuing
           operations before cumulative effect of
           change in accounting principle                   $    0.60      $    0.78      $    1.08       $    1.21
      Diluted earnings per common share from
           continuing operations before cumulative
           effect of change in accounting principle         $    0.59      $    0.75      $    1.06       $    1.18
                                                            =========      =========      =========       =========
</TABLE>

7    Stock Ownership Plans/Accounting for Stock-Based Compensation

     The Company's current stock ownership plans provide for issuance of options
     to acquire shares of Class A common stock by key executives and
     non-employee directors. All stock options have been granted at a price not
     less than fair market value at the date of grant and become exercisable
     over periods of one to four years from the date of grant. Stock options
     generally have a term of 10 years. The current plans also allow for
     issuance of restricted stock or stock appreciation rights in lieu of
     options. Grants of restricted shares are not significant in any year
     presented.

     The Company adopted a phantom stock plan during fiscal 2003. Under this
     plan, certain employees earn cash bonus awards based upon the performance
     of the Company's Class A common stock.

                                      -5-
<PAGE>

     A summary of stock option activity related to the Company's plans is as
     follows:

                                                               Weighted Average
                                                   Shares        Exercise Price
                                                ---------        --------------
      Outstanding at September 28, 2001         1,086,795             $   10.20
      Granted                                     277,755                  7.64
      Exercised                                  (148,952)                10.15
      Cancelled                                  (151,579)                13.54
                                                ---------             ---------
      Outstanding at September 27, 2002         1,064,019                  9.06
      Granted                                      20,750                 10.36
      Exercised                                   (84,997)                 7.33
      Cancelled                                   (30,556)                13.93
                                                ---------             ---------
      Outstanding at June 27, 2003                969,216             $    9.07
                                                =========             =========

     Options to purchase 1,081,855 shares of common stock with a weighted
     average exercise price of $9.04 per share were outstanding at June 28,
     2002.

     The Company accounts for its stock-based compensation plans under
     Accounting Principles Board (APB) Opinion No. 25, Accounting for Stock
     Issued to Employees. The pro forma information below was determined using
     the fair value method based on provisions of SFAS No. 123, Accounting for
     Stock-Based Compensation, as amended by SFAS No. 148, Accounting for
     Stock-Based Compensation - Transition and Disclosure, issued in December
     2002.

<TABLE>
<CAPTION>

                                                                 Three Months Ended             Nine Months Ended
                                                                 ------------------             -----------------
                                                              June 27        June 28        June 27        June 28
                                                                 2003           2002           2003           2002
                                                            ---------      ---------      ---------      ---------
<S>                                                         <C>            <C>            <C>            <C>
      Income from continuing operations before
           cumulative effect of change in accounting
           principle                                        $   5,060      $   6,433      $   9,077      $   9,926
      Total stock-based employee compensation expense
           determined under fair value method for all
           awards, net of tax                                     (67)          (109)          (211)          (367)
                                                            ---------      ---------      ---------      ---------
      Pro forma income from continuing operations
           before cumulative effect of change in
           accounting principle                             $   4,993      $   6,324      $   8,866      $   9,559
                                                            =========      =========      =========      =========
      Basic earnings per common share from continuing
           operations before cumulative effect of
           change in accounting principle
              As reported                                   $    0.60      $    0.78      $    1.08      $    1.21
              Pro forma                                     $    0.59      $    0.77      $    1.06      $    1.17
      Diluted earnings per common share from continuing
           operations before cumulative effect of change
           in accounting principle
              As reported                                   $    0.59      $    0.75      $    1.06      $    1.18
              Pro forma                                     $    0.58      $    0.74      $    1.04      $    1.14
                                                            =========      =========      =========      =========
</TABLE>

                                      -6-
<PAGE>

8    Comprehensive Income

     Comprehensive income includes net income and changes in shareholders'
     equity from non-owner sources. For the Company, the elements of
     comprehensive income excluded from net income are represented primarily by
     the cumulative foreign currency translation adjustment.

     Comprehensive income (loss) for the respective periods consists of the
     following:

<TABLE>
<CAPTION>

                                                                 Three Months Ended             Nine Months Ended
                                                                 ------------------             -----------------
                                                              June 27        June 28        June 27        June 28
                                                                 2003           2002           2003           2002
                                                            ---------      ---------      ---------      ---------
<S>                                                         <C>            <C>            <C>            <C>
      Net income (loss)                                     $   5,060      $   6,433      $   9,077      $ (12,455)
      Translation adjustment                                    3,202          9,780         10,511          6,096
                                                            ---------      ---------      ---------      ---------
      Comprehensive income (loss)                           $   8,262      $  16,213      $  19,588      $  (6,359)
                                                            =========      =========      =========      =========
</TABLE>

9    Discontinued Operations

     The Company recognized a gain from discontinued operations of $495, net of
     tax, during the nine months ended June 28, 2002 related to the final
     accounting for the sale of the Fishing business.

10   Segments of Business

     The Company conducts its worldwide operations through separate global
     business units, each of which represent major product lines. Operations are
     conducted in the United States and various foreign countries, primarily in
     Europe, Canada and the Pacific Basin. The Company does not believe it has
     unusual risk related to concentrations in volume of business with a
     particular customer or supplier, or concentrations in revenue from a
     particular product.

     Net sales and operating profit include both sales to customers, as reported
     in the Company's consolidated statements of operations, and interunit
     transfers, which are priced to recover cost plus an appropriate profit
     margin. Identifiable assets represent assets that are used in the Company's
     operations in each business unit at the end of the periods presented.

                                      -7-
<PAGE>

     A summary of the Company's operations by business unit is presented below:
<TABLE>
<CAPTION>

                                                         Three Months Ended                  Nine Months Ended
                                                         ------------------                  -----------------
                                                     June 27           June 28           June 27          June 28
                                                        2003              2002              2003             2002
                                                  ----------        ----------        ----------       ----------
<S>                                               <C>               <C>               <C>              <C>
      Net sales:
          Outdoor equipment:
              Unaffiliated customers              $   25,123        $   31,706        $   55,791       $   87,236
              Interunit transfers                         25                46                68               69
          Motors:
              Unaffiliated customers                  29,577            29,552            71,394           67,589
              Interunit transfers                        244               438               764              704
          Watercraft:
              Unaffiliated customers                  31,253            33,744            62,586           66,392
              Interunit transfers                        304               105               829              292
          Diving:
              Unaffiliated customers                  22,418            21,595            56,549           52,887
              Interunit transfers                          7                11                36               11
          Other                                          175               102               386               51
          Eliminations                                  (580)             (600)           (1,697)          (1,076)
                                                  ----------        ----------        ----------       ----------
                                                  $  108,546        $  116,699        $  246,706       $  274,155
                                                  ==========        ==========        ==========       ==========
      Operating profit (loss):
          Outdoor equipment                       $    4,416        $    3,449        $    8,855       $   10,902
          Motors                                       5,454             4,283            11,327            8,023
          Watercraft                                   1,759             4,530            (1,281)           4,024
          Diving                                       1,123             3,892             6,306            7,884
          Other                                       (3,833)           (3,180)           (9,998)          (8,610)
                                                  ----------        ----------        ----------       ----------
                                                  $    8,919        $   12,974        $   15,209       $   22,223
                                                  ==========        ==========        ==========       ==========

      Identifiable assets (end of period):
          Outdoor equipment                                                           $   30,669       $   57,752
          Motors                                                                          31,791           28,440
          Watercraft                                                                      74,242           63,963
          Diving                                                                          97,548           83,386
          Other                                                                           48,756           24,556
                                                                                      ----------       ----------
                                                                                      $  283,006       $  258,097
                                                                                      ==========       ==========
</TABLE>

11   LITIGATION

     The Company is subject to various legal actions and proceedings in the
     normal course of business, including those related to environmental
     matters. The Company is insured against loss for certain of these matters.
     Although litigation is subject to many uncertainties and the ultimate
     exposure with respect to these matters cannot be ascertained, management
     does not believe the final outcome of any pending litigation will have a
     material adverse effect on the financial condition, results of operations,
     liquidity or cash flows of the Company.

     On February 21, 2003, the competition department of the European Commission
     initiated formal proceedings in a case concerning certain provisions in the
     former distribution arrangements of the Company's European Scubapro/Uwatec
     subsidiaries. The Company responded to the Commission's views at a hearing
     on July 1, 2003. The Company has been and will aggressively pursue its
     position. At this preliminary stage in the procedure, the Commission has
     indicated that it is considering imposing an unspecified fine on the
     Company and its European Scubapro/Uwatec subsidiaries. The Company cannot
     currently predict the outcome of the investigation.


                                      -8-
<PAGE>
                              JOHNSON OUTDOORS INC.


Item 2 Management's Discussion and Analysis of Financial Condition and Results
       of Operations

The following discussion includes comments and analysis relating to the
Company's results of operations and financial condition for the three months and
nine months ended June 27, 2003 and June 28, 2002. This discussion should be
read in conjunction with the consolidated financial statements and related notes
that immediately precede this section, as well as the Company's 2002 Annual
Report on Form 10-K.


Forward Looking Statements

Certain matters discussed in this Form 10-Q are "forward-looking statements,"
intended to qualify for the safe harbors from liability established by the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements can generally be identified as such because the context of the
statement includes phrases such as the Company "expects," "believes" or other
words of similar meaning. Similarly, statements that describe the Company's
future plans, objectives or goals are also forward-looking statements. Such
forward-looking statements are subject to certain risks and uncertainties which
could cause actual results or outcomes to differ materially from those currently
anticipated. Factors that could affect actual results or outcomes include
changes in consumer spending patterns, actions of companies that compete with
the Company, the Company's success in managing inventory, movements in foreign
currencies or interest rates, the success of suppliers and customers, the
ability of the Company to deploy its capital successfully, unanticipated
outcomes related to outstanding litigation matters and the European Commission
investigation, and adverse weather conditions. Shareholders, potential investors
and other readers are urged to consider these factors in evaluating the
forward-looking statements and are cautioned not to place undue reliance on such
forward-looking statements. The forward-looking statements included herein are
only made as of the date of this Form 10-Q and the Company undertakes no
obligation to publicly update such forward-looking statements to reflect
subsequent events or circumstances.


Non-GAAP Financial Measures

Included in this Form 10-Q are certain non-GAAP financial measures related to
the Company's results excluding the Jack Wolfskin business, which was sold in
the fourth quarter of fiscal 2002. The Company believes that the non-GAAP
financial information is useful to the readers of this Form 10-Q because it (a)
provides comparable year over year financial information based on the Company's
continuing businesses and (b) better enables the reader to evaluate the
performance of these businesses. The presentation of the non-GAAP financial
information should not be considered in isolation or in lieu of the results
prepared in accordance with GAAP, but should be considered in conjunction with
these results.


Results of Operations

Net sales for the three months ended June 27, 2003 totaled $108.5 million, a
decrease of 7.0% or $8.2 million, compared to $116.7 million in the three months
ended June 28, 2002. Excluding the results of the Company's Jack Wolfskin
subsidiary, which was sold in the fourth quarter of fiscal 2002, sales of the
Company's continuing businesses increased $4.1 million, or 3.9%, for the quarter
over the prior year. A reconciliation of the Company's sales excluding Jack
Wolfskin to sales as reported in the statement of operations is set forth below.
Foreign currency translations favorably impacted quarterly sales by $2.9 million
in the third quarter of fiscal 2003. Two of the Company's continuing business
units had sales growth over the prior year. The Outdoor Equipment business as a
whole saw sales decline $6.6 million, or 20.8%. This year over year decline for
the quarter is directly attributable to the disposition of the Company's Jack
Wolfskin subsidiary. Sales for the continuing portion of the Company's Outdoor
Equipment business increased $5.6 million, or 28.9%, to $25.1 million. Military
sales in the current fiscal year contributed to these results; however, the
Company does not necessarily expect the same level of growth in this channel in
future years. The Diving business sales increased $0.8 million, or 3.8%, to
$22.4 million helped by the strengthening of the Euro against the U.S. Dollar.
The Motors business sales decreased $0.2 million, or 0.6%, to $29.8 million.
Although sales declined slightly, Motors continues to exhibit strength by growth
in new products as well as continued market share gains. The Watercraft business
sales declined $2.3 million, or 6.8%, to $31.6 million. The Watercraft business
has experienced continued market softness. For the quarter, these soft market
conditions were compounded by an operating issue associated with a system
integration at one of the Watercraft business locations.

                                      -9-
<PAGE>
                              JOHNSON OUTDOORS INC.

Net sales for the nine months ended June 27, 2003 totaled $246.7 million, a
decrease of 10.0%, or $27.4 million, compared to $274.2 million in the nine
months ended June 28, 2002. Excluding the results of the Company's Jack Wolfskin
subsidiary, which was sold in the fourth fiscal quarter of 2002, sales of the
Company's continuing businesses increased $12.7 million, or 5.5%, year-to-date
over the prior year. Foreign currency translations favorably impacted
year-to-date sales by $6.7 million. Three of the Company's continuing business
units had sales growth over the prior year. The Outdoor Equipment business as a
whole saw sales decline $31.4 million, or 36.0%. This decline is directly
attributable to the disposition of the Company's Jack Wolfskin subsidiary. Sales
for the continuing portion of the Company's Outdoor Equipment business increased
$8.7 million, or 18.7%, to $55.5 million mainly as a result of strength in
military sales. The Motors business sales increased $3.9 million, or 5.7%, to
$72.2 million as a result of strength in new products as well as continued
market share gains. The Diving business sales increased $3.7 million, or 7.0%,
to $56.6 million as a result of new product sales as well as currency impacts
helped by the strengthening of the Euro against the U.S. Dollar. The Watercraft
business sales declined $3.3 million, or 4.9%, to $63.4 million, primarily
related to the current quarter shortfall.

The Company's current contract with the United States (U.S.) Armed Forces to
produce Modular General Purpose Tent System (MGPTS) tents has expired. The
Company continues to produce orders made under this contract. This contract
makes up the largest portion of the Company's current military business and is a
significant source of sales for the Outdoor Equipment business. The Company has
submitted its final bid on a replacement contract to produce the MGPTS tents for
the U.S. Armed Forces. Failure to secure a new contract would likely have a
significant negative impact on the sales and operating results of the Outdoor
Equipment business in future periods.

Relative to the U.S. dollar, the average values of most currencies of the
countries in which the Company has operations were higher for the three months
and nine months ended June 27, 2003 as compared to the corresponding period of
the prior year. The Diving business was favorably impacted by foreign currency
movements. Excluding the impact of fluctuations in foreign currencies, net sales
for the Company's continuing businesses increased 0.8% for the three months
ended June 27, 2003 and 2.5% for the nine months ended June 27, 2003.

Gross profit as a percentage of sales was 40.1% for the three months ended June
27, 2003 compared to 42.3% in the corresponding period in the prior year.
Margins in the Outdoor Equipment and Motors businesses were improved over the
prior year, while the Diving and Watercraft businesses saw margins decline. The
Motors business improved margins by 3.7 percentage points over the year ago
quarter primarily as a result of new products and product mix. The Diving
business margins declined by 4.9 percentage points over the year ago quarter,
primarily related to a product recall of an Uwatec dive computer announced on
July 17, 2003. Watercraft margins declined 7.9 percentage points due to
continued market softness.

Gross profit as a percentage of sales was 41.9% for the nine months ended June
27, 2003 compared to 42.1% in the corresponding period in the prior year. Margin
improvements in the Motors and Outdoor Equipment businesses helped to offset
declines in margins in the Diving and Watercraft businesses.

The Company recognized operating profit of $8.9 million for the three months
ended June 27, 2003 compared to an operating profit of $13.0 million for the
corresponding period of the prior year. On a continuing business basis operating
profit declined 25.9% from the corresponding period a year ago. Included in the
results for the three months ended June 27, 2003 were $3.6 million of unusual
charges. These charges resulted from a product recall of an Uwatec dive computer
($2.8 million) announced on July 17, 2003 and costs associated with a
discontinued acquisition ($0.8 million) pursued during this fiscal year.
Operating profit improvement in the Motors business, from improved margins, and
in the Outdoor Equipment business, from the strength of military sales, were
offset by declines in the Diving and Watercraft businesses.

For the nine months ended June 27, 2003 operating profit declined when compared
to the prior year period at $15.2 million versus $22.2 million. On a continuing
business basis operating profit declined 12.0% from the corresponding period a
year ago. Watercraft operating profit was substantially below prior year, due to
soft market conditions and operating issues associated with the implementation
of a new operating system.

Interest expense totaled $1.3 million for the three months ended June 27, 2003
compared to $1.7 million for the corresponding period of the prior year.
Interest expense totaled $4.0 million for the nine months ended June 27, 2003
compared to $5.2 million for the corresponding period of the prior year. In the
current year, the Company benefited from reductions in overall debt and from
declining interest rates on floating rate debt facilities.

                                      -10-
<PAGE>
                              JOHNSON OUTDOORS INC.

The Company's other income of $0.6 million for the three months ended and $3.1
million for the nine months ended June 27, 2003 resulted primarily from currency
gains on the settlement of intercompany loans and an insurance reimbursement
from a casualty loss due to a fire in a previous period.

The Company's effective tax rate for the nine months ended June 27, 2003 was
39.5%, up from 39.2% for the corresponding period of the prior year, primarily
due to the geographic mix of earnings.

The Company recognized income from continuing operations before cumulative
effect of change in accounting principle of $5.1 million in the three months
ended June 27, 2003, compared to income of $6.4 million in the corresponding
period of the prior year. Diluted earnings per common share from continuing
operations before cumulative effect of change in accounting principle totaled
$0.59 for the three months ended June 27, 2003 compared to $0.75 in the prior
year. The Company recognized income from continuing operations before cumulative
effect of change in accounting principle of $9.1 million in the nine months
ended June 27, 2003, compared to income of $9.9 million in the corresponding
period of the prior year. Diluted earnings per common share from continuing
operations before cumulative effect of change in accounting principle totaled
$1.06 for the nine months ended June 27, 2003 compared to $1.18 in the prior
year. The previously mentioned unusual charges negatively impacted earnings by
$2.5 million or $0.29 per diluted share.


Discontinued Operations

The Company recognized a gain from discontinued operations of $0.5 million, net
of tax ($0.06 per diluted share), for the nine months ended June 28, 2002
related to the final accounting for the sale of the Company's Fishing business.


Change in Accounting Principle

Effective September 29, 2001, the Company adopted SFAS No. 142. In accordance
with the adoption of this new standard, the Company ceased the amortization of
goodwill.

As required under SFAS No. 142, the Company performed an assessment of the
carrying value of goodwill using a number of criteria, including the value of
the overall enterprise as of September 29, 2001. This assessment resulted in a
write off of goodwill during the quarter ended December 28, 2001 totaling $22.9
million, net of tax ($2.73 per diluted share) and was reflected as a change in
accounting principle. The write off was associated with the Watercraft ($12.9
million) and Diving ($10.0 million) business units. Future impairment charges
from existing operations or other acquisitions, if any, will be reflected as an
operating expense in the statement of operations.


Net Income (Loss)

Net income for the three months ended June 27, 2003 was $5.1 million, or $0.59
per diluted share, compared to $6.4 million, or $0.75 per diluted share, for the
corresponding period of the prior year.

Net income for the nine months ended June 27, 2003 was $9.1 million, or $1.06
per diluted share, compared to a loss of $12.5 million, or $1.49 per diluted
share, for the corresponding period of the prior year.

                                      -11-
<PAGE>
                              JOHNSON OUTDOORS INC.

Results on a Continuing Business Basis

The following tables show third quarter and year-to-date comparisons of as
reported results and results on a continuing business basis for the Company.

Third Quarter Comparisons - As Reported and on Continuing Business Basis
(Amounts in millions, except per share data)

<TABLE>
<CAPTION>

                                      Three Months Ended June 27, 2003           Three Months Ended June 28, 2002
                                      --------------------------------           --------------------------------
                                                   Less                                        Less
                                       As          Jack     Continuing             As          Jack    Continuing
                                 Reported      Wolfskin       Business (1)   Reported      Wolfskin      Business (1)
                                 --------      --------     ----------       --------      --------    ----------
<S>                              <C>           <C>          <C>              <C>           <C>         <C>
Net sales                        $  108.5      $      -     $    108.5       $  116.7      $   12.2    $    104.5
Gross profit                         43.5             -           43.5           49.4           4.9          44.5
Operating profit                      8.9             -            8.9           13.0           1.0          12.0
Net income (loss)                     5.1             -            5.1            6.4          (0.1)          6.5
Diluted earnings (loss) per
    share                        $   0.59      $      -     $     0.59       $   0.75      $  (0.01)   $     0.76
                                 ========      ========     ==========       ========      ========    ==========
</TABLE>

(1)  Continuing business for the third quarter of both years exclude results
     from the Jack Wolfskin operation, which was sold in the fourth quarter of
     fiscal 2002, but was not treated as a discontinued operation in accordance
     with GAAP.

Nine Month Comparisons - As Reported and on Continuing Business Basis (Amounts
in millions, except per share data)

<TABLE>
<CAPTION>

                                       Nine Months Ended June 27, 2003            Nine Months Ended June 28, 2002
                                       -------------------------------            -------------------------------
                                                   Less                                       Less
                                       As          Jack     Continuing            As          Jack     Continuing
                                 Reported      Wolfskin       Business (1)  Reported      Wolfskin       Business (1)
                                 --------      --------     ----------      --------      --------     ----------
<S>                              <C>           <C>          <C>             <C>           <C>          <C>
Net sales                        $  246.7      $    0.4     $    246.3      $  274.2      $   40.6     $    233.6
Gross profit                        103.4             -          103.4         115.4          16.3           99.1
Operating profit                     15.2         (0.1)           15.1          22.2           4.8           17.4
Net Income (loss) (2)                 9.1         (0.1)            9.0           9.9           2.3            7.6
Diluted earnings (loss) per
    share (2)                    $   1.06      $ (0.01)     $     1.07      $   1.18      $   0.28     $     0.90
                                 ========      ========     ==========      ========      ========     ==========
</TABLE>

(1)  Continuing business for the nine months of both years exclude results from
     the Jack Wolfskin operation, which was sold in the fourth quarter of fiscal
     2002, but was not treated as a discontinued operation in accordance with
     GAAP.

(2)  Income (loss) and diluted earnings (loss) per share are from continuing
     operations before cumulative effect of change in accounting principle.

The following tables show third quarter and year to date comparisons of as
reported results and results from a continuing business basis for the Outdoor
Equipment business unit.

Outdoor Equipment Segment
Third Quarter Comparisons - As Reported and on Continuing Business Basis
(Amounts in millions)

<TABLE>
<CAPTION>

                                      Three Months Ended June 27, 2003           Three Months Ended June 28, 2002
                                      --------------------------------           --------------------------------
                                                   Less                                       Less
                                       As          Jack     Continuing            As          Jack     Continuing
                                 Reported      Wolfskin       Business (1)  Reported      Wolfskin       Business (1)
                                 --------      --------     ----------      --------      --------     ----------
<S>                              <C>           <C>          <C>             <C>           <C>          <C>
Net sales                        $   25.1      $      -     $     25.1      $   31.8      $   12.2     $     19.6
Operating profit                      4.4             -            4.4           3.4           1.0            2.4
                                 ========      ========     ==========      ========      ========     ==========
</TABLE>

(1)  Continuing Business for the third quarter of both years excludes results
     from the Jack Wolfskin operation, which was sold in the fourth quarter of
     fiscal 2002, but was not treated as a discontinued operation in accordance
     with GAAP.

                                      -12-
<PAGE>
                              JOHNSON OUTDOORS INC.

Outdoor Equipment Segment
Nine Month Comparisons - As Reported and on Continuing Business Basis
(Amounts in millions)
<TABLE>
<CAPTION>

                                       Nine Months Ended June 27, 2003            Nine Months Ended June 28, 2002
                                       -------------------------------            -------------------------------
                                                   Less                                       Less
                                       As          Jack     Continuing            As          Jack     Continuing
                                 Reported      Wolfskin       Business (1)  Reported      Wolfskin       Business (1)
                                 --------      --------     ----------      --------      --------     ----------
<S>                              <C>           <C>          <C>             <C>           <C>          <C>
Net sales                        $   55.9      $    0.4     $     55.5      $   87.3      $   40.6     $     46.7
Operating profit                      8.9         (0.1)            9.0          10.9           4.8            6.1
                                 ========      ========     ==========      ========      ========     ==========
</TABLE>

(1)  Continuing Business for the nine months of both years excludes results from
     the Jack Wolfskin operation, which was sold in the fourth quarter of fiscal
     2002, but was not treated as a discontinued operation in accordance with
     GAAP.

Financial Condition

The following discusses changes in the Company's liquidity and capital resources
related to continuing operations.


                                   Operations

Cash flows used for operations totaled $35.5 million for the nine months ended
June 27, 2003 compared with $3.7 million provided by operations for the
corresponding period of the prior year.

Accounts receivable seasonally increased $33.4 million for the nine months ended
June 27, 2003, compared to an increase of $27.2 million in the year ago period.
Inventories increased by $7.0 million for the nine months ended June 27, 2003
compared to a decrease of $3.4 million in the prior year period. The additional
inventory build in the current year is primarily related to operational issues
in the Watercraft segment and timing of orders in the Outdoor Equipment
business. The Company believes it is producing products at levels adequate to
meet expected consumer demand.

Accounts payable and accrued liabilities decreased $3.1 million for the nine
months ended June 27, 2003 versus an increase of $13.5 million for the
corresponding period of the prior year.

Depreciation and amortization charges were $5.8 million for the nine months
ended June 27, 2003 and $6.8 million for the corresponding period of the prior
year.


                              Investing Activities

Cash used for investing activities totaled $5.6 million for the nine months
ended June 27, 2003 versus $1.6 million for the corresponding period of the
prior year.

Expenditures for property, plant and equipment were $5.6 million for the nine
months ended June 27, 2003 and $6.6 million for the corresponding period of the
prior year. The Company's recurring investments are made primarily for tooling
for new products and enhancements. In 2003, capitalized expenditures are
anticipated to be below $10.0 million. These expenditures are expected to be
funded by working capital or existing credit facilities. The Company sold its
former headquarters facility to a related party in the first quarter of the
prior year. Proceeds from the sale were $5.0 million.


                              Financing Activities

Cash flows used for financing activities totaled $7.3 million for the nine
months ended June 27, 2003 versus cash provided by financing activities of $6.8
million for the corresponding period of the prior year. The Company made
principal payments on senior notes of $8.1 million in the current year and $11.6
million in the prior year. The Company consummated a private placement of
long-term debt totaling $50.0 million during the first quarter of the prior
year. Proceeds from the debt were used to reduce outstanding indebtedness under
the Company's primary revolving credit facility.

                                      -13-
<PAGE>
                              JOHNSON OUTDOORS INC.

Litigation

The Company is subject to various legal actions and proceedings in the normal
course of business, including those related to environmental matters. The
Company is insured against loss for certain of these matters. Although
litigation is subject to many uncertainties and the ultimate exposure with
respect to these matters cannot be ascertained, management does not believe the
final outcome of any pending litigation will have a material adverse effect on
the financial condition, results of operations, liquidity or cash flows of the
Company.

On February 21, 2003, the competition department of the European Commission
initiated formal proceedings in a case concerning certain provisions in the
former distribution arrangements of the Company's European Scubapro/Uwatec
subsidiaries. The Company responded to the Commission's views at a hearing on
July 1, 2003. The Company has been and will aggressively pursue its position. At
this preliminary stage in the procedure, the Commission has indicated that it is
considering imposing an unspecified fine on the Company and its European
Scubapro/Uwatec subsidiaries. The Company cannot currently predict the outcome
of the investigation.


Market Risk Management

The Company is exposed to market risk stemming from changes in foreign exchange
rates, interest rates and, to a lesser extent, commodity prices. Changes in
these factors could cause fluctuations in earnings and cash flows. In the normal
course of business, exposure to certain of these market risks is managed by
entering into hedging transactions authorized under Company policies that place
controls on these activities. Hedging transactions involve the use of a variety
of derivative financial instruments. Derivatives are used only where there is an
underlying exposure, not for trading or speculative purposes.


                               Foreign Operations

The Company has significant foreign operations, for which the functional
currencies are denominated primarily in Euros, Swiss francs, Japanese yen and
Canadian dollars. As the values of the currencies of the foreign countries in
which the Company has operations increase or decrease relative to the U.S.
dollar, the sales, expenses, profits, assets and liabilities of the Company's
foreign operations, as reported in the Company's Consolidated Financial
Statements, increase or decrease, accordingly. The Company may mitigate a
portion of the fluctuations in certain foreign currencies through the purchase
of foreign currency swaps, forward contracts and options to hedge known
commitments, primarily for purchases of inventory and other assets denominated
in foreign currencies.


                                 Interest Rates

The Company's debt structure and interest rate risk are managed through the use
of fixed and floating rate debt. The Company's primary exposure is to United
States interest rates. The Company also periodically enters into interest rate
swaps, caps or collars to hedge its exposure and lower financing costs.


                                   Commodities

Certain components used in the Company's products are exposed to commodity price
changes. The Company manages this risk through instruments such as purchase
orders and non-cancelable supply contracts. Primary commodity price exposures
are metals, plastics and packaging materials.


                         Sensitivity to Changes in Value

The estimates that follow are intended to measure the maximum potential fair
value or earnings the Company could lose in one year from adverse changes in
market interest rates under normal market conditions. The calculations are not
intended to represent actual losses in fair value or earnings that the Company
expects to incur. The estimates do not consider favorable changes in market
rates. Further, since the hedging instrument (the derivative) inversely
correlates with the underlying exposure, any loss or

                                      -14-
<PAGE>
                              JOHNSON OUTDOORS INC.

gain in the fair value of derivatives would be generally offset by an increase
or decrease in the fair value of the underlying exposures. The positions
included in the calculations are fixed rate debt. The table below presents the
estimated maximum potential one year loss in fair value and earnings before
income taxes from a 100 basis point movement in interest rates on market risk
sensitive instruments outstanding at June 27, 2003:

(millions)                                               Estimated Impact on
----------                                               -------------------
                                                      Earnings Before Income
                                  Fair Value                           Taxes
                                  ----------          ----------------------
Interest rate instruments               $1.9                            $0.8

Other Factors

The Company has not been significantly impacted by inflationary pressures over
the last several years. The Company anticipates that changing costs of basic raw
materials may impact future operating costs and, accordingly, the prices of its
products. The Company is involved in continuing programs to mitigate the impact
of cost increases through changes in product design and identification of
sourcing and manufacturing efficiencies. Price increases and, in certain
situations, price decreases are implemented for individual products, when
appropriate.


Critical Accounting Policies and Estimates

The Company's management discussion and analysis of its financial condition and
results of operations are based upon the Company's consolidated financial
statements, which have been prepared in accordance with accounting principles
generally accepted in the United States. The preparation of these financial
statements requires the Company to make estimates and judgments that affect the
reported amounts of assets, liabilities, revenues and expenses, and related
footnote disclosures. On an on-going basis, the Company evaluates its estimates,
including those related to customer programs and incentives, product returns,
bad debts, inventories, intangible assets, income taxes, warranty obligations,
pensions and other post-retirement benefits, and litigation. The Company bases
its estimates on historical experience and on various other assumptions that are
believed to be reasonable under the circumstances, the results of which form the
basis for making judgments about the carrying values of assets and liabilities
that are not readily apparent from other sources. Actual results may differ from
these estimates under different assumptions or conditions.

The Company believes the following critical accounting policies affect its more
significant judgments and estimates used in the preparation of its consolidated
financial statements.


                         Allowance for Doubtful Accounts

The Company recognizes revenue when title and risk of ownership have passed to
the buyer. Allowances for doubtful accounts are estimated at the individual
operating companies based on estimates of losses related to customer receivable
balances. Estimates are developed by using standard quantitative measures based
on historical losses, adjusting for current economic conditions and, in some
cases, evaluating specific customer accounts for risk of loss. The establishment
of reserves requires the use of judgment and assumptions regarding the potential
for losses on receivable balances. Though the Company considers these balances
adequate and proper, changes in economic conditions in specific markets in which
the Company operates could have a favorable or unfavorable effect on reserve
balances required.


                                   Inventories

The Company values inventory at the lower of cost (determined using the first-in
first-out method) or market. Management judgment is required to determine the
reserve for obsolete or excess inventory. Inventory on hand may exceed future
demand either because the product is outdated or because the amount on hand is
more than can be used to meet future needs. Inventory reserves are estimated at
the

                                      -15-
<PAGE>
                              JOHNSON OUTDOORS INC.

individual operating companies using standard quantitative measures based on
criteria established by the Company. The Company also considers current forecast
plans, as well as, market and industry conditions in establishing reserve
levels. Though the Company considers these balances to be adequate, changes in
economic conditions, customer inventory levels or competitive conditions could
have a favorable or unfavorable effect on reserve balances required.


                                 Deferred Taxes

The Company records a valuation allowance to reduce its deferred tax assets to
the amount that is more likely than not to be realized. While the Company has
considered future taxable income and ongoing prudent and feasible tax planning
strategies in assessing the need for the valuation allowance, in the event the
Company were to determine that it would not be able to realize all or part of
its net deferred tax asset in the future, an adjustment to the deferred tax
asset would be charged to income in the period such determination was made.
Likewise, should the Company determine that it would be able to realize its
deferred tax assets in the future in excess of its net recorded amount, an
adjustment to the deferred tax asset would increase income in the period such
determination was made.


                       Goodwill and Intangible Impairment

In assessing the recoverability of the Company's goodwill and other intangibles
the Company must make assumptions regarding estimated future cash flows and
other factors to determine the fair value of the respective assets. If these
estimates or their related assumptions change in the future, the Company may be
required to record impairment charges for these assets not previously recorded.
On September 29, 2001 the Company adopted Statement of Financial Accounting
Standards No. 142, "Goodwill and Other Intangible Assets," and was required to
analyze its goodwill for impairment issues during the first nine months of
fiscal 2002, and then on a periodic basis thereafter. As a result of this
analysis, the Company recorded a goodwill impairment charge of $22.9 million,
net of tax, in the first quarter of fiscal 2002.


                                   Warranties

The Company accrues a warranty reserve for estimated costs to provide warranty
services. The Company's estimate of costs to service its warranty obligations is
based on historical experience, expectation of future conditions and known
product issues. To the extent the Company experiences increased warranty claim
activity or increased costs associated with servicing those claims, revisions to
the estimated warranty reserve would be required. The Company engages in product
quality programs and processes, including monitoring and evaluating the quality
of its suppliers, to help minimize warranty obligations.


Item 3. Quantitative and Qualitative Disclosures about Market Risk

Information with respect to this item is included in Management's Discussion and
Analysis of Financial Condition and Results of Operations under the heading
"Market Risk Management."


                                      -16-
<PAGE>
                              JOHNSON OUTDOORS INC.

Item 4. Controls and Procedures

(a)  As of the end of the period covered by this Quarterly Report on Form 10-Q,
     the Company's management carried out an evaluation, with the participation
     of the Company's principal executive officer and principal financial
     officer, of the effectiveness of the Company's disclosure controls and
     procedures. Based upon that evaluation, the Company's principal executive
     officer and principal financial officer concluded that the Company's
     disclosure controls and procedures were effective in alerting them in a
     timely manner to material information relating to the Company (including
     the Company's consolidated subsidiaries) required to be included in the
     Company's periodic filings under the Securities Exchange Act of 1934, as
     amended.

(b)  There was no change in the Company's internal control over financial
     reporting that occurred during the period covered by this Quarterly Report
     on Form 10-Q that has materially affected, or is reasonably likely to
     materially affect, the Company's internal control over financial reporting.


PART II OTHER INFORMATION


Item 1. Legal Proceedings

On February 21, 2003, the competition department of the European Commission
initiated formal proceedings in a case concerning certain provisions in the
former distribution arrangements of the Company's European Scubapro/Uwatec
subsidiaries. The Company responded to the Commission's views at a hearing on
July 1, 2003. The Company has been and will aggressively pursue its position. At
this preliminary stage in the procedure, the Commission has indicated that it is
considering imposing an unspecified fine on the Company and its European
Scubapro/Uwatec subsidiaries. The Company cannot currently predict the outcome
of the investigation.


Item 6. Exhibits and Reports on Form 8-K

(a) The following exhibits are filed as part of this Form 10-Q

     31.1 Certification by the Chief Executive Officer pursuant to Section 302
          of the Sarbanes-Oxley Act of 2002.
     31.2 Certification by the Chief Financial Officer pursuant to Section 302
          of the Sarbanes-Oxley Act of 2002.
     32   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.

(b)  Reports on Form 8-K.

     On April 24, 2003, the Company filed a Current Report on Form 8-K dated
     April 24, 2003 furnishing under Item 12 the Company's earnings press
     release for the reporting period ended March 28, 2003.


                                      -17-
<PAGE>
                              JOHNSON OUTDOORS INC.

SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                         JOHNSON OUTDOORS INC.
Signatures Dated: August 11, 2003
                                         /s/ Helen P. Johnson-Leipold
                                         ---------------------------------------
                                         Helen P. Johnson-Leipold
                                         Chairman and Chief Executive Officer



                                         /s/ Paul A. Lehmann
                                         ---------------------------------------
                                         Paul A. Lehmann
                                         Vice President and Chief Financial
                                         Officer (Principal Financial and
                                         Accounting Officer)


                                      -18-
<PAGE>
                 Exhibit Index to Quarterly Report on Form 10-Q


Exhibit
Number    Description
-------   -----------

31.1      Certification by the Chief Executive Officer pursuant to Section 302
          of the Sarbanes-Oxley Act of 2002.

31.2      Certification by the Chief Financial Officer pursuant to Section 302
          of the Sarbanes-Oxley Act of 2002.

32        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.

</TEXT>
</DOCUMENT>
