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<SEC-DOCUMENT>0000897069-04-000384.txt : 20040217
<SEC-HEADER>0000897069-04-000384.hdr.sgml : 20040216
<ACCEPTANCE-DATETIME>20040217145115
ACCESSION NUMBER:		0000897069-04-000384
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20040102
FILED AS OF DATE:		20040217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHNSON OUTDOORS INC
		CENTRAL INDEX KEY:			0000788329
		STANDARD INDUSTRIAL CLASSIFICATION:	 [3949]
		IRS NUMBER:				391536083
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16255
		FILM NUMBER:		04607587

	BUSINESS ADDRESS:	
		STREET 1:		555 MAIN STREET
		CITY:			RACINE
		STATE:			WI
		ZIP:			53403-1015
		BUSINESS PHONE:		2626316600

	MAIL ADDRESS:	
		STREET 1:		555 MAIN STREET
		STREET 2:		STE 023
		CITY:			RACINE
		STATE:			WI
		ZIP:			53403-1015

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JOHNSON WORLDWIDE ASSOCIATES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>cmw484.htm
<DESCRIPTION>QUARTERLY REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>

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<HR ALIGN=LEFT WIDTH=100% SIZE=4 COLOR=BLACK NOSHADE>

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<A NAME=A001></A>
<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>UNITED STATES <BR>SECURITIES AND EXCHANGE
COMMISSION <BR>Washington, D.C. 20549 </FONT></P>

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<A NAME=A004></A>
<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=4>FORM 10-Q </FONT></H1>

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<A NAME=A005></A>
<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>[ X ] QUARTERLY REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE </FONT></H1>

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<A NAME=A006></A>
<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>SECURITIES EXCHANGE ACT
OF 1934 </FONT></H1>

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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>For the quarterly period
ended January 2, 2004 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>OR </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>[&nbsp;&nbsp;&nbsp;] TRANSITION REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE <BR>SECURITIES EXCHANGE ACT
OF 1934 </FONT></H1>

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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>For the transition
period from _________ to _________ </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-Arial" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Commission file number
0-16255 </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=4><B>JOHNSON OUTDOORS INC.</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(Exact name of Registrant as specified in its charter)</FONT></TD></TR>
</TABLE>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=48% ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>Wisconsin</B></FONT></TD>
     <TD WIDTH=51% ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>39-1536083</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(State or other jurisdiction of </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(I.R.S. Employer Identification No.)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>incorporation or organization)</FONT></TD></TR>
</TABLE>
<BR>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>555 Main Street,
Racine, Wisconsin 53403</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(Address of principal executive offices)</FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Minor Center-Arial" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>(262) 631-6600</B>  <BR>(Registrant&#146;s
telephone number, including area code) </FONT></P>




<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-Arial" FSL="Default" -->
<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>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 [&nbsp;&nbsp;&nbsp;] </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-Arial" FSL="Project" -->
<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Indicate  by check mark  whether  the
 Registrant  is an  accelerated  filer (as defined in Rule 12b-2 of the  Exchange  Act).
 Yes [&nbsp;&nbsp;&nbsp;] No  [ X ] </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-Arial" FSL="Default" -->
<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>As of January 31, 2004, 7,446,528
shares of Class A and 1,222,297 shares of Class B common stock of the Registrant were
outstanding. </FONT></P>

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<HR ALIGN=LEFT WIDTH=100% SIZE=4 COLOR=BLACK NOSHADE>


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<A NAME=A019></A>
<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>JOHNSON OUTDOORS INC. </FONT></H1>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=80% align=center>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Index</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Page No.</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>PART I&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL INFORMATION</FONT></TD>
     <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1. Financial Statements</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Operations - Three months</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ended January 2, 2004 and December 27, 2002</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>1&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Balance Sheets - January 2, 2004, October</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3, 2003 and December 27, 2002</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>2&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Cash Flows - Three months</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ended January 2, 2004 and December 27, 2002</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>3&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Consolidated Financial Statements</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>4&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 2. Management's Discussion and Analysis of Financial</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condition and Results of Operations</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>9&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 3. Quantitative and Qualitative Disclosures About Market Risk</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>15&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 4. Controls and Procedures</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>15&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><BR>PART II&nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1. Legal Proceedings</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>16&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 6. Exhibits and Reports on Form 8-K</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>16&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signatures</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>17&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit Index</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>18&nbsp;</FONT></TD></TR>
</TABLE>
<BR>

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<!-- MARKER FORMAT-SHEET="Head Major Left Bold-Arial" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>PART I&nbsp;&nbsp;FINANCIAL
INFORMATION </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-Arial" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Item 1.&nbsp;&nbsp;Financial
Statements </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-Arial" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>JOHNSON OUTDOORS INC. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Minor Center-Arial" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>CONSOLIDATED STATEMENTS
OF OPERATIONS</B>  <BR>(unaudited) </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <Td COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><I>(thousands, except per share data)</I></FONT><HR NOSHADE COLOR=Black SIZE=1></Td>
     <Td align=right COLSPAN=6><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Three Months Ended</FONT><HR NOSHADE COLOR=Black SIZE=1></Td></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT><HR NOSHADE COLOR=Black SIZE=1></TH>
     <Td align=right COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>January 2<BR>
2004</FONT><HR NOSHADE COLOR=Black SIZE=1></Td><td><HR NOSHADE COLOR=Black SIZE=1></td>
     <Td align=right COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>December 27<BR>
2002</FONT><HR NOSHADE COLOR=Black SIZE=1></Td><td><HR NOSHADE COLOR=Black SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=73% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Net sales</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;  62,941</FONT></TD>
        <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;  54,895</FONT></TD>
        <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Cost of sales</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>35,971</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>31,212</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Gross profit</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>26,970</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>23,683</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Operating expenses:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Marketing and selling</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>16,306</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>14,451</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Administrative management, finance and information systems</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>7,557</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>7,541</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Research and development</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>1,761</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>1,525</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Total operating expenses</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>25,624</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>23,517</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Operating profit</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>1,346</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>166</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Interest income</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(175</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(353</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Interest expense</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>1,379</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>1,371</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Other income, net</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(120</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(356</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Income (loss) before income taxes</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>262</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(496</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Income tax expense (benefit)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>102</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(216</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Net income (loss)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;     160</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    (280</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Basic and diluted earnings (loss) per common share</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;     0.02</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    (0.03</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Minor Center-Arial" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The accompanying notes
are an integral part of the consolidated financial statements.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>-1- </FONT></P>

<!-- MARKER PAGE="sheet: 3; page: 3" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-Arial" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>JOHNSON OUTDOORS INC. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Minor Center-Arial" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>CONSOLIDATED BALANCE
SHEETS</B>  <BR>(unaudited) </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <Td COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><I>(thousands, except share data)</I></FONT><HR NOSHADE COLOR=Black SIZE=1></Td>
     <Td align=right COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>January 2<BR>
2004</FONT><HR NOSHADE COLOR=Black SIZE=1></Td><td><HR NOSHADE COLOR=Black SIZE=1></td>
     <Td align=right COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>October 3<BR>
2003</FONT><HR NOSHADE COLOR=Black SIZE=1></Td><td><HR NOSHADE COLOR=Black SIZE=1></td>
     <Td align=right COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>December 27<BR>
2002</FONT><HR NOSHADE COLOR=Black SIZE=1></Td><td><HR NOSHADE COLOR=Black SIZE=1></td></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=61% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>ASSETS</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
        <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
        <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
        <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Current assets:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Cash and temporary cash investments</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;   60,558</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;   88,910</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;   66,089</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, less allowance for doubtful</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;accounts of $4,361, $4,214 and $3,590,</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>50,922</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>43,104</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>46,260</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;respectively</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>61,835</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>50,594</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>49,814</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Income taxes</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>1,292</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>5,838</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>6,392</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>4,979</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other current assets</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>9,973</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>6,135</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>5,328</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Total current assets</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>190,418</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>195,135</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>172,470</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Property, plant and equipment, net</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>31,187</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>31,023</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>29,837</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Deferred income taxes</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>18,645</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>18,637</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>19,533</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Intangible assets, net</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>31,212</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>29,573</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>28,543</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Other assets</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>2,074</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>3,289</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>2,751</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Total assets</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$  273,536</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$  277,657</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$  253,134</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Current liabilities:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Short-term debt and current maturities of long-term</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;debt</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;   15,769</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;    9,587</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;    9,568</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>21,453</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>15,627</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>13,681</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries and wages</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>7,323</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>8,899</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>6,758</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>499</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>2,839</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>20,473</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>25,006</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>16,103</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Total current liabilities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>65,018</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>59,618</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>48,949</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Long-term debt, less current maturities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>51,322</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>67,886</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>68,680</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Other liabilities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>6,284</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>5,959</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>5,137</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Total liabilities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>122,624</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>133,463</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>122,766</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Shareholders' equity:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock: none issued</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Common stock:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Class A shares issued:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 2, 2004, 7,438,294;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 3, 2003, 7,382,979;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 27, 2002, 7,166,569</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>372</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>369</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>358</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Class B shares issued (convertible into Class A):</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 2, 2004, 1,222,297;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 3, 2003, 1,222,647;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 27, 2002, 1,222,647</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>61</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>61</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>61</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Capital in excess of par value</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>50,597</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>50,093</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>48,080</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>93,670</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>93,510</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>87,808</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Contingent compensation</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(7</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(20</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(7</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>6,219</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>181</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(5,932</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Total shareholders' equity</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>150,912</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>144,194</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>130,368</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Total liabilities and shareholders' equity</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$  273,536</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$  277,657</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$  253,134</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Minor Center-Arial" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The accompanying notes
are an integral part of the consolidated financial statements.  </FONT></P>



<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>-2- </FONT></P>

<!-- MARKER PAGE="sheet: 4; page: 4" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-Arial" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>JOHNSON OUTDOORS INC. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Minor Center-Arial" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>CONSOLIDATED STATEMENTS
OF CASH FLOWS</B>  <BR>(unaudited) </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <Td COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><I>(thousands)</I></FONT><HR NOSHADE COLOR=Black SIZE=1></Td>
     <Td align=right COLSPAN=6><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Three Months Ended</FONT><HR NOSHADE COLOR=Black SIZE=1></Td></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT><HR NOSHADE COLOR=Black SIZE=1></TH>
     <Td align=right COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>January 2<BR>
2004</FONT><HR NOSHADE COLOR=Black SIZE=1></Td><TD><HR NOSHADE COLOR=Black SIZE=1></TD>
     <Td align=right COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>December 27<BR>
2002</FONT><HR NOSHADE COLOR=Black SIZE=1></Td><TD><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=71% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>CASH USED FOR OPERATIONS</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Net income (loss)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  160</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;     (280</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Adjustments to reconcile net income (loss) to net cash used for</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;operating activities:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>1,838</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>1,907</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>536</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>134</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Change in assets and liabilities:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(6,550</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(5,527</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(9,442</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(6,702</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(2,803</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(16,950</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other, net</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(3,432</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(2,460</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(19,693</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(29,878</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>CASH USED FOR INVESTING ACTIVITIES</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Net additions to property, plant and equipment</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(1,374</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(1,670</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(1,374</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(1,670</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>CASH USED FOR FINANCING ACTIVITIES</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Principal payments on senior notes and other long-term debt</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(9,538</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(8,019</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Common stock transactions</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>382</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>445</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(9,156</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(7,574</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Effect of foreign currency fluctuations on cash</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>1,871</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>4,381</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Decrease in cash and temporary cash investments</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(28,352</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(34,741</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>CASH AND TEMPORARY CASH INVESTMENTS</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Beginning of period</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>88,910</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>100,830</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>End of period</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;   60,558</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;   66,089</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
</TABLE>


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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The accompanying notes
are an integral part of the consolidated financial statements.  </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>-3- </FONT></P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>



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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>JOHNSON OUTDOORS INC. </FONT></H1>

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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS</B>  <BR>(unaudited) </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>1</B>  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>Basis
of Presentation</B> </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
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 January 2, 2004 and the results of operations and cash
flows for the three months ended January 2, 2004. These consolidated financial statements
should be read in conjunction with the consolidated financial statements and notes thereto
included in the Company&#146;s Annual Report on Form 10-K for the fiscal year ended
October 3, 2003. </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
Because
of seasonal and other factors, the results of operations for the three months ended
January 2, 2004 are not necessarily indicative of the results to be expected for the full
year. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
All
monetary amounts, other than share and per share amounts, are stated in thousands.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
Certain
amounts as previously reported have been reclassified to conform to the current period
presentation.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>2</B>  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>Earnings
per Share</B> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
The
following table sets forth the computation of basic and diluted earnings per common
share:  </FONT></TD>
</TR>
</TABLE>
<BR>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=90% align=center>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <Td COLSPAN=9 align=right><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Three Months Ended</FONT><HR NOSHADE COLOR=Black SIZE=1></Td></TR>
<TR VALIGN=Bottom>
     <Td COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT><HR NOSHADE COLOR=Black SIZE=1></Td>
     <Td align=right COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>January 2<BR>
2004</FONT><HR NOSHADE COLOR=Black SIZE=1></Td><TD><HR NOSHADE COLOR=Black SIZE=1></TD>
     <Td align=right COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>December 27<BR>
2002</FONT><HR NOSHADE COLOR=Black SIZE=1></Td><TD><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=68% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Net income (loss) for basic and diluted earnings per share</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        160</FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;       (280</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Weighted average common shares outstanding</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>8,519,698</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>8,355,418</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Less nonvested restricted stock</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>4,830</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>6,635</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Basic average common shares</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>8,514,868</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>8,348,783</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Dilutive stock options and restricted stock</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>195,364</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>--</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Diluted average common shares</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>8,710,232</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>8,348,783</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Basic and diluted earnings (loss) per common share</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        0.02</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;       (0.03</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>3</B>  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>Stock-Based
Compensation and Stock Ownership Plans</B> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
The
Company accounts for its stock-based compensation plans under Accounting Principles Board
(APB) Opinion No. 25, <I>Accounting </I> <I>for Stock Issued to Employees</I>. The pro
forma information below was determined using the fair value method based on provisions of
Statement of Financial Accounting Standards (SFAS) No. 123, <I>Accounting for Stock-Based
Compensation</I>, as amended by SFAS No. 148, <I>Accounting for Stock-Based Compensation
&#150; Transition and Disclosure</I>, issued in December 2002. </FONT></TD>
</TR>
</TABLE>
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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>JOHNSON OUTDOORS INC. </FONT></H1>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=90% align=center>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT COLSPAN=9><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Three Months Ended</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD align=right COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>January 2<BR>
2004</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><td><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></td>
     <TD align=right COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>December 27<BR>
2002</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><td><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></td></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=68% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Net income (loss)</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  160</FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (280</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Total stock-based employee compensation expense determined under fair</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;value method for all awards, net of tax</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(15</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(66</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Pro forma net income (loss)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  145</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (346</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Basic earnings per common share</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As reported</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  0.02</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp; (0.03</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro forma</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  0.02</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp; (0.04</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Diluted earnings per common share</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As reported</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  0.02</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp; (0.03</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro forma</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  0.02</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp; (0.04</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
The
Company&#146;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 with an exercise price equal to or lower than the market price
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. </FONT></TD>
</TR>
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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
A
summary of stock option activity related to the Company&#146;s plans is as follows:  </FONT></TD>
</TR>
</TABLE>
<BR>





<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=90% ALIGN=CENTER>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT><HR NOSHADE COLOR=Black SIZE=1></TH>
     <Td align=right COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Shares</FONT><HR NOSHADE COLOR=Black SIZE=1></Td><TD><HR NOSHADE COLOR=Black SIZE=1></TD>
     <Td align=right COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Weighted Average<BR>
Exercise Price</FONT><HR NOSHADE COLOR=Black SIZE=1></Td><TD><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=68% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Outstanding at October 3, 2003</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>690,885</FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;    8.80</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Exercised</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>54,965</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>6.95</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Cancelled</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>15,334</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>15.36</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Outstanding at January 2, 2004</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>620,586</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;    8.80</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
Options
to purchase 997,855 shares of common stock with a weighted average exercise price of $9.07
per share were outstanding at December 27, 2002. </FONT></TD>
</TR>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
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&#146;s Class A
common stock. </FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>4 </B> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>New
Accounting Pronouncements</B> </FONT></TD>
</TR>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
In
December 2002, the Financial Accounting Standards Board (FASB) issued SFAS No. 148,
<I>Accounting for Stock-Based </I> <I>Compensation&#151;Transition and Disclosure</I>.
SFAS No. 148 amends SFAS No. 123, <I>Accounting for Stock-Based Compensation</I>, to
provide alternative methods of transition for a voluntary change to the fair value based
method of accounting for stock-based employee compensation. In addition, SFAS No. 148
requires expanded and more prominent disclosure in both annual and interim financial
statements about the method of accounting for stock-based employee compensation and the
effect of the method on reported results. </FONT></TD>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
The
Company has not adopted a method under SFAS No. 148 to expense stock options but rather
continues to apply the recognition and measurement provisions of APB Opinion No. 25,
<I>Accounting for Stock Issued to Employees</I>, and related interpretations in accounting
for those plans. No stock-based employee compensation expense for options is reflected in
net income for the fiscal periods presented as all options granted under those plans had
an exercise price equal to or lower than the market price of the underlying common stock at the date of
grant. A pro forma effect table is presented in Note 3 to the Company&#146;s consolidated
financial statements on net income and earnings per share assuming the fair value
recognition provisions of SFAS No. 123 would have been adopted for options granted since
fiscal 1995. </FONT></TD>
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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>-5- </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>JOHNSON OUTDOORS INC. </FONT></H1>


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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
In
December&nbsp;2003, the FASB issued the revised SFAS No.&nbsp;132, <I>Employers&#146;
Disclosures about Pensions and Other Postretirement </I> <I>Benefits </I>(SFAS 132). The
revised SFAS 132 retains the disclosures required by the original issuance of SFAS 132 and
requires additional annual disclosures describing the types of plan assets, investment
strategy, measurement date, plan obligations and cash flows. The Company will include the
revised SFAS 132 annual disclosures in its Annual Report on Form 10-K for the fiscal year
ending October 1, 2004. The revised SFAS 132 also requires additional interim period
disclosures, including the components of net periodic benefit cost and changes in planned
contributions. The Company is required to include the interim period disclosures of the
revised SFAS 132 beginning in the second quarter of fiscal 2004. </FONT></TD>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
In
January 2003, the FASB issued Interpretation 46, <I>Consolidation of Variable Interest
Entities</I> (FIN No. 46), which requires the consolidation of variable interest entities
(VIEs). VIEs are entities for which control is achieved through means other than voting
rights. The consolidation requirements of FIN No. 46 were applicable immediately to all
VIEs in which an interest was acquired after January 31, 2003. For VIEs in which an
interest was acquired before February 1, 2003, the consolidation requirements of FIN No.
46 are generally effective at the end of the Company&#146;s 2004 fiscal year. FIN No. 46
has not had, and is not expected to have, a significant impact on the Company&#146;s
consolidated financial statements. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>5</B>  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>Income
Taxes</B> </FONT></TD>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
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. </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>6 </B> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>Inventories</B> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
Inventories
at the end of the respective periods consist of the following:  </FONT></TD>
</TR>
</TABLE>
<BR>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=90% ALIGN=CENTER>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>January 2<BR>
2004</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>October 3<BR>
2003</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>December 27<BR>
2002</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=47% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Raw materials</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp; 23,834</FONT></TD>
        <TD WIDTH=6% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp; 19,009</FONT></TD>
        <TD WIDTH=6% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp; 20,317</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Work in process</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>2,544</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>2,065</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>1,116</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Finished goods</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>38,742</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>33,362</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>30,751</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>65,120</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>54,436</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>52,184</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Less reserves</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>3,285</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>3,842</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>2,370</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp; 61,835</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp; 50,594</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp; 49,814</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=12><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>7</B>  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>Warranties</B> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
The
Company has recorded product warranty accruals of $3,324 and $2,035 as of January 2, 2004
and December 27, 2002. The Company provides for warranties of certain products as they are
sold in accordance with SFAS No.&nbsp;5, <I>Accounting for Contingencies</I>. The
following table summarizes the warranty activity for the three months ended January 2,
2004 and December 27, 2002. </FONT></TD>
</TR>
</TABLE>
<BR>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=90% ALIGN=CENTER>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>2004</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>2003</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=68% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Balance at beginning of fiscal period</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp; 3,270</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp; 1,846</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Expense accruals for warranties issued during the period</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>473</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>572</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Less current period warranty claims paid</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>419</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>383</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Balance at end of quarter</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp; 3,324</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp; 2,035</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
</TABLE>
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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>-6- </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>JOHNSON OUTDOORS INC. </FONT></H1>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>8</B>  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>Comprehensive
Income</B> </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
Comprehensive
income includes net income (loss) and changes in shareholders&#146; equity from non-owner
sources. For the Company, the elements of comprehensive income excluded from net income
(loss) are represented primarily by the cumulative foreign currency translation
adjustment. </FONT></TD>
</TR>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
Comprehensive
income (loss) for the respective periods consists of the following:  </FONT></TD>
</TR>
</TABLE>
<BR>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=90% ALIGN=CENTER>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT COLSPAN=9><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Three Months Ended</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>January 2<BR>
2004</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>December 27<BR>
2002</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=68% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Net income (loss)</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    160</FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   (280</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Translation adjustment</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>6,038</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>5,989</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Comprehensive income</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;  6,198</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;  5,709</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
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<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>9</B>  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>Segments
of Business</B> </FONT></TD>
</TR>
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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
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&#146;s Outdoor Equipment business recognized net sales to the United States
military which totaled approximately 20% and 16% of the total Company&#146;s net sales
during the quarters ended January 2, 2004 and December 27, 2002, respectively. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
Net
sales and operating profit include both sales to customers, as reported in the
Company&#146;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&#146;s operations in each business unit at the end of
the periods presented. </FONT></TD>
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<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
A
summary of the Company&#146;s operations by business unit is presented below:  </FONT></TD>
</TR>
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<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>



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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>-7- </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>JOHNSON OUTDOORS INC. </FONT></H1>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=90% ALIGN=CENTER>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT COLSPAN=9><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Three Months Ended</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>January 2<BR>
2004</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>December 27<BR>
2002</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=68% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Net sales:</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Motors:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated customers</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;   17,934</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;   14,729</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interunit transfers</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>75</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>277</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Outdoor equipment:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated customers</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>15,797</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>11,864</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interunit transfers</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>6</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>33</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Watercraft:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated customers</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>12,225</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>11,734</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interunit transfers</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>215</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>175</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Diving:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated customers</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>16,936</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>16,458</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interunit transfers</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>6</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>16</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>49</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>110</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Eliminations</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(302</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(501</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;   62,941</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;   54,895</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Operating profit (loss):</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Motors</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;    3,038</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;    1,577</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Outdoor equipment</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>2,481</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>1,409</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Watercraft</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(3,511</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(1,929</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Diving</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>1,685</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>2,025</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(2,347</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(2,916</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;    1,346</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;      166</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Total assets (end of period):</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Motors</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;   32,526</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;   28,749</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Outdoor equipment</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>27,209</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>18,766</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Watercraft</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>60,205</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>60,918</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Diving</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>99,652</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>80,983</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>53,944</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>63,718</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$  273,536</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$  253,134</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>10</B>  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><B>Litigation</B> </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
The
Company is subject to various legal actions and proceedings in the normal course of
business, including those related to product liability and 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. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
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&#146;s European SCUBAPRO UWATEC subsidiaries. On January 29,
2004, the Commission notified the Company of its decision to close the file without taking
any further action. </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
On
December 22, 2003, the Company entered into a confidential settlement agreement with a
former employee. Under the terms of the agreement the Company is entitled to receive up to
$2.0 million. Any consideration received pursuant to the settlement agreement will be
recorded in the quarter in which it occurs. </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>-8- </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>JOHNSON OUTDOORS INC. </FONT></H1>



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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Item 2 Management&#146;s
Discussion and Analysis of Financial Condition and Results of Operations </FONT></H1>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The following discussion includes
comments and analysis relating to the results of operations and financial condition of
Johnson Outdoors Inc. and its subsidiaries (the Company) for the three months ended
January 2, 2004 and December 27, 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&#146;s Annual Report on Form 10-K for the fiscal year
ended October 3, 2003. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Forward Looking Statements </FONT></H1>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Certain matters discussed in this Form
10-Q are &#147;forward-looking statements,&#148; and the Company intends these
forward-looking statements to be covered by the safe harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform Act of 1995 and is
including this statement for purposes of those safe harbor provisions. These
forward-looking statements can generally be identified as such because the context of the
statement includes phrases such as the Company &#147;expects,&#148; &#147;believes&#148;
or other words of similar meaning. Similarly, statements that describe the Company&#146;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; the Company&#146;s success in implementing its strategic plan, including its
focus on innovation; actions of companies that compete with the Company; the
Company&#146;s success in managing inventory; movements in foreign currencies or interest
rates; unanticipated issues related to the Company&#146;s military tent business; the
success of suppliers and customers; the ability of the Company to deploy its capital
successfully; unanticipated outcomes related to outstanding litigation matters; 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. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Overview </FONT></H1>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The Company is a leading global
outdoor recreation company that turns ideas into adventure with innovative, top-quality
products. The Company designs, manufactures and markets a portfolio of consumer-preferred
brands across four categories: Motors, Outdoor Equipment, Watercraft and Diving. Johnson
Outdoors&#146; familiar brands include, among others: Minn Kota&reg; motors; Eureka!&reg;
tents; Old Town&reg; canoes and kayaks; Ocean Kayak&#153;, Necky&#153; and Dimension&reg;
kayaks; and SCUBAPRO&reg;, SnorkelPro and UWATEC&reg; dive equipment. The Company has 24
locations around the world, employs 1,400 people and reported annual sales of $315.9
million in fiscal 2003. </FONT></P>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The Company&#146;s primary focus is
innovation &#151; meeting consumer needs with breakthrough products that stand apart from
the competition and advance the Company&#146;s strong brand names. Its subsidiaries are
organized in a network that is intended to promote entrepreneurialism and leverage best
practices and synergies, following the strategic vision set by senior managers and
approved by the Company&#146;s Board of Directors. </FONT></P>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Due to the seasonality of the
Company&#146;s market segments, first quarter results may not be indicative of the
Company&#146;s primary selling period, which takes place in its second and third fiscal
quarters. The table below sets forth a historical view of the Company&#146;s seasonality. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>-9- </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>JOHNSON OUTDOORS INC. </FONT></H1>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=15><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=RIGHT COLSPAN=15><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Year Ended</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TD ALIGN=RIGHT COLSPAN=5><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>October 3, 2003</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=5><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>September 27, 2002</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Quarter Ended</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Net<BR>
Sales</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Operating<BR>
Profit (Loss)</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Net<BR>
Sales</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Operating<BR>
Profit (Loss)</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>December</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>17</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>%</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>1</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>%</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>17</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>%</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>5</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>March</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>27</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>53</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>29</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>42</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>June</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>34</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>77</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>34</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>66</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>September</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>22</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(31</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>20</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(13</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=15><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>100</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>100</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>100</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>%</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>100</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>%</FONT></TD></TR>
<TR>
     <TD COLSPAN=15><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
</TABLE>
<BR>

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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Results of Operations </FONT></H1>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The Company&#146;s sales and operating
earnings by segment are summarized as follows: </FONT></P>



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     <TD COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(millions)</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=6><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Three Months Ended</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
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     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>January 2<BR>
2004</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>December 27<BR>
2002</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
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     <TD WIDTH=65% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Net sales:</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=6% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Motors</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;  18.0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;  15.0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Outdoor equipment</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>15.8</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>11.9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Watercraft</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>12.4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>11.9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Diving</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>16.9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>16.5</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other/eliminations</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(0.2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(0.4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Total</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;  62.9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;  54.9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Operating profit:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Motors</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   3.0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   1.6</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Outdoor equipment</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>2.5</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>1.4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Watercraft</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(3.5</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(1.9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Diving</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>1.7</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>2.0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other/eliminations</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(2.4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(2.9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Total</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   1.3</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   0.2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>See Note 9 in the notes to the
consolidated financial statements for the definition of segment net sales and operating
profits. </FONT></P>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Net sales on a consolidated basis for
the three months ended January 2, 2004 totaled $62.9 million, an increase of 14.7% or $8.0
million, compared to $54.9 million in the three months ended December 27, 2002. Foreign
currency translations favorably impacted quarterly sales by $2.6 million in the first
quarter of fiscal 2004. All of the Company&#146;s business units had sales growth over the
prior year. The Motors business sales increased $3.0 million, or 20.0%, to $18.0 million.
Motors continues to exhibit strength from growth in new products and distribution channel
expansion. Sales for the Outdoor Equipment business increased $3.9 million, or 32.8%, to
$15.8 million. Military sales in the current fiscal year accounted for this growth;
however, the Company does not necessarily expect the same level of growth in this channel
in future quarters. The Watercraft business sales increased $0.5 million, or 4.5%, to
$12.4 million. The Diving business sales increased $0.5 million, or 2.8%, to $16.9
million, including favorable currency translations totaling $2.0 million resulting from
the strengthening of the Euro against the U.S. Dollar. This market segment continues to
suffer from the decline of travel to major dive destinations. </FONT></P>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Gross profit as a percentage of sales
was 42.8% for the three months ended January 2, 2004 compared to 43.1% in the
corresponding period in the prior year. Improvements in mix and volume in Motors and
Diving were more than offset by operating inefficiencies and low volume due to delays in
the delivery of new molds to the Watercraft business. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>-10- </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>JOHNSON OUTDOORS INC. </FONT></H1>


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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The Company recognized operating
profit of $1.3 million for the three months ended January 2, 2004 compared to an
operating profit of $0.2 million for the corresponding period of the prior year.
Operating profit for the three months ended January 2, 2004 benefited from approximately
$0.7 million in adjustments to accruals and reserve balances. Operating profit
improvement in the Motors business from sales growth and improved margins and in the
Outdoor Equipment business from the strength of military sales, were offset by declines
in the Watercraft and Diving businesses.  </FONT></P>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Interest expense totaled $1.4 million
for the three months ended January 2, 2004, which was flat relative to the corresponding
period of the prior year. In the current year, although total overall debt declined,
increases in the effective interest rates on debt outstanding resulted in comparable
levels of interest expense. The increases in effective interest rates resulted from the
Company&#146;s termination of two interest rate swap agreements during the quarter. The
termination of the swap agreements locked in gains of $0.9 million that will be amortized
over the remaining life of the debt agreements. These agreements were terminated to fix
interest rates, thereby reducing the risks of possible future interest rate increases. The
Company still holds interest rate swap agreements on a portion of its fixed rate debt;
these agreements are discussed below in the liquidity section. </FONT></P>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Interest income declined to $0.2
million for the three months ended January 2, 2004 from $0.4 million for the three months
ended December 27, 2002, as cash balances and market rates on short-term cash investments
declined. </FONT></P>


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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Other income declined to $0.1 million
for the three months ended January 2, 2004 from $0.4 million for the three months ended
December 27, 2002. The change in other income from the prior year is primarily related to
currency translation gains resulting from the appreciation of the Euro relative to the
U.S. Dollar. </FONT></P>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The Company&#146;s effective tax rate
for the three months ended January 2, 2004 was 38.9%, down from 43.5% for the
corresponding period of the prior year, primarily due to the geographic mix of earnings. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Net Income (Loss) </FONT></H1>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Net income for the three months ended
January 2, 2004 was $0.2 million, or $0.02 per diluted share, compared to a loss of $0.3
million, or $0.03 per diluted share, for the corresponding period of the prior year. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>New Accounting
Pronouncements </FONT></H1>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>In December 2002, the Financial
Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards
(SFAS) No. 148, <I>Accounting for Stock-Based Compensation&#151;Transition and
Disclosure</I>. SFAS No. 148 amends SFAS No. 123, <I>Accounting for Stock-Based
Compensation</I>, to provide alternative methods of transition for a voluntary change to
the fair value based method of accounting for stock-based employee compensation. In
addition, SFAS No. 148 requires expanded and more prominent disclosure in both annual and
interim financial statements about the method of accounting for stock-based employee
compensation and the effect of the method on reported results. </FONT></P>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The Company has not adopted a method
under SFAS No. 148 to expense stock options but rather continues to apply the recognition
and measurement provisions of APB Opinion No. 25, <I>Accounting for Stock Issued to
Employees</I>, and related interpretations in accounting for those plans. No stock-based
employee compensation expense for options is reflected in net income for the fiscal
periods presented as all options granted under those plans had an exercise price equal to
or lower than the market price of the underlying common stock at the date of grant. A pro
forma effect table is presented in Note 3 to the Company&#146;s consolidated financial
statements on net income and earnings per share assuming the fair value recognition
provisions of SFAS No. 123 would have been adopted for options granted since fiscal 1995.  </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>-11- </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>JOHNSON OUTDOORS INC. </FONT></H1>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>In December&nbsp;2003, the FASB issued
the revised SFAS No.&nbsp;132, <I>Employers&#146; Disclosures about Pensions and Other
Postretirement Benefits </I>(SFAS 132). The revised SFAS 132 retains the disclosures
required by the original issuance of SFAS 132 and requires additional annual disclosures
describing the types of plan assets, investment strategy, measurement date, plan
obligations and cash flows. The Company will include the revised SFAS 132 annual
disclosures in its Annual Report on Form 10-K for the fiscal year ending October 1, 2004.
The revised SFAS 132 also requires additional interim period disclosures, including the
components of net periodic benefit cost and changes in planned contributions. The Company
is required to include the interim period disclosures of the revised SFAS 132 beginning in
the second quarter of fiscal 2004. </FONT></P>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>In January 2003, the FASB issued
Interpretation 46, <I>Consolidation of Variable Interest Entities </I>(FIN No. 46), which
requires the consolidation of variable interest entities (VIEs). VIEs are entities for
which control is achieved through means other than voting rights. The consolidation
requirements of FIN No. 46 were applicable immediately to all VIEs in which an interest
was acquired after January 31, 2003. For VIEs in which an interest was acquired before
February 1, 2003, the consolidation requirements of FIN No. 46 are generally effective at
the end of the Company&#146;s 2004 fiscal year. FIN No. 46 has not had, and is not
expected to have, a significant impact on the Company&#146;s consolidated financial
statements. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Financial Condition </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-Arial" FSL="Default" -->
<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The Company&#146;s cash flow from
operating, investing and financing activities, as reflected in the consolidated statements
of cash flows, is summarized in the following table: </FONT></P>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><I>(millions)</I></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=6><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Three Months Ended</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>January 2<BR>
2004</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>December 27<BR>
2002</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=70% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Cash used for:</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Operating activities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp; (19.7</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp; (29.9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Investing activities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(1.4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(1.7</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Financing activities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(9.2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(7.6</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>1.9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>4.4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Decrease in cash and temporary cash investments</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp; (28.4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp; (34.8</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-Arial" FSL="Project" -->
<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>In the first quarter, the Company
typically invests in operating assets in anticipation of the Company&#146;s selling
season, which is strongest in the second and third quarters of the Company&#146;s fiscal
year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-Arial" FSL="Project" -->
<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The Company&#146;s debt to equity
ratio has declined to 31% as of January 2, 2004 from 38% as of December 27, 2002, further
strengthening the Company&#146;s liquidity and strategic flexibility. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-Arial" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Operating Activities </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-Arial" FSL="Project" -->
<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Cash flows used for operations totaled
$19.7 million for the three months ended January 2, 2004 compared with $29.9 million used
for operations for the corresponding period of the prior year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-Arial" FSL="Project" -->
<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Accounts receivable increased $6.6
million for the three months ended January 2, 2004, compared to an increase of $5.5
million in the year ago period. Inventories increased by $9.4 million for the three months
ended January 2, 2004 compared to an increase of $6.7 million in the prior year period.
The additional inventory build in the current year is primarily related to a build-up of
products for the Diving business and timing of military tent orders in the Outdoor
Equipment business. The Company believes it is producing products at levels adequate to
meet expected customer demand. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-Arial" FSL="Project" -->
<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Accounts payable and accrued
liabilities decreased $2.8 million for the three months ended January 2, 2004 versus a
decrease of $17.0 million for the corresponding period of the prior year. The decrease
during the quarter ended December 27, 2002 was the result of settlement of various
accruals. </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>-12- </FONT></P>

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<!-- MARKER PAGE="sheet: 9; page: 9" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-Arial" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>JOHNSON OUTDOORS INC. </FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-Arial" FSL="Project" -->
<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Depreciation and amortization charges
were $1.8 million for the three months ended January 2, 2004 and $1.9 million for the
corresponding period of the prior year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-Arial" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Investing Activities </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-Arial" FSL="Project" -->
<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Cash used for investing activities,
consisting solely of expenditures for property, plant and equipment, totaled $1.4 million
for the three months ended January 2, 2004 versus $1.7 million for the corresponding
period of the prior year. The Company&#146;s recurring investments are made primarily for
tooling for new products and enhancements. In 2004, capitalized expenditures are
anticipated to be in line with prior year levels. These expenditures are expected to be
funded by working capital or existing credit facilities. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-Arial" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Financing Activities </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-Arial" FSL="Project" -->
<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Cash flows used for financing
activities totaled $9.2 million for the three months ended January 2, 2004 and $7.6
million for the corresponding period of the prior year. The Company made principal
payments on senior notes and other long-term debt of $9.5 million and $8.0 million in
November 2003 and 2002, respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-Arial" FSL="Project" -->
<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>In addition to cash generated by
operating activities, the Company has access to existing financing sources, including its
$70.0 million unsecured revolving credit facility. This facility expires in August 2004.
The Company expects to pursue a renewal of this facility. At January 2, 2004, the Company
had no outstanding borrowings on this credit agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-Arial" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Obligations and Off
Balance Sheet Arrangements </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-Arial" FSL="Default" -->
<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The Company has obligations and
commitments to make future payments under debt and operating leases. The following
schedule details these obligations at January 2, 2004. </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=18><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><I>(millions)</I></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=15><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Payment Due by Fiscal Years</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Total</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Remaining<BR>
2004</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>2005/2006</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>2007/2008</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>After 2008</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Long-term debt (1)</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp; 67.1</FONT></TD>
        <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;  0.1</FONT></TD>
        <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp; 29.2</FONT></TD>
        <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp; 27.8</FONT></TD>
        <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp; 10.0</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Operating lease obligations</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>19.8</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>3.8</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>7.3</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>4.1</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>4.6</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=18><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Total contractual obligations</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp; 86.9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;  3.9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp; 36.5</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp; 31.9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp; 14.6</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=18><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- Arial" FSL="Project" -->
     <P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><SUP>(1)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;
          Excludes fair value adjustment of hedged debt.</FONT></P>


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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The Company also utilizes letters of
credit for trade financing purposes. Letters of credit outstanding at January 2, 2004
total $3.0 million. </FONT></P>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The Company has no off-balance sheet
arrangements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-Arial" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Recent Developments </FONT></H1>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>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&#146;s European
SCUBAPRO UWATEC subsidiaries. On January 29, 2004, the Commission notified the Company of
its decision to close the file without taking any further action. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-Arial" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Market Risk Management </FONT></H1>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>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. The Company may reduce exposure to certain of these market risks 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. </FONT></P>


<!-- MARKER FORMAT-SHEET="Page Number Center" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>-13-  </FONT></P>

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<!-- MARKER PAGE="sheet: 10; page: 10" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>JOHNSON OUTDOORS INC. </FONT></H1>


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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Foreign Operations </FONT></H1>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>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&#146;s foreign
operations, as reported in the Company&#146;s consolidated financial statements, increase
or decrease, accordingly. The Company has mitigated 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; however, no such transactions were entered
into during fiscal 2003 or the first quarter of fiscal 2004. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Interest Rates </FONT></H1>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The Company&#146;s debt structure and
interest rate risk are managed through the use of fixed and floating rate debt. The
Company&#146;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. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Commodities </FONT></H1>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Certain components used in the
Company&#146;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. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Sensitivity to Changes
in Value </FONT></H1>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>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. 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 the senior notes outstanding at January 2, 2004: </FONT></P>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><I>(millions)</I></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=6><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Estimated Impact on</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Fair Value</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=RIGHT COLSPAN=2><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Earnings Before <BR>Income
Taxes</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD><TD><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=66% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Interest rate instruments</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=7% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp; 1.3</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD><TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>$&nbsp;&nbsp;&nbsp; 0.7</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=9><HR NOSHADE COLOR=Black SIZE=2></TD></TR>
</TABLE>
<BR>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The Company has outstanding $67.0
million in unsecured senior notes as of January 2, 2004. The senior notes have interest
rates that range from 6.98% to 7.82% and principal payments through December 2008. The
fair market value of the Company&#146;s fixed rate debt was $74.6 million as of January 2,
2004. </FONT></P>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The Company has entered into interest
rate swap agreements on a portion of its senior notes. As of January 2, 2004, the notional
amount of the swaps was $4.2 million. The swap agreements effectively reduced interest
rates to a range of 4.55% to 3.90% on the notional amounts. The swap agreements expire in
fiscal year 2005. The fair market value of the Company&#146;s swap agreements was less
than $0.1 million as of January 2, 2004. </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>-14- </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>JOHNSON OUTDOORS INC. </FONT></H1>


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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>On November 6, 2003, the Company
terminated the swap instruments relating to the 1998 and 2001 debt instruments. The
Company realized gains on the 1998 and 2001 instruments of $0.2 million and $0.7 million,
respectively. The gains will be amortized as a reduction in interest expense over the
remaining life of the underlying debt instruments. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Other Factors </FONT></H1>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>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. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Critical Accounting
Policies and Estimates </FONT></H1>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The Company&#146;s management
discussion and analysis of its financial condition and results of operations are based
upon the Company&#146;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. </FONT></P>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The Company&#146;s critical accounting
policies are identified in the Company&#146;s Annual Report on Form 10-K for the fiscal
year ending October 3, 2003 in <I>Management&#146;s Discussion and Analysis of Financial
Condition </I>and<I> Results of Operations</I> under the heading &#147;Critical Accounting
Policies and Estimates.&#148; There were no significant changes to the Company&#146;s
critical accounting policies during the three months ended January 2, 2004. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Item 3.&nbsp;&nbsp;Quantitative and
Qualitative Disclosures about Market Risk </FONT></H1>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Information with respect to this item
is included in Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operations under the heading &#147;Market Risk Management.&#148; </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Item 4.&nbsp;&nbsp;Controls and
Procedures </FONT></H1>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(a)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>As
of the end of the period covered by this Quarterly Report on Form 10-Q, the
               Company carried out an evaluation, under the supervision and with the
               participation of its management, including the Company&#146;s principal
               executive officer and principal financial officer, of the effectiveness of
the                design and operation of the Company&#146;s disclosure controls and
procedures                (as defined in Exchange Act Rule 13a-15(e)). Based upon that
evaluation, the                Company&#146;s principal executive officer and principal
financial officer                concluded that the Company&#146;s disclosure controls
and procedures were                effective as of the date of such evaluation to ensure
that material information                relating to the Company (including consolidated
subsidiaries) was made known to                them by others within those entities,
particularly during the period in which                this Form 10-Q was being prepared. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>-15- </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>JOHNSON OUTDOORS INC. </FONT></H1>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(b)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>There
were no changes in internal control over financial reporting that occurred
               during the quarter ended January 2, 2004 that have materially affected, or
are                reasonably likely to materially affect, the Company&#146;s internal
control over                financial reporting. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>PART II&nbsp;&nbsp;OTHER INFORMATION </FONT></H1>

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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Item 1.&nbsp;&nbsp;Legal Proceedings </FONT></H1>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>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&#146;s European
SCUBAPRO UWATEC subsidiaries. On January 29, 2004, the Commission notified the Company of
its decision to close the file without taking any further action. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Item 6.&nbsp;&nbsp;Exhibits and
Reports on Form 8-K </FONT></H1>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(a)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>The
following exhibits are filed as part of this Form 10-Q:</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>           31.1 </FONT></TD>
<TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Certification
by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act
                  of 2002.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>           31.2 </FONT></TD>
<TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Certification
by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act
                  of 2002.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>           32 </FONT></TD>
<TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>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.</FONT></TD>
</TR>
</TABLE>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(b)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Reports
on Form 8-K:</FONT></TD>
</TR>
</TABLE>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
On
November 12, 2003, the Company filed a Current Report on Form 8-K, dated November 10,
2003,            furnishing under Item 12 the Company's press release relating to
preliminary fiscal year 2003 earnings            guidance. </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
On
November 20, 2003, the Company filed a Current Report on Form 8-K, dated November 20,
2003,            furnishing under Item 12 the Company's earnings press release for the reporting period ended October 3, 2003. </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
On
December 30, 2003, the Company filed a Current Report on Form 8-K, dated December 29,
2003,            furnishing under Item 12 the Company's press release relating to an
urgent need military tent            contract. </FONT></TD>
</TR>
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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>-16- </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>JOHNSON OUTDOORS INC. </FONT></H1>


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<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>SIGNATURES </FONT></P>

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<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>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. </FONT></P>

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<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>JOHNSON OUTDOORS INC.</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Signatures Dated: February 17, 2004</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><U>/s/ Helen P. Johnson-Leipold</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Helen P. Johnson-Leipold</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Chairman and Chief Executive Officer</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><BR><BR>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><U>/s/ Paul A. Lehmann</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Paul A. Lehmann</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Vice President and Chief Financial Officer</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>(Principal Financial and Accounting Officer)</FONT></TD></TR>
</TABLE>
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<P ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>-17- </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Exhibit Index to
Quarterly Report on Form 10-Q </FONT></H1>

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<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Exhibit <BR><U>Number</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Description</U> </FONT></P>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>31.1  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Certification
by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</FONT></TD>
</TR>
</TABLE>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>31.2  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Certification
by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</FONT></TD>
</TR>
</TABLE>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>32  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>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.</FONT></TD>
</TR>
</TABLE>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>cmw484a.htm
<DESCRIPTION>SECTION 302 CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-Arial" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Certification of Chief
Executive Officer </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-Arial" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Pursuant to Section
302 of the Sarbanes-Oxley Act and Rule 13a-14(a) or 15d-14(a) under the Securities<BR>
Exchange Act of 1934 </FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-Arial" FSL="Project" -->
<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>I, Helen P. Johnson-Leipold, certify
that: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-Arial" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>1)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
          I have reviewed this Quarterly Report on Form 10-Q of Johnson Outdoors Inc.; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-Arial" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>2)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
          Based on my knowledge, this report does not contain any untrue statement of a
          material fact or omit to state a material fact necessary to make the statements
          made, in light of the circumstances under which such statements were made, not
          misleading with respect to the period covered by this report; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-Arial" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>3)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
          Based on my knowledge, the financial statements, and other financial information
          included in this report, fairly present in all material respects the financial
          condition, results of operations and cash flows of the registrant as of, and
          for, the periods presented in this report; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-Arial" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>4)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
          The registrant&#146;s other certifying officer(s) and I are responsible for
          establishing and maintaining disclosure controls and procedures (as defined in
          Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang LV 1-Arial" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>a) </FONT></TD>
<TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Designed
such disclosure controls and procedures, or caused such disclosure           controls and
procedures to be designed under our supervision, to ensure that           material
information relating to the registrant, including its consolidated
          subsidiaries, is made known to us by others within those entities, particularly
          during the period in which this report is being prepared;  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang LV 1-Arial" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>b) </FONT></TD>
<TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Evaluated
the effectiveness of the registrant&#146;s disclosure controls and           procedures
and presented in this report our conclusions about the effectiveness           of the
disclosure controls and procedures as of the end of the period covered by           this
report based on such evaluation; and  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang LV 1-Arial" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>c) </FONT></TD>
<TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Disclosed
in this report any change in the registrant&#146;s internal control           over
financial reporting that occurred during the registrant&#146;s most recent
          fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an
          annual report) that has materially affected, or is reasonably likely to
          materially affect, the registrant&#146;s internal control over financial
          reporting;  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-Arial" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>5)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
          The registrant&#146;s other certifying officer(s) and I have disclosed, based on
          our most recent evaluation of internal control over financial reporting, to the
          registrant&#146;s auditors and the audit committee of registrant&#146;s board of
          directors (or persons performing the equivalent functions): </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang LV 1-Arial" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>a) </FONT></TD>
<TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>all
significant deficiencies and material weaknesses in the design or operation           of
internal control over financial reporting which are reasonably likely to
          adversely affect the registrant&#146;s ability to record, process, summarize
and           report financial information; and  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang LV 1-Arial" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>b) </FONT></TD>
<TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>any
fraud, whether or not material, that involves management or other employees           who
have a significant role in the registrant&#146;s internal control over
          financial reporting.  </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Date:&nbsp;&nbsp;February 17, 2004</FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><U>/s/ Helen P. Johnson-Leipold</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Helen P. Johnson-Leipold</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Chairman and Chief Executive Officer</FONT></TD></TR>
</TABLE>


</BODY>
</HTML>



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>cmw484b.htm
<DESCRIPTION>SECTION 302 CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-Arial" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Certification of Chief
Financial Officer </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-Arial" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Pursuant to Section
302 of the Sarbanes-Oxley Act and Rule 13a-14(a) or 15d-14(a) under the Securities<BR>
Exchange Act of 1934</FONT></H1>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-Arial" FSL="Project" -->
<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>I, Paul A. Lehmann, certify that: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-Arial" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>1)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
          I have reviewed this Quarterly Report on Form 10-Q of Johnson Outdoors Inc.; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-Arial" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>2)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
          Based on my knowledge, this report does not contain any untrue statement of a
          material fact or omit to state a material fact necessary to make the statements
          made, in light of the circumstances under which such statements were made, not
          misleading with respect to the period covered by this report; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-Arial" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>3)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
          Based on my knowledge, the financial statements, and other financial information
          included in this report, fairly present in all material respects the financial
          condition, results of operations and cash flows of the registrant as of, and
          for, the periods presented in this report; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-Arial" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>4)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
          The registrant&#146;s other certifying officer(s) and I are responsible for
          establishing and maintaining disclosure controls and procedures (as defined in
          Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang LV 1-Arial" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>a) </FONT></TD>
<TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Designed
such disclosure controls and procedures, or caused such disclosure           controls and
procedures to be designed under our supervision, to ensure that           material
information relating to the registrant, including its consolidated
          subsidiaries, is made known to us by others within those entities, particularly
          during the period in which this report is being prepared;  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang LV 1-Arial" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>b) </FONT></TD>
<TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Evaluated
the effectiveness of the registrant&#146;s disclosure controls and           procedures
and presented in this report our conclusions about the effectiveness           of the
disclosure controls and procedures as of the end of the period covered by           this
report based on such evaluation; and  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang LV 1-Arial" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>c) </FONT></TD>
<TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Disclosed
in this report any change in the registrant&#146;s internal control           over
financial reporting that occurred during the registrant&#146;s most recent
          fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an
          annual report) that has materially affected, or is reasonably likely to
          materially affect, the registrant&#146;s internal control over financial
          reporting;  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-Arial" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>5)</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
          The registrant&#146;s other certifying officer(s) and I have disclosed, based on
          our most recent evaluation of internal control over financial reporting, to the
          registrant&#146;s auditors and the audit committee of registrant&#146;s board of
          directors (or persons performing the equivalent functions): </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang LV 1-Arial" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>a) </FONT></TD>
<TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>all
significant deficiencies and material weaknesses in the design or operation           of
internal control over financial reporting which are reasonably likely to
          adversely affect the registrant&#146;s ability to record, process, summarize
and           report financial information; and  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang LV 1-Arial" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>b) </FONT></TD>
<TD WIDTH=90%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>any
fraud, whether or not material, that involves management or other employees           who
have a significant role in the registrant&#146;s internal control over
          financial reporting.  </FONT></TD>
</TR>
</TABLE>
<BR>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Date:&nbsp;&nbsp;February 17, 2004</FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><U>/s/ Paul A. Lehmann</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Paul A. Lehmann</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Vice President and Chief Financial Officer</FONT></TD></TR>
</TABLE>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>5
<FILENAME>cmw484c.htm
<DESCRIPTION>SECTION 906 CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-Arial" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Written Statement of
the Chief Executive Officer and Chief Financial OfficerPursuant <BR>to 18 U.S.C. Section
1350 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-Arial" FSL="Default" -->
<P><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solely
for the purposes of complying with 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002, we, the undersigned Chairman and Chief Executive
Officer and Vice President and Chief Financial Officer of Johnson Outdoors Inc., a
Wisconsin corporation (the &#147;Company&#148;), hereby certify, based on our knowledge,
that the Quarterly Report on Form 10-Q of the Company for the quarter ended January 2,
2004 (the &#147;Report&#148;) fully complies with the requirements of Section 13(a) of the
Securities Exchange Act of 1934 and that information contained in the Report fairly
presents, in all material respects, the financial condition and results of operations of
the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-Arial" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><U>/s/ Helen P.
Johnson-Leipold</U> <BR>Helen P. Johnson-Leipold <BR>Chairman and Chief Executive Officer </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Left-Arial" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2><U>/s/ Paul A. Lehmann</U> <BR>Paul
A. Lehmann <BR>Vice President and Chief Financial Officer </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Left-Arial" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>Dated: February 17, 2004 </FONT></P>




<!-- MARKER FORMAT-SHEET="Para Flush Lv 1-Arial" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Arial, Helvetica, Sans-Serif" SIZE=2>
A
signed original of this written statement required by 18 U.S.C. Section 1350 has been
provided to the Company and will be retained by the Company and furnished to the
Securities and Exchange Commission or its staff upon request. </FONT></TD>
</TR>
</TABLE>
<BR>

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</DOCUMENT>
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