<SEC-DOCUMENT>0001171843-18-000839.txt : 20180202
<SEC-HEADER>0001171843-18-000839.hdr.sgml : 20180202
<ACCEPTANCE-DATETIME>20180202090016
ACCESSION NUMBER:		0001171843-18-000839
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180202
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180202
DATE AS OF CHANGE:		20180202

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16255
		FILM NUMBER:		18568850

	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>8-K
<SEQUENCE>1
<FILENAME>f8k_020118.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong><br />_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br />_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--February 2, 2018-->February 2, 2018 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>Johnson Outdoors Inc.</strong></font><br /><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>WISCONSIN </strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>0-16255</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>39-1536083</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. 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[&#160;&#160; ]</p><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div>&#160;</div><hr style="page-break-after: always;" noshade="noshade" /><p><font style="font-size: 10pt;">  </font></p><p style="text-align: center;"><font style="font-size: 10pt;"><strong>Section 2 Financial Information</strong></font></p><p><font style="font-size: 10pt;"><strong>Item 2.02. Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;"><p>On February 2, 2018, Johnson Outdoors Inc. (the &#8220;Company&#8221;) issued a press release announcing results for the first fiscal quarter ended December 29, 2017 (the &#8220;Press Release&#8221;). A copy of the Press Release is being furnished as Exhibit 99.1 to this Report.</p><p>The information in this Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liability of that Section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.</p></font></p><p><font style="font-size: 10pt;"></font></p><p style="text-align: center;"><font style="font-size: 10pt;"><strong>Section 9 Financial Statements and Exhibits</strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;"><p>(d) Exhibits. 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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><strong>Johnson Outdoors Reports Fiscal First Quarter Results</strong></p><p style="text-align: center;" ></p><p>
   <p align="justify">RACINE, Wis., Feb.  02, 2018  (GLOBE NEWSWIRE) -- <strong>JOHNSON OUTDOORS INC.</strong>, (NASDAQ:JOUT), a leading global innovator of outdoor recreation equipment and technology, today announced higher sales and operating profit during the Company&#8217;s seasonally slow first fiscal quarter ended December 29, 2017.&#160;<br ></p>    <p>&#8220;We&#8217;re pleased by the strong start to the year, particularly pre-season performance in Fishing and Diving which highlight the importance of our ongoing focus on innovation that delivers bigger, better new product success.&#160; Continued progress in our work to reposition Eureka<sup>&#174; </sup>for the future and taking actions to strengthen efficiency in Watercraft Recreation are key priorities in the face of very challenging market conditions,&#8221; said Helen Johnson-Leipold, Chairman and Chief Executive Officer. </p>    <p><strong><u>First Quarter Results</u></strong></p>    <p>During the first fiscal quarter, the Company is ramping up for the primary selling period of its warm-weather outdoor recreation products across the second and third fiscal quarters.&#160; Total Company net sales in the quarter rose 24 percent to $116.6 million compared to net sales of $93.7 million in the prior year quarter.&#160; Key contributing factors to the results were: </p>    <ul type="square"><li>Continued positive momentum in new products from Minn Kota<sup>&#174;</sup> and Humminbird<sup>&#174;</sup> brands drove a 33 percent increase in pre-season Fishing sales.</li><li>Growth in new core life-support products spurred a 17 percent jump in Diving revenue.</li><li>Sales in Camping were flat year-over-year due to ongoing market challenges.</li><li>Tightened retail inventory levels due to overall kayak market declines led to lower Watercraft Recreation sales.&#160;&#160; </li></ul>    <p>Total Company operating profit for the first fiscal quarter was $7.0 million, a $6.6 million improvement over $0.5 million in the prior year first quarter.&#160; Significantly higher sales volume, and margin expansion due to a favorable mix of new products sold, drove the favorable quarter-to-quarter comparison.&#160; Gross profit gains more than offset the increase in operating expense, driven in part by implementation of the Company&#8217;s digital transformation strategy. &#160;</p>    <p>New U.S. tax reform legislation prompted a change in the valuation of deferred tax assets and a one-time transition tax on previously tax-deferred foreign earnings, resulting in a charge of $6.4 million and an unfavorable year-over-year comparison in net income.&#160; The Company reported net income of $0.2 million, or $0.02 per diluted share, versus $4.1 million, or $0.40 per diluted share, in the previous year&#8217;s quarter.&#160;</p>    <p><strong><u>Other Financial Information</u></strong></p>    <p>At December 29, 2017, the Company reported cash and short-term investments, net of debt, of $78.3 million versus $38.9 million in the prior year.&#160; Depreciation and amortization was $3.2 million compared to $3.1 million in the previous year&#8217;s quarter.&#160; Capital spending increased to $6.5 million in the current quarter versus $2.7 million in the prior year quarter due to strategic investment in systems upgrades and digital transformation. In December 2017, the Company&#8217;s Board of Directors approved a quarterly cash dividend to shareholders of record as of January 11, 2018 which was payable on January 25, 2018. </p>    <p>&#8220;We continue to benefit from our ongoing efforts to improve operational efficiency, enabling us to strengthen margins, keep working capital in check and spend today for the future,&#8221; said David W. Johnson, Vice President and Chief Financial Officer.&#160;&#160; &#8220;Additionally, the balance sheet remains strong, providing us the financial capacity and flexibility to strategically invest in growing our business while also paying a cash dividend to our shareholders.&#8221;&#160; &#160;</p>    <p><strong><u>Webcast</u></strong></p>    <p>The Company will host a conference call and audio web cast at 11:00 a.m. Eastern Time on Friday, February 2, 2018. &#160;A live listen-only web cast of the conference call may be accessed at Johnson Outdoors' home page. A replay of the call will be available on the website for the subsequent 30 days.</p>    <p><strong><u>About Johnson Outdoors Inc. </u></strong></p>    <p><strong>J</strong><strong>OHNSON </strong><strong>O</strong><strong>UTDOORS</strong> is a leading global outdoor recreation company that inspires more people to experience the awe of the great outdoors with innovative, top-quality products.&#160; The company designs, manufactures and markets a portfolio of winning, consumer-preferred brands across four categories: Watercraft Recreation, Fishing, Diving and Camping.&#160; Johnson Outdoors' iconic brands include: Old Town<sup>&#174;</sup> canoes and kayaks; Ocean Kayak<sup>&#153;</sup>; Carlisle<sup>&#174;</sup> paddles; Minn Kota<sup>&#174;</sup> fishing motors, batteries and anchors; Cannon<sup>&#174;</sup> downriggers; Humminbird<sup>&#174; </sup>marine electronics and charts; SCUBAPRO<sup>&#174; </sup>dive equipment; Jetboil<sup>&#174; </sup>outdoor cooking systems; and, Eureka!<sup>&#174;</sup>camping and hiking equipment.&#160; </p>    <p align="center"><strong>Visit Johnson Outdoors at </strong>http://www.johnsonoutdoors.com</p>    <p><strong><u>Safe Harbor Statement</u></strong></p>    <p>Certain matters discussed in this press release are &#8220;forward-looking statements,&#8221; intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995.&#160; Statements other than statements of historical fact are considered forward-looking statements. These statements may be identified by the use of forward-looking words or phrases such as "anticipate,'' "believe,'' "confident," "could,'' "expect,'' "intend,'' "may,'' "planned,'' "potential,'' "should,'' "will,'' "would'' or the negative of those terms or other words of similar meaning. 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.&#160; Factors that could affect actual results or outcomes include the matters described under the caption &#8220;Risk Factors&#8221; in Item 1A of the Company&#8217;s Form 10-K which will be filed with the Securities and Exchange Commission on December 8, 2017 and the following: changes in economic conditions, consumer confidence levels and discretionary spending patterns in key markets; the Company&#8217;s success in implementing its strategic plan, including its targeted sales growth platforms, innovation focus and its increasing digital presence; litigation costs related to actions of and disputes with third parties, including competitors; the Company&#8217;s continued success in its working capital management and cost-structure reductions; the Company&#8217;s success in integrating strategic acquisitions; the risk of future write-downs of goodwill or other long-lived assets; the ability of the Company&#8217;s customers to meet payment obligations; movements in foreign currencies, interest rates or commodity costs; fluctuations in the prices of raw materials or the availability of raw materials used by the Company; any disruptions in the Company's supply chain as a result of material fluctuations in the Company's order volumes and requirements for raw materials and other components necessary to manufacture and produce the Company's products; the success of the Company&#8217;s suppliers and customers and the impact of any consolidation in the industries of the Company&#8217;s suppliers and customers; the ability of the Company to deploy its capital successfully; unanticipated outcomes related to outsourcing certain manufacturing processes; unanticipated outcomes related to 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.&#160; The forward-looking statements included herein are only made as of the date of this filing. 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&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br >VP &amp; Chief Financial Officer&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br >262-631-6600<strong>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</strong></p>    <p><strong>Patricia Penman</strong><br >VP &#8211; Marketing Services &amp; Communication <br >262-631-6600</p>    <p> </p> </p><p ></p></body></html>
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</DOCUMENT>
</SEC-DOCUMENT>
