<SEC-DOCUMENT>0001171843-20-003253.txt : 20200505
<SEC-HEADER>0001171843-20-003253.hdr.sgml : 20200505
<ACCEPTANCE-DATETIME>20200505060028
ACCESSION NUMBER:		0001171843-20-003253
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200505
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200505
DATE AS OF CHANGE:		20200505

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:			1002

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16255
		FILM NUMBER:		20846699

	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_050420.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): <!--May 5, 2020-->May 5, 2020 &#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. Employer Identification Number)</font></td></tr></table><p><font style="font-size: 10pt;">&#160;</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><td align="center" width="50%"><font style="font-size: 10pt;"><strong>555 Main Street, Racine, Wisconsin 53403</strong><!--UNITED STATES --></font></td></tr><tr valign="top"><td align="center" width="50%"><font style="font-size: 10pt;">(Address of Principal Executive Offices) (Zip Code)</font></td></tr></table><p align="center"><font style="font-size: 10pt;"><strong>(262) 631-6600</strong><br />(Registrant's telephone number, including area code)</font></p><p align="center"><font style="font-size: 10pt;"><strong>Not Applicable</strong><br />(Former name or former address, if changed since last report)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td colspan="3"><font style="font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<br /><br /></font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td></tr></table><p style="font-size: 10pt; margin: 0pt;">&#160;</p><p style="font-size: 10pt; margin: 0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule&#160;12b-2&#160;of the Securities Exchange Act of 1934 (17 CFR&#160;&#167;240.12b-2).&#160;Emerging growth company [&#160;&#160; ]</p><p style="font-size: 10pt; margin: 0pt;">&#160;</p><p style="font-size: 10pt; margin: 0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [&#160;&#160; ]</p><p style="margin: 0;">&#160;</p><p style="margin: 0;">&#160;</p><p style="color: #000000; font-size: 10pt; margin-top: 0pt; font-weight: 400; margin-bottom: 0pt; text-align: center; text-indent: 0px; background-color: #ffffff;">Securities registered pursuant to Section 12(b) of the Act:</p><p style="color: #000000; font-size: 10pt; margin-top: 0pt; font-weight: 400; margin-bottom: 0pt; text-align: center; text-indent: 0px; background-color: #ffffff;">&#160;</p><table style="orphans: 2; text-indent: 0px; text-transform: none; widows: 2; background-color: #ffffff; font: 10pt &quot; border-collapse: collapse; width: 100%; letter-spacing: normal; word-spacing: 0px;" border="0" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 39%; text-decoration: underline; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;"><strong><u>Title of each class</u></strong></font></td><td style="width: 29%; text-decoration: underline; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;"><strong><u>Trading Symbol</u></strong></font></td><td style="width: 32%; text-decoration: underline; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;"><strong><u>Name of each exchange on which registered</u></strong></font></td></tr><tr><td style="vertical-align: top; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;">Class A Common Stock, $.05 par value per share</font></td><td style="vertical-align: top; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;">JOUT</font></td><td style="vertical-align: bottom; text-align: left; white-space: nowrap;"><font style="font-size: 10pt;">NASDAQ Global Select Market&#160;<sup>SM</sup></font></td></tr></table><p style="margin: 0;">&#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 style="margin-left:0in; margin-right:0in;"><font style="font-size:10pt; font-family:'times new roman';">On May 5, 2020, Johnson Outdoors Inc. (the &#8220;Company&#8221;) issued a press release announcing results for the second fiscal quarter ended March 27, 2020 (the &#8220;Press Release&#8221;). A copy of the Press Release is being furnished as Exhibit 99.1 to this Report.</font></p>   <p style="margin-left:0in; margin-right:0in;"><font style="font-size:10pt; font-family:'times new roman';">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.</font></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><font style="font-size:10pt; font-family:'times new roman';">(d) Exhibits. The following exhibit is being furnished herewith:</font><br /> <br />&#160; &#160; &#160;&#160;<font style="font-size:10pt; font-family:'times new roman';"><font style="font-size:10pt; font-family:'times new roman';"><a href="exh_991.htm" rel="nofollow">99.1 Press Release Dated May 5, 2020.</a></font></font></p> </font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade" /><p align="center"><font style="font-size: 10pt;"><strong>SIGNATURE</strong></font></p><p><font style="font-size: 10pt;">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 hereunto duly authorized.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>Johnson Outdoors Inc.</strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Date: May 5, 2020</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ David W. Johnson&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">David W. Johnson</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Vice President and Chief Financial Officer</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr></table><p>&#160;</p><hr style="page-break-after: always;" noshade="noshade" /><p>
 <p align="center" style="margin-left:0in; margin-right:0in;"><strong><font style="font-size:10pt;">JOHNSON OUTDOORS INC.</font></strong></p>   <p align="center" style="margin-left:0in; margin-right:0in;"><strong><font style="font-size:10pt;">Exhibit Index to Current Report on Form 8-K</font></strong></p>   <p align="center" style="text-align: center;"><font style="font-size:10pt;">&#160;</font></p>  <table style="border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="vertical-align: bottom ; "><font style="font-size:10pt;"><u>Exhibit Number</u></font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td class="hugin">&#160;</td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td></tr><tr><td class="hugin"><font style="font-size:10pt;"><font style="font-size:10pt;"><font style="font-size:10pt;"><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">99.1</a></font></font></font></font></td><td class="hugin"><font style="font-size:10pt;">&#160;</font></td><td class="hugin"><font style="font-size:10pt;"><font style="font-size:10pt;"><font style="font-size:10pt;"><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">Press Release Dated May 5, 2020</a></font></font></font>. </font></td></tr></table></p></body></html>
</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;"><font style="font-size: 14pt;"><strong>Johnson Outdoors Reports Fiscal Second Quarter Results</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
 <p align="left">RACINE, Wis., May  05, 2020  (GLOBE NEWSWIRE) -- <strong>Johnson Outdoors Inc. (Nasdaq: JOUT), </strong>a leading global innovator of outdoor recreation equipment and technology, today reported lower sales and net income during the Company&#8217;s 2020 second fiscal quarter ending March 27, 2020. <em>&#160;</em>Year-to-date revenue and net income compared favorably to the prior year fiscal six-month period.<br ></p>  <p>Following a temporary suspension of operations at some of the Company&#8217;s locations, on April 22, 2020, the Company resumed production and shipments in its North American operations in compliance with government-ordered procedures and public health safety guidelines for COVID-19.&#160; During the temporary suspension, all facilities were deep-cleaned and sanitized, and strict operating procedures and protocols, consistent with CDC guidelines, were put in place, along with good personal hygiene directives. Employees&#8217; benefits were unaffected during the suspension.&#160; Employees with positions conducive to working from home have been and will continue to do so.&#160;</p>  <p>&#8220;During this unsettling time, we are taking steps to protect the health and safety of our people and ensure the future for Johnson Outdoors.&#160; Government mandates in response to COVID-19 have overlapped with our primary selling season, and the third quarter is expected to be significantly impacted as a result. However, as stay-at-home orders are lifted, Johnson Outdoors will be there ready to help people have a great outdoor experience,&#8221; said Helen Johnson-Leipold, Chairman and Chief Executive Officer. &#8220;Importantly, our unwavering commitment to building a thriving enterprise long-term remains stronger than ever.&#160; Now, as always, consumer-driven innovation will play a critical role in helping us overcome challenging times and emerge stronger and better positioned for the future.&#8221;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;</p>  <p><strong>SECOND QUARTER RESULTS</strong></p>  <p>Sales in the second fiscal quarter reflect shipments in anticipation of the primary retail-selling period for the outdoor recreation industry&#8217;s warm-weather products.&#160; Net sales decreased 8 percent to $163.1 million in the current fiscal second quarter compared with $177.7 million in the previous year quarter.&#160; Government-mandated &#8220;stay-at-home&#8221; orders resulted in temporary suspensions across Company operations around the world during the quarter and were a key contributing factor to the year-over-year unfavorable comparison in total Company net sales. While each unit experienced a different degree of impact from COVID-19, other factors affecting unit results were:</p>  <ul type="square"><li>Fishing revenue declined 3 percent to $134 million due to the pacing of new product introductions in the prior year quarter. &#160;</li><li>Camping sales decreased 7 percent to $8.8 million as strong growth in Jetboil<sup>&#174;</sup>&#160;could not offset lower sales in other categories.</li><li>Diving revenue dropped 29 percent due to the impact on dive markets across Europe, Asia-Pacific and North America as a result of the COVID-19 pandemic.</li><li>Watercraft Recreation sales fell 38 percent due largely to COVID-19 impacts on production and demand. &#160;</li></ul>  <p>Total Company operating profit in the fiscal second quarter was $31.8 million compared to $27.8 million in the prior year fiscal second quarter.&#160; Gross margin improved to 46.1 percent from 44.5 percent, due primarily to stronger pricing and improved mix in the current year quarter.&#160; Operating expense declined $7.9 million driven primarily by a $5.5 million favorable impact from valuation adjustments to the Company&#8217;s deferred compensation plan assets, which are totally offset in Other Income, and a $3.4 million reduction in incentive compensation costs.&#160; Net income was $20.4 million, or $2.02 per diluted share, in the current quarter versus $21.9 million, or $2.18 per diluted share, in the previous year quarter.</p>  <p><strong>YEAR-TO-DATE RESULTS</strong></p>  <p>Fiscal 2020 year-to-date net sales were $291.1 million, a 3 percent increase over last year&#8217;s first fiscal six-month period, driven by strong first quarter sales.&#160; Total Company operating profit increased 14 percent to $38.6 million compared with the prior fiscal year-to-date period.&#160; Gross margin improved to 44.2 percent in the first fiscal six-months versus 43.8 percent in the prior fiscal year-to-date period. Operating expenses increased slightly in the current year period, where increased sales volume-related expenses were largely offset by the items noted above for the quarter. Net income during the first fiscal six months was $26.8 million, or $2.66 per diluted share, versus $25.4 million, or $2.53 per diluted share, in the prior fiscal year-to-date period. The Company&#8217;s effective tax rate increased slightly year-over-year to 27.5 percent.&#160;</p>  <p><strong>OTHER FINANCIAL INFORMATION</strong></p>  <p>The Company reported cash and short-term investments of $131.3 million as of March 27, 2020, a 93 percent increase over $68.2 million as of March 29, 2019.&#160; Depreciation and amortization were flat year-over-year at $6.8 million.&#160; Capital spending was $7.8 million in the first fiscal six months compared to $8.2 million in the previous year-to-date period.</p>  <p>&#8220;We have cut travel and non-essential spending, deferred capital expenditures and are working to scale operations consistent with demand.&#160; In addition, the Board of Directors and Executives have voluntarily taken reductions in pay,&#8221; said David W. Johnson, Vice President and Chief Financial Officer. &#8220;Looking forward, our debt-free balance sheet remains strong, and our healthy cash position will be beneficial as we work through challenges ahead, while continuing to make smart investments in strengthening the business and driving value for our shareholders.&#8221;&#160;&#160;&#160; &#160;</p>  <p><strong>WEBCAST </strong></p>  <p>The Company will host a conference call and audio web cast at 11:00 a.m. Eastern Time on Tuesday, May 5, 2020.&#160; A live listen-only web cast of the conference call may be accessed at Johnson Outdoors&#8217; home page. A replay of the call will be available for 30 days on the Internet.</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 innovator of outdoor recreation equipment and technologies that inspire more people to experience the awe of the great outdoors. 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 <u>http://www.johnsonoutdoors.com</u></strong></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 filed with the Securities and Exchange Commission on December 6, 2019, the update to such &#8220;Risk Factors&#8221; section in Part II, Item 1A in the Company&#8217;s&#160; Form 10-Q to be filed with the Securities and Exchange Commission on May 5, 2020 and the following: changes in economic conditions, consumer confidence levels and discretionary spending patterns in key markets; uncertainties stemming from changes in U.S. trade policies, tariffs, and the reaction of other countries to such changes; the global outbreaks of disease, such as the COVID-19 pandemic beginning in late 2019 and spreading across the globe in early 2020, which may affect market and economic conditions, along with wide-ranging impacts on employees, customers and various aspects of operations; 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; the impact of actions of the Company&#8217;s competitors with respect to product development or enhancement or the introduction of new products into the Company&#8217;s markets; movements in foreign currencies, interest rates or commodity costs; fluctuations in the prices of raw materials or the availability of raw materials or components used by the Company; any disruptions in the Company&#8217;s supply chain as a result of material fluctuations in the Company&#8217;s order volumes and requirements for raw materials and other components necessary to manufacture and produce the Company&#8217;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. The Company assumes no obligation, and disclaims any obligation, to update such forward-looking statements to reflect subsequent events or circumstances.</p>  <p><br ></p>  <p align="center"><strong>Johnson Outdoors Inc.</strong><br ><em>(thousands, except per share amounts)</em></p> <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td class="hugin">&#160;</td><td colspan="5" style="text-align: center ;  vertical-align: middle; "><strong>THREE MONTHS<br >ENDED</strong><strong><br ></strong></td><td style="text-align: center ;  vertical-align: middle; "><strong>&#160;</strong></td><td style="text-align: center ;  vertical-align: middle; ">&#160;</td><td colspan="6" style="text-align: center ;  vertical-align: middle; "><strong>SIX MONTHS<br >ENDED</strong><strong>&#160;</strong><strong><br ></strong></td></tr><tr><td style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; "><strong>Operating Results</strong></td><td colspan="3" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; "><strong>March 27<br >2020</strong></td><td colspan="3" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; "><strong>March 29<br >2019</strong><br ></td><td style="border-bottom: solid black 1pt ; text-align: center ;  vertical-align: middle; ">&#160;</td><td colspan="3" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; "><strong>March 27<br >2020</strong></td><td colspan="3" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; "><strong>March 29<br >2019</strong></td></tr><tr><td style="max-width:47%; width:47%; min-width:47%;;text-align: left ;  vertical-align: middle; ">Net sales</td><td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ;  vertical-align: middle; ">$</td><td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; text-align: right ;  vertical-align: middle; ">163,084</td><td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ;  vertical-align: middle; ">$</td><td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; text-align: right ;  vertical-align: middle; ">177,707</td><td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ;  vertical-align: middle; ">$</td><td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; text-align: right ;  vertical-align: middle; ">291,138</td><td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ;  vertical-align: middle; ">$</td><td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; text-align: right ;  vertical-align: middle; ">282,147</td><td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; ">Cost of sales</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">87,952</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">98,578</td><td style="border-bottom: solid black 1pt ; ">&#160;</td><td style="border-bottom: solid black 1pt ; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">162,394</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">158,699</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td style="text-align: left ;  vertical-align: middle; ">Gross profit</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">75,132</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">79,129</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">128,744</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">123,448</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; ">Operating expenses</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">43,338</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">51,285</td><td style="border-bottom: solid black 1pt ; ">&#160;</td><td style="border-bottom: solid black 1pt ; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">90,149</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">89,626</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td style="text-align: left ;  vertical-align: middle; ">Operating profit</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">31,794</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">27,844</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">38,595</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">33,822</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td style="text-align: left ;  vertical-align: middle; ">Interest (income) expense, net</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">(449</td><td style="padding-left: 0 ; ">)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">(281</td><td class="hugin">)</td><td class="hugin">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">(1,069</td><td style="padding-left: 0 ; ">)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">(784</td><td style="padding-left: 0 ; ">)</td></tr><tr><td style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; ">Other expense (income), net</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">3,866</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">(1,895</td><td style="border-bottom: solid black 1pt ; ">)</td><td style="border-bottom: solid black 1pt ; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">2,698</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">255</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td style="text-align: left ;  vertical-align: middle; ">Income before income taxes</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">28,377</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">30,020</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">36,966</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">34,351</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; ">Income tax expense</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">7,990</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">8,097</td><td style="border-bottom: solid black 1pt ; ">&#160;</td><td style="border-bottom: solid black 1pt ; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">10,149</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">8,907</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td style="text-align: left ;  vertical-align: middle; ">Net income</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">20,387</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">21,923</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">26,817</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">25,444</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td style="text-align: left ;  vertical-align: middle; ">Diluted average common shares outstanding</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">10,060</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">10,028</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">10,047</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">10,015</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; ">Diluted net income per common share</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">2.02</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">2.18</td><td style="border-bottom: solid black 1pt ; ">&#160;</td><td style="border-bottom: solid black 1pt ; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">2.66</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">2.53</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td colspan="4" style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; "><strong>Segment Results</strong></td><td colspan="2" style="border-bottom: solid black 1pt ; ">&#160;</td><td style="border-bottom: solid black 1pt ; ">&#160;</td><td style="border-bottom: solid black 1pt ; ">&#160;</td><td colspan="3" style="border-bottom: solid black 1pt ; ">&#160;</td><td colspan="3" style="border-bottom: solid black 1pt ; ">&#160;</td></tr><tr><td colspan="4" style="text-align: left ;  vertical-align: middle; ">Net sales:</td><td class="hugin" colspan="2">&#160;</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td class="hugin" colspan="3">&#160;</td><td class="hugin" colspan="3">&#160;</td></tr><tr><td style="text-align: left ;  vertical-align: middle; ">Fishing</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">133,955</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">138,229</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">233,233</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">217,026</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td style="text-align: left ;  vertical-align: middle; ">Camping</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">8,849</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">9,529</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">16,363</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">15,349</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td style="text-align: left ;  vertical-align: middle; ">Watercraft Recreation</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">6,064</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">9,851</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">10,873</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">14,176</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td style="text-align: left ;  vertical-align: middle; ">Diving</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">14,261</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">20,085</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">30,720</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">35,623</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; ">Other/eliminations</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">(45</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; ">)</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">13</td><td style="border-bottom: solid black 1pt ; ">&#160;</td><td style="border-bottom: solid black 1pt ; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">(51</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; ">)</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">(27</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; ">)</td></tr><tr><td style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; ">Total</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">163,084</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">177,707</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">291,138</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">282,147</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; ">&#160;</td></tr><tr><td colspan="6" style="text-align: left ;  vertical-align: middle; ">Operating profit (loss):</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td class="hugin" colspan="3">&#160;</td><td class="hugin" colspan="3">&#160;</td></tr><tr><td style="text-align: left ;  vertical-align: middle; ">Fishing</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">32,917</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">34,590</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">47,935</td><td style="padding-left: 0 ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">46,012</td><td style="padding-left: 0 ; ">&#160;</td></tr><tr><td style="text-align: left ;  vertical-align: middle; ">Camping</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">709</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">419</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">775</td><td style="padding-left: 0 ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">(267</td><td style="padding-left: 0 ; ">)</td></tr><tr><td style="text-align: left ;  vertical-align: middle; ">Watercraft Recreation</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">(1,639</td><td style="padding-left: 0 ; ">)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">(516</td><td class="hugin">)</td><td class="hugin">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">(3,202</td><td style="padding-left: 0 ; ">)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">(2,008</td><td style="padding-left: 0 ; ">)</td></tr><tr><td style="text-align: left ;  vertical-align: middle; ">Diving</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">(812</td><td style="padding-left: 0 ; ">)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">1,423</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">(607</td><td style="padding-left: 0 ; ">)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">716</td><td style="padding-left: 0 ; ">&#160;</td></tr><tr><td style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; ">Other</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">619</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">(8,072</td><td style="border-bottom: solid black 1pt ; ">)</td><td style="border-bottom: solid black 1pt ; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">(6,306</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; ">)</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">(10,631</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; ">)</td></tr><tr><td style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; ">Total</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">31,794</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">27,844</td><td style="border-bottom: solid black 1pt ; ">&#160;</td><td style="border-bottom: solid black 1pt ; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">38,595</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">33,822</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td colspan="11" style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; "><strong>Balance Sheet Information</strong> (End of Period)</td><td colspan="3" style="border-bottom: solid black 1pt ; ">&#160;</td></tr><tr><td colspan="6" style="text-align: left ;  vertical-align: middle; ">Cash and cash equivalents</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">131,256</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">$</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">68,205</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td colspan="6" style="text-align: left ;  vertical-align: middle; ">Accounts receivable, net</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">106,629</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">124,750</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td colspan="4" style="text-align: left ;  vertical-align: middle; ">Inventories, net</td><td class="hugin" colspan="2">&#160;</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">107,680</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">116,231</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td colspan="6" style="text-align: left ;  vertical-align: middle; ">Total current assets</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">353,342</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">316,273</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td colspan="4" style="text-align: left ;  vertical-align: middle; ">Total assets</td><td class="hugin" colspan="2">&#160;</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">504,304</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">427,993</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td colspan="6" style="text-align: left ;  vertical-align: middle; ">Total current liabilities</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">102,623</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">102,585</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td colspan="4" style="text-align: left ;  vertical-align: middle; ">Total liabilities</td><td class="hugin" colspan="2">&#160;</td><td class="hugin">&#160;</td><td class="hugin">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">157,202</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">127,292</td><td style="padding-left: 0 ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr><tr><td colspan="6" style="border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; ">Shareholders&#8217; equity</td><td style="border-bottom: solid black 1pt ; ">&#160;</td><td style="border-bottom: solid black 1pt ; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">347,102</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">300,701</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; ">&#160;</td></tr></table> <p>&#160;<br ></p>  <p><br ></p> <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td class="hugin" style="max-width:35%; width:35%; min-width:35%;">&#160;</td><td class="hugin" style="max-width:65%; width:65%; min-width:65%;">&#160;</td></tr><tr><td class="hugin" style="max-width:35%; width:35%; min-width:35%;"><strong>FOR MORE INFORMATION CONTACT:</strong></td><td class="hugin" style="max-width:65%; width:65%; min-width:65%;">&#160;</td></tr><tr><td class="hugin">David W. Johnson, VP and Chief Financial Officer</td><td class="hugin">Patricia Penman, VP &#8211; Marketing Services &amp; Global Communications</td></tr><tr><td class="hugin">262-631-6600</td><td class="hugin">262-631-6600</td></tr></table> <p>&#160;<br ></p> </p><p ></p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
