XML 35 R21.htm IDEA: XBRL DOCUMENT v3.23.3
SEGMENTS OF BUSINESS
 12 Months Ended
Sep. 29, 2023
Segment Reporting [Abstract]  
SEGMENTS OF BUSINESS SEGMENTS OF BUSINESS
The Company conducts its worldwide operations through separate business segments, each of which represent major product lines. Operations are conducted in the U.S. and various foreign countries, primarily in Europe, Canada and the Pacific Basin. During the years ended September 29, 2023, September 30, 2022, and October 1, 2021, combined sales to one customer of the Company's Fishing, Camping and Watercraft Recreation segments represented approximately $101,392, $97,174, and $114,008 respectively, of the Company's consolidated revenues.

The Company sold the Military and Commercial Tent product lines of its Camping business segment to a third party in an asset sale for a purchase price of $14,990 during the second quarter of fiscal 2023. The net book value of the assets and liabilities sold was approximately $8,350, resulting in a gain on sale of approximately $6,640, which is recorded in Other (income) expense, net in the Company’s accompanying Condensed Consolidated Statements of Operations. The purchase price and the net proceeds received by the Company related to this sale were subject to customary purchase price adjustment provisions and Company indemnity obligations set forth in the definitive purchase agreement. Accordingly, during the third and fourth fiscal quarter of 2023, a working capital true-up was recorded, which reduced the purchase price and the final net gain to approximately $6,560. The sale did not include the Eureka! brand name or the Eureka! consumer/recreational Camping business line.

During fiscal 2023, the Company also developed plans to fully exit the Eureka! brand of the Camping segment, which includes liquidating all remaining consumer inventory of Eureka! branded products and winding down operations. This will allow the Company to focus solely on the Jetboil product line, which we believe has a strong position in the cooking market. The Company incurred expenses of approximately $4,800 in fiscal 2023 related to the wind down of the Eureka! branded business, which included accruing exit costs and increasing inventory reserves, as well as incurring a contribution expense for a $2,000 donation of Eureka! inventory to a nonprofit organization. These costs are recorded in Costs of Sales and Operating Expenses in the Consolidated Statements of Operations. Other costs will be expensed as incurred and are not expected to be material.

Net sales and operating profit include both sales to customers, as reported in the Company’s accompanying Consolidated Statements of Operations, and inter-unit transfers, which are priced to recover costs plus an appropriate profit margin. Total assets represent assets that are used in the Company’s operations in each business segment at the end of the years presented.
A summary of the Company’s operations by business segment is presented below:
 2023 20222021
Net sales:    
Fishing:    
Unaffiliated customers$491,890  $525,563 $552,073 
Interunit transfers1,037  1,019 927 
Camping:    
Unaffiliated customers45,258  70,308 62,879 
Interunit transfers64  47 42 
Watercraft Recreation:    
Unaffiliated customers40,590  67,884 66,396 
Interunit transfers178  56 207 
Diving    
Unaffiliated customers85,031  78,862 69,433 
Interunit transfers38  12 14 
Other / Corporate1,075  738 870 
Eliminations(1,317) (1,134)(1,190)
Total$663,844  $743,355 $751,651 
Operating profit (loss):    
Fishing$41,325  $65,433 $122,490 
Camping457  13,415 14,025 
Watercraft Recreation(1,777) 6,173 9,173 
Diving6,092 4,705 1,530 
Other / Corporate(34,357) (23,416)(35,935)
 $11,740  $66,310 $111,283 
Depreciation and amortization expense:    
Fishing$11,653  $9,690 $8,770 
Camping469  727 644 
Watercraft Recreation688  620 707 
Diving711  635 765 
Other / Corporate2,774  2,562 2,515 
 $16,295  $14,234 $13,401 
Capital expenditures:    
Fishing$17,427  $26,114 $18,570 
Camping372  87 399 
Watercraft Recreation2,181  1,079 681 
Diving828  834 742 
Other / Corporate1,860  3,576 1,017 
 $22,668  $31,690 $21,409 
Goodwill, net:    
Fishing$11,172  $11,160  
Camping—  —  
Watercraft Recreation—  —  
Diving—  —  
 $11,172  $11,160  
Total assets (end of period):    
Fishing$363,463  $382,850  
Camping53,003  59,247  
Watercraft Recreation26,953  33,496  
Diving83,555  76,475  
Other / Corporate154,632  127,863  
 $681,606  $679,931  
A summary of the Company’s operations by geographic area is presented below:
 202320222021
Net sales:   
United States:   
Unaffiliated customers$569,383 $649,867 $659,330 
Interunit transfers33,873 34,212 30,593 
Europe:   
Unaffiliated customers39,155 34,427 30,509 
Interunit transfers9,866 12,109 9,974 
Canada:   
Unaffiliated customers39,465 44,635 48,867 
Interunit transfers— — 12 
Other:   
Unaffiliated customers15,841 14,425 12,945 
Interunit transfers18 17 106 
Eliminations(43,757)(46,337)(40,685)
 $663,844 $743,355 $751,651 
Total assets:   
United States$565,402 $581,004  
Europe44,360 40,040  
Canada and other71,844 58,887  
 $681,606 $679,931  
Long-term assets (1):
   
United States$188,073 $177,191  
Europe6,578 6,363  
Canada and other9,948 4,650  
 $204,599 $188,204  

(1)Long term assets consist of net property, plant and equipment, right of use assets, net intangible assets, goodwill and other assets excluding deferred income taxes.