XML 36 R21.htm IDEA: XBRL DOCUMENT v3.24.3
SEGMENTS OF BUSINESS
 12 Months Ended
Sep. 27, 2024
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 27, 2024, September 29, 2023, and September 30, 2022, combined sales to one customer of the Company's Fishing, Camping and Watercraft Recreation segments represented approximately $113,509, $101,392, and $97,174 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 was recorded in Other (income) expense, net in the Company’s accompanying 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 included 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 outdoor 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. The related costs in fiscal 2024 were insignificant. These costs are recorded in Costs of Sales and Operating Expenses in the Consolidated Statements of Operations.

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:
 2024 20232022
Net sales:    
Fishing:    
Unaffiliated customers$451,842  $491,890 $525,563 
Interunit transfers499  1,037 1,019 
Camping:    
Unaffiliated customers37,798  45,258 70,308 
Interunit transfers37  64 47 
Watercraft Recreation:    
Unaffiliated customers28,731  40,590 67,884 
Interunit transfers85  178 56 
Diving    
Unaffiliated customers73,610  85,031 78,862 
Interunit transfers18  38 12 
Other / Corporate865  1,075 738 
Eliminations(639) (1,317)(1,134)
Total$592,846  $663,844 $743,355 
Operating (loss) profit:
    
Fishing$(6,598) $41,325 $65,433 
Camping3,848  457 13,415 
Watercraft Recreation(4,336) (1,777)6,173 
Diving(1,244)6,092 4,705 
Other / Corporate(35,192) (34,357)(23,416)
 $(43,522) $11,740 $66,310 
Depreciation and amortization expense:    
Fishing$13,871  $11,653 $9,690 
Camping335  469 727 
Watercraft Recreation1,291  688 620 
Diving763  711 635 
Other / Corporate3,348  2,774 2,562 
 $19,608  $16,295 $14,234 
Capital expenditures:    
Fishing$17,248  $17,427 $26,114 
Camping509  372 87 
Watercraft Recreation720  2,181 1,079 
Diving990  828 834 
Other / Corporate2,551  1,860 3,576 
 $22,018  $22,668 $31,690 
Goodwill, net:    
Fishing$—  $11,172  
Camping—  —  
Watercraft Recreation—  —  
Diving—  —  
 $—  $11,172  
Total assets (end of period):    
Fishing$325,882  $363,463  
Camping45,726  53,003  
Watercraft Recreation23,790  26,953  
Diving77,465  83,555  
Other / Corporate162,349  154,632  
 $635,212  $681,606  
A summary of the Company’s operations by geographic area is presented below:
 202420232022
Net sales:   
United States:   
Unaffiliated customers$513,978 $569,383 $649,867 
Interunit transfers20,958 33,873 34,212 
Europe:   
Unaffiliated customers34,406 39,155 34,427 
Interunit transfers8,456 9,866 12,109 
Canada:   
Unaffiliated customers31,502 39,465 44,635 
Interunit transfers93 — — 
Other:   
Unaffiliated customers12,959 15,841 14,425 
Interunit transfers57 18 17 
Eliminations(29,563)(43,757)(46,337)
 $592,846 $663,844 $743,355 
Total assets:   
United States$520,834 $565,402  
Europe52,486 44,360  
Canada and other61,892 71,844  
 $635,212 $681,606  
Long-term assets (1):
   
United States$174,106 $188,073  
Europe6,468 6,578  
Canada and other2,489 9,948  
 $183,063 $204,599  

(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.