Outdoor financials: Johnson 4Q earnings up, but outdoor sales fall - SNEWS

Outdoor financials: Johnson 4Q earnings up, but outdoor sales fall

Johnson Outdoors continued to see a drop in its quarterly outdoor sales as military orders dropped from a year ago. But overall company revenue climbed 3 percent on strong marine electronic sales.
Author:
Publish date:

Johnson Outdoors (Nasdaq:JOUT), makers of Eureka tents and Old Town canoes and kayaks, reported higher revenue and swung to a profit for its fiscal 2011 fourth quarter, despite lower outdoor sales.

Johnson’s outdoor equipment revenue, which accounts for about 10 percent of the business, fell 36 percent to $6.8 million in its fiscal fourth quarter, compared to $10.6 million during the same period a year ago. A 75-percent quarterly drop in military sales from a year ago caused the decline, officials said.

Still, the Racine, Wis.-based company reported total company revenue up 3 percent to nearly $77.4 million for the three months ending Sept. 30, 2011, versus $75.1 million during the same period a year ago, in large thanks to its higher marine electronic sales.

Johnson’s quarterly net income jumped to nearly $17.4 million, or $1.78 per diluted share versus a net loss of $5.8 million, or a loss of $0.62 per diluted share, a year ago. The marked improvement primarily was due to a change in tax valuations, company officials said. Without the change, the company would have reported a quarterly net loss of $4.5 million.

--Compiled by David Clucas

Related

Outdoor financials: Revenues jump 35 percent for VF's outdoor segment, plus Deckers, Columbia, K2, Rocky, Johnson Outdoors, Wellman, Liz Claiborne, Dick's, Phoenix, West Marine, Sportsman's Guide, GSI

Revenues jump 35 percent for VF's outdoor segment VF Corp. (NYSE: VFC) reported a 25 percent rise in first-quarter profit, driven by higher sales of outdoor wear, sportswear and jeans. Its brands include The North Face, JanSport, Eastpak, Napapijri and Vans. For the quarter, VF ...read more