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.

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


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