Johnson Outdoors narrows Q1 loss significantly
Johnson Outdoors (Nasdaq: JOUT) said its first-quarter net loss was cut by more than half on higher volume, improved operating efficiency and sustained cost reductions.
The company is the parent of Old Town, Necky, Carlisle, Extrasport, Silva and Eureka, among others.
For the quarter ended Dec. 31, it posted a net loss of $1.2 million, or $0.13 per share, compared with a net loss of $4.2 million, or $0.45 per share, for the same period a year ago.
Net sales increased 12 percent to $78.7 million from $70.5 million.
"Recovery of outdoor recreational markets is central to continued progress against our three-year plan to ensure sustained profitability. Markets are on the upswing, credit is reportedly easing and our brands are off to a solid start this year," said Helen Johnson-Leipold, chairman and CEO, in a statement.
The company reported that three of its four business units reported "solid" revenue gains: marine electronics (up 30 percent), outdoor equipment (up 19 percent) and diving (up 5 percent). The watercraft segment sales dropped 40 percent because of a transition to a new customizing strategy, it added.
Looking ahead, Johnson-Leipold said, “While it is too early to predict how the year will go, early indicators suggest customer demand is up and our focus now is on sustaining marketplace momentum and gaining additional share.”
--Compiled by Wendy Geister
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