Companies and Brands
Johnson Outdoors Slides After Reporting Loss
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Johnson Outdoors Inc. (NASDAQ: JOUT) reported its fiscal fourth-quarter financial results before the markets opened on Monday. The company said that it had a net loss of $0.21 per share and $74.9 million in revenue. The same period of last year reportedly had $0.12 in earnings per share and revenue in $85.67 million.
Due to the seasonality of the warm-weather outdoor recreational equipment industry, Johnson Outdoors’ fourth-quarter results historically reflect an industry-wide slowing of sales and production.
A shift in orders due to a planned product-line technology restage in Marine Electronics and a $4 million plus decline in non-core military tent sales in Outdoor Gear led to the unfavorable comparison to the same period last year.
On the books, Johnson Outdoors cash and cash equivalents totaled $87.29 million at the end of the quarter, up from $69.16 million at the end of the previous fiscal year.
Helen Johnson-Leipold, board chair and chief executive, commented:
Performance this year reflects how important innovation is in our ability and capacity to deliver sustained long-term profitable growth. New products like the Minn Kota Riptide Ulterra, Humminbird Helix series of fishfinders, Old Town Predator fishing kayaks and Jetboil Genesis cooking system drove strong consumer demand during the year. Anticipation is high and positive momentum growing for our equally exciting and award-winning 2017 new product line-up unveiled during the third quarter, which includes the revolutionary Minn Kota Ultrex trolling motor and Old Town Predator PDL pedal-drive boat. Continued strong performance of our fishing and watercraft recreation businesses is key as we work aggressively to reposition our Eureka! brand for success with new camp consumer targets and advance innovation in diving for SCUBAPRO.
Excluding Monday’s move, the stock had more than doubled year to date.
Shares of Johnson Outdoors were last seen down about 13% at $39.04 on Monday, with a consensus analyst price target of $40.00 and a 52-week trading range of $18.33 to $45.35.
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