RACINE, Wis. – Johnson Outdoor Inc. (Nasdaq:JOUT), a number one international innovator of outside game apparatus and generation, nowadays introduced reasonably decrease gross sales and lowered profits for the fiscal yr finishing September 30, 2022. Fiscal 2022 gross sales fell 1 p.c in comparison to the former record-high fiscal yr, whilst working benefit lowered 40 p.c and web source of revenue fell 47 p.c over the prior fiscal yr.
“Whilst fiscal 2022 gross sales remained rather flat in comparison to fiscal 2021, which was once one among our most powerful fiscal years, the difficult provide chain scenario, basically in our Fishing trade, led to vital have an effect on to our profitability. The fiscal fourth quarter confirmed some easing of provide availability, and we proceed to concentrate on comparing choices to deal with larger prices and the potency of our provide chain. We ended the fiscal yr with robust orders, and we proceed to refill buyer stock ranges,” stated Helen Johnson-Leipold, Chairman and Leader Government Officer. “Whilst it’s unclear the level to which financial stipulations and inflation would possibly have an effect on user purchasing conduct one day, we stay involved in maintaining innovation management and development worth for our shoppers for the long-term.”
FISCAL 2022 HIGHLIGHTS
- Persisted robust orders in all trade segments
- Awards for brand new product innovation
- Debt-free steadiness sheet
- Greater quarterly dividend to shareholders
FISCAL 2022 RESULTS
Overall Corporate income fell 1 p.c to $743.4 million as opposed to fiscal 2021 income of $751.7 million. Key components within the year-over-year comparability had been:
- In Fishing, regardless of persevered robust call for, income declined by way of 5 p.c pushed basically by way of ongoing provide chain disruptions that slowed our talent to finish and send completed items
- Tenting grew 12 p.c because of larger gross sales in each Jetboil® and Eureka® product classes
- Watercraft Game gross sales larger 2 p.c because of persevered excessive call for for the Sportsman line
- Diving gross sales rose 14 p.c from the prior fiscal yr, as a number of areas of the arena reopened and tourism larger
Overall Corporate working benefit was once $66.3 million in fiscal 2022, which in comparison unfavorably to working benefit of $111.3 million within the prior fiscal yr. On account of vital will increase in fabrics prices, gross margin was once 36.5 p.c in fiscal 2022 in comparison to 44.5 p.c in fiscal 2021. Running bills lowered $17.8 million as opposed to the prior yr due in large part to decrease variable and deferred reimbursement expense incurred in fiscal 2022 as in comparison to the prior fiscal yr. Benefit earlier than source of revenue taxes was once $58.9 million as opposed to $112.9 million within the prior yr.
Web source of revenue for the fiscal yr was once $44.5 million, or $4.37 in step with diluted proportion, a 47 p.c decline as opposed to $83.4 million, or $8.21 in step with diluted proportion, within the final fiscal yr. The efficient tax price was once 24.4 p.c in comparison to the former fiscal yr’s price of 26.2 p.c.
FOURTH QUARTER RESULTS
Overall Corporate web gross sales within the fiscal fourth quarter had been $196.4 million, an 18 p.c build up from the prior fiscal yr fourth quarter’s gross sales, as provide availability in our Fishing trade began to strengthen. Running benefit of $13.3 million within the present yr fourth quarter declined reasonably from $13.6 million within the prior yr fourth quarter. Gross margin declined 6 issues from the prior yr quarter due basically to larger subject material prices and stock reserves. Running bills remained constant yr over yr regardless of larger gross sales volumes due largely to decrease guaranty and dangerous debt bills. Moreover, deferred reimbursement expense declined by way of $1.2 million because of losses on plan property, which was once solely offset in Different Expense. Benefit earlier than source of revenue taxes progressed from $10.5 million to $11.8 million within the present fiscal yr fourth quarter. Web source of revenue for the fourth quarter was once $9.7 million in comparison to $6.9 million within the fiscal 2021 fourth quarter.
OTHER FINANCIAL INFORMATION
The Corporate reported money and momentary investments of $129.8 million as of September 30, 2022, a $110.6 million lower from the prior yr, and not using a debt on its steadiness sheet. Depreciation and amortization had been $14.2 million in comparison to $13.4 million in fiscal 2021. Capital spending totaled $31.7 million in fiscal 2022 in comparison with $21.4 million in fiscal 2021. In September 2022, the Corporate’s Board of Administrators authorized a three p.c build up within the quarterly money dividend to shareholders of checklist as of October 13, 2022, which was once payable on October 27, 2022.
“Heading into fiscal 2023, we stay involved in carefully tracking call for and proactively managing higher-than-normal stock ranges. Whilst we’ve observed growth within the provide chain for uncooked fabrics and bought elements, we do be expecting some provide chain constraints to periodically happen right through fiscal 2023 and for our margins to proceed to be impacted by way of inflationary pricing stipulations,” stated David W. Johnson, Leader Monetary Officer. “Our steadiness sheet and wholesome money place proceed to supply us with the versatility and sources vital to put money into strategic alternatives to make stronger the trade, whilst persistently paying dividends to shareholders.”
The Corporate will host a convention name and audio internet forged at 11:00 a.m. Japanese Time on Friday, December 9, 2022. A are living listen-only internet forged of the convention name is also accessed right here. A replay of the decision can be to be had for 30 days at the Web.
About Johnson Outdoor Inc.
JOHNSON OUTDOORS is a number one international innovator of outside game apparatus and applied sciences that encourage extra other folks to enjoy the awe of the good exterior. The corporate designs, manufactures and markets a portfolio of successful, consumer-preferred manufacturers throughout 4 classes: Watercraft Game, Fishing, Diving and Tenting. Johnson Outdoor’ iconic manufacturers come with: Previous The city® canoes and kayaks; Ocean Kayak™; Carlisle® paddles; Minn Kota® fishing motors, batteries and anchors; Cannon® downriggers; Humminbird® marine electronics and charts; SCUBAPRO® dive apparatus; Jetboil® outside cooking techniques; and, Eureka!® tenting and mountain climbing apparatus. Seek advice from Johnson Outdoor at johnsonoutdoors.com.
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