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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/05/22 Johnson Outdoors Inc. 10-Q 7/01/22 78:6.7M Broadridge Fin’l So… Inc |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.50M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 28K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 28K 4: EX-32 Certification -- §906 - SOA'02 HTML 23K 10: R1 Cover HTML 78K 11: R2 Condensed Consolidated Statements of Operations HTML 110K (Unaudited) 12: R3 Condensed Consolidated Statements of Comprehensive HTML 51K Income (Unaudited) 13: R4 Condensed Consolidated Statements of Comprehensive HTML 23K Income (Unaudited) (Parenthetical) 14: R5 Condensed Consolidated Balance Sheets (Unaudited) HTML 145K 15: R6 Condensed Consolidated Balance Sheets (Unaudited) HTML 33K (Parenthetical) 16: R7 Condensed Consolidated Statements of Shareholders? HTML 125K Equity (Unaudited) 17: R8 Condensed Consolidated Statements of Shareholders? HTML 24K Equity (Unaudited) (Parenthetical) 18: R9 Condensed Consolidated Statements of Cash Flows HTML 110K (Unaudited) 19: R10 Basis of Presentation HTML 28K 20: R11 Accounts Receivable HTML 24K 21: R12 Earnings Per Share (?Eps?) HTML 37K 22: R13 Stock-Based Compensation and Stock Ownership Plans HTML 47K 23: R14 Pension Plans HTML 46K 24: R15 Income Taxes HTML 44K 25: R16 Inventories HTML 31K 26: R17 Goodwill HTML 29K 27: R18 Warranties HTML 29K 28: R19 Contingencies HTML 24K 29: R20 Indebtedness HTML 30K 30: R21 Derivative Instruments and Hedging Activities HTML 26K 31: R22 Fair Value Measurements HTML 54K 32: R23 New Accounting Pronouncements HTML 37K 33: R24 Revenues HTML 31K 34: R25 Segments of Business HTML 84K 35: R26 Accumulated Other Comprehensive Income (Loss) HTML 76K 36: R27 Leases HTML 62K 37: R28 Basis of Presentation (Policies) HTML 46K 38: R29 Earnings Per Share (?Eps?) (Tables) HTML 30K 39: R30 Stock-Based Compensation and Stock Ownership Plans HTML 38K (Tables) 40: R31 Pension Plans (Tables) HTML 41K 41: R32 Income Taxes (Tables) HTML 43K 42: R33 Inventories (Tables) HTML 32K 43: R34 Goodwill (Tables) HTML 31K 44: R35 Warranties (Tables) HTML 29K 45: R36 Fair Value Measurements (Tables) HTML 51K 46: R37 Segments of Business (Tables) HTML 79K 47: R38 Accumulated Other Comprehensive Income (Loss) HTML 77K (Tables) 48: R39 Leases (Tables) HTML 75K 49: R40 Accounts Receivable (Details) HTML 26K 50: R41 Earnings Per Share (?Eps?) (Details) HTML 38K 51: R42 Stock-Based Compensation and Stock Ownership Plans HTML 78K (Narrative) (Details) 52: R43 Stock-Based Compensation and Stock Ownership Plans HTML 45K (Schedule of Non-Vested Stock Activity) (Details) 53: R44 Stock-Based Compensation and Stock Ownership Plans HTML 45K (Schedule of RSU Activity) (Details) 54: R45 Pension Plans (Narrative) (Details) HTML 25K 55: R46 Pension Plans (Components of Net Periodic Benefit HTML 47K Cost) (Details) 56: R47 Income Taxes (Summary of Earnings Before Income HTML 32K Taxes, Income Tax Expense and Effective Income Tax Rate) (Details) 57: R48 Income Taxes (Narrative) (Details) HTML 24K 58: R49 Inventories (Details) HTML 31K 59: R50 Goodwill (Details) HTML 27K 60: R51 Warranties (Details) HTML 28K 61: R52 Indebtedness (Details) HTML 53K 62: R53 Derivative Instruments and Hedging Activities HTML 37K (Details) 63: R54 Fair Value Measurements (Summary of Financial HTML 31K Assets) (Details) 64: R55 Fair Value Measurements (Effect of Changes in HTML 25K Financial Instruments) (Details) 65: R56 Fair Value Measurements (Narrative) (Details) HTML 26K 66: R57 Revenue (Details) HTML 31K 67: R58 Segments of Business (Details) HTML 67K 68: R59 Accumulated Other Comprehensive Income (Loss) HTML 45K (Changes by Component) (Details) 69: R60 Accumulated Other Comprehensive Income (Loss) HTML 44K (Reclassifications) (Details) 70: R61 Leases (Narrative) (Details) HTML 35K 71: R62 Leases (Components of Lease Expense) (Details) HTML 30K 72: R63 Leases (Other Information Related to Operating HTML 37K Leases) (Details) 73: R64 Leases (Future Minimum Rental Commitments Under HTML 45K Non-Cancelable Operating Leases) (Details) 76: XML IDEA XML File -- Filing Summary XML 143K 74: XML XBRL Instance -- jout-20220701_htm XML 1.77M 75: EXCEL IDEA Workbook of Financial Reports XLSX 125K 6: EX-101.CAL XBRL Calculations -- jout-20220701_cal XML 155K 7: EX-101.DEF XBRL Definitions -- jout-20220701_def XML 520K 8: EX-101.LAB XBRL Labels -- jout-20220701_lab XML 1.25M 9: EX-101.PRE XBRL Presentations -- jout-20220701_pre XML 760K 5: EX-101.SCH XBRL Schema -- jout-20220701 XSD 118K 77: JSON XBRL Instance as JSON Data -- MetaLinks 375± 552K 78: ZIP XBRL Zipped Folder -- 0001140361-22-028309-xbrl Zip 331K
jout-20220701 |
i Wisconsin | i 39-1536083 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
i Class A Common Stock, $.05 par value per share | i JOUT | i NASDAQ Global Select MarketSM |
JOHNSON OUTDOORS INC. |
Index | Page No. | ||||||||||
PART I | FINANCIAL INFORMATION | ||||||||||
Item 1. | Financial Statements | ||||||||||
- 1 | |||||||||||
- 2 | |||||||||||
- 3 | |||||||||||
- 4 | |||||||||||
- 6 | |||||||||||
- 7 | |||||||||||
Item 2. | - 21 | ||||||||||
Item 3. | - 28 | ||||||||||
Item 4. | - 29 | ||||||||||
PART II | OTHER INFORMATION | ||||||||||
Item 1. | - 30 | ||||||||||
Item 1A. | - 30 | ||||||||||
Item 6. | - 30 | ||||||||||
-
30 | |||||||||||
- 31 |
JOHNSON OUTDOORS INC. |
Three Months Ended | Nine Months Ended | |||||||||||||
(thousands, except per share data) | July 1, 2022 | July 2, 2021 | July 1, 2022 | July 2, 2021 | ||||||||||
Net sales | $ | i 203,819 | $ | i 213,568 | $ | i 546,966 | $ | i 585,391 | ||||||
Cost of sales | i 130,310 | i 116,057 | i 344,241 | i 319,596 | ||||||||||
Gross profit | i 73,509 | i 97,511 | i 202,725 | i 265,795 | ||||||||||
Operating expenses: | ||||||||||||||
Marketing and selling | i 34,823 | i 37,604 | i 98,746 | i 106,205 | ||||||||||
Administrative management, finance and information systems | i 8,273 | i 15,646 | i 30,752 | i 42,848 | ||||||||||
Research and development | i 6,614 | i 6,162 | i 20,239 | i 19,050 | ||||||||||
Total operating expenses | i 49,710 | i 59,412 | i 149,737 | i 168,103 | ||||||||||
Operating profit | i 23,799 | i 38,099 | i 52,988 | i 97,692 | ||||||||||
Interest income | ( i 144) | ( i 76) | ( i 339) | ( i 238) | ||||||||||
Interest expense | i 30 | i 35 | i 117 | i 102 | ||||||||||
Other expense (income), net | i 4,669 | ( i 934) | i 6,167 | ( i 4,567) | ||||||||||
Profit before income taxes | i 19,244 | i 39,074 | i 47,043 | i 102,395 | ||||||||||
Income tax expense | i 5,162 | i 10,300 | i 12,205 | i 25,940 | ||||||||||
Net income | $ | i 14,082 | $ | i 28,774 | $ | i 34,838 | $ | i 76,455 | ||||||
Weighted average common shares - Basic: | ||||||||||||||
Class A | i 8,924 | i 8,875 | i 8,909 | i 8,859 | ||||||||||
Class B | i 1,208 | i 1,212 | i 1,208 | i 1,212 | ||||||||||
Participating securities | i 29 | i 49 | i 31 | i 42 | ||||||||||
Weighted average common shares - Dilutive | i 10,161 | i 10,136 | i 10,148 | i 10,113 | ||||||||||
Net income per common share - Basic: | ||||||||||||||
Class A | $ | i 1.40 | $ | i 2.87 | $ | i 3.47 | $ | i 7.65 | ||||||
Class B | $ | i 1.27 | $ | i 2.61 | $ | i 3.15 | $ | i 6.94 | ||||||
Net income per common share - Diluted: | ||||||||||||||
Class A | $ | i 1.38 | $ | i 2.83 | $ | i 3.42 | $ | i 7.53 | ||||||
Class B | $ | i 1.38 | $ | i 2.83 | $ | i 3.42 | $ | i 7.53 |
JOHNSON OUTDOORS INC. |
Three Months Ended | Nine Months Ended | |||||||||||||
(thousands) | July 1, 2022 | July 2, 2021 | July 1, 2022 | July 2, 2021 | ||||||||||
Net income | $ | i 14,082 | $ | i 28,774 | $ | i 34,838 | $ | i 76,455 | ||||||
Other comprehensive income (loss): | ||||||||||||||
Foreign currency translation | ( i 2,770) | i 742 | ( i 3,025) | i 1,672 | ||||||||||
Defined benefit pension plan: | ||||||||||||||
Change in pension plans, net of tax of $( i 2), $ i 41,
$ i 9, and $ i 108
respectively | ( i 7) | i 123 | i 25 | i 325 | ||||||||||
Total other comprehensive (loss) income | ( i 2,777) | i 865 | ( i 3,000) | i 1,997 | ||||||||||
Total comprehensive income | $ | i 11,305 | $ | i 29,639 | $ | i 31,838 | $ | i 78,452 |
JOHNSON OUTDOORS INC. |
(thousands, except share data) | July 1, 2022 | October 1, 2021 | July 2, 2021 | ||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | i 117,567 | $ | i 240,448 | $ | i 249,016 | |||||
Accounts receivable, net | i 103,244 | i 71,321 | i 94,750 | ||||||||
Inventories | i 250,956 | i 166,615 | i 130,742 | ||||||||
Other current assets | i 9,447 | i 12,880 | i 12,056 | ||||||||
Total current assets | i 481,214 | i 491,264 | i 486,564 | ||||||||
Property,
plant and equipment, net of accumulated depreciation of $ i 170,201, $ i 163,891
and $ i 165,017, respectively | i 85,879 | i 71,510 | i 68,296 | ||||||||
Right of use assets | i 50,284 | i 49,032 | i 43,741 | ||||||||
Deferred income taxes | i 13,097 | i 13,129 | i 11,526 | ||||||||
Goodwill | i 11,209 | i 11,221 | i 11,242 | ||||||||
Other intangible assets, net | i 8,438 | i 8,633 | i 8,699 | ||||||||
Other assets | i 25,721 | i 29,498 | i 29,327 | ||||||||
Total assets | $ | i 675,842 | $ | i 674,287 | $ | i 659,395 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | i 50,780 | $ | i 56,744 | $ | i 54,991 | |||||
Current lease liability | i 6,348 | i 5,938 | i 5,281 | ||||||||
Accrued liabilities: | |||||||||||
Salaries, wages and benefits | i 20,883 | i 26,820 | i 23,380 | ||||||||
Accrued warranty | i 10,863 | i 14,073 | i 13,773 | ||||||||
Income taxes payable | i 5,238 | i 9,436 | i 12,641 | ||||||||
Accrued discounts and returns | i 8,088 | i 6,633 | i 6,224 | ||||||||
Accrued customer programs | i 4,822 | i 6,874 | i 7,033 | ||||||||
Other | i 10,006 | i 11,052 | i 9,392 | ||||||||
Total current liabilities | i 117,028 | i 137,570 | i 132,715 | ||||||||
Non-current lease liability | i 45,111 | i 44,056 | i 39,382 | ||||||||
Deferred income taxes | i 1,599 | i 1,599 | i 1,411 | ||||||||
Retirement benefits | i 1,679 | i 1,389 | i 954 | ||||||||
Deferred compensation liability | i 24,240 | i 27,885 | i 27,881 | ||||||||
Other liabilities | i 1,919 | i 3,283 | i 4,728 | ||||||||
Total liabilities | i 191,576 | i 215,782 | i 207,071 | ||||||||
Shareholders’ equity: | |||||||||||
Common stock: | |||||||||||
Class A shares issued and outstanding: i i 8,965,300 / ,
i i 8,915,636 / and i i 8,915,636 / ,
respectively | i 450 | i 448 | i 448 | ||||||||
Class
B shares issued and outstanding: i i 1,207,798 / , i i 1,211,564 /
and i i 1,211,564 / , respectively | i 61 | i 61 | i 61 | ||||||||
Capital in excess of par value | i 86,369 | i 82,899 | i 81,309 | ||||||||
Retained earnings | i 396,290 | i 370,501 | i 366,582 | ||||||||
Accumulated other comprehensive income | i 4,386 | i 7,386 | i 6,714 | ||||||||
Treasury
stock at cost, shares of Class A common stock: i 45,961, i 42,598 and i 42,598,
respectively | ( i 3,290) | ( i 2,790) | ( i 2,790) | ||||||||
Total shareholders’ equity | i 484,266 | i 458,505 | i 452,324 | ||||||||
Total liabilities and shareholders’ equity | $ | i 675,842 | $ | i 674,287 | $ | i 659,395 |
JOHNSON OUTDOORS INC. |
Nine Months Ended July 1, 2022 | ||||||||||||||||||||||||||||||||||||||
(thousands except for shares) | Shares | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | ||||||||||||||||||||||||||||||||
BALANCE AT OCTOBER 1, 2021 | i 10,127,200 | $ | i 509 | $ | i 82,899 | $ | i 370,501 | $ | i 7,386 | $ | ( i 2,790) | |||||||||||||||||||||||||||
Net income | — | — | — | i 10,856 | — | — | ||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | ( i 3,005) | — | — | ||||||||||||||||||||||||||||||||
Award of non-vested shares | i 34,422 | i 1 | ( i 2) | — | — | — | ||||||||||||||||||||||||||||||||
B to A conversion | — | — | ( i 154) | — | — | i 154 | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | i 1,126 | — | — | — | ||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | ( i 423) | — | ||||||||||||||||||||||||||||||||
Change
in pension plans, net of tax of $ i 5 | — | — | — | — | i 16 | — | ||||||||||||||||||||||||||||||||
Purchase of treasury stock at cost | ( i 4,577) | — | — | — | — | ( i 461) | ||||||||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2021 | i 10,157,045 | $ | i 510 | $ | i 83,869 | $ | i 378,352 | $ | i 6,979 | $ | ( i 3,097) | |||||||||||||||||||||||||||
Net income | — | — | — | i 9,900 | — | — | ||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | ( i 3,023) | — | — | ||||||||||||||||||||||||||||||||
Award of non-vested shares | i 13,493 | i 1 | — | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | i 959 | — | — | — | ||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | i 168 | — | ||||||||||||||||||||||||||||||||
Change
in pension plans, net of tax of $ i 6 | — | — | — | — | i 16 | — | ||||||||||||||||||||||||||||||||
Non-vested stock forfeitures | ( i 2,040) | — | i 150 | — | — | ( i 150) | ||||||||||||||||||||||||||||||||
Purchase of treasury stock at cost | ( i 512) | — | — | — | — | ( i 48) | ||||||||||||||||||||||||||||||||
BALANCE AT APRIL 1, 2022 | i 10,167,986 | $ | i 511 | $ | i 84,978 | $ | i 385,229 | $ | i 7,163 | $ | ( i 3,295) | |||||||||||||||||||||||||||
Net income | — | — | — | i 14,082 | — | — | ||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | ( i 3,021) | — | — | ||||||||||||||||||||||||||||||||
Issuance of stock under employee stock purchase plan | i 5,112 | — | i 332 | — | — | — | ||||||||||||||||||||||||||||||||
B to A conversion | — | i — | ( i 2) | — | — | i 2 | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | i 1,061 | — | — | — | ||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | ( i 2,770) | — | ||||||||||||||||||||||||||||||||
Change
in pension plans, net of tax of $( i 2) | — | — | — | — | ( i 7) | — | ||||||||||||||||||||||||||||||||
Treasury stock adjustment | — | — | — | — | — | i 3 | ||||||||||||||||||||||||||||||||
BALANCE AT JULY 1, 2022 | i 10,173,098 | $ | i 511 | $ | i 86,369 | $ | i 396,290 | $ | i 4,386 | $ | ( i 3,290) |
JOHNSON OUTDOORS INC. |
Nine Months Ended July 2, 2021 | ||||||||||||||||||||||||||||||||||||||
(thousands except for shares) | Shares | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | ||||||||||||||||||||||||||||||||
BALANCE AT OCTOBER 2, 2020 | i 10,084,799 | $ | i 504 | $ | i 78,668 | $ | i 296,431 | $ | i 4,717 | $ | ( i 2,220) | |||||||||||||||||||||||||||
Net income | — | — | — | i 19,847 | — | — | ||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | ( i 2,094) | — | — | ||||||||||||||||||||||||||||||||
Award of non-vested shares | i 33,034 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | i 711 | — | — | — | ||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | i 2,442 | — | ||||||||||||||||||||||||||||||||
Change
in pension plans, net of tax of $ i 34 | — | — | — | — | i 101 | — | ||||||||||||||||||||||||||||||||
Purchase of treasury stock at cost | ( i 5,661) | — | — | — | — | ( i 495) | ||||||||||||||||||||||||||||||||
BALANCE AT JANUARY 1, 2021 | i 10,112,172 | $ | i 504 | $ | i 79,379 | $ | i 314,184 | $ | i 7,260 | $ | ( i 2,715) | |||||||||||||||||||||||||||
Net income | — | — | — | i 27,834 | — | — | ||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | ( i 2,107) | — | — | ||||||||||||||||||||||||||||||||
Award of non-vested shares | i 6,016 | i 4 | ( i 4) | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | i 808 | — | — | — | ||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | ( i 1,512) | — | ||||||||||||||||||||||||||||||||
Change
in pension plans, net of tax of $ i 33 | — | — | — | — | i 101 | — | ||||||||||||||||||||||||||||||||
BALANCE AT APRIL 2, 2021 | i 10,118,188 | $ | i 508 | $ | i 80,183 | $ | i 339,911 | $ | i 5,849 | $ | ( i 2,715) | |||||||||||||||||||||||||||
Net income | — | — | — | i 28,774 | — | — | ||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | ( i 2,103) | — | — | ||||||||||||||||||||||||||||||||
Award of non-vested shares | i 9,633 | i 1 | ( i 1) | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | i 1,052 | — | — | — | ||||||||||||||||||||||||||||||||
Restricted stock forfeitures | ( i 621) | — | i 75 | — | — | ( i 75) | ||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | i 742 | — | ||||||||||||||||||||||||||||||||
Change
in pension plans, net of tax of $ i 41 | — | — | — | i 123 | — | |||||||||||||||||||||||||||||||||
BALANCE AT JULY 2, 2021 | i 10,127,200 | $ | i 509 | $ | i 81,309 | $ | i 366,582 | $ | i 6,714 | $ | ( i 2,790) |
JOHNSON OUTDOORS INC. |
Nine Months Ended | ||||||||
(thousands) | July 1, 2022 | July 2, 2021 | ||||||
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES | ||||||||
Net income | $ | i 34,838 | $ | i 76,455 | ||||
Adjustments to reconcile net income to net cash (used for) provided by operating activities: | ||||||||
Depreciation | i 10,239 | i 9,660 | ||||||
Amortization of intangible assets | i 195 | i 355 | ||||||
Amortization of deferred financing costs | i 26 | i 20 | ||||||
Stock based compensation | i 3,146 | i 2,571 | ||||||
Loss on disposal of productive assets | i 90 | i 44 | ||||||
Deferred income taxes | i 6 | ( i 860) | ||||||
Change in operating assets and liabilities: | ||||||||
Accounts receivable, net | ( i 32,590) | ( i 26,789) | ||||||
Inventories, net | ( i 85,671) | ( i 32,905) | ||||||
Accounts payable and accrued liabilities | ( i 18,381) | i 28,844 | ||||||
Other current assets | i 3,360 | ( i 659) | ||||||
Other non-current assets | i 104 | ( i 149) | ||||||
Other long-term liabilities | ( i 2,300) | i 1,700 | ||||||
Other, net | i 525 | ( i 676) | ||||||
( i 86,413) | i 57,611 | |||||||
CASH USED FOR INVESTING ACTIVITIES | ||||||||
Proceeds from sale of productive assets | i 12 | i 13 | ||||||
Capital expenditures | ( i 25,162) | ( i 15,481) | ||||||
( i 25,150) | ( i 15,468) | |||||||
CASH USED FOR FINANCING ACTIVITIES | ||||||||
Common stock transactions | i 332 | i — | ||||||
Dividends paid | ( i 9,037) | ( i 6,297) | ||||||
Purchases of treasury stock | ( i 509) | ( i 495) | ||||||
( i 9,214) | ( i 6,792) | |||||||
Effect of foreign currency rate changes on cash | ( i 2,104) | i 1,228 | ||||||
(Decrease) Increase in cash and cash equivalents | ( i 122,881) | i 36,579 | ||||||
CASH AND CASH EQUIVALENTS | ||||||||
Beginning of period | i 240,448 | i 212,437 | ||||||
End of period | $ | i 117,567 | $ | i 249,016 | ||||
Supplemental Disclosure: | ||||||||
Non-cash treasury stock activity | $ | ( i 9) | $ | i 75 | ||||
Non-cash dividends | i 12 | i 7 | ||||||
Cash paid for taxes | i 16,386 | i 18,828 | ||||||
Cash paid for interest | i 86 | i 86 |
JOHNSON OUTDOORS INC. |
JOHNSON OUTDOORS INC. |
JOHNSON OUTDOORS INC. |
Three Months Ended | Nine months ended | |||||||||||||
July 1, 2022 | July 2, 2021 | July 1, 2022 | July 2, 2021 | |||||||||||
Dividends declared per common share: | ||||||||||||||
Class A | $ | i 0.30 | $ | i 0.21 | $ | i 0.90 | $ | i 0.63 | ||||||
Class B | $ | i 0.27 | $ | i 0.19 | $ | i 0.82 | $ | i 0.57 |
Shares | Weighted Average Grant Price | |||||||
Non-vested stock at October 1, 2021 | i 37,591 | $ | i 80.86 | |||||
Non-vested stock grants | i 14,958 | i 90.58 | ||||||
Restricted stock vested | ( i 11,326) | i 95.33 | ||||||
Forfeitures | ( i 2,040) | i 73.52 | ||||||
Non-vested stock at July 1, 2022 | i 39,183 | i 80.76 |
JOHNSON OUTDOORS INC. |
Number of RSUs | Weighted Average Grant Price | |||||||
RSUs at October 1, 2021 | i 69,768 | $ | i 73.60 | |||||
RSUs granted | i 19,758 | i 101.22 | ||||||
RSUs vested | ( i 22,192) | i 71.42 | ||||||
RSU's forfeited | ( i 1,340) | i 74.62 | ||||||
RSUs at July 1, 2022 | i 65,994 | i 82.58 |
JOHNSON OUTDOORS INC. |
Three Months Ended | Nine Months Ended | |||||||||||||
July 1, 2022 | July 2, 2021 | July 1, 2022 | July 2, 2021 | |||||||||||
Components of net periodic benefit cost: | ||||||||||||||
Service cost | $ | i — | $ | i — | $ | i — | $ | i — | ||||||
Interest on projected benefit obligation | ( i 1) | i 163 | i 13 | i 629 | ||||||||||
Less estimated return on plan assets | i — | i 6 | i — | i 327 | ||||||||||
Amortization of unrecognized losses | ( i 9) | i 163 | i 34 | i 432 | ||||||||||
Net periodic benefit cost | $ | ( i 10) | $ | i 320 | $ | i 47 | $ | i 734 |
Three Months Ended | Nine Months Ended | |||||||||||||
(thousands, except tax rate data) | July 1, 2022 | July 2, 2021 | July 1, 2022 | July 2, 2021 | ||||||||||
Profit before income taxes | $ | i 19,244 | $ | i 39,074 | $ | i 47,043 | $ | i 102,395 | ||||||
Income tax expense | i 5,162 | i 10,300 | i 12,205 | i 25,940 | ||||||||||
Effective income tax rate | i 26.8 | % | i 26.4 | % | i 25.9 | % | i 25.3 | % |
JOHNSON OUTDOORS INC. |
July 1, 2022 | July 2, 2021 | ||||
France | France | ||||
Indonesia | Indonesia | ||||
Switzerland | Switzerland |
Jurisdiction | Fiscal Years | ||||
United States | 2018-2021 | ||||
Canada | 2018-2021 | ||||
France | 2018-2021 | ||||
Germany | 2019-2021 | ||||
Italy | 2019-2021 | ||||
Switzerland | 2011-2021 |
July
1, 2022 | October 1, 2021 | July 2, 2021 | |||||||||
Raw materials | $ | i 175,261 | $ | i 110,974 | $ | i 82,648 | |||||
Work in process | i 258 | i 116 | i 87 | ||||||||
Finished goods | i 75,437 | i 55,525 | i 48,007 | ||||||||
$ | i 250,956 | $ | i 166,615 | $ | i 130,742 |
July 1, 2022 | July 2, 2021 | |||||||
Balance at beginning of period | $ | i 11,221 | $ | i 11,184 | ||||
Amount attributable to movements in foreign currency rates | ( i 12) | i 58 | ||||||
Balance at end of period | $ | i 11,209 | $ | i 11,242 |
JOHNSON OUTDOORS INC. |
July 1, 2022 | July 2, 2021 | |||||||
Balance at beginning of period | $ | i 14,073 | $ | i 10,849 | ||||
Expense accruals for warranties issued during the period | i 3,007 | i 9,776 | ||||||
Less current period warranty claims paid | i 6,217 | i 6,852 | ||||||
Balance at end of period | $ | i 10,863 | $ | i 13,773 |
JOHNSON OUTDOORS INC. |
JOHNSON OUTDOORS INC. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets: | ||||||||||||||
Rabbi trust assets | $ | i 24,238 | $ | i — | $ | i — | $ | i 24,238 |
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets: | ||||||||||||||
Rabbi trust assets | $ | i 27,851 | $ | i — | $ | i — | $ | i 27,851 |
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets: | ||||||||||||||
Rabbi trust assets | $ | i 27,879 | $ | i — | $ | i — | $ | i 27,879 |
Three Months Ended | Nine months ended | ||||||||||||||||
Location of expense (income) recognized in Statement of Operations | July 1, 2022 | July 2, 2021 | July 1, 2022 | July 2, 2021 | |||||||||||||
Rabbi trust assets | Other expense (income), net | $ | i 3,851 | $ | ( i 1,351) | $ | i 4,900 | $ | ( i 5,151) |
JOHNSON OUTDOORS INC. |
JOHNSON OUTDOORS INC. |
JOHNSON OUTDOORS INC. |
Three Months Ended | Nine Months Ended | ||||||||||||||||
July 1, 2022 | July 2, 2021 | July 1, 2022 | July 2, 2021 | October 1, 2021 | |||||||||||||
Net sales: | |||||||||||||||||
Fishing: | |||||||||||||||||
Unaffiliated customers | $ | i 136,026 | $ | i 155,098 | $ | i 373,341 | $ | i 441,727 | |||||||||
Interunit transfers | i 539 | i 250 | i 903 | i 636 | |||||||||||||
Camping: | |||||||||||||||||
Unaffiliated customers | i 23,468 | i 17,744 | i 56,741 | i 44,160 | |||||||||||||
Interunit transfers | i 11 | i 13 | i 39 | i 35 | |||||||||||||
Watercraft Recreation: | |||||||||||||||||
Unaffiliated customers | i 21,821 | i 19,783 | i 59,427 | i 49,948 | |||||||||||||
Interunit transfers | i 51 | i 90 | i 54 | i 146 | |||||||||||||
Diving | |||||||||||||||||
Unaffiliated customers | i 22,197 | i 20,678 | i 56,879 | i 48,973 | |||||||||||||
Interunit transfers | i 4 | i 2 | i 7 | i 8 | |||||||||||||
Other / Corporate | i 307 | i 265 | i 578 | i 583 | |||||||||||||
Eliminations | ( i 605) | ( i 355) | ( i 1,003) | ( i 825) | |||||||||||||
Total | $ | i 203,819 | $ | i 213,568 | $ | i 546,966 | $ | i 585,391 | |||||||||
Operating profit (loss): | |||||||||||||||||
Fishing | $ | i 16,553 | $ | i 39,390 | $ | i 44,166 | $ | i 107,553 | |||||||||
Camping | i 4,998 | i 4,305 | i 12,867 | i 10,075 | |||||||||||||
Watercraft Recreation | i 2,893 | i 3,446 | i 7,588 | i 7,329 | |||||||||||||
Diving | i 2,412 | i 1,978 | i 4,074 | i 384 | |||||||||||||
Other / Corporate | ( i 3,057) | ( i 11,020) | ( i 15,707) | ( i 27,649) | |||||||||||||
$ | i 23,799 | $ | i 38,099 | $ | i 52,988 | $ | i 97,692 | ||||||||||
Total assets (end of period): | |||||||||||||||||
Fishing | $ | i 379,135 | $ | i 264,364 | $ | i 285,321 | |||||||||||
Camping | i 60,562 | i 48,352 | i 54,276 | ||||||||||||||
Watercraft Recreation | i 43,508 | i 29,519 | i 27,530 | ||||||||||||||
Diving | i 74,969 | i 67,927 | i 67,069 | ||||||||||||||
Other / Corporate | i 117,668 | i 249,233 | i 240,091 | ||||||||||||||
$ | — | $ | — | $ | i 675,842 | $ | i 659,395 | $ | i 674,287 |
JOHNSON OUTDOORS INC. |
Foreign Currency Translation Adjustment | Unamortized Loss on Defined Benefit Pension Plans | Accumulated Other Comprehensive Income (Loss) | |||||||||
Balance at April 1, 2022 | $ | i 7,351 | $ | ( i 188) | $ | i 7,163 | |||||
Other comprehensive loss before reclassifications | ( i 2,770) | i — | ( i 2,770) | ||||||||
Amounts reclassified from accumulated other comprehensive income | i — | ( i 9) | ( i 9) | ||||||||
Tax effects | i — | i 2 | i 2 | ||||||||
Balance at July 1, 2022 | $ | i 4,581 | $ | ( i 195) | $ | i 4,386 |
Foreign Currency Translation Adjustment | Unamortized Loss on Defined Benefit Pension Plans | Accumulated Other Comprehensive Income (Loss) | |||||||||
Balance at April 2, 2021 | $ | i 8,253 | $ | ( i 2,404) | $ | i 5,849 | |||||
Other comprehensive income before reclassifications | i 742 | i — | i 742 | ||||||||
Amounts reclassified from accumulated other comprehensive income | i — | i 164 | i 164 | ||||||||
Tax effects | i — | ( i 41) | ( i 41) | ||||||||
Balance at July 2, 2021 | $ | i 8,995 | $ | ( i 2,281) | $ | i 6,714 |
Foreign Currency Translation Adjustment | Unamortized Loss on Defined Benefit Pension Plans | Accumulated Other Comprehensive Income (Loss) | |||||||||
Balance at October 1, 2021 | $ | i 7,606 | $ | ( i 220) | $ | i 7,386 | |||||
Other comprehensive loss before reclassifications | ( i 3,025) | i — | ( i 3,025) | ||||||||
Amounts reclassified from accumulated other comprehensive income | i — | i 34 | i 34 | ||||||||
Tax effects | i — | ( i 9) | ( i 9) | ||||||||
Balance at July 1, 2022 | $ | i 4,581 | $ | ( i 195) | $ | i 4,386 |
Foreign Currency Translation Adjustment | Unamortized Loss on Defined Benefit Pension Plans | Accumulated Other Comprehensive Income (Loss) | |||||||||
Balance at October 2, 2020 | $ | i 7,323 | $ | ( i 2,606) | $ | i 4,717 | |||||
Other comprehensive income before reclassifications | i 1,672 | i — | i 1,672 | ||||||||
Amounts reclassified from accumulated other comprehensive income | i — | i 433 | i 433 | ||||||||
Tax effects | i — | ( i 108) | ( i 108) | ||||||||
Balance at July 2, 2021 | $ | i 8,995 | $ | ( i 2,281) | $ | i 6,714 |
JOHNSON OUTDOORS INC. |
Three Months Ended | Nine Months Ended | ||||||||||||||||
July 1, 2022 | July 2, 2021 | July 1, 2022 | July 2, 2021 | Statement of Operations Presentation | |||||||||||||
Unamortized loss on defined benefit pension plans: | |||||||||||||||||
Amortization of loss | $ | ( i 9) | $ | i 164 | $ | i 34 | $ | i 433 | Other income and expense | ||||||||
Tax effects | i 2 | ( i 41) | ( i 9) | ( i 108) | Income tax expense | ||||||||||||
Total reclassifications for the period | $ | ( i 7) | $ | i 123 | $ | i 25 | $ | i 325 |
Three months ended | Nine months ended | |||||||||||||
July 1, 2022 | July 2, 2021 | July 1, 2022 | July 2, 2021 | |||||||||||
Lease Cost | ||||||||||||||
Operating lease costs | $ | i 2,212 | $ | i 2,107 | $ | i 6,430 | $ | i 6,184 | ||||||
Short-term lease costs | i 542 | i 403 | i 1,501 | i 1,206 | ||||||||||
Variable lease costs | i 43 | i 46 | i 131 | i 138 | ||||||||||
Total lease cost | $ | i 2,797 | $ | i 2,556 | $ | i 8,062 | $ | i 7,528 |
JOHNSON OUTDOORS INC. |
Nine months ended | |||||||||||||||||
July 1, 2022 | July 2, 2021 | ||||||||||||||||
Operating leases: | |||||||||||||||||
Operating lease ROU assets | $ | i 50,284 | $ | i 43,741 | |||||||||||||
Current operating lease liabilities | i 6,348 | i 5,281 | |||||||||||||||
Non-current operating lease liabilities | i 45,111 | i 39,382 | |||||||||||||||
Total operating lease liabilities | $ | i 51,459 | $ | i 44,663 | |||||||||||||
Weighted average remaining lease term (in years) | i 12.10 | i 13.24 | |||||||||||||||
Weighted average discount rate | i 3.11 | % | i 3.15 | % | |||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | i 5,674 | $ | i 5,680 |
Year | Related parties included in total | Total | |||||||||
Remainder of 2022 | $ | i 301 | $ | i 2,145 | |||||||
2023 | i 1,233 | i 8,158 | |||||||||
2024 | i 1,270 | i 7,255 | |||||||||
2025 | i 1,308 | i 6,581 | |||||||||
2026 | i 1,348 | i 4,942 | |||||||||
Thereafter | i 226 | i 33,955 | |||||||||
Total undiscounted lease payments | i 5,686 | i 63,036 | |||||||||
Less: Imputed interest | ( i 195) | ( i 11,577) | |||||||||
Total net lease liability | $ | i 5,491 | $ | i 51,459 |
JOHNSON OUTDOORS INC. |
JOHNSON OUTDOORS INC. |
JOHNSON OUTDOORS INC. |
Fiscal Year | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Quarter Ended | Net Sales | Operating Profit | Net Sales | Operating Profit | Net Sales | Operating Profit | ||||||||||||||
December | 22 | % | 22 | % | 22 | % | 10 | % | 19 | % | 9 | % | ||||||||
March | 27 | % | 32 | % | 27 | % | 45 | % | 32 | % | 43 | % | ||||||||
June | 29 | % | 34 | % | 23 | % | 17 | % | 31 | % | 43 | % | ||||||||
September | 22 | % | 12 | % | 28 | % | 28 | % | 18 | % | 5 | % | ||||||||
100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Three Months Ended | Nine Months Ended | |||||||||||||
July 1, 2022 | July 2, 2021 | July 1, 2022 | July 2, 2021 | |||||||||||
Net sales: | ||||||||||||||
Fishing | $ | 136,565 | $ | 155,348 | $ | 374,244 | $ | 442,363 | ||||||
Camping | 23,479 | 17,757 | 56,780 | 44,195 | ||||||||||
Watercraft Recreation | 21,872 | 19,873 | 59,481 | 50,094 | ||||||||||
Diving | 22,201 | 20,680 | 56,886 | 48,981 | ||||||||||
Other / Eliminations | (298) | (90) | (425) | (242) | ||||||||||
Total | $ | 203,819 | $ | 213,568 | $ | 546,966 | $ | 585,391 | ||||||
Operating profit (loss): | ||||||||||||||
Fishing | $ | 16,553 | $ | 39,390 | $ | 44,166 | $ | 107,553 | ||||||
Camping | 4,998 | 4,305 | 12,867 | 10,075 | ||||||||||
Watercraft Recreation | 2,893 | 3,446 | 7,588 | 7,329 | ||||||||||
Diving | 2,412 | 1,978 | 4,074 | 384 | ||||||||||
Other / Eliminations | (3,057) | (11,020) | (15,707) | (27,649) | ||||||||||
Total | $ | 23,799 | $ | 38,099 | $ | 52,988 | $ | 97,692 |
JOHNSON OUTDOORS INC. |
JOHNSON OUTDOORS INC. |
JOHNSON OUTDOORS INC. |
Nine months ended | ||||||||
(thousands) | July 1, 2022 | July 2, 2021 | ||||||
Cash (used for) provided by: | ||||||||
Operating activities | $ | (86,413) | $ | 57,611 | ||||
Investing activities | (25,150) | (15,468) | ||||||
Financing activities | (9,214) | (6,792) | ||||||
Effect of foreign currency rate changes on cash | (2,104) | 1,228 | ||||||
(Decrease) increase in cash and cash equivalents | $ | (122,881) | $ | 36,579 |
JOHNSON OUTDOORS INC. |
JOHNSON OUTDOORS INC. |
JOHNSON OUTDOORS INC. |
JOHNSON OUTDOORS INC. | |||||
Signatures Dated: August 5, 2022 | |||||
/s/ Helen P. Johnson-Leipold | |||||
Helen P. Johnson-Leipold | |||||
Chairman and Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
/s/ David W. Johnson | |||||
David W. Johnson | |||||
Vice President and Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |
JOHNSON OUTDOORS INC. |
Exhibit Number | Description | ||||
Articles
of Incorporation of the Company as amended through February 17, 2000. (Filed as Exhibit 3.1(a) to the Company’s Form 10-Q for the quarter ended March 31, 2000 and incorporated herein by reference.) | |||||
Bylaws of
the Company as amended and restated through December 6, 2010. (Filed as Exhibit 3.2 to the Company’s Form 10-K for the year ended October 1, 2010 and incorporated herein by reference.) | |||||
31.1 | Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||
31.2 | Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||
32 (1) | Certification of Periodic Financial Report by the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||
101 | The following materials from Johnson Outdoors Inc.’s Quarterly Report on Form 10-Q for the fiscal
quarter ended July 1, 2022 formatted in XBRL (eXtensible Business Reporting Language) and furnished electronically herewith: (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Operations; (iii) Condensed Consolidated Statements of Comprehensive Income; (iv) Condensed Consolidated Statements of Cash Flows; (v) Condensed Consolidated Statements of Shareholders' Equity and (vi) Notes to Condensed Consolidated Financial Statements. XBRL Instance Document – the XBRL Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
104 | The cover page from the
Company’s Quarterly Report on Form 10-Q for the quarter ended July 1, 2022, formatted in Inline XBRL (included in Exhibit 101). |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
7/15/26 | ||||
12/31/22 | ||||
11/15/22 | ||||
9/30/22 | ||||
Filed on: | 8/5/22 | 8-K | ||
7/29/22 | ||||
For Period end: | 7/1/22 | |||
4/1/22 | 10-Q | |||
12/31/21 | 10-Q, SD | |||
12/10/21 | 10-K, 8-K | |||
10/1/21 | 10-K, 8-K, NT 10-K | |||
7/16/21 | 8-K | |||
7/15/21 | 8-K | |||
7/2/21 | 10-Q | |||
4/2/21 | 10-Q, 4 | |||
1/1/21 | 10-Q | |||
12/15/20 | 4 | |||
10/2/20 | 10-K | |||
3/12/20 | ||||
11/20/17 | 8-K | |||
3/2/17 | 8-K, DEF 14A | |||
12/6/10 | 4 | |||
10/1/10 | 10-K, ARS | |||
3/31/00 | 10-Q, 8-K | |||
2/17/00 | DEF 14A, PRE 14A | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 12/09/10 Johnson Outdoors Inc. 10-K 10/01/10 8:1.8M Reinhart Boerner … SC/FA 5/15/00 Johnson Outdoors Inc. 10-Q 3/31/00 16:308K Foley & Lardner/FA |