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Johnson Outdoors narrows its loss

Posted on: Sat, 06 Feb 2010 14:46:09 EST

Symbols: JOUT

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Feb 06, 2010 (Milwaukee Journal Sentinel - McClatchy-Tribune Information Services via COMTEX) --

Johnson Outdoors Inc. said Friday it reduced its fiscal first-quarter loss as the outdoor recreational market appeared to stabilize.

The Racine company said its loss narrowed to $4.24 million, or 45 cents a share, from $6.9 million, or 75 cents, in the prior year quarter. Sales for the three months ended Jan. 1 rose 1%, to $70.5 million from $69.8 million.

Helen Johnson-Leipold, chairman and CEO, said the company had reduced its infrastructure, strengthened its balance sheet and invested "to position Johnson Outdoors to compete effectively in today's marketplace."

At the end of the first quarter, inventory levels were 25% below last year, debt was reduced $20 million from a year ago, and the company's restructuring efforts delivered savings "in line with expectations," the company said.

"Early indications are that outdoor recreational markets will begin a slow, yet steady recovery in 2010, and we feel good about our ability to grow share, improve profitability and enhance shareholder value going forward," Johnson-Leipold said.

Two of the company's four business units reported sales gains in the quarter: marine electronics, up 3.5%; diving, up 18.9%; watercraft sales, down 7%; and outdoor gear, down 22%.

First-quarter sales are typically at their lowest level as the company ramps up for the primary selling period of its outdoor recreational products during the second and third quarter, the company said.

After earnings were released, Johnson Outdoors shares rose 19 cents to close at $10.80.

Johnson Outdoors Inc.

1st quarter %

1/1 2010 2009 change

Sales $70.5 $69.8 1.0

Net income -4.24 -6.90 N.A.

EPS (diluted) -0.45 -0.75 N.A.

Figures in millions except for earnings per share. Percentages are based on unrounded sales and income figures.

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