Johnson Outdoors reports one per cent gain in net sales
By IBI Magazine
Johnson Outdoors today reported sales of US$70.5m for its first quarter ended January 1, 2010, a 1.0 per cent increase compared to the same period a year ago. The company reported a net loss of US$4.23m compared to a loss of US$6.94m a year ago. Its Marine electronics sales rose 3.5 per cent compared to a year ago, but Watercraft sales fell 7.0 per cent. Diving revenues rose by 18.0 per cent for the quarter. "We have worked hard over the past 18 months to position Johnson Outdoors to compete effectively in today's new marketplace by reducing infrastructure, focusing strategies, strengthening the balance sheet and investing appropriately in meaningful innovation," said Helen Johnson-Leipold, chairman and CEO, in a statement. She said that early indications are that outdoor recreational markets will begin a "slow, yet steady recovery" this year. The company said that inventory levels on January 1 were 25 per cent lower than the same date a year ago, and that net debt was reduced by US$20m compared to the same quarter a year ago. "Our cash and debt levels are on target with expectations, due in large part to improved working capital management which brought inventory levels down significantly over the past 12 months," said David W. Johnson, chief financial officer, in a statement. "Going forward, on an annual basis our goal is to keep inventory within 5 percent of 2009 levels."
(5 February 2010)
|
