Second fiscal quarter sales reflect initial shipments to customers in advance of the primary retail selling period for the industry's seasonal warm-weather outdoor recreation products. Total net sales were $128.7 million, essentially even with record net sales of $128.9 million in the prior year quarter.
The Company reported quarterly net earnings of $7.3 million, or 74 cents per share, down from $8.5 million, or 87 cents per share, in the same quarter last year.
While operating profit benefited from a $3.5 million settlement with the company's insurance carriers, net income decreased due to a substantially higher effective tax rate.
"Second quarter results reflect the importance and value of Johnson Outdoors' diverse business portfolio. Exceptional new products in our largest businesses, Marine Electronics and Diving, have created strong pre-season momentum across key channels in North America and Asia where the economic outlook is favorable. At the same time, military declines weighed on Outdoor Gear results, while efforts to address the challenges in Watercraft continued. We are looking forward to the third quarter when the full extent of consumer sell-thru for the year can be determined," said Helen Johnson-Leipold, chairman and chief executive officer of the firm.