jout-20240628

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 28, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number 0-16255

JOHNSON OUTDOORS INC.

(Exact name of Registrant as specified in its charter)


Wisconsin						39-1536083
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

555 Main Street, Racine, Wisconsin 53403

(Address of principal executive offices)

(262) 631-6600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Common Stock, $.05 par value per share	JOUT	NASDAQ Global Select MarketSM

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act: Large accelerated filer ☐Accelerated filer ☒Non-accelerated filer ☐Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 26, 2024, 9,096,632 shares of Class A and 1,207,760 shares of Class B common stock of the Registrant were outstanding.


			JOHNSON OUTDOORS INC.


Index			Page No.

PART I	FINANCIAL INFORMATION

	Item 1.	Financial Statements

		Condensed Consolidated Statements of Operations - Three and nine months ended June 28 , 2024 and June 30, 2023	- 1

		Condensed Consolidated Statements of Comprehensive Income - Three and nine months ended June 28 , 2024 and June 30 , 2023	- 2

		Condensed Consolidated Balance Sheets - June 28 , 2024, September 29, 2023, and June 30 , 2023	- 3

		Condensed Consolidated Statements of Shareholders' Equity - Three and nine months ended June 28 , 2024 and June 30 , 2023	- 4

		Condensed Consolidated Statements of Cash Flows - N ine months ended June 28 , 2024 and June 3 0 , 2023	- 6

		Notes to Condensed Consolidated Financial Statements	- 7

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	- 21

	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	- 27

	Item 4.	Controls and Procedures	- 27

PART II	OTHER INFORMATION

	Item 1.	Legal Proceedings	- 27

	Item 1A.	Risk Factors	- 27

	Item 5.	Other Information	- 27

	Item 6.	Exhibits	- 28

		Signatures	- 28

		Exhibit Index	- 29


Index			JOHNSON OUTDOORS INC.

PART I FINANCIAL INFORMATION

Item 1. Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended				Nine Months Ended
(thousands, except per share data)	June 28, 2024		June 30, 2023		June 28, 2024		June 30, 2023
Net sales	$	172,472	$	187,047	$	486,972	$	567,499
Cost of sales	110,650		109,460		310,865		351,798
Gross profit	61,822		77,587		176,107		215,701
Operating expenses:
Marketing and selling	41,109		39,504		111,040		113,585
Administrative management, finance and information systems	13,935		12,638		42,302		43,944

Research and development	7,284		8,002		23,478		23,867
Total operating expenses	62,328		60,144		176,820		181,396
Operating (loss) profit	(506)		17,443		(713)		34,305
Interest income	(1,123)		(1,244)		(3,178)		(2,806)
Interest expense	37		39		115		114
Other income, net	(327)		(1,174)		(7,468)		(10,939)
Profit before income taxes	907		19,822		9,818		47,936
Income tax (benefit) expense	(715)		5,021		2,085		12,395
Net income	$	1,622	$	14,801	$	7,733	$	35,541

Weighted average common shares - Basic:
Class A	9,024		8,980		9,007		8,963
Class B	1,208		1,208		1,208		1,208
Participating securities	17		22		17		16
Weighted average common shares - Dilutive	10,249		10,210		10,232		10,187
Net income per common share - Basic:
Class A	$	0.16	$	1.46	$	0.75	$	3.51
Class B	$	0.16	$	1.33	$	0.75	$	3.19
Net income per common share - Diluted:
Class A	$	0.16	$	1.44	$	0.75	$	3.47
Class B	$	0.16	$	1.44	$	0.75	$	3.47

The accompanying notes are an integral part of the condensed consolidated financial statements.

- 1 -


Index			JOHNSON OUTDOORS INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)


	Three Months Ended				Nine Months Ended
(thousands)	June 28, 2024		June 30, 2023		June 28, 2024		June 30, 2023
Net income	$	1,622	$	14,801	$	7,733	$	35,541
Other comprehensive income (loss):
Foreign currency translation	(439)		1,018		241		4,462
Unrealized gain (loss) on available-for-sale securities, net of tax	14		(126)		98		(126)
Change in pension plans, net of tax	6		9		21		25
Total other comprehensive (loss) income	(419)		901

SEC Form 10-Q filed by Johnson Outdoors Inc.