Well-positioned for accelerated, sustained, profitable growth
Award-winning innovation drove higher volume and improved margins in fiscal 2016. Total company sales for the year increased 1 percent to $433.7 million, and net earnings advanced 27 percent to $13.5 million, or $1.34 per diluted share.
New products in Minn Kota®, Humminbird®, Jetboil® and Old Town® brands more than offset lower sales in dive equipment and military tents. Gross margins improved in every business, combining with higher volume to deliver 28 percent growth in operating profit, to $22.9 million. Non-cash goodwill impairment charges of $6.2 million in the current year were more than offset by a $9.9 million improvement in legal expense year over year.
We ended the year with the balance sheet in great shape, maintaining a strong cash position that gives us the flexibility and resources to invest strategically in growing our businesses while continuing to pay cash dividends to our shareholders. Debt to total capitalization stood at 3 percent at year-end, a 25 percent improvement over year-end 2015. Cash, net of debt, reached an all-time high of $79.9 million at year-end versus $61.7 million in 2015.
Heading into fiscal 2017, positive momentum for new products is building and order positions are steadily growing. In line with our strategic plan, Johnson Outdoors is well-positioned for
accelerated, sustained, profitable growth in the future.
Chairman & Chief Executive Officer
|David W. Johnson
Vice President & Chief Financial Officer