A disciplined plan for sustainable, profitable growth
While we expect the outdoor recreation industry to begin a slow recovery in 2010, we recognize that Johnson Outdoors must remain prepared to address economic challenges. Thus, we have undertaken a highly strategic transformation of our entire organization, better positioning Johnson Outdoors for sustained profitability in both up and down markets.
Initial transformation efforts have already achieved results. We surpassed each of the aggressive cost-savings goals and spending reduction targets we set in December 2008—and there will be ongoing benefits from our restructuring efforts in the future. Our three-year plan calls for continued streamlining, increasing flexibility while maintaining our competitive position.
At the same time, we are drawing on our unparalleled marketing and innovation expertise to grow our brands, delivering the functionality and value that consumers demand. Our leadership in this arena is clear: despite the challenges of 2009, all Johnson Outdoors brands maintained leading market positions.
Our disciplined plan gives Johnson Outdoors the structure to make the tough choices—the right choices to maintain our market leadership position, enhance shareholder value and deliver long-term, profitable growth.
Helen Johnson-Leipold David W. Johnson
Chairman & Chief Executive Officer Vice President & Chief Financial Officer
| 2007 | 2008 | 2009 | |
|---|---|---|---|
| Net Sales | $430,604 | $420,789 | $356,523 |
| Gross Profit | $175,496 | $159,551 | $132,782 |
| Operating Profit (Loss) | $ 20,026 | ($38,053) | $ 272 |
| Diluted Earnings (Loss) Per Common Share | $1.00 | ($7.81) | ($1.06) |
| Diluted Average Common Shares Outstanding | 9,254 | 9,093 | 9,165 |
| Capitalization | |||
| Total Debt | $ 42,806 | $ 60,003 | $ 31,563 |
| Shareholders' Equity | $200,165 | $122,284 | $115,825 |
| Total Debt to Total Capitalization | 17.6% | 32.9% | 21.4% |
In its filings with the U.S. Securities & Exchange Commission, Johnson Outdoors Inc. and its auditors reported that the Company maintained effective internal controls over its financial reporting as of October 2, 2009.