Johnson Outdoors posted a 9 percent increase in revenues to $87.3 million during its first fiscal quarter ended Dec. 28, 2012, as compared to a year ago. The growth during the period, where the group's sales are typically the lowest in the year, was driven by higher sales in Marine Electronics and the addition of the Jetboil brand, which was acquired on Nov. 14, 2012.
The U.S.-based company expects to register a sales increase during the next fiscal quarters, as it heads into the primary selling season for its products. It plans to make new strategic investments.
The group reported an operating profit of $1.5 million for the latest quarter, representing an improvement of $5.2 million against the comparable period of last year, and it attributed the progress to increased volumes, a favorable product mix, lower legal costs, the previously reported closure of a couple of European sales offices and improved gross margins in Diving. The company reported a net income of $200,000 for the quarter, compared with a net loss of $2.9 million in the same quarter last year.
Higher sales in the Outdoor Gear and Marine Electronics units more than offset the revenue declines in other units. Outdoor Gear recorded a sales increase of 34.2 percent, due to the acquisition of Jetboil, which added $1.9 million in sales during the current quarter, and higher sales in the commercial and military segments. Marine Electronics sales rose by 12.3 percent.
Watercraft sales, in contrast, registered a 9 percent decrease, due to non-recurring year-end close-out sales in the sporting goods channel. Diving sales dropped by 1.5 percent as continued growth in SubGear could not offset the impact of unfavorable currency translation.
In terms of operating results, the Diving segment turned around to a profit of $702,000 from a loss of $98,000 in the year-ago period. Similarly, Outdoor Equipment moved to an operating profit of $224,000 from a loss of $252,000. Marine Electronics was the cash cow with a profit of $4,746,000, more than double the $2,073,000 recorded a year ago. Operating losses in the Watercraft segment declined to $1,682,000 from $2,458,000.