Johnson Outdoors today reported sales of US$490.6m for its fiscal year ended October 31, 2017, up 13% compared to the same period a year ago. Net income was US$35.2m, up 160% over last year.
The company said new fishing products were behind the increase in sales. “Significantly higher” sales in its fishing products also boosted fourth-quarter sales, which rose 22% to US$91.8m. The company had net income of US$0.6m compared to a loss of US$2.2m a year ago.
"Johnson Outdoors had an exceptional year, driven by unprecedented growth across our flagship Minn Kota and Humminbird fishing brands,” said Helen Johnson-Leipold, chairman and CEO, in a statement. “Looking ahead to next year, we expect a slower pace of growth in our fishing business and topline growth overall.
The company reported cash and short-term investments of US$110.4m as of September 29, 2017, a US$23.1m increase above the prior year, with no debt on its balance sheet. Capital spending totaled US$11.6m in fiscal 2017 compared with last year's US$11.7m.
“Next year in addition to anticipated slower revenue growth, we expect operating profit margin to decrease slightly due to increased digital spending and the effective tax rate to return to a more normal level. Additionally, we expect meaningful increases in capital spending driven by our strategic initiatives," added David Johnson, vice president and chief financial officer.
"Importantly, the balance sheet is strong and our healthy cash position enables us to continue to invest in future growth strategies and strategic plan priorities while continuing to pay cash dividends to our investors."