JOHNSON OUTDOORS INC. Files 10-Q for Period Ending December 29, 2023

TL;DR

<b>JOHNSON OUTDOORS INC. filed its Q1 2024 10-Q report on February 2, 2024, detailing financial information for the period ending December 29, 2023.</b>

AI Summary

JOHNSON OUTDOORS INC (JOUT) filed a Quarterly Report (10-Q) with the SEC on February 2, 2024. Filing is a 10-Q for JOHNSON OUTDOORS INC. for the period ending December 29, 2023. The company's Central Index Key is 0000788329. The filing date is February 2, 2024. The fiscal year end is September 27. The company was formerly known as JOHNSON WORLDWIDE ASSOCIATES INC.

Why It Matters

For investors and stakeholders tracking JOHNSON OUTDOORS INC, this filing contains several important signals. This 10-Q filing provides a quarterly update on JOHNSON OUTDOORS INC.'s financial performance and position, crucial for investors to assess recent business trends and operational health. Understanding the details within this report allows stakeholders to evaluate the company's progress against its strategic goals and market conditions during the specified quarter.

Risk Assessment

Risk Level: low — JOHNSON OUTDOORS INC shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not inherently contain significant new risks beyond those typically associated with public companies.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand JOHNSON OUTDOORS INC.'s performance and outlook.

Key Numbers

• 20231229 — Period of Report End Date (Conformed Period of Report)
• 20240202 — Filing Date (Filed as of Date)
• 0927 — Fiscal Year End (Fiscal Year End)
• 3949 — Standard Industrial Classification (SIC Code)

Key Players & Entities

• JOHNSON OUTDOORS INC (company) — Filer
• JOHNSON WORLDWIDE ASSOCIATES INC (company) — Former company name
• WI (location) — State of incorporation
• RACINE (location) — Business address city

FAQ

Industry Context

The filing pertains to the sporting goods and outdoor recreation industry, specifically for a company involved in manufacturing.

Regulatory Implications

This is a standard 10-Q filing under the Securities Exchange Act of 1934, requiring public companies to report quarterly financial information.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review management's discussion and analysis for insights into operational performance and future outlook.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2023-12-29: Quarter End — End of the reporting period for the 10-Q.
• 2024-02-02: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, reporting on the first quarter.

Filing Documents

• jout-20231229.htm (10-Q) — 893KB
• jout12292023ex31_1.htm (EX-31.1) — 12KB
• jout12292023ex31_2.htm (EX-31.2) — 13KB
• jout12292023ex32.htm (EX-32) — 6KB
• 0001140361-24-005249.txt (&nbsp;) — 5857KB
• jout-20231229.xsd (EX-101.SCH) — 37KB
• jout-20231229_cal.xml (EX-101.CAL) — 60KB
• jout-20231229_def.xml (EX-101.DEF) — 243KB
• jout-20231229_lab.xml (EX-101.LAB) — 589KB
• jout-20231229_pre.xml (EX-101.PRE) — 397KB
• jout-20231229_htm.xml (XML) — 731KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Statements of Operations - Three months ended December 29 , 2023 and Decembe r 30 , 2022 - 1 Condensed Consolidated Statements of Comprehensive Income - Three months ended December 29, 2023 and December 30, 2022 - 2 Condensed Consolidated Balance Sheets - D ecember 29 , 2023, September 29, 2023 , and December 30 , 2022 - 3 Condensed Consolidated Statements of Shareholders' Equity - Three months ended December 29, 2023 and December 30, 2022 - 4 Condensed Consolidated Statements of Cash Flows - Three months ended December 29, 2023 and December 30, 2022 - 5 Notes to Condensed Consolidated Financial Statements - 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations - 19

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk - 24

Controls and Procedures

Item 4. Controls and Procedures - 24

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings - 25

Risk Factors

Item 1A. Risk Factors - 25

Other Information

Item 5. Other Information - 25

Exhibits

Item 6. Exhibits - 25

Signatures

Signatures - 25 Exhibit Index - 26 Index JOHNSON OUTDOORS INC.

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended (thousands, except per share data) December 29, 2023 December 30, 2022 Net sales $ 138,644 $ 178,337 Cost of sales 85,790 115,558 Gross profit 52,854 62,779 Operating expenses: Marketing and selling 30,342 33,498 Administrative management, finance and information systems 14,401 16,284 Research and development 8,065 7,525 Total operating expenses 52,808 57,307 Operating profit 46 5,472 Interest income ( 1,198 ) ( 827 ) Interest expense 38 37 Other income, net ( 4,693 ) ( 1,904 ) Profit before income taxes 5,899 8,166 Income tax expense 1,944 2,287 Net income $ 3,955 $ 5,879 Weighted average common shares - Basic: Class A 8,988 8,939 Class B 1,208 1,208 Participating securities 24 21 Weighted average common shares - Dilutive 10,220 10,168 Net income per common share - Basic: Class A $ 0.39 $ 0.58 Class B $ 0.35 $ 0.53 Net income per common share - Diluted: Class A $ 0.38 $ 0.57 Class B $ 0.38 $ 0.57 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 (thousands) December 29, 2023 December 30, 2022 Net income $ 3,955 $ 5,879 Other comprehensive income: Foreign currency translation 3,059 2,937 Unrealized gain on available-for-sale securities, net of tax 102 — Change in pension plans, net of tax 7 8 Total other comprehensive income 3,168 2,945 Total comprehensive income $ 7,123 $ 8,824 The accompanying notes are an integral part of the condensed consolidated financial statements. - 2 - Index JOHNSON OUTDOORS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (thousands, except share data) December 29, 2023 September 29, 2023 December 30, 2022 ASSETS Current assets: Cash and cash equivalents $ 80,461 $ 111,854 $ 103,422 Short te

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