New products drive Johnson Outdoors revenue growth
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Strong new products from the Minn Kota and Humminbird brands, alongside another improved performance from its kayak and canoe operation, helped Johnson Outdoors deliver increased revenue and reduced operating losses in the first quarter of the year.
Total company operating loss during the seasonally slow Q1 was $0.9 million compared to $7.3 million in 2015. Prime drivers for the improvement, said the company, was higher volume and lower legal expenses. Johnson was involved in a successful patent dispute with Garmin International Inc last year.
Net sales for the quarter increased 20% to $85.3 million compared to $70.8 million in the corresponding period last year. Pre-season demand in key fishing channels powered a 35% surge in Marine Electronics revenue. Watercraft also continued its revival with a 17% increase as gains in Old Town and accessory brands kept pace with the improved paddle market.
“We are very pleased with our strong start to the fiscal year. Our fishing, camping and water recreation businesses are heading into the key selling periods for our products during the next six months with strong, positive momentum,” said Helen Johnson–Leipold, Chairman and Chief Executive Officer.