Johnson Outdoors Inc. today reported a net loss for the fiscal fourth quarter of $3.2 million, or 32 cents per share, compared with net income of $17.3 million, or $1.77 per share, in the same period a year ago.
The Racine-based company reported quarterly net sales of $74.8 million, down from $77.4 million.
For the full fiscal year, the company recorded double-digit operating profit growth on higher revenue.
Pre-tax income was 62.7 percent above the prior year, however a significantly higher effective tax rate in the current year resulted in an unfavorable comparison to prior year adjusted net earnings.
“Our three-year plan ending in fiscal 2012 focused on strengthening operations and enhancing marketplace performance against the backdrop of a gradual recovery of outdoor recreation markets. We set the bar high and delivered, growing profits faster than sales and exceeding a targeted 5 percent compound annual growth rate in sales by the end of fiscal 2012. While more work lies ahead, we have made significant progress toward our long-term goal of sustained profitable growth and our commitment to enhanced shareholder value,” said Helen Johnson-Leipold, chairman and chief executive officer. “Looking ahead to 2015, our plans embrace our mission to exceed the ever-growing expectations of outdoor enthusiasts and the channel customers that serve them with the most innovative, most valued and most sought-after brands and equipment. Investments will focus on sustaining leadership in fishing electronics, maintaining positive momentum in core dive equipment segments, regaining leadership in specialty camping and paddling channels and maximizing opportunities to enhance the long-term profitability profile of every business.”
Total company net sales increased 1.2 percent to $412.3 million in fiscal 2012, versus $407.4 million in fiscal 2011, due to record sales in Marine Electronics, which more than offset declines in other units.