Racine-based Johnson Outdoors Inc. increased net income by more than 27 percent in fiscal 2016, despite a $2.1 million loss in the final quarter of the year.
The outdoor recreation company reported net income of $13.5 million for the year. Earnings improved from $1.06 to $1.34 per share. Revenue was up 0.8 percent to $433.7 million.
“Looking forward, our long-term plan focuses on elevating our businesses to the next level of success through enhanced consumer intimacy, transformative digital sophistication and world-class innovation processes. Targeted, strategic investments against these priorities will continue over the next two years, with the goal of delivering accelerated profitable growth in the future,” said Helen Johnson-Leipold, Johnson Outdoors chairman and chief executive officer.
The company credited new product performance for a 5 percent sales increase in marine electronics and strong marketplace momentum for its brands for a 3 percent increase in watercraft sales. The outdoor gear segment was down with sagging sales of military tents and the diving segment was down because of weakness in the Middle East.
A $4 million drop in military tent sales in the fourth quarter alone contributed to a down end to the year. Revenue for the quarter was off 12.5 percent to $74.9 million. The drop was also the result of a planned shift in orders for technology changes in marine electronics.
The company reported a $2.1 million loss during the quarter after a $1.2 million profit last year.
“New product innovation drove higher volume and improved margins through the first nine months of the year, more than offsetting the anticipated slow-down of sales during the fourth quarter. We ended the year with the balance sheet in great shape, maintaining the strong cash position needed to provide us the flexibility and resources necessary to invest strategically in growing our businesses,” said Dave Johnson, Johnson Outdoors vice president and chief financial officer.
