Johnson Outdoors Inc. is a leading global outdoor recreation company that turns ideas into adventure with innovative top-quality products. The Company designs manufactures and markets a portfolio of winning consumer-preferred brands across four categories: Watercraft Marine Electronics Diving and Outdoor Equipment. Johnson Outdoors' familiar brands include among others: Old Town canoes and kayaks; Ocean Kayak and Necky kayaks; Lendal paddles; Escape electric boats; Minn Kota motors; Cannon downriggers; Humminbird Bottom Line and Fishin' Buddy fishfinders; Scubapro and UWATEC dive equipment; Silva compasses and digital instruments; and Eureka! tents. Johnson Outdoors Inc. has a market cap of $70.01 million; its shares were traded at around $7.59 with a P/E ratio of 58.7 and P/S ratio of 0.17. The dividend yield of Johnson Outdoors Inc. stocks is 2.9%. Johnson Outdoors Inc. had an annual average earning growth of 8.8% over the past 5 years. Highlight of Business Operations:Net sales for the Outdoor Equipment business were $11.2 million for the current quarter, an increase of $3.2 million or 40.7% from the prior year quarter sales of $8.0 million. Military tent sales were up $2.0 million, commercial tent sales were up $0.4 million, consumer tent sales were up $0.6 million and international sales were up $0.2 million.
Operating expenses were $30.3 million for the quarter ended January 2, 2009, a decrease of $3.6 million over the prior year quarter amount of $33.9 million. Primary factors were aggressive cost savings initiatives, no incentive compensation expenses in the current year quarter versus an expense of $1.6 million in the prior year quarter, and favorable foreign currency exchange translation of $0.9 million in the current year quarter. These factors were partially offset by $0.4 million of costs associated with the relocation of dive computer manufacturing to Indonesia and incremental operating expenses from the Geonav business acquired in November 2007.
Accounts receivable net of allowance for doubtful accounts were $61.6 million as of January 2, 2009, a decrease of $7.5 million compared to $69.1 million as of December 28, 2007. The decrease year over year was due to lower sales and the effect of foreign currency translation of $1.8 million.
Accounts receivable increased $9.5 million for the three months ended January 2, 2009, up from a $7.7 million increase in the prior fiscal year period. Inventories decreased by $1.8 million for the three months ended January 2, 2009 compared to an increase of $13.3 million in the prior year period. The year to date change in inventory year over year was due to concerted efforts to enhance controls and processes to bring down working capital levels and the effect of reduced production activity in the current year. Accounts payable and accrued liabilities decreased $2.7 million for the three months ended January 2, 2009 versus a decrease of $9.7 million for the corresponding period of the prior year. The year to date change in accounts payable year over year reflects slower inventory growth in the current fiscal year.
Cash used for investing activities totaled $2.0 million for the three months ended January 2, 2009 and $8.4 million for the corresponding period of the prior year. Capital expenditures totaled $2.0 million for the three months ended January 2, 2009 and $2.4 million for the corresponding period of the prior year. The Company s recurring investments are made primarily for tooling for new products and enhancements on existing products. In fiscal 2009, the Company's capital expenditures are anticipated to be lower than prior year levels as the Company completed leasehold improvements as well as new ERP systems in its Canadian and domestic Outdoor Equipment businesses in fiscal 2008. Any expenditures in fiscal 2009 are expected to be funded by working capital or existing credit facilities.
Cash flows provided by financing activities totaled $11.8 million for the three months ended January 2, 2009 and $38.9 million for the corresponding period of the prior year. The Company made principal payments on senior notes and other long-term debt of $0.2 million and $10.8 million during the three month periods ended January 2, 2009 and December 28, 2007, respectively.
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