Johnson Outdoors Q3 Profit Falls - Quick Facts

(RTTNews) - Johnson Outdoors Inc. (JOUT) reported that its third-quarter net income fell to $4.7 million or $0.40 per share, from $13.7 million or $1.37 per share, in the previous third quarter.

Fiscal third quarter results historically reflect in-season replenishment orders for the Company's warm-weather outdoor recreation products.

Total Company operating profit during the quarter was $9.3 million compared to $16.1 million in the prior fiscal year third quarter. While profitable, thus far Jetboil revenue has been lower than initially projected, triggering a reevaluation of the entire Outdoor Gear - Consumer Camping reporting unit's intangible assets under ASC 350, resulting in non-cash impairment charges of $8.5 million in the Outdoor Gear segment. The Company's $1.6 million cash recovery from the Jetboil indemnity escrow offset some, but not all of the negative effect of these non-cash charges. Excluding the net effect of these items, third quarter operating profit would have been $0.1 million ahead of the prior year.

Net sales for the quarter grew to $137.13 million from $129.77 million in the prior year.