Johnson Outdoors Inc. (NASDAQ:JOUT) Q4 2019 Earnings Conference Call - Final Transcript

Dec 06, 2019 • 11:00 am ET


Johnson Outdoors Inc. (NASDAQ:JOUT) Q4 2019 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Hello, everyone, and welcome to the Johnson Outdoors Fourth Quarter 2019 Earnings Conference Call.

Today's call will be led by Helen Johnson-Leipold, Johnson Outdoors' Chairman and Chief Executive Officer. Also on the call is David Johnson, Vice President and Chief Financial Officer. [Operator Instructions] After the prepared remarks, the question-and-answer session will begin. [Operator Instructions] Your participation implies consent to our recording this call. If you do not agree to these terms, simply drop off the line.

I would now like to turn the call over to Patricia Penman from Johnson Outdoors. Please go ahead, Ms. Penman.

Patricia Penman

Thank you. Good morning, everyone. Thank you for joining us for our discussion of Johnson Outdoors' results for the 2019 fiscal fourth quarter and full year. If you need a copy of today's news release, it is available on our website at, under Investor Relations.

I also need to remind you that this conference call may contain forward-looking statements. These statements are made on the basis of our current views and assumptions and are not guarantees of future performance. Actual events may differ materially from those statements due to a number of factors, many beyond Johnson Outdoors' control. These risks and uncertainties include those listed in our press release and filings with the Securities and Exchange Commission. If you have additional questions following the call, please contact Dave Johnson or me.

It is now my pleasure to turn the call over to Helen Johnson-Leipold.

Helen Johnson-Leipold

Thanks, Pat. Good morning, and thank you for joining us. I'll start off with comments on the quarter and full year results, discuss drivers in each business -- excuse me, and outline priorities going forward. Dave will review the financial highlights, and then we'll take your questions.

In fiscal 2019, revenue grew 3% to $562.4 million; profits were at $63.8 million; and net income was $51.4 million or $5.11 per diluted share, a 26.4% improvement from the prior fiscal year. Strong positive momentum continued into our fiscal fourth quarter, a period when the warm weather outdoor recreation industry is gearing down for the year.

Total company net sales were $104 million, a 14% increase over prior year's fourth quarter and profits were up significantly as well. Overall, this year's performance reflects the value of our sustained focus and investment in translating deep, rich consumer insights into the best outdoor recreation experiences possible, from beginning to end. This ensures, we are targeting the right consumer with the right product at the right time in the right way and at the right price. All are critical factors behind our continued success in sustained growth.

Our Fishing business continued on its profitable growth trajectory, with the ongoing success of new and legacy technologies. Our successful track record pioneering innovation was made -- has made Minn Kota and Humminbird the go-to brands for the best possible fishing experiences on the water. Our deep consumer insights, coupled with the advancements in GPS and wireless technologies, enable us to constantly reimagine and redefine how to