Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
Certain information with respect to this item is included in Notes 9 and 10 to the Company’s consolidated financial statements included elsewhere in this report. The Company’s Class A common stock is traded on the NASDAQ Global Select Market SM under the symbol: JOUT. There is no public market for the Company’s Class B common stock. However, the Class B common stock is convertible at all times at the option of the holder into shares of Class A common stock on a share for share basis. As of September 30, 2022, the Company had 419 holders of record of its Class A common stock and 20 holders of record of its Class B common stock. We believe the number of beneficial owners of our Class A common stock on that date was substantially greater.
A summary of the high and low closing prices for the Company’s Class A common stock during each quarter of the years ended September 30, 2022, October 1, 2021 and October 2, 2020 is as follows:
First Quarter Second Quarter Third Quarter Fourth Quarter
2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020
Stock prices:
High $ 115.87 $ 113.21 $ 78.17 $ 95.60 $ 148.50 $ 78.84 $ 82.48 $ 154.09 $ 88.41 $ 73.32 $ 122.23 $ 95.54
Low 92.82 83.60 57.53 77.44 109.00 51.29 59.04 117.92 57.46 50.54 105.51 80.27
Dividends
The Company’s Articles of Incorporation provide that no dividend, other than a dividend payable in shares of the Company’s common stock, may be declared or paid upon the Class B common stock unless such dividend is declared or paid upon both classes of common stock. Whenever a dividend (other than a dividend payable in shares of Company common stock) is declared or paid upon any shares of Class B common stock, at the same time there must be declared and paid a dividend on the shares of Class A common stock equal in value to 110% of the amount per share of the dividend declared and paid on the shares of Class B common stock. Whenever a dividend is payable in shares of Company common stock, such dividend must be declared or paid at the same rate on the Class A common stock and the Class B common stock.
Quarterly dividends declared in the first three quarters of fiscal 2022 were $0.30 per share of Class A common stock, and $0.31 per share for the fourth fiscal quarter of 2022. Quarterly dividends declared per share of Class B common stock were $0.27 for the first three quarters of fiscal 2022, and $0.28 per share for the fourth fiscal quarter of 2022. Total dividends declared in fiscal 2022 were $12,171. Cash dividends paid in fiscal 2022 totaled $12,056 and dividends payable of $3,120 were included in current liabilities at September 30, 2022.
While the Board of Directors of the Company presently intends to continue the payment of regular quarterly cash dividends on the Company’s common stock, they review the Company’s dividend quarterly and may elect to increase, decrease or not pay a dividend at any time. The Company’s ability to pay dividends could be affected by future business performance (including as a result of the continued impact of supply chain disruption, inflation and macroeconomic dynamics on our operations and cash flows), liquidity, capital needs, alternative investment opportunities and compliance with debt covenants in its loan agreements.
Total Shareholder Return
The graph below compares on a market cap weighted cumulative basis the yearly percentage change since September 29, 2017 in the total return (assuming reinvestment of dividends) to shareholders on the Class A common stock with (a) the total return (assuming reinvestment of dividends) on The NASDAQ Stock Market-U.S. Index; (b) the total return (assuming reinvestment of dividends) on the Russell 2000 Index; and (c) the total return (assuming reinvestment of dividends) on a self-constructed peer group index. The Company’s peer group consists of Clarus Corporation, Brunswick Corporation, Callaway Golf Company, Escalade Inc., Garmin Ltd., Marine Products Corporation, Malibu Boats Inc. and Nautilus, Inc. The graph assumes $100 was invested on September 29, 2017 in the Company’s Class A common stock, The NASDAQ Stock Market-U.S. Index, the Russell 2000 Index and the peer group index.
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* $100 invested on September 29, 2017 in stock or index, including reinvestment of dividends.
Indices calculated on a mid-month basis.
9/29/2017 9/28/2018 9/27/2019 10/2/2020 10/1/2021 9/30/2022
Johnson Outdoors Inc. $ 100.0 $ 127.7 $ 81.1 $ 120.4 $ 154.4 $ 73.3
NASDAQ Composite 100.0 125.2 124.9 175.9 232.9 170.4
Russell 2000 Index 100.0 115.2 104.8 107.6 158.3 119.1
Peer Group 100.0 133.1 135.8 162.5 257.1 148.1
The information in this section titled “Total Shareholder Return” shall not be deemed to be “soliciting material” or “filed” with the Securities and Exchange Commission or subject to Regulation 14A or 14C promulgated by the Securities and Exchange Commission or subject to the liabilities of section 18 of the Securities Exchange Act of 1934, as amended, and this information shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
ITEM 6. RESERVED
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