Johnson Outdoors is a leading global manufacturer and marketer of branded seasonal, outdoor recreation products used primarily for fishing from a boat, diving, paddling, hiking and camping.
−Removed: The Company’s portfolio of well-known consumer brands has attained leading market positions due to continuous innovation, marketing excellence, product performance and quality.
+Added: The Company’s portfolio of well-known consumer brands has attained leading market positions due to innovation, marketing excellence, product performance and quality.
Company values and culture support innovation in all areas, promoting and leveraging best practices and synergies within and across its subsidiaries to advance the Company’s strategic vision set by executive management and approved by the Board of Directors.
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The Company’s Camping segment key brands are:
−Removed: consumer, commercial and military tents and accessories, camping furniture and stoves and other recreational camping products;
−Removed: and Jetboil portable outdoor cooking systems.
+Added: Jetboil portable outdoor cooking systems and Eureka!
+Added: consumer recreational camping products and commercial and military tents and accessories.
+Added: During fiscal 2023, the Company sold the Military and Commercial Tent product lines of Eureka!, and developed plans to fully exit the Eureka!
+Added: brand, which include liquidating inventory and winding down operations.
+Added: Going forward, the Company expects to focus its resources in the Camping segment on marketing and further developing the Jetboil product line.
+Added: Jetboil portable outdoor cooking systems, single burner and two burner stoves, and accessories are sold in the U.S.
+Added: and Canada, primarily to camping and backpacking specialty stores, sporting goods stores, internet retailers, and direct to consumer via the Jetboil brand website.
+Added: Markets outside of North America are accessed through a network of independent international distributors.
+Added: Marketing of Jetboil systems is focused on building brand awareness and leadership in product features and
+Added: innovation, primarily through digital marketing and social media.
+Added: Jetboil products are designed at the Company’s operating locations in Old Town, Maine, and manufactured by third party sources in Asia.
consumer tents, camping stoves, and other recreational camping products are mid to high-price range products sold in the U.S.
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Marketing of the brand is focused on building brand awareness and leadership in product features and innovation, primarily through digital marketing and social media.
−Removed: commercial tents include party tents and accessories, sold primarily to general rental stores, and other commercial tents and accessories sold directly to tent erectors.
−Removed: The Company’s commercial tent products range from 10’x10’ canopies to 120’
−Removed: wide pole tents and other large scale frame structures and are primarily manufactured by the Company at the Company’s Binghamton, New York location.
−Removed: also designs and manufactures large, heavy-duty tents and lightweight backpacking tents primarily for the U.S.
−Removed: military at its Binghamton, New York location.
−Removed: Tents produced for military use include modular general purpose tents, rapid deployment shelters and various lightweight one and two person tents.
−Removed: The Company manufactures military tent accessories like fabric floors and insulated thermal liners and is also a subcontract manufacturer for other providers of military tents.
−Removed: Jetboil portable outdoor cooking systems, single burner and two burner stoves, and accessories are sold in the U.S.
−Removed: and Canada, primarily to camping and backpacking specialty stores, sporting goods stores, internet retailers, and direct to consumer via the Jetboil brand website.
−Removed: Markets outside of North America are accessed through a network of independent international distributors.
−Removed: Marketing of Jetboil systems is focused on building brand awareness and leadership in product features and innovation, primarily through digital marketing and social media.
−Removed: Jetboil products are designed at the Company’s operating locations in Manchester, New Hampshire and Old Town, Maine, and manufactured by third party sources in Asia.
+Added: As noted above, the Company will exit this line of products and begin winding down operations in fiscal 2024.
Watercraft Recreation
−Removed: The Company’s Watercraft Recreation segment designs and markets canoes and kayaks under the Ocean Kayaks and Old Town brand names for family recreation, touring and angling.
−Removed: These brands are manufactured at the Company’s facility in Old Town, Maine.
+Added: The Company’s Watercraft Recreation segment designs and markets canoes and kayaks under the Old Town brand name for family recreation, touring and angling.
+Added: Old Town products are manufactured at the Company’s facility in Old Town, Maine.
Watercraft Recreation accessory brands, including Carlisle branded paddles, are produced primarily by third party sources located in North America and Asia.
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and Canada with an emphasis on independent specialty dealers and outdoor specialty chain retailers.
−Removed: The Company also sells products direct to consumers via the Old Town and Ocean Kayak websites, and internet retailer sites.
−Removed: The Company has a network of distributors who sell Company products outside of North America.
+Added: The Company also sells products direct to consumers via the Old Town website, and internet retailer sites.
The Company’s Watercraft Recreation business competes in the mid to high-end of the product category by introducing product innovations, creating quality products and by focusing on the product-specific needs of each marketing channel.
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Research and development activities for Watercraft Recreation are performed in Old Town, Maine and Racine, Wisconsin.
−Removed: Product research, design and innovation for Camping products are conducted at the Company's Binghamton, New York, Racine, Wisconsin, Manchester, New Hampshire, and Old Town, Maine locations.
+Added: Product research, design and innovation for Camping products are conducted at the Company's Racine, Wisconsin, and Old Town, Maine locations.
The Company expenses research and development costs as incurred, except for software development for new electronics products and bathymetry data collection and processing.
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The Company believes its products compete favorably on the basis of product innovation, product performance and marketing support and, to a lesser extent, price.
−Removed: Minn Kota’s primary competitors in the electric trolling motors business are Motor Guide® and Lowrance ™ , owned by Brunswick Corporation, and Garmin ™ .
−Removed: Power-Pole is Minn Kota's main competitor in the shallow water anchor business.
+Added: Minn Kota’s primary competitors in the electric trolling motors business are Motor Guide® and Lowrance ™ , both owned by Brunswick Corporation, Garmin ™ and Power-Pole.
+Added: In addition, Power-Pole is Minn Kota's main competitor in the shallow water anchor business.
Competition in both businesses is focused on technological innovation, product quality and durability as well as product features and benefits for fishing.
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Competition in this business primarily focuses on ease of operation, speed and durability.
−Removed: The Company’s Camping brands and products compete in the sporting goods and specialty segments of the Camping market.
−Removed: Competitive brands with a strong position in the sporting goods channel include Coleman® and private label brands.
−Removed: The Company also competes with specialty companies such as Kelty®, The North Face®, Marmot® and Big Agnes® on the basis of materials and innovative designs for consumers who want performance products priced at a value.
The Company’s portable outdoor cooking systems compete in the specialty and higher end performance backpacking and camping markets.
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Competition in this market is based on product size and weight, ease of use, reliability and performance.
−Removed: The Company’s competitors in the commercial tent market include Anchor Industries® and Aztec Tents for tension, frame and canopy tents.
−Removed: Competition in the commercial tent business is based on price, quality, structure, styling, ease of installation and technical support.
−Removed: The Company sells military tents via third party distributors who hold supply contracts primarily with the U.S.
−Removed: Government, as well as to international governments.
−Removed: Such supply contracts can be for commercial off-the-shelf products in addition to products required to be built to unique specifications.
−Removed: Competitors in the military tent business include HDT®, Alaska Structures®, Camel, Outdoor Venture, and Diamond Brand.
+Added: The Company’s Camping brands and products compete in the sporting goods and specialty segments of the Camping market.
+Added: Competitive brands with a strong position in the sporting goods channel include Coleman® and private label brands.
+Added: The Company also competes with specialty companies such as Kelty®, The North Face®, Marmot® and Big Agnes® on the basis of materials and innovative designs for consumers who want performance products priced at a value.
Watercraft Recreation:
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The Company manufactures some products that use parts or materials that, due to geographical distance, limited supplier capacity or availability or competing demands for such parts or materials, are only available in a cost effective manner from a single vendor or require the Company to place orders several months in advance of required delivery.
−Removed: Historically, the Company attempted to mitigate product availability and these supply chain risks when possible through the purchase of safety stock, use of forecast-based supply contracts, and, to a lesser extent, with just in time inventory deliveries or supplier-owned inventory located close to the Company’s manufacturing locations.
−Removed: In doing so, the Company strived to balance the businesses’ need to maintain adequate inventory levels with the cost of holding such inventory by manufacturing to forecast for high volume products, utilizing build-to-order strategies wherever possible, and by having contract-manufactured products delivered to customers directly from the supplier.
+Added: The Company attempts to mitigate product availability and these supply chain risks when possible through the purchase of safety stock, use of forecast-based supply contracts, and, to a lesser extent, with just in time inventory deliveries or supplier-owned inventory located close to the Company’s manufacturing locations.
+Added: In doing so, the Company strives to balance the businesses’ need to maintain adequate inventory levels with the cost of holding such inventory by manufacturing to forecast for high volume products, utilizing build-to-order strategies wherever possible, and by having contract-manufactured products delivered to customers directly from the supplier.
The Company also seeks to manage its inventory through on-going product design and logistical initiatives with its suppliers to reduce lead times.
−Removed: Since the start of the COVID-19 pandemic, there have been significant widely-documented supply chain and logistics disruptions across industries, including those in which the Company operates.
−Removed: While the Company expects that these supply chain disruptions will continue into fiscal 2023, the Company remains focused on evaluating and pursuing additional options (beyond building inventory) to manage its supply chain and meet consumer demand for its products.
−Removed: Supply chain disruptions are dynamic and may impact the cost of goods sold for future sales of product or the Company’s ability to fill demand for its products, especially given the volatility and changing circumstances brought on by the COVID-19 pandemic and the resulting economic environment.
The Company’s products in each of its business segments are primarily warm-weather, outdoor recreation-related, which has historically resulted in seasonal variations in sales and profitability for the Company.
This seasonal variability was traditionally due to customers’ increasing their inventories in the quarters ending March and June, which is the typical primary selling season for the Company’s outdoor recreation products, with lower inventory volumes during the quarters ending September and December.
−Removed: Due to the timing of the COVID-19 outbreak, the Company’s primary-selling season during fiscal 2020 was interrupted resulting in a significant shift in sales volumes during the 2020 fiscal year toward the last fiscal quarter of that year versus the typical primary selling season which usually occurs during the second and third fiscal quarters, as noted above.
−Removed: During fiscal years 2021 and 2022, as described above under "Supply Chain and Sourcing of Materials," the Company was impacted by supply chain disruptions that impacted sales and operating profit towards the latter half of fiscal 2022.
−Removed: Accordingly, because of the ongoing supply chain disruption and the current macroeconomic conditions (including related to rising prices and inflationary conditions), the Company cannot predict at this time whether it will experience typical seasonality in demand for its products during fiscal 2023 and beyond.
−Removed: Typically and prior to the impact of COVID-19 as noted above, the Company had mitigated the seasonality of its businesses somewhat by encouraging customers to purchase and take delivery of products more evenly through the year.
+Added: The Company mitigates the seasonality of its businesses somewhat by encouraging customers to purchase and take delivery of products more evenly through the year.
The following table shows, for the past three fiscal years, the total consolidated net sales and operating profit or loss of the Company for each quarter, as a percentage of the total year.
−Removed: See “Coronavirus (COVID-19)” in Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations for additional information of the impact of COVID-19 on the Company’s seasonality for fiscal 2021 and 2022.
+Added: As reflected in the table below and as described in greater detail below in the Management's Discussion and Analysis of Financial Condition and Results of Operations, for fiscal 2023 the impact of seasonality on the Company's business returned to more traditional levels experienced by the Company prior to the COVID-19 pandemic.
+Added: As a result of the pandemic, the Company's typical seasonality fluctuations among fiscal quarters became disrupted by increased demand for Company products that impacted each of the Company's fiscal quarters during 2022 and 2021.
+Added: This demand was also impacted by the lingering effects that the pandemic had on the Company's supply chain and the pricing and availability of raw materials and components during fiscal 2022.
2023 2022 2021
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.