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Item 1. Financial Statements

2025-05-02 compared with 2025-02-03 · 165 added, 129 removed, 485 unchanged (38% of the section changed)

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended

(thousands, except per share data) December 27, 2024 December 29, 2023

Three Months Ended Six Months Ended

(thousands, except per share data) March 28, 2025 March 29, 2024 March 28, 2025 March 29, 2024

Net sales $ 168,349 $ 175,856 $ 275,998 $ 314,500

6 unchanged sentences

Total operating expenses 53,965 61,684 106,387 114,492

Operating (loss) profit ( 20,239 ) 46

Operating profit (loss) 4,901 ( 253 ) ( 15,338 ) ( 207 )

Interest income ( 625 ) ( 857 ) ( 1,658 ) ( 2,055 )

Interest expense 68 40 115 78

Other income, net ( 326 ) ( 4,693 )

(Loss) profit before income taxes ( 18,927 ) 5,899

Income tax (benefit) expense ( 3,637 ) 1,944

Net (loss) income $ ( 15,290 ) $ 3,955

Other expense (income), net 1,300 ( 2,448 ) 974 ( 7,141 )

Profit (loss) before income taxes 4,158 3,012 ( 14,769 ) 8,911

Income tax expense (benefit) 1,854 856 ( 1,783 ) 2,800

Net income (loss) $ 2,304 $ 2,156 $ ( 12,986 ) $ 6,111

Weighted average common shares - Basic:

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Weighted average common shares - Dilutive 10,272 10,234 10,272 10,225

Net (loss) income per common share - Basic:

Net income (loss) per common share - Basic:

Class A $ 0.22 $ 0.21 $ ( 1.26 ) $ 0.59

Class B $ 0.22 $ 0.21 $ ( 1.26 ) $ 0.59

Net (loss) income per common share - Diluted:

Net income (loss) per common share - Diluted:

Class A $ 0.22 $ 0.21 $ ( 1.26 ) $ 0.59

2 unchanged sentences

JOHNSON OUTDOORS INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

Three Months Ended

(thousands) December 27, 2024 December 29, 2023

Net (loss) income $ ( 15,290 ) $ 3,955

Other comprehensive (loss) income:

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended Six Months Ended

(thousands) March 28, 2025 March 29, 2024 March 28, 2025 March 29, 2024

Net income (loss) $ 2,304 $ 2,156 $ ( 12,986 ) $ 6,111

Other comprehensive income (loss):

Foreign currency translation 1,133 2,379 ( 3,782 ) 680

1 unchanged sentence

Change in pension plans, net of tax 7 8 16 15

Total other comprehensive (loss) income ( 4,907 ) 3,168

Total comprehensive (loss) income $ ( 20,197 ) $ 7,123

Total other comprehensive income (loss) 1,136 2,369 ( 3,771 ) 779

Total comprehensive income (loss) $ 3,440 $ 4,525 $ ( 16,757 ) $ 6,890

The accompanying notes are an integral part of the condensed consolidated financial statements.

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CONDENSED CONSOLIDATED BALANCE SHEETS

(thousands, except share data) December 27, 2024 September 27, 2024 December 29, 2023

(thousands, except share data) March 28, 2025 September 27, 2024 March 29, 2024

Current assets:

49 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

Three Months Ended December 27, 2024

Six Months Ended March 28, 2025

(thousands except for shares) Shares Common Stock Capital in

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BALANCE AT December 27, 2024 10,327,512 $ 518 $ 90,852 $ 350,940 $ 1,057 $ ( 3,083 )

Three Months Ended December 29, 2023

Net income — — — 2,304 — —

Dividends declared — — — ( 3,372 ) — —

Award of non-vested shares 38,548 3 ( 3 ) — — —

Stock-based compensation — — 750 — — —

Currency translation adjustment — — — — 1,133 —

Unrealized loss on available-for-sale securities, net of tax — — — — ( 4 ) —

Change in pension plans, net of tax of $ 3

BALANCE AT MARCH 28, 2025 10,366,060 $ 521 $ 91,599 $ 349,872 $ 2,193 $ ( 3,083 )

JOHNSON OUTDOORS INC.

Six Months Ended March 29, 2024

(thousands except for shares) Shares Common Stock Capital in

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BALANCE AT DECEMBER 29, 2023 10,284,000 $ 516 $ 88,830 $ 410,182 $ 6,491 $ ( 2,149 )

Net income — — — 2,156 — —

Dividends declared — — — ( 3,368 ) — —

Award of non-vested shares 22,692 1 ( 1 ) — —

Stock-based compensation — — ( 180 ) — — —

Tax effects on stock based awards — — — — — —

Currency translation adjustment — — — — ( 2,379 ) —

Unrealized loss on available-for-sales securities, net of tax — — — — ( 18 ) —

Change in pension plans, net of tax of $ 3

Non-vested stock forfeitures ( 5,350 ) — 341 — — ( 341 )

BALANCE AT MARCH 29, 2024 10,301,342 $ 517 $ 88,990 $ 408,970 $ 4,102 $ ( 2,490 )

The accompanying notes are an integral part of the condensed consolidated financial statements.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended

(thousands) December 27, 2024 December 29, 2023

Six Months Ended

(thousands) March 28, 2025 March 29, 2024

CASH USED FOR OPERATING ACTIVITIES

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CASH USED FOR FINANCING ACTIVITIES

Debt issuance costs paid ( 55 ) —

Dividends paid ( 6,736 ) ( 6,704 )

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Cash paid for taxes $ 1,583 $ 1,721

Accrued dividends ( 2 ) 11

Cash paid for interest 88 59

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In the opinion of management, these statements contain all adjustments (consisting of only normal recurring items) necessary to present fairly the financial position of Johnson Outdoors Inc.

and subsidiaries (collectively, the “Company”) as of December 27, 2024 and December 29, 2023, and their results of operations for the three month periods then ended and cash flows for the three month periods then ended.

and subsidiaries (collectively, the “Company”) as of March 28, 2025 and March 29, 2024, and their results of operations for the three and six month periods then ended and cash flows for the six month periods then ended.

These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 27, 2024 which was filed with the Securities and Exchange Commission on December 11, 2024.

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2 ACCOUNTS RECEIVABLE

Accounts receivable are stated net of allowances for credit losses of $ 3,587 , $ 3,543 and $ 1,108 as of December 27, 2024, September 27, 2024 and December 29, 2023, respectively.

Accounts receivable are stated net of allowances for credit losses of $ 692 , $ 3,543 and $ 749 as of March 28, 2025, September 27, 2024 and March 29, 2024, respectively.

The determination of the allowance for credit losses is based on a combination of factors.

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In periods where there is a cumulative year to date net loss or no undistributed income because distributions through dividends exceed net income, Class B shares are treated as anti-dilutive and, therefore, net losses are allocated equally on a per share basis among all participating securities.

For the three month periods ended December 27, 2024, basic net loss per share for Class A and Class B shares was the same because there were no cumulative undistributed earnings and basic loss per share for Class A and Class B shares has been presented using the two class method described above.

For the three month periods ended December 29, 2023, basic income per share for the Class A and Class B shares has been presented using the two class method and reflects the allocation of undistributed income as described above.

Diluted net income per share is computed by dividing allocated net income by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options, restricted stock units (“stock units” or

JOHNSON OUTDOORS INC.

“units”) and non-vested restricted stock.

For the three and six month periods ended March 28, 2025 and March 29, 2024, basic net income (loss) per share for Class A and Class B shares was the same because there were no cumulative undistributed earnings and basic income (loss) per share for Class A and Class B shares has been presented using the two class method described above.

Anti-dilutive stock options, units and non-vested stock are excluded from the calculation of diluted EPS.

The computation of diluted net income per share of Class A common stock assumes that Class B common stock is converted into Class A common stock.

The computation of diluted net income per share of Class A common stock assumes that

JOHNSON OUTDOORS INC.

Class B common stock is converted into Class A common stock.

Therefore, diluted net income per share is the same for both Class A and Class B common shares.

In periods where the Company reports a net loss or no undistributed income because distributions through dividends exceed net income, the effect of anti-dilutive stock options and units is excluded and diluted loss per share is equal to basic loss per share for both classes of stock.

For the three month periods ended December 27, 2024, the effect of non-vested restricted stock units is excluded from the diluted income per share calculation as their inclusion would have been anti-dilutive.

For the three month periods ended December 29, 2023, diluted net income per share reflects the effect of dilutive stock units and assumes the conversion of Class B common stock into Class A common stock.

Shares of non-vested stock that could potentially dilute earnings per share in the future which were not included in the fully diluted computation because they would have been anti-dilutive totaled 59,564 and 63,061 for the three months ended December 27, 2024 and December 29, 2023, respectively.

Stock units that could potentially dilute earnings per share in the future and which were not included in the fully diluted computation because they would have been anti-dilutive were 97,763 and 65,228 for the three months ended December 27, 2024 and December 29, 2023, respectively.

For the three and six month periods ended March 28, 2025 and March 29, 2024, the effect of non-vested restricted stock units is excluded from the diluted income per share calculation as their inclusion would have been anti-dilutive.

Shares of non-vested stock that could potentially dilute earnings per share in the future which were not included in the fully diluted computation because they would have been anti-dilutive totaled 69,486 and 70,182 for the three months ended March 28, 2025 and March 29, 2024, respectively, and 64,525 and 66,622 for the six months ended March 28, 2025 and March 29, 2024, respectively.

Stock units that could potentially dilute earnings per share in the future and which were not included in the fully diluted computation because they would have been anti-dilutive were 105,840 and 72,554 for the three months ended March 28, 2025 and March 29, 2024, respectively, and 101,625 and 70,531 for the six months ended March 28, 2025 and March 29, 2024, respectively

Dividends per share

Dividends per share for the three month periods ended December 27, 2024 and December 29, 2023 were as follows:

Three Months Ended

December 27, 2024 December 29, 2023

Dividends per share for the three and six month periods ended March 28, 2025 and March 29, 2024 were as follows:

Three Months Ended Six months ended

March 28, 2025 March 29, 2024 March 28, 2025 March 29, 2024

Dividends declared per common share:

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Current plans also allow for issuance of shares of restricted stock, restricted stock units or stock appreciation rights in lieu of stock options.

Under the Company’s 2023 Non-Employee Director Stock Ownership Plan and the 2020 Long-Term Incentive Plan (the only plans where shares currently remain available for future equity incentive awards) there were a total of 322,657 shares of the Company’s Class A common stock available for future grant to non-employee directors and key executives at December 27, 2024.

Share awards previously made under the Company's 2012 Non-Employee Director Stock Ownership Plan and its 2010 Long-Term Stock Incentive Plan, which no longer allow for additional share grants, also remain outstanding.

Under the Company’s 2023 Non-Employee Director Stock Ownership Plan and the 2020 Long-Term Incentive Plan (the only plans where shares currently remain available for future equity incentive awards) there were a total of 284,109 shares of the Company’s Class A common stock available for future grant to non-employee directors and key executives at March 28, 2025.

Share awards previously made under the Company's 2012 Non-Employee Director Stock Ownership Plan, which no longer allow for additional share grants, also remain outstanding.

Non-vested Stock

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JOHNSON OUTDOORS INC.

A summary of non-vested stock activity for the three months ended December 27, 2024 related to the Company’s stock ownership plans is as follows:

A summary of non-vested stock activity for the six months ended March 28, 2025 related to the Company’s stock ownership plans is as follows:

Shares Weighted Average

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Forfeitures ( 3,690 ) 54.20

Non-vested stock at December 27, 2024 76,378 48.03

Non-vested stock at March 28, 2025 95,654 40.44

Non-vested stock grantees may elect to reimburse the Company for withholding taxes due as a result of the vesting of shares by tendering a portion of the vested shares back to the Company.

Shares tendered back to the Company were 1,609 and 2,330 during the three month periods ended December 27, 2024 and December 29, 2023, respectively.

Stock compensation expense, net of forfeitures, related to non-vested stock was $ 354 and $ 428 for the three month periods ended December 27, 2024 and December 29, 2023, respectively.

Unrecognized compensation cost related to non-vested stock as of December 27, 2024 was $ 1,951 , which amount will be amortized to expense through December 2027 or adjusted for changes in future estimated or actual forfeitures.

The fair value of restricted stock vested during the three month periods ended December 27, 2024 and December 29, 2023 was $ 169 and $ 409 , respectively.

Shares tendered back to the Company were 1,609 and 2,330 during the six month periods ended March 28, 2025 and March 29, 2024, respectively.

Stock compensation expense, net of forfeitures, related to non-vested stock was $ 462 and $ 322 for the three month periods ended March 28, 2025 and March 29, 2024, respectively, and $ 816 and $ 750 for the six month periods ended March 28, 2025 and March 29, 2024, respectively.

Unrecognized compensation cost related to non-vested stock as of March 28, 2025 was $ 2,369 , which amount will be amortized to expense through December 2027 or adjusted for changes in future estimated or actual forfeitures.

The fair value of restricted stock vested during the six month periods ended March 28, 2025 and March 29, 2024 was $ 690 and $ 919 , respectively.

Restricted Stock Units

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The fair value at the date of grant is based on the number of units granted and the average of the Company’s high and low Class A common stock trading price on the date of grant or, if the Company’s Class A shares did not trade on the date of grant, the average of the Company’s high and low Class A common stock trading price on the last preceding date on which the Company’s Class A shares traded.

A summary of RSU activity for the three months ended December 27, 2024 follows:

A summary of RSU activity for the six months ended March 28, 2025 follows:

Number of RSUs Weighted Average

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RSU's forfeited ( 3,690 ) 54.20

RSUs at December 27, 2024 121,253 44.76

Stock compensation expense, net of forfeitures, related to RSUs was $ 115 and $ 139 for the three month periods ended December 27, 2024 and December 29, 2023, respectively.

Unrecognized compensation cost related to non-vested RSUs as of December 27, 2024 was $ 1,755 , which amount will be amortized to expense through September 2027 or adjusted for changes in future estimated or actual forfeitures.

RSUs at March 28, 2025 121,253 44.76

Stock compensation expense, net of forfeitures, related to RSUs was $ 160 and $ 276 for the three and six month periods ended March 28, 2025, respectively.

The Company recognized income related to RSUs of $ 579 and $ 440 for the three and six month periods ended March 29, 2024, respectively, as a result of reversing compensation expense previously recognized, due to an expectation that performance conditions wouldn't be met for certain awards.

Unrecognized compensation cost related to non-vested RSUs as of March 28, 2025 was $ 1,596 , which amount will be amortized to expense through September 2027 or adjusted for changes in future estimated or actual forfeitures.

RSU grantees may elect to reimburse the Company for withholding taxes due as a result of the vesting of units and issuance of unrestricted shares of Class A common stock by tendering a portion of such unrestricted shares back to the Company.

Because performance criteria was not met, the RSUs expiring in the period ended December 27, 2024 were canceled so shares tendered back to the Company for this purpose were 0 during the three month period ended December 27, 2024.

Shares tendered back to the Company for the reimbursement of withholding taxes were and 2,331 during the three month period ended December 29, 2023.

Because performance criteria was not met, the RSUs expiring in the six month period ended March 28,

JOHNSON OUTDOORS INC.

The fair value of restricted stock units recognized as a tax deduction during the three month periods ended December 27, 2024 and December 29, 2023 was $ 0 and $ 1,015 , respectively.

2025 were canceled so shares tendered back to the Company for this purpose were 0 during the six month period ended March 28, 2025.

Shares tendered back to the Company for the reimbursement of withholding taxes were 2,331 during the six month period ended March 29, 2024.

The fair value of restricted stock units recognized as a tax deduction during the six month periods ended March 28, 2025 and March 29, 2024 was $ 0 and $ 1,015 , respectively.

Compensation expense related to units earned by employees (as opposed to grants to outside directors) is based upon the attainment of certain Company financial goals related to cumulative net sales and cumulative operating profit over a three-year performance period.

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The payouts for achievement at the threshold levels of performance are equal to 50 % of the target award amount.

The payouts for achievement at maximum levels of performance are equal to 150 % of the target award amount.

The payouts for achievement at maximum levels of performance are equal to 150 % of the target award amount, which payout level was increased to 200 % of the target award amount for the RSU awards issued to employees for the fiscal 2025 – 2027 performance period.

To the extent earned, awards are issued in shares of Company Class A common stock after the end of the three-year performance period.

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2009 Employees’ Stock Purchase Plan, which was most recently amended on March 2, 2017, and which provides for the issuance of shares of Class A common stock at a purchase price of not less than 85 % of the fair market value of such shares on the date of grant or on the date of purchase, whichever is lower.

During the three month period ended December 27, 2024, the Company issued 0 shares of Class A common stock and recognized $ 38 of income in connection with the Employees' Stock Purchase Plan.

During the three month period ended December 29, 2023, the Company issued 0 shares of Class A common stock and recognized $ 31 of expense in connection with the Plan.

During the three month period ended March 28, 2025, the Company issued 0 shares of Class A common stock and recognized $ 128 of expense in connection with the Employees' Stock Purchase Plan.

During the six month period ended March 28, 2025, the Company issued 0 shares of Class A common stock and recognized $ 165 of expense in connection with the Employees' Stock Purchase Plan.

During the three month period ended March 29, 2024, the Company issued 0 shares of Class A common stock and recognized $ 77 of expense in connection with the Plan.

During the six month period ended March 29, 2024, the Company issued 0 shares of Class A common stock and recognized $ 108 of expense in connection with the Plan.

The Company leases certain facilities and machinery and equipment under long-term, non-cancelable operating leases.

The Company determines if an arrangement is a lease at inception.

As of December 27, 2024, the Company had approximately 150 leases, with remaining terms ranging from less than one year to 16 years.

As of March 28, 2025, the Company had approximately 150 leases, with remaining terms ranging from less than one year to 14 years.

Some of the leases contain variable payment terms, such as payments based on fluctuations in the Consumer Price Index (CPI).

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The incremental borrowing rate is derived from information available to the Company at the lease commencement date based on lease length and location.

The components of lease expense recognized in the accompanying Condensed Consolidated Statements of Operations for the three months ended December 27, 2024 and December 29, 2023 were as follows:

Three months ended

December 27, 2024 December 29, 2023

The components of lease expense recognized in the accompanying Condensed Consolidated Statements of Operations for the three and six months ended March 28, 2025 and March 29, 2024 were as follows:

JOHNSON OUTDOORS INC.

Three months ended Six months ended

March 28, 2025 March 29, 2024 March 28, 2025 March 29, 2024

Operating lease costs $ 2,647 $ 2,476 $ 5,271 $ 4,941

2 unchanged sentences

Total lease cost $ 3,258 $ 3,118 $ 6,498 $ 6,253

Included in the amounts in the table above was rent expense to related parties of $ 314 and $ 314 for the three months ended December 27, 2024 and December 29, 2023, respectively.

JOHNSON OUTDOORS INC.

As of December 27, 2024, the Company did not have any finance leases or sublease agreements.

Included in the amounts in the table above was rent expense to related parties of $ 313 and $ 627 for the three and six months ended March 28, 2025, respectively, and $ 313 and $ 627 for the three and six months ended March 29, 2024, respectively.

As of March 28, 2025, the Company did not have any finance leases or sublease agreements.

Additionally, the Company does not have any leases in which it is the lessor.

While the Company extended or renewed various existing leases during the quarter, there were no significant new leases entered into during the quarter ended December 27, 2024.

As of December 27, 2024, the Company did not have any significant operating lease commitments that have not yet commenced.

While the Company extended or renewed various existing leases during the quarter, there were no significant new leases entered into during the quarter ended March 28, 2025.

As of March 28, 2025, the Company did not have any significant operating lease commitments that have not yet commenced.

Supplemental balance sheet, cash flow, and other information related to operating leases was as follows:

Three months ended

December 27, 2024 December 29, 2023

Six months ended

March 28, 2025 March 29, 2024

Operating leases:

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ROU assets obtained in exchange for lease liabilities $ 4,032 $ 3,276

Future minimum rental commitments under non-cancelable operating leases with an initial lease term in excess of one year at December 27, 2024 were as follows:

Future minimum rental commitments under non-cancelable operating leases with an initial lease term in excess of one year at March 28, 2025 were as follows:

JOHNSON OUTDOORS INC.

Year Related parties included

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6 INCOME TAXES

For the three months ended December 27, 2024 and December 29, 2023, the Company’s earnings before income taxes, income tax expense and effective income tax rate were as follows:

JOHNSON OUTDOORS INC.

Three Months Ended

For the three and six months ended March 28, 2025 and March 29, 2024, the Company’s earnings before income taxes, income tax expense and effective income tax rate were as follows:

Three Months Ended Six Months Ended

(thousands, except tax rate data)

December 27, 2024 December 29, 2023

(Loss) profit before income taxes $ ( 18,927 ) $ 5,899

March 28, 2025 March 29, 2024 March 28, 2025 March 29, 2024

Profit (loss) before income taxes $ 4,158 $ 3,012 $ ( 14,769 ) $ 8,911

Income tax (benefit) expense 1,854 856 ( 1,783 ) 2,800

Effective income tax rate 44.6 % 28.4 % 12.1 % 31.4 %

The decrease in the effective tax rate for the three months ended December 27, 2024 compared to the three months ended December 29, 2023 was primarily related to a change in the geographic mix of profits or losses from a tax perspective for the current year period, as compared to the prior year period.

The change in the effective tax rate for the three and six months ended March 28, 2025 compared to the three and six months ended March 29, 2024 was primarily due to the recording of an unrecognized tax benefit and the change in the geographic mix of profits or losses from a tax perspective in the current year.

The Company's effective tax rate is impacted by valuation allowances in certain foreign tax jurisdictions and, as a result, changes in the geographic source of Company profits or losses between periods can, in certain instances, have varying impacts on the Company's effective tax rate during a particular period.

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net deferred tax assets.

The evaluation concluded that the U.S.

The evaluation concluded that the Company's U.S.

deferred tax assets are realizable.

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The impact of the Company’s operations in jurisdictions where a valuation allowance is assessed is removed from the overall effective tax rate methodology and recorded directly based on year to date results for the year for which no tax expense or benefit can be recognized.

The significant tax jurisdictions that have a valuation allowance for the periods ended December 27, 2024 and December 29, 2023 were:

December 27, 2024 December 29, 2023

The significant tax jurisdictions that have a valuation allowance for the periods ended March 28, 2025 and March 29, 2024 were:

March 28, 2025 March 29, 2024

Indonesia Indonesia

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The Company regularly assesses the adequacy of its provisions for income tax contingencies in accordance with the applicable authoritative guidance on accounting for income taxes.

As a result, the Company may adjust the reserves for unrecognized tax benefits due to the impact of changes in its assumptions or as a result of new facts and developments, such as changes to interpretations of relevant tax law, assessments from taxing authorities, settlements with taxing authorities and lapses of statutes of limitation.

The Company’s 2025 fiscal year tax expense is anticipated to be unchanged related to uncertain income tax positions.

As a result, the Company may adjust the reserves for unrecognized tax benefits due to the impact of changes in its assumptions or as a result of new facts and

JOHNSON OUTDOORS INC.

developments, such as changes to interpretations of relevant tax law, assessments from taxing authorities, settlements with taxing authorities and lapses of statutes of limitation.

The Company recorded a $ 650 unrecognized tax benefit in the current period and estimates that reductions to unrecognized tax benefits for the remainder of fiscal 2025 will total $ 700 due mainly to lapses in statutes of limitations.

In accordance with its accounting policy, the Company recognizes accrued interest and penalties related to unrecognized benefits as a component of income tax expense.

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2025 September 27,

2024 December 29,

2024 March 29,

Raw materials $ 96,172 $ 103,780 $ 119,981

1 unchanged sentence

$ 180,057 $ 209,788 $ 249,201

JOHNSON OUTDOORS INC.

The changes in goodwill during the three months ended December 27, 2024 and December 29, 2023 were as follows:

December 27, 2024 December 29, 2023

The changes in goodwill during the six months ended March 28, 2025 and March 29, 2024 were as follows:

March 28, 2025 March 29, 2024

Balance at beginning of period $ — $ 11,172

2 unchanged sentences

Balance at end of period $ 9,890 $ 11,167

The goodwill at December 27, 2024 relates to the acquisition of Endless Summer Technologies Proprietary, Ltd.

The goodwill at March 28, 2025 relates to the acquisition of Endless Summer Technologies Proprietary, Ltd.

See Note 18 below for additional information on the acquisition.

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Fair value is determined primarily by using a discounted cash flow methodology that requires considerable management judgment and long-term assumptions and is considered a Level 3 (unobservable) fair value determination in the fair value hierarchy (see Note 12) below.

During the fourth quarter of fiscal 2024, the Company's annual goodwill impairment test indicated the carrying value of the Fishing reporting unit exceeded its estimated fair value as of the measurement date of August 30, 2024.

As a result, the Company recognized a goodwill impairment charge in the fourth quarter of fiscal 2024, which reduced the carrying value of the balance of goodwill reported as of March 29, 2024 of $ 11,167 to $ 0 as of September 27, 2024.

This non-cash impairment was primarily driven by reduced cash flow projections in the Fishing reporting unit, prompted by ongoing market challenges and competitive pressure occurring in this segment.

The Company provides warranties on certain of its products as they are sold.

The following table summarizes the Company’s warranty activity for the three months ended December 27, 2024 and December 29, 2023.

December 27, 2024 December 29, 2023

The following table summarizes the Company’s warranty activity for the six months ended March 28, 2025 and March 29, 2024.

JOHNSON OUTDOORS INC.

March 28, 2025 March 29, 2024

Balance at beginning of period $ 10,211 $ 11,741

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11 INDEBTEDNESS

The Company had no debt outstanding at December 27, 2024, September 27, 2024, or December 29, 2023.

The Company had no debt outstanding at March 28, 2025, September 27, 2024, or March 29, 2024.

The Company and certain of its subsidiaries have entered into an unsecured credit facility with PNC Bank National Association and Associated Bank, N.A.

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The Revolver provides for borrowing of up to an aggregate principal amount not to exceed $ 75,000 with a $ 50,000 accordion feature that gives the Company the option to request an increase of the maximum financing availability (i.e., an aggregate borrowing amount of $ 125,000 ) subject to the conditions of the Credit Agreement and subject to the approval of the lenders.

On July 15, 2021, the Company entered into a First

JOHNSON OUTDOORS INC.

Amendment to this credit facility that extended its expiration date from November 15, 2022, to July 15, 2026.

On July 15, 2021, the Company entered into a First Amendment to this credit facility that extended its expiration date from November 15, 2022, to July 15, 2026.

On January 29, 2025, the Company entered into a Second Amendment to this credit facility that reduced the Revolver to $ 50,000 (but maintained the accordion feature) and modified the terms of the Credit Agreement as disclosed below for the period from the amendment date until the earlier of (1) the Company’s compliance with both a 3.00 x maximum leverage ratio and a 3.50 x minimum interest coverage ratio for the trailing twelve month period or (2) delivery of the Company’s fiscal 2025 financial statements and compliance certificate (the “Second Amendment Period”):

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• the granting of a security interest in the Company’s personal property assets if the facility availability is less than or equal to 95 %.

Other key provisions of the credit facility remained as outlined herein and the description herein is qualified in its entirety by the terms and conditions of the original Credit Agreement (a copy of which was filed as Exhibit 99.1 to the current report on Form 8-K dated and filed with the Securities and Exchange Commission on November 20, 2017), the First Amendment, (a copy of which was filed as Exhibit 10.1 to the current report on Form 8-K dated and filed with the Securities and Exchange Commission on July 16, 2021), and the aforementioned Second Amendment (a copy of which is filed with this Report as Exhibit 10.1).

The interest rate is based on the Secured Overnight Financing Rate ("SOFR") plus an applicable margin.

The applicable margin ranges from 1.00 % to 1.75 % and is dependent on the Company’s leverage ratio for the trailing twelve month period.

The interest rates on the Revolver at both December 27, 2024 and December 29, 2023 were approximately 5.5 % and 6.5 %, respectively.

The interest rates on the Revolver at both March 28, 2025 and March 29, 2024 were

JOHNSON OUTDOORS INC.

approximately 5.4 % and 6.5 %, respectively.

During the Second Amendment Period, the interest rate on borrowings under the Revolver will equal SOFR plus a 1.75 % applicable margin.

1 unchanged sentence

Other Borrowings

The Company had no unsecured revolving credit facilities at its foreign subsidiaries as of December 27, 2024 or December 29, 2023.

The Company utilizes letters of credit primarily as security for the payment of future claims under its workers’ compensation insurance, which totaled approximately $ 67 and $ 67 as of December 27, 2024 and December 29, 2023, respectively.

The Company had no unsecured revolving credit facilities at its foreign subsidiaries as of March 28, 2025 or March 29, 2024.

12 FAIR VALUE MEASUREMENTS

8 unchanged sentences

These inputs reflect the reporting entity’s own assumptions of the data that market participants would use in pricing the asset or liability, based on the best information available in the circumstances.

JOHNSON OUTDOORS INC.

The carrying amounts of accounts receivable, accounts payable and accrued expenses approximated their fair values at December 27, 2024, September 27, 2024 and December 29, 2023 due to the short term maturities of these instruments.

The carrying amounts of accounts receivable, accounts payable and accrued expenses approximated their fair values at March 28, 2025, September 27, 2024 and March 29, 2024 due to the short term maturities of these instruments.

See Note 13 for discussion of fair value of cash and cash equivalents.

9 unchanged sentences

Marketable securities are classified as available-for-sale, with fair values determined using significant other observable inputs, which include quoted prices in markets that are not active, quoted prices of similar securities, recently executed transactions, broker quotations, and other inputs that are observable.

The following table summarizes the Company’s financial assets measured at fair value as of December 27, 2024:

The following table summarizes the Company’s financial assets measured at fair value as of March 28, 2025:

JOHNSON OUTDOORS INC.

Level 1 Level 2 Level 3 Total

7 unchanged sentences

Total $ 29,059 $ 16,541 $ — $ 45,600

The following table summarizes the Company’s financial assets measured at fair value as of December 29, 2023:

The following table summarizes the Company’s financial assets measured at fair value as of March 29, 2024:

Level 1 Level 2 Level 3 Total

2 unchanged sentences

Total $ 27,139 $ 26,071 $ — $ 53,210

The effect of changes in the fair value of financial instruments on the accompanying Condensed Consolidated Statements of Operations for the three month periods ended December 27, 2024 and December 29, 2023 was:

JOHNSON OUTDOORS INC.

Three Months Ended

Location of income recognized in Statement of Operations December 27, 2024 December 29, 2023

The effect of changes in the fair value of financial instruments on the accompanying Condensed Consolidated Statements of Operations for the three and six month periods ended March 28, 2025 and March 29, 2024 was:

Three Months Ended Six months ended

Location of income recognized in Statement of Operations March 28, 2025 March 29, 2024 March 28, 2025 March 29, 2024

Rabbi trust assets Other (expense) income, net $ ( 1,277 ) $ 2,100 $ ( 2,765 ) $ 4,772

There were no assets or liabilities measured at fair value on a non-recurring basis in periods subsequent to their initial recognition for either of the three month periods ended December 27, 2024 or December 29, 2023.

There were no assets or liabilities measured at fair value on a non-recurring basis in periods subsequent to their initial recognition for either of the six month periods ended March 28, 2025 or March 29, 2024.

13 CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

1 unchanged sentence

Cash equivalents are stated at cost which approximates market value.

During the third quarter of fiscal 2023, the Company invested in marketable securities.

The Company has classified all marketable securities as available-for-sale which requires the securities to be reported at estimated fair value, with unrealized gains and losses, net of tax, reported as a separate component of accumulated other comprehensive income in the Condensed Consolidated Statements of Shareholders' Equity.

At December 27, 2024, cost for marketable securities was determined using the specific identification method.

At March 28, 2025, cost for marketable securities was determined using the specific identification method.

A summary of the amortized costs and fair values of the Company’s marketable securities at the end of the period presented is shown in the following table.

All of the Company’s marketable securities are classified as Level 2, as defined by FASB ASC 820, with fair values determined using significant other observable inputs, which include quoted prices in markets that are not active, quoted prices of similar securities, recently executed transactions, broker quotations, and other inputs that are observable.

The following table summarizes the Company’s marketable securities measured at fair value as of December 27, 2024:

The following table summarizes the Company’s marketable securities measured at fair value as of March 28, 2025:

JOHNSON OUTDOORS INC.

Amortized Cost Fair Value Gross unrealized gains Gross unrealized losses

Fixed rate US Government Bonds $ — $ — $ — $ —

Fixed rate Canadian Government Bonds $ 4,298 $ 4,315 $ 17 $ —

5 unchanged sentences

Total $ 16,518 $ 16,541 $ 23 $ —

The following table summarizes the Company’s marketable securities measured at fair value as of December 29, 2023:

JOHNSON OUTDOORS INC.

The following table summarizes the Company’s marketable securities measured at fair value as of March 29, 2024:

Amortized Cost Fair Value Gross unrealized gains Gross unrealized losses

2 unchanged sentences

Total $ 26,122 $ 26,071 $ — $ 51

Proceeds from the maturities of available for sale securities were $ 9,764 and $ 7,500 for the three month periods ended December 27, 2024 and December 29, 2023, respectively.

There were no sales or purchases of available-for-sale securities for the three month periods ended December 27, 2024 or December 29, 2023.

Proceeds from the maturities of available for sale securities were $ 11,826 and $ 15,000 for the six month periods ended March 28, 2025 and March 29, 2024, respectively.

There were no sales or purchases of available-for-sale securities for the six month periods ended March 28, 2025 or March 29, 2024.

No unrealized gains or losses were reclassified out of accumulated other comprehensive income during the same periods.

The future contractual maturities of the marketable securities held at December 27, 2024 are as follows:

The future contractual maturities of the marketable securities held at March 28, 2025 are as follows:

$ 4,315 within one year, classified as Short-Term Investments on the Condensed Consolidated Balance Sheets, and $ 0 greater than one year, but less than five years, classified as Investments on the Condensed Consolidated Balance Sheets.

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The Enhancement and Standardization of Climate-Related Disclosures for Investors.

This release is intended to improve consistency, completeness and transparency related to climate risks and events.

This release is

JOHNSON OUTDOORS INC.

intended to improve consistency, completeness and transparency related to climate risks and events.

The disclosure requirements related to this new rule will be phased in, and effective for the Company beginning in fiscal 2027 on a prospective basis.

14 unchanged sentences

The amount of consideration received can vary, primarily because of customer incentive or rebate arrangements.

JOHNSON OUTDOORS INC.

Company estimates variable consideration based on the expected value of total consideration to which customers are likely to be entitled based on historical experience and projected market expectations.

The Company estimates variable consideration based on the expected value of total consideration to which customers are likely to be entitled based on historical experience and projected market expectations.

Included in the estimate is an assessment as to whether any variable consideration is constrained.

9 unchanged sentences

The Company provides customers the right to return eligible products under certain circumstances.

At December 27, 2024, the right to returns asset was $ 1,384 and the accrued returns liability was $ 3,679 .

At December 29, 2023, the right to returns asset was $ 1,108 and the accrued returns liability was $ 2,723 .

At March 28, 2025, the right to returns asset was $ 1,615 and the accrued returns liability was $ 4,283 .

At March 29, 2024, the right to returns asset was $ 1,266 and the accrued returns liability was $ 3,362 .

The Company also offers assurance-type warranties relating to its products sold to end customers that continue to be accounted for under ASC 460 Guarantees.

6 unchanged sentences

See Note 16 for required disclosures of disaggregated revenue.

JOHNSON OUTDOORS INC.

16 SEGMENTS OF BUSINESS

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As of December 27, 2024, the Company combined these two segments into one segment, "Camping & Watercraft Recreation", consistent with the manner in which its chief operating decision maker ("CODM") assesses performance and makes resource allocations.

The operating segment change was for financial reporting purposes only and did not impact or result in changes to operations of the business segments, nor did it impact the Company's consolidated financial statements, but it did impact our previous segment footnote disclosure and the table below, including the corresponding items of segment information in prior year.

Net sales and operating profit include both sales to customers, as reported in the Company’s accompanying Condensed Consolidated Statements of Operations, and interunit transfers, which are priced to recover cost plus an appropriate profit margin.

Total assets represent assets that are used in the Company’s operations in each business segment at the end of the periods presented.

JOHNSON OUTDOORS INC.

A summary of the Company’s operations by business segment is presented below:

Three Months Ended

December 27, 2024 December 29, 2023 September 27, 2024

Three Months Ended Six Months Ended

March 28, 2025 March 29, 2024 March 28, 2025 March 29, 2024 September 27, 2024

Unaffiliated customers $ 134,462 $ 138,466 $ 216,895 $ 248,827

23 unchanged sentences

Other Segment Information

During the three month periods ended December 27, 2024 and December 29, 2023, two customers of the Company's Fishing and Camping & Watercraft Recreation segments each accounted for more than 10% of the Company's consolidated revenues, which amounted to combined net sales of approximately $ 32,875 and $ 54,147 , respectively, of the Company's consolidated revenues.

JOHNSON OUTDOORS INC.

During the three and six month periods ended March 28, 2025, two customers of the Company's Fishing and Camping & Watercraft Recreation segments each accounted for more than 10% of the Company's consolidated revenues, which amounted to combined net sales of approximately $ 63,291 and $ 87,549 , respectively, of the Company's consolidated revenues.

During the three and six month periods ended March 29, 2024, two customers of the Company's Fishing and Camping & Watercraft Recreation segments each accounted for more than 10% of the Company's consolidated revenues, which amounted to combined net sales of approximately $ 54,746 and $ 108,893 , respectively, of the Company's consolidated revenues.

During the first quarter of fiscal 2024, the Fishing segment of the Company sold a building, which resulted in a gain of approximately $ 1,900 , which was recorded in Other income, net in the accompanying Condensed Consolidated Statements of Operations.

17 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The changes in Accumulated Other Comprehensive Income (“AOCI”) by component, net of tax, for the three months ended December 27, 2024 were as follows:

JOHNSON OUTDOORS INC.

The changes in Accumulated Other Comprehensive Income (“AOCI”) by component, net of tax, for the six months ended March 28, 2025 were as follows:

Adjustment Unrealized gain (loss) on available-for sale securities Unamortized

9 unchanged sentences

Balance at December 27, 2024 $ 1,141 $ 16 $ ( 100 ) $ 1,057

The changes in AOCI by component, net of tax, for the three months ended December 29, 2023 were as follows:

Other comprehensive loss before reclassifications 1,133 ( 4 ) — 1,129

Amounts reclassified from accumulated other comprehensive income — — 10 10

Tax effects — ( 3 ) ( 3 )

Balance at March 28, 2025 $ 2,274 $ 12 $ ( 93 ) $ 2,193

The changes in AOCI by component, net of tax, for the six months ended March 29, 2024 were as follows:

Adjustment Unrealized gain (loss) on available-for sale securities Unamortized

9 unchanged sentences

Balance at December 29, 2023 $ 6,640 $ ( 19 ) $ ( 130 ) $ 6,491

The reclassifications out of AOCI for the three months ended December 27, 2024 and December 29, 2023 were as follows:

Three Months Ended

December 27, 2024 December 29, 2023 Statement of Operations

Other comprehensive income before reclassifications ( 2,379 ) ( 24 ) — ( 2,403 )

Amounts reclassified from accumulated other comprehensive income — — 10 10

Tax effects — 6 ( 2 ) 4

Balance at March 29, 2024 $ 4,261 $ ( 37 ) $ ( 122 ) $ 4,102

The reclassifications out of AOCI for the three and six months ended March 28, 2025 and March 29, 2024 were as follows:

JOHNSON OUTDOORS INC.

Three Months Ended Six Months Ended

March 28, 2025 March 29, 2024 March 28, 2025 March 29, 2024 Statement of Operations

Unamortized loss on defined benefit pension plans:

10 unchanged sentences

The remaining escrow balance, if any, net of any indemnity claim then pending, will be released to the Seller once the 24 month period has lapsed.

JOHNSON OUTDOORS INC.

The Company is currently in the process of determining the fair value of the assets acquired and the liabilities assumed in this acquisition and anticipates completing the valuation of intangibles and other assets, including any final cash, debt, net working capital adjustments and the related tax effects, within this fiscal year.

The goodwill is expected to be tax deductible in the United States over 15 years.

The following table summarizes the provisional fair values of the assets acquired and liabilities assumed, and the resulting goodwill acquired at the date of acquisition:

5 unchanged sentences

Identifiable intangible assets 1,439

Deferred tax asset 237

Less, accounts payable and accruals ( 1,044 )

5 unchanged sentences

Pro forma financial information has not been presented because such amounts are not material to the unaudited condensed consolidated financial statements.

Transaction costs incurred for the acquisition to date were approximately $ 610 , of which approximately $ 110 was recognized during the three months ended December 27, 2024, which are included in Administrative management, finance and information systems expenses in the accompanying Condensed Consolidated Statements of Operations.

JOHNSON OUTDOORS INC.

Transaction costs incurred for the acquisition to date were approximately $ 635 , of which approximately $ 135 was recognized during the six months ended March 28, 2025, and which are included in Administrative management, finance and information systems expenses in the accompanying Condensed Consolidated Statements of Operations.

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.

What changed 10-Q

Item 1. Financial Statements