What changed in this filing

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Item 1. Financial Statements

2025-08-01 compared with 2025-05-02 · 156 added, 122 removed, 528 unchanged (34% of the section changed)

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended Six Months Ended

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

Three Months Ended Nine Months Ended

(thousands, except per share data) June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024

Net sales $ 180,655 $ 172,472 $ 456,653 $ 486,972

9 unchanged sentences

Interest expense 49 37 164 115

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

Other (income) expense, net ( 2,292 ) ( 327 ) ( 1,318 ) ( 7,468 )

Profit (loss) before income taxes 10,500 907 ( 4,269 ) 9,818

15 unchanged sentences

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

Three Months Ended Nine Months Ended

(thousands) June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024

Net income (loss) $ 7,742 $ 1,622 $ ( 5,244 ) $ 7,733

8 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS

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

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

Current assets:

49 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

Six Months Ended March 28, 2025

Nine Months Ended June 27, 2025

(thousands except for shares) Shares Common Stock Capital in

23 unchanged sentences

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

Net income — — — 7,742 — —

Dividends declared — — — ( 3,409 ) — —

Issuance of stock under employee stock purchase plan 6,203 — 120 — — —

Stock-based compensation — — ( 284 ) — — —

B to A conversion — — ( 13 ) — — 13

Currency translation adjustment — — — — 5,192 —

Unrealized loss on available-for-sale securities, net of tax — — — — ( 8 ) —

Change in pension plans, net of tax — — — — 9 —

BALANCE AT JUNE 27, 2025 10,372,263 $ 521 $ 91,422 $ 354,205 $ 7,386 $ ( 3,070 )

JOHNSON OUTDOORS INC.

Six Months Ended March 29, 2024

Nine Months Ended June 28, 2024

(thousands except for shares) Shares Common Stock Capital in

18 unchanged sentences

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

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

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

3 unchanged sentences

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

Net income — — — 1,622 — —

Dividends declared — — — ( 3,369 ) — —

Issuance of stock under employee stock purchase plan 4,937 — 172 — —

Stock-based compensation — — 574 — — —

Non-vested stock forfeitures ( 1,887 ) — 110 — — ( 110 )

Currency translation adjustment — — — — ( 439 ) —

Unrealized gain (loss) on available-for-sale securities, net of tax — — — — 14 —

Change in pension plans, net of tax of $ 3

BALANCE AT JUNE 28, 2024 10,304,392 $ 517 $ 89,846 $ 407,223 $ 3,683 $ ( 2,600 )

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

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended

(thousands) March 28, 2025 March 29, 2024

CASH USED FOR OPERATING ACTIVITIES

Nine Months Ended

(thousands) June 27, 2025 June 28, 2024

CASH PROVIDED BY OPERATING ACTIVITIES

Net (loss) income $ ( 5,244 ) $ 7,733

11 unchanged sentences

Other current assets 2,986 5,510

Other non-current assets ( 23 ) —

Other long-term liabilities ( 1,072 ) 2,935

3 unchanged sentences

Payments for purchase of businesses ( 12,197 ) —

Purchase of investments — ( 2,220 )

Proceeds from maturity of short-term investments 14,021 19,650

3 unchanged sentences

CASH USED FOR FINANCING ACTIVITIES

Common stock transactions 121 172

Debt issuance costs paid ( 55 ) —

3 unchanged sentences

Effect of foreign currency rate changes on cash 527 ( 19 )

Decrease in cash and cash equivalents ( 55,862 ) ( 51,498 )

Increase in cash and cash equivalents 13,193 14,969

CASH AND CASH EQUIVALENTS

12 unchanged sentences

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 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.

and subsidiaries (collectively, the “Company”) as of June 27, 2025 and June 28, 2024, and their results of operations for the three and nine month periods then ended and cash flows for the nine 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.

1 unchanged sentence

2 ACCOUNTS RECEIVABLE

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.

Accounts receivable are stated net of allowances for credit losses of $ 670 , $ 3,543 and $ 649 as of June 27, 2025, September 27, 2024 and June 28, 2024, respectively.

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

12 unchanged sentences

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 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.

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 “units”) and non-vested restricted stock.

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

For the three month period ended June 27, 2025, 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.

For the nine month period ended June 27, 2025, and the three and nine month periods ended June 28, 2024, basic net income (loss) per share for Class A and Class B shares was the same because there were no cumulative undistributed earnings, which has been presented using the two class method described above.

JOHNSON OUTDOORS INC.

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

“units”) and non-vested restricted stock.

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.

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 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

For the three month period ended June 27, 2025, 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.

For the nine month period ended June 27, 2025, and the three and nine month periods ended June 27, 2025 and June 28, 2024, the effect of non-vested restricted stock units is excluded from the diluted income (loss) 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 95,654 and 69,044 for the three months ended June 27, 2025 and June 28, 2024, respectively, and 80,507 and 67,429 for the nine months ended June 27, 2025 and June 28, 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 102,291 and 71,176 for the three months ended June 27, 2025 and June 28, 2024, respectively, and 101,638 and 71,776 for the nine months ended June 27, 2025 and June 28, 2024, respectively

Dividends per share

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 per share for the three and nine month periods ended June 27, 2025 and June 28, 2024 were as follows:

Three Months Ended Nine months ended

June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024

Dividends declared per common share:

4 unchanged sentences

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 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.

3 unchanged sentences

JOHNSON OUTDOORS INC.

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:

A summary of non-vested stock activity for the nine months ended June 27, 2025 related to the Company’s stock ownership plans is as follows:

Shares Weighted Average

3 unchanged sentences

Forfeitures ( 3,690 ) 54.20

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

Non-vested stock at June 27, 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 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.

Shares tendered back to the Company were 1,609 and 2,330 during the nine month periods ended June 27, 2025 and June 28, 2024, respectively.

Stock compensation expense, net of forfeitures, related to non-vested stock was $ 462 and $ 398 for the three month periods ended June 27, 2025 and June 28, 2024, respectively, and $ 1,278 and $ 1,148 for the nine month periods ended June 27, 2025 and June 28, 2024, respectively.

Unrecognized compensation cost related to non-vested stock as of June 27, 2025 was $ 1,907 , 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 nine month periods ended June 27, 2025 and June 28, 2024 was $ 690 and $ 964 , respectively.

Restricted Stock Units

2 unchanged sentences

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 six months ended March 28, 2025 follows:

A summary of RSU activity for the nine months ended June 27, 2025 follows:

Number of RSUs Weighted Average

3 unchanged sentences

RSU's forfeited ( 3,690 ) 54.20

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.

RSUs at June 27, 2025 121,253 44.76

The Company recognized income related to RSUs of $ 660 and $ 384 for the three and nine month periods ended June 27, 2025, respectively, as a result of reversing compensation expense previously recognized, due to an expectation that performance conditions wouldn't be met for certain awards.

The Company recognized expense of $ 201 and income of $ 239 related to RSUs for the three and nine month periods ended June 28, 2024, respectively.

Unrecognized compensation cost related to non-vested RSUs as of June 27, 2025 was $ 542 , 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 six month period ended March 28,

Because performance criteria was not met, the RSUs expiring in the nine month period ended June 27,

JOHNSON OUTDOORS INC.

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.

2025 were canceled so shares tendered back to the Company for this purpose were 0 during the nine month period ended June 27, 2025.

Shares tendered back to the Company for the reimbursement of withholding taxes were 2,331 during the nine month period ended June 28, 2024.

The fair value of restricted stock units recognized as a tax deduction during the nine month periods ended June 27, 2025 and June 28, 2024 was $ 0 and $ 1,171 , 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.

4 unchanged sentences

Employees’ Stock Purchase Plan

The Company’s shareholders have adopted the Johnson Outdoors Inc.

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 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’s shareholders previously adopted the Johnson Outdoors Inc.

2009 Employees’ Stock Purchase Plan, which was most recently amended on March 2, 2017, but was terminated effective as of May 9, 2025.

Prior to termination, this plan provided 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 June 27, 2025, the Company issued 6,203 shares of Class A common stock and recognized $ 86 of income in connection with the Employees' Stock Purchase Plan.

During the nine month period ended June 27, 2025, the Company issued 6,203 shares of Class A common stock and recognized $ 79 of expense in connection with the Employees' Stock Purchase Plan.

During the three month period ended June 28, 2024, the Company issued 4,937 shares of Class A common stock and recognized $ 25 of expense in connection with this plan.

During the nine month period ended June 28, 2024, the Company issued 4,937 shares of Class A common stock and recognized $ 83 of expense in connection with this 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 March 28, 2025, the Company had approximately 150 leases, with remaining terms ranging from less than one year to 14 years.

As of June 27, 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 and six months ended March 28, 2025 and March 29, 2024 were as follows:

The components of lease expense recognized in the accompanying Condensed Consolidated Statements of Operations for the three and nine months ended June 27, 2025 and June 28, 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

Three months ended Nine months ended

June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024

Operating lease costs $ 2,680 $ 2,470 $ 7,951 $ 7,411

2 unchanged sentences

Total lease cost $ 3,292 $ 3,115 $ 9,790 $ 9,368

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.

Included in the amounts in the table above was rent expense to related parties of $ 314 and $ 941 for the three and nine months ended June 27, 2025, respectively, and $ 314 and $ 941 for the three and nine months ended June 28, 2024, respectively.

As of June 27, 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 March 28, 2025.

As of March 28, 2025, 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 June 27, 2025.

As of June 27, 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:

Six months ended

March 28, 2025 March 29, 2024

Nine months ended

June 27, 2025 June 28, 2024

Operating leases:

7 unchanged sentences

ROU assets obtained in exchange for lease liabilities $ 4,147 $ 3,497

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:

Future minimum rental commitments under non-cancelable operating leases with an initial lease term in excess of one year at June 27, 2025 were as follows:

JOHNSON OUTDOORS INC.

9 unchanged sentences

6 INCOME TAXES

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

For the three and nine months ended June 27, 2025 and June 28, 2024, the Company’s earnings before income taxes, income tax expense and effective income tax rate were as follows:

Three Months Ended Nine Months Ended

(thousands, except tax rate data)

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

June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024

Profit (loss) before income taxes $ 10,500 $ 907 $ ( 4,269 ) $ 9,818

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

Income tax expense (benefit) 2,758 ( 715 ) 975 2,085

Effective income tax rate 26.3 % ( 78.8 ) % ( 22.8 ) % 21.2 %

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 change in the Company’s effective tax rate for the three months ended June 27, 2025 versus the prior year period was primarily due to 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.

The change in the effective tax rate for the nine months ended June 27, 2025 compared to the nine months ended June 28, 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 as compared to the prior year.

The Company maintains valuation allowances when it is more likely than not that all or a portion of a deferred tax asset will not be realized.

8 unchanged sentences

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 March 28, 2025 and March 29, 2024 were:

March 28, 2025 March 29, 2024

The significant tax jurisdictions that have a valuation allowance for the periods ended June 27, 2025 and June 28, 2024 were:

JOHNSON OUTDOORS INC.

June 27, 2025 June 28, 2024

Indonesia Indonesia

1 unchanged sentence

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

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.

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 recorded a $ 858 unrecognized tax benefit including interest and penalties of $ 258 during the nine month period ended June 27, 2025 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.

On July 4, 2025, the One Big Beautiful Bill (OBBB) Act, which includes a broad range of tax reform provisions, was signed into law in the United States.

We are currently assessing its potential impact on our estimated annual effective tax rate.

7 INVENTORIES

2 unchanged sentences

2025 September 27,

2024 March 29,

2024 June 28,

Raw materials $ 85,956 $ 103,780 $ 107,384

1 unchanged sentence

$ 163,732 $ 209,788 $ 223,160

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

The changes in goodwill during the nine months ended June 27, 2025 and June 28, 2024 were as follows:

June 27, 2025 June 28, 2024

Balance at beginning of period $ — $ 11,172

2 unchanged sentences

Balance at end of period $ 10,162 $ 11,160

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

The goodwill at June 27, 2025 relates to the acquisition of Endless Summer Technologies Proprietary, Ltd.

See Note 18 below for additional information on the acquisition.

2 unchanged sentences

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.

JOHNSON OUTDOORS INC.

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.

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 June 28, 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 six months ended March 28, 2025 and March 29, 2024.

JOHNSON OUTDOORS INC.

March 28, 2025 March 29, 2024

The following table summarizes the Company’s warranty activity for the nine months ended June 27, 2025 and June 28, 2024.

June 27, 2025 June 28, 2024

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

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11 INDEBTEDNESS

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

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

9 unchanged sentences

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

JOHNSON OUTDOORS INC.

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 was filed as Exhibit 10.1 to the quarterly report on Form 10-Q dated and filed with the Securities and Exchange Commission on February 3, 2025).

1 unchanged sentence

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 March 28, 2025 and March 29, 2024 were

JOHNSON OUTDOORS INC.

approximately 5.4 % and 6.5 %, respectively.

The interest rates on the Revolver at both June 27, 2025 and June 28, 2024 were approximately 5.4 % and 6.45 %, 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 March 28, 2025 or March 29, 2024.

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 March 28, 2025 and March 29, 2024, respectively.

The Company had no unsecured revolving credit facilities at its foreign subsidiaries as of June 27, 2025 or June 28, 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.

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.

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

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

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These assets are included in "Other assets" in the accompanying Company's Condensed Consolidated Balance Sheets, and the mark to market adjustments on the assets are recorded in “Other income, net” in the accompanying Condensed Consolidated Statements of Operations.

The offsetting deferred compensation liability is also reported at fair value as "Deferred compensation liability" in the Company's accompanying Condensed Consolidated Balance Sheets.

The offsetting deferred compensation liability is also reported at fair value as "Deferred compensation liability" in the Company's accompanying Condensed

JOHNSON OUTDOORS INC.

Consolidated Balance Sheets.

Changes in the liability are recorded in "Administrative management, finance and information systems" expense in the accompanying Condensed Consolidated Statements of Operations.

1 unchanged sentence

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 March 28, 2025:

JOHNSON OUTDOORS INC.

The following table summarizes the Company’s financial assets measured at fair value as of June 27, 2025:

Level 1 Level 2 Level 3 Total

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Total $ 29,059 $ 16,541 $ — $ 45,600

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

The following table summarizes the Company’s financial assets measured at fair value as of June 28, 2024:

Level 1 Level 2 Level 3 Total

2 unchanged sentences

Total $ 27,793 $ 23,783 $ — $ 51,576

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 six month periods ended March 28, 2025 or March 29, 2024.

The effect of changes in the fair value of financial instruments on the accompanying Condensed Consolidated Statements of Operations for the three and nine month periods ended June 27, 2025 and June 28, 2024 was:

Three Months Ended Nine months ended

Location of income recognized in Statement of Operations June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024

Rabbi trust assets Other income (expense), net $ 2,407 $ 403 $ ( 358 ) $ 5,175

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 nine month periods ended June 27, 2025 or June 28, 2024.

13 CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

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Cash equivalents are stated at cost which approximates market value.

JOHNSON OUTDOORS INC.

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

At June 27, 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 March 28, 2025:

JOHNSON OUTDOORS INC.

The following table summarizes the Company’s marketable securities measured at fair value as of June 27, 2025:

Amortized Cost Fair Value Gross unrealized gains Gross unrealized losses

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Total $ 16,518 $ 16,541 $ 23 $ —

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

The following table summarizes the Company’s marketable securities measured at fair value as of June 28, 2024:

Amortized Cost Fair Value Gross unrealized gains Gross unrealized losses

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Total $ 23,814 $ 23,783 $ — $ 31

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.

Proceeds from the maturities of available for sale securities were $ 14,021 and $ 19,650 for the nine month periods ended June 27, 2025 and June 28, 2024, respectively.

There were no sales or purchases of available-for-sale securities for the nine month periods ended June 27, 2025 or June 28, 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 March 28, 2025 are as follows:

The future contractual maturities of the marketable securities held at June 27, 2025 are as follows:

$ 2,331 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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Recently issued accounting pronouncements

JOHNSON OUTDOORS INC.

In November 2024, the Financial Account Standards Board (FASB), issued Accounting Standards Update (ASU) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40).

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

This release is

JOHNSON OUTDOORS INC.

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

This release is 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.

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The amendments in this ASU are effective in fiscal 2025, and interim periods in fiscal 2026, on a retrospective basis, with early adoption permitted.

The Company is currently evaluating the potential impact of this guidance on its financial statements and disclosures.

The Company does not expect this guidance to have a material effect on its financial statements and disclosures.

Revenue is recognized when obligations under the terms of a contract with our customer are satisfied;

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

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 .

At June 27, 2025, the right to returns asset was $ 1,447 and the accrued returns liability was $ 3,783 .

At June 28, 2024, the right to returns asset was $ 1,195 and the accrued returns liability was $ 2,981 .

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.

JOHNSON OUTDOORS INC.

The Company accounts for shipping and handling activities as a fulfillment activity, consistent with the timing of revenue recognition;

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See Note 16 for required disclosures of disaggregated revenue.

JOHNSON OUTDOORS INC.

16 SEGMENTS OF BUSINESS

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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 Six Months Ended

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

Three Months Ended Nine Months Ended

June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 September 27, 2024

Unaffiliated customers $ 140,243 $ 130,415 $ 357,138 $ 379,242

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Other Segment Information

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 three and nine month periods ended June 27, 2025, one customer of the Company's Fishing and Camping & Watercraft Recreation segments accounted for more than 10% of the Company's consolidated revenues, which amounted to net sales of approximately $ 34,171 and $ 95,215 , respectively, of the Company's consolidated revenues.

During the three and nine month periods ended June 28, 2024, one customer of the Company's Fishing and Camping & Watercraft Recreation segments accounted for more than 10% of the Company's consolidated revenues, which amounted to net sales of approximately $ 41,273 and $ 150,166 , 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 six months ended March 28, 2025 were as follows:

The changes in Accumulated Other Comprehensive Income (“AOCI”) by component, net of tax, for the nine months ended June 27, 2025 were as follows:

JOHNSON OUTDOORS INC.

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

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

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

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

Amounts reclassified from accumulated other comprehensive income — — 10 10

1 unchanged sentence

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:

Other comprehensive income before reclassifications 5,192 ( 8 ) — 5,184

Amounts reclassified from accumulated other comprehensive income — — 11 11

Tax effects — — ( 2 ) ( 2 )

Balance at June 27, 2025 $ 7,466 $ 4 $ ( 84 ) $ 7,386

The changes in AOCI by component, net of tax, for the nine months ended June 28, 2024 were as follows:

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

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

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

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

Amounts reclassified from accumulated other comprehensive income — — 10 10

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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:

Other comprehensive loss before reclassifications ( 439 ) 20 — ( 419 )

Amounts reclassified from accumulated other comprehensive income — — 9 9

Tax effects — ( 6 ) ( 3 ) ( 9 )

Balance at June 28, 2024 $ 3,822 $ ( 23 ) $ ( 116 ) $ 3,683

The reclassifications out of AOCI for the three and nine months ended June 27, 2025 and June 28, 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

Three Months Ended Nine Months Ended

June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Statement of Operations

Unamortized loss on defined benefit pension plans:

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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.

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 Company is currently in the process of finalizing 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 following table summarizes the provisional fair values of the assets acquired and liabilities assumed, and the resulting goodwill acquired at the date of acquisition:

14 unchanged sentences

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.

Transaction costs incurred for the acquisition to date were approximately $ 635 , of which approximately $ 135 was recognized during the nine months ended June 27, 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