What changed in this filing

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Item 1. Business

2025-12-12 compared with 2024-12-11 · 22 added, 32 removed, 120 unchanged (31% of the section changed)

11 unchanged sentences

Humminbird sonar and GPS equipment are designed and manufactured primarily in Eufaula, Alabama and Alpharetta, Georgia.

Fishing brands and related accessories are sold across the globe, with the majority of sales coming from North America through large outdoor specialty retailers, such as Bass Pro Shops and Cabela’s;

Fishing brands and related accessories are sold across the globe, with the majority of sales coming from North America through large outdoor specialty retailers, such as Bass Pro Shops and Scheels;

large retail store chains;

4 unchanged sentences

The Company markets its Fishing brands through several media channels, and is focused on innovation leadership, reliable technology, and quality products.

The Company’s Camping segment key brands are:

Jetboil portable outdoor cooking systems and Eureka!

camping products and accessories.

During fiscal 2023, the Company sold the Military and Commercial Tent product lines of Eureka!, and approved plans to fully exit the Eureka!

brand, which includes the sale of all remaining consumer inventory of Eureka!

branded products and winding down operations by the end of calendar 2024.

Going forward, the Company expects to focus its resources in the Camping segment on marketing and further developing the Jetboil product line.

Camping & Watercraft Recreation

The Company’s Camping & Watercraft segment key brands are:

Jetboil portable outdoor cooking systems, Old Town canoes and kayaks, and Carlisle branded paddles.

Jetboil portable outdoor cooking systems, single burner and two burner stoves, and accessories are sold in the U.S.

and Canada, primarily to camping and backpacking specialty stores, sporting goods stores, internet retailers, and direct to consumer via the Jetboil brand website.

Markets outside of North America are accessed through a network of independent international

distributors.

Markets outside of North America are accessed through a network of independent international distributors.

Marketing of Jetboil systems is focused on building brand awareness and leadership in product features and innovation, primarily through digital marketing and social media.

Jetboil products are designed at the Company’s operating locations in Old Town, Maine, and manufactured by third party sources in Asia.

Watercraft Recreation

The Company’s Watercraft Recreation segment designs and markets canoes, kayaks and advanced personal watercraft equipment and products under the Old Town brand name for family recreation, touring and angling.

The Company designs and markets canoes, kayaks and advanced personal watercraft equipment and products under the Old Town brand name for family recreation, touring and angling.

Old Town products are manufactured at the Company’s facility in Old Town, Maine.

Watercraft Recreation accessory brands, including Carlisle branded paddles, are produced primarily by third party sources located in North America and Asia.

Accessory brands, including Carlisle branded paddles, are produced primarily by third party sources located in North America and Asia.

The company's personal flotation devices are manufactured by third party sources located in Asia and are sold under the Old Town brand.

5 unchanged sentences

The Company markets a complete line of underwater diving and snorkeling equipment, including regulators, buoyancy compensators, dive computers and gauges, wetsuits, masks, fins, snorkels and accessories.

The Company manufactures and assembles buoyancy compensators, regulators, dive computers, gauges, and instruments at its Italian and Indonesian facilities, and for certain makes or models, from other third party manufacturers.

The Company manufactures and assembles buoyancy compensators, regulators, dive computers, gauges, and instruments at its Italian, Indonesian, and South African facilities, and for certain makes or models, from other third party manufacturers.

The Company designs and develops diving and snorkeling soft goods, proprietary materials, and other components from third party contract manufacturers.

2 unchanged sentences

These specialty dive stores generally provide a wide range of services to divers, including regular maintenance, product repair, diving education and travel programs.

The Company also sells diving gear direct to consumers via the SCUBAPRO website and to dive training centers, resorts and public safety units.

The Company also sells diving gear direct to consumers via the SCUBAPRO website, internet retailers, and to dive training centers, resorts and public safety units.

The Company markets its equipment via websites, through social media, through information and displays in dive specialty stores, and in diving magazines.

Financial Information for Business Segments

As noted above, the Company has four reportable business segments.

As noted above, the Company has three reportable business segments.

See Note 13 to the consolidated financial statements included elsewhere in this report for financial information concerning each business segment.

8 unchanged sentences

and Eufaula, Alabama.

Diving maintains research and

development facilities in Zurich, Switzerland and Casarza Ligure, Italy.

Research and development activities for Watercraft Recreation are performed in Old Town, Maine and Racine, Wisconsin.

Diving maintains research and development facilities in Zurich, Switzerland;

Durban, South Africa;

and Casarza Ligure, Italy.

Research and development activities for Watercraft Recreation products are performed in Old Town, Maine and Racine, Wisconsin.

Product research, design and innovation for Camping products are conducted at the Company's Racine, Wisconsin, and Old Town, Maine locations.

4 unchanged sentences

The Company believes its products compete favorably on the basis of product innovation, product performance and marketing support and, to a lesser extent, price.

Minn Kota’s primary competitor in the electric trolling motors business is Lowrance, owned by Brunswick Corporation, Garmin and Power-Pole.

Minn Kota’s primary competitors in the electric trolling motors business are Lowrance, owned by Brunswick Corporation, Garmin and Power-Pole.

In addition, Power-Pole is Minn Kota's main competitor in the shallow water anchor business.

4 unchanged sentences

Competition in this business primarily focuses on ease of operation, speed and durability.

Camping & Watercraft Recreation:

The Company’s portable outdoor cooking systems compete in the specialty and higher end performance backpacking and camping markets.

1 unchanged sentence

Competition in this market is based on product size and weight, ease of use, reliability and performance.

Watercraft Recreation:

The Company primarily competes in this segment in the kayak and canoe product categories of the paddlesports market.

The Company’s main competitors in this market are Hobie, Pelican International Inc., Wenonah Canoe, Jackson Kayak and Legacy Paddlesports, each of which competes on the basis of their product’s design, performance, quality and price.

In the Company's kayak and canoe product categories its main competitors are Hobie, Pelican International Inc., Wenonah Canoe, Jackson Kayak and Legacy Paddlesports, each of which competes on the basis of their product’s design, performance, quality and price.

The main competitors in the Diving segment include Aqua Lung, Suunto, Atomic Aquatics, Oceanic, Cressi and Mares.

3 unchanged sentences

Employees and Human Capital Resources

At September 27, 2024, the Company had approximately 1,200 regular, full-time employees, of which approximately 950 were employed in the United States and approximately 250 were employed outside of the United States.

At October 3, 2025, the Company had approximately 1,300 regular, full-time employees, of which approximately 950 were employed in the United States and approximately 350 were employed outside of the United States.

Approximately 50 or 4% were represented by a collective bargaining agreement, all of whom are located at our facilities in Batam, Indonesia.

18 unchanged sentences

The following table shows, for the past three fiscal years, the total consolidated net sales and operating profit or loss of the Company for each quarter, as a percentage of the total year.

As reflected in the table below and as described in greater detail below in the Management's Discussion and Analysis of Financial Condition and Results of Operations, for fiscal 2024 and 2023 the impact of seasonality on the Company's business returned to more traditional levels experienced by the Company prior to the COVID-19 pandemic.

As a result of the pandemic, the Company's typical seasonality fluctuations among fiscal quarters became disrupted by increased demand for Company products that more evenly impacted each of the Company's fiscal quarters during 2022.

This demand was also impacted by the lingering effects that the pandemic had on the Company's supply chain and the pricing and availability of raw materials and components during fiscal 2022.

2025 2024 2023

Quarter Ended Net

Sales Operating (Profit) Loss

Sales Operating

1 unchanged sentence

Profit (Loss)

Sales Operating

December 18 % 125 % 23 % 0 % 27 % 47 %

8 unchanged sentences

Expenditures on environmental compliance have not had, and we believe in the future, are not expected to have, a material adverse effect on the Company’s capital expenditures, earnings or competitive position.

We do not believe that any direct or indirect consequences of legislation related to climate change will have a material adverse effect on our operating costs, facilities or

We do not believe that any direct or indirect consequences of legislation related to climate change will have a material adverse effect on our operating costs, facilities or products.

However, risk of environmental liability and charges associated with maintaining compliance with environmental laws is inherent in the nature of the Company’s business and there is no assurance that material liabilities or charges could not arise.

We are committed to conducting business and making decisions honestly, fairly and within the law, and are guided by the values and beliefs embodied in our “Code of Conduct”.

We are dedicated to earning and keeping the trust and confidence of our shareholders, customers and associates as well as the communities where we do business.

We are committed to conducting business and making decisions honestly, fairly and within the law, and are guided by the values and beliefs embodied in our “Code of Conduct.” We are dedicated to earning and keeping the trust and confidence of our shareholders, customers and associates as well as the communities where we do business.

Our “Code of Conduct” provides guidelines and a framework for conducting business in an ethical manner.

11 unchanged sentences

and Nominating and Corporate Governance;

and (e) Corporate Governance Guidelines, Insider Trading Policy and Incentive Compensation Recovery Policy.

and (e) Corporate Governance Guidelines, Insider Trading Policy, Incentive Compensation Recovery Policy, and Stock Ownership Guidelines for directors and executive officers.

Except as specifically provided herein, the Company is not including the information contained on or available through its website as a part of, or incorporating such information by reference into, this Annual Report on Form 10-K.

4 unchanged sentences

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-K

Item 1. Business