Racine, WI-based Johnson Outdoors Inc., manufacturer of Minn Kota electric motors, Cannon downriggers and Humminbird marine electronics products, has released its year-end financial results.
Total net sales grew seven percent to $382.4 million in fiscal 2010 versus $356.5 million in fiscal 2009. As a result of company-wide sustained cost reduction initiatives implemented over the past 18 months, operating profit rose significantly, with net income at $6.5 million in fiscal year 2010 compared to a net loss of $9.7 million in the prior year.
“We have transformed Johnson Outdoors, taking aggressive, strategic action to enhance competitiveness and profitability now and in the future,” said Helen Johnson-Leipold, Chairman and Chief Executive Officer. “We streamlined operations, simplified processes and kept working capital within target levels while investing strategically in innovative new products and programs to strengthen our market-leading positions. As a result, this year's revenue growth outpaced our markets as we gained share and outperformed the competition. Importantly, significant improvement in operating efficiency enabled us to grow profits faster than sales, a key objective of our strategic plan. Continued industry recovery and focused, disciplined execution of our strategic plan are key to realizing ongoing marketplace success and sustained profitable growth in the year ahead.”