Watercraft business drives loss for Johnson Outdoors
RACINE, Wis. — Johnson Outdoors Inc. anticipates its fiscal year 2003 earnings per diluted share to be in the range of $0.60 – $0.63, pending completion of the audit of the company’s financial statements, the company reported in a statement this morning.
The earnings range reflects a projected fourth quarter loss of $0.43 – $0.46 per diluted share, the company added.
A strong fourth quarter finish by the motors and outdoor equipment businesses was offset by continued operational issues in the company’s watercraft business. Watercraft results and fourth quarter charges totaling slightly more than $4.0 million ($0.29 per diluted share) drove the operating loss for the quarter, the company stated.
These charges, which stem from operational changes to improve long-term efficiency and rationalize the company’s manufacturing capacity and inventory investments, include: costs to close the Miami, Fla., Extrasport facility and outsource production ($0.9 million); reorganizations in the Watercraft and Outdoor Equipment businesses ($0.7 million); and production and product line changes and associated write-downs of inventory, tooling and equipment ($2.4 million), the company reported.
Johnson Outdoors currently expects to announce its 2003 financial results on November 20, according to the company.
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