Johnson Outdoors paid $16 million for Jetboil; projects $10 million in extra 2013 revenue
In reporting its quarterly results Friday, Johnson Outdoors (Nasdaq:JOUT) revealed previously undisclosed financial details of its recent Jetboil acquisition
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In reporting its quarterly results Friday, Johnson Outdoors (Nasdaq:JOUT) revealed previously undisclosed financial details of its recent Jetboil acquisition.
Johnson paid $16 million for the camp stove manufacturer, according to the filing. Company officials say they expect Jetboil to add more than $10 million in sales and $1.5 million in operating profit in 2013.
Jetboil sales were not included in the company’s latest quarterly results, representing its fiscal 2012 fourth quarter, ended Sept. 30. For the quarter, Johnson reported its revenue down 3.3 percent to $74.8 million. The company did improve its quarterly net loss, however, which came in at a loss of $3.2 million, or a loss of 32 cents per diluted share, versus a net loss of $4.6 million, or a loss of 48 cents per diluted share, a year ago.
Despite the quarterly revenue decline, Johnson’s outdoor gear sales, including its Eureka brand, rose 8.2 percent to $7.38 million, compared to a year ago, suggesting a strong latter half of the summer camping season.
For its full fiscal 2012, Johnson’s outdoor group sales fell 9.1 percent to $35.3 million, largely due to declining military orders. Still, Johnson was able to muster a 1.2 percent rise to $412.3 million in total revenue due to record sales in marine electronics and a slight gain in watercraft sales, which include the Old Town, Ocean Kayak and Necky brands.
Net income for Johnson’s fiscal 2012 was $10.1 million, or $1.03 per diluted share, a decline from the previous year’s net income of $32.6 million, or $3.36 per diluted share. Officials say the decline was due to a tax benefit that boosted figures a year ago.
Johnson ended the year with about $58 million in cash, about $8 million of which is debt.