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- **Flat Sales, Improved Profitability**: FY2025 sales flat, but operating loss reduced by 46% to $16.2 million. Gross margin improved to 35.1%.
- **Fishing Success**: XPLORE Series and MEGA Live 2 drove growth, winning industry awards and consumer recognition.
- **Cost Efficiency**: Operating expenses down 8%, with $20.2 million savings from cost control and prior-year write-offs.
- **Early FY2026 Momentum**: Positive signs but cautious; innovation and digital expansion remain strategic priorities.
- **Tax Normalization**: Expecting mid-20s tax rate in FY2026 after $25 million deferred tax reserve in FY2025.

**【CEO Summary Section】**
- **Fiscal 2025 Performance**: Total sales were flat year-over-year, but operating loss improved to $16.2 million from $29.9 million in FY2024. New product successes drove double-digit growth in the second half.
- **Fishing Segment**: Humminbird's XPLORE Series and MEGA Live 2 fishfinders exceeded demand, winning best-in-category awards. Anglers' Choice Award for XPLORE Series reflects consumer preference.
- **Camping & Watercraft**: Sales declined due to Eureka! brand exit, but JetBoil's fast-boil cooking systems outperformed expectations, and Old Town fishing kayaks maintained market share despite industry challenges.
- **Diving Segment**: Sales grew on regional market improvements. SCUBAPRO's Hydros Pro 2 buoyancy control device launched successfully, with shipments beginning in Q4 2025.
- **Strategic Priorities**: Continued investment in innovation, digital/e-commerce expansion, and operational cost savings. FY2026 focus on consumer-driven innovation and efficiency.

**【CFO Financial Commentary】**
- **Gross Margin**: Improved to 35.1% (up 1.2% YoY) due to cost savings, overhead absorption, and reduced inventory reserves.
- **Operating Expenses**: Decreased 8% ($20.2 million) driven by prior-year goodwill write-offs, lower promotional spending, and deferred compensation costs.
- **Cash Flow**: Positive for the third consecutive year, with inventory reduced by $39 million to $170.7 million.
- **Tax Position**: $25 million noncash reserve on U.S. deferred tax assets due to recent losses; expects normalization to mid-20s tax rate in FY2026.
- **Balance Sheet**: Debt-free with healthy cash position.

**【Q&A Key Highlights】**
- **FY2026 Momentum**: Early signs positive, but cautious on market recovery. Seasonal demand and consumer behavior will determine results.
- **Tariff Mitigation**: Strategic pricing actions in Q3 and Q4 2025 were well-received by retailers, offsetting cost pressures.
- **Operational Efficiency**: Cost savings initiatives contributed over 1% to gross margin in FY2025; FY2026 efforts will focus on tariff management and competitiveness.
- **Innovation Pipeline**: FY2026 launches across all segments, with JetBoil and Old Town leading in their markets. Innovation is key to differentiation in competitive markets.


Johnson Outdoors Inc.(JOUT)-20251212-2025 Q4 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

JOUT

JOUT fundamentals

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