T H E S P I R I T O F A D V E N T U R E
Old Town® | Canoes, touring
and recreational kayaks
Necky™ | Touring, recreational
and whitewater kayaks
Escape® | Recreational electric watercraft
Ocean Kayak™ | Sit-on-top kayaks
Carlisle® | Paddles and oars
Extrasport™ | Personal flotation devices and
wearable paddle gear
Our market-leading brands
are known worldwide for
outstanding quality and
performance.
Minn Kota® | Electric trolling motors,
batteries, chargers and
marine accessories
Humminbird® | Sonar and GPS marine
electronics
SCUBAPRO® | Underwater breathing
regulators, BCs, masks,
fins, snorkels and suits
UWATEC™ | Underwater dive
computers and
gauges
Cover photograph by Samuel C. Johnson
Eureka!® | Camping tents, camping gear,
Silva® | Compasses and gauges
specialty commercial and
military tents
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L E T T E R
Throughout the excitement and challenges of
2004, Johnson Outdoors held steady on our
ultimate resolve: We are committed to ensuring
sustainable growth and profi tability through
continuous, meaningful innovation.
In 2004, we achieved double-digit
improvements in net income,
earnings and sales, while strength-
ening our business through a sig-
nificant acquisition and continued
focus on creating a lean, flexible
organization.
Our acquisition of Humminbird
brand fishfinders and consumer
electronics gave us an important
growth platform for leading-edge
technology, and a model to follow
in the future.
Our alliance with sports rack
manufacturer Thule Inc. high-
lights our creativity in stimulat-
ing our markets — creativity all
our businesses demonstrated in
delivering market-winning new
products that drove a third of
sales this year.
Our emphasis on enhanced
systems points up the power of
our innovative business model,
enabling us to create a more
efficient, productive organization.
At the same time, we demon-
strate our long-term commitment
by investing more resources
than ever to enhance our unique
insight into the consumer, and
to stay on the cutting edge of
research and development in
our industry.
A L O O K B A C K
Watercraft. We restructured to
remove cost and complexity and
increase flexibility in this busi-
ness, treating people right when
our decisions meant a change in
their lives. Watercraft is now the
right size, with the right systems
and processes and the right team.
Our investments have resulted
in a change for the better, as this
business will be stronger and
more competitive going forward.
We are on the upswing.
We continue to invest in new
products, which drove about 30
percent of Watercraft sales this year.
We’ve created a totally new market
segment with our breakthrough
Escape® brand “flip the switch and
go” small electric boats. Excitement
also surrounds the Old Town®
Dirigo kayak, with enhanced
comfort and control features;
the Ocean™ Kayak SideKick, a
seat-and-a-half kayak for an adult
and a child or a large pet; and our
new Extrasport™ accessories and
“comfort-fit” seating.
Diving. We took a hard look at this
global business and began taking
action to rejuvenate our market,
capitalizing on Diving’s synergies
and strengths. Breakthrough prod-
ucts and marketing programs are
key to growing sales and gaining
market share. We are working to
reinvigorate our dealers’ business
and consumer base with new prod-
ucts like the Scubapro® Xtender
wrist computer and UWATEC™
Smart TEC and Aladin™ TEC
computers.
Marine Electronics. Our
integration of Humminbird®,
a leading global fishfinder brand,
finished ahead of schedule,
while the Maxxum™ from Minn
Kota® generated record sales.
Now our disciplined team is
driving forward to capture new
growth opportunities as we build
on Minn Kota® strengths and
Humminbird® potential.
The Marine Electronics group
saw nine months of exceptional
wholesale and retail sales. While
fourth quarter sales softened due
to retail uncertainty regarding the
economy, happily, early season
orders for fiscal 2005 are strong.
Outdoor Equipment. Military
tent sales drove excellent perfor-
mance; however, with contracts
and emergency orders slowing,
we do not expect the same results
in 2005. Our focus is creating
better balance across all Outdoor
Equipment segments, and this
will take time. Commercial tent
sales were up, albeit from a small
base. Consumer camping—tents,
sleeping bags, compasses and
other accessories—was flat,
suggesting declines here may
have leveled and it’s time to grow.
Again, our ability to innovate
and reinvigorate our markets is
crucial. We are combining new
designs and new technology
with exciting new alliances and
cutting-edge market research to
ensure new product success.
A L O O K A H E A D
Johnson Outdoors seeks long-term,
sustainable growth and profit-
ability through continuous inno-
vation—in our products, in our
marketing, in our business model.
That also means continuous
investment in understanding our
markets and consumers, building
on superior insight to create suc-
cessful product “firsts” like those
shown elsewhere in this report.
While the proposed merger
between Johnson Outdoors Inc.
and JO Acquisition Corporation
was not approved, the go-private
analysis gave us valuable financial
planning and strategic business
insights on which we will build
as we continue as a publicly
traded company.
Looking ahead, there may never
be a perfect year when all the
trends are in our favor. We live
by the principle that the economy
should not be an excuse for why
business is bad, nor should it be
the reason for why business is
good. We can’t let trends dictate
our future. We can take charge of
our destiny by out-innovating our
competition.
At Johnson Outdoors, we choose
to innovate—and succeed. Our
people and our brands are second
to none. Our ability to turn ideas
into winning products has never
been greater, and our commit-
ment to our deeply-held values
has never been stronger.
Our possibilities and potential are
endless. The future is ours for the
making.
Helen P. Johnson-Leipold
Chairman and
Chief Executive Officer
The lifeblood of our business
The lifeblood of our business
For Johnson Outdoors, the key to growth and profi tability is
—continuous innovation that is meaningful to our consumers.
That keeps us a clear step ahead of the competition. That
Plastic boats
An Old Town® Canoe fi rst, created by Sam Johnson in
the 1970s, that is now a half-a-billion-dollar market
Underwater
breathing
regulator
SCUBAPRO® innovation, still considered
revolutionary decades after its introduction
Electric
trolling motors
Minn Kota® has become the fi shing enthusiast’s best
friend and the market leader
Small electric-
powered boats
Escape® “fl ip the switch and go” boats bring a
completely new experience and add comfort,
convenience and ease to water recreation
empowers us to take charge of our future. And our greatest
Wireless
fi shfi nder
Humminbird® breakthrough technology has captured
the attention of fi shing enthusiasts around the world
source of innovation is our people, whose passion and
creativity have led to many important product “firsts.”
The Freedom
tent
A fi rst for people with disabilities, developed by
Eureka!® using universal design concepts to make the
outdoor experience more accessible to more people
Extrasport™
life preserver
Extrasport™ innovation that brings “the most
comfort in the water” to kayakers and other paddlers
while earning U.S. Coast Guard safety approval
Modern-day
dive computer
UWATEC™ Air X Nitrox took underwater computer
technology to new heights in the 1990s
Easy-to-use
sailboats
The Escape® patented rigging system opened sailing
to a broader market
Wireless
remote steering
CoPilot from Minn Kota® introduced hands-free
steering from the fi shing rod, wrist or belt
M A N Y M O R E T O C O M E
www.j ohnsonout do ors .com
Certain matters discussed in the Chairman’s Letter
are “forward-looking statements” intended to be
covered by the safe harbor provisions for forward-
looking statements contained in the Private
Securities Litigation Reform Act of 1995. Please
see “Forward Looking Statements” in the 2004
Form 10-K for a discussion of uncertainties and
risks associated with these statements.
J o h n s o n O u t d o o r s I n c .
5 5 5 M a i n S t r e e t
R a c i n e , W i s c o n s i n
5 3 4 0 3 -1015 U S A
( 2 6 2 ) 6 31 - 6 6 0 0
A T R I B U T E T O O U R F O U N D E R
Where the Adventure Began
WHEN SAM JOHNSON JOINED JOHNSON WAX
in 1954, all the company’s products were
wax-based. With a passion for innovation
and a willingness to take calculated risks,
Sam expanded the family business to new
products in new markets, turning a small
wax company into a multi-billion-dollar
family of international companies.
As part of that growth, Sam established
Johnson Outdoors in 1970—and soon
created the plastic boat industry through
Old Town Canoe®. Though the world
economy was in disarray, Sam knew there
were always consumers looking for higher
price value. He knew more affordable,
more convenient plastic boats would
be just what they wanted. Today plastic
boats are a half-billion-dollar market, and
Johnson Outdoors is the number one seller.
In the 35 years since our founding,
Johnson Outdoors has grown into a lead-
ing provider of innovative, top-quality
recreation products that make it easy for
people to have fun in the great outdoors.
We continue to employ the quintessential
new product development model Sam
created. We take to heart his innovation-
driven business strategy: “New products,
new geographies, and every few years, an
acquisition.” We pursue his commitment
to serving employees, customers, the
environment and the communities where
we do business.
“I believe that making a better place goes
beyond providing jobs,” Sam once said.
“It means being a worthy neighbor who
cares about the neighborhood. It means
adding an unspoken dimension of decency
and consideration to the community.”
Though Sam’s consideration may have
been unspoken, it did not go unrecognized.
Fortune called him “corporate America’s
leading environmentalist” when he was
inducted into the U.S. National Business
Hall of Fame. He held seven honorary
doctoral degrees and received numerous
international awards recognizing his busi-
ness, environmental and philanthropic
contributions, including the Charles A.
Lindbergh Award for balancing techno-
logical advancement and environmental
preservation; the Experimental Aircraft
Association’s Freedom of Flight Award
for his contributions to aviation; and the
Lifetime Environmental Award from the
United Nations Environment Programme.
Sam was a founding member of the
World Business Council for Sustainable
Development, and was named in 1993 to
the U.S. President’s Council on Sustainable
Development. From 1990 to 2000, he
served on the Board of Governors for
The Nature Conservancy, acting the last
two years as Chairman of the Board of
Governors. Most recently, he was a director
of the World Resources Institute.
In his book The Essence of a Family
Enterprise, Sam wrote, “A good leader
builds an organization infused with sound
principles and values, indelibly locked into
the intellect and soul of all.” His focus on
innovation continues to guide Johnson
Outdoors toward leadership in the global
outdoor recreation industry. His strategic
vision continues to fuel our drive toward
sustainable, long-term growth and profi t-
ability. And his overriding principle—
“Do the right thing”—is indelibly locked
into the soul of our enterprise.
SAMUEL C. JOHNSON 1928–2004
SAMUEL C. JOHNSON
SAMUEL C
believed business
should serve a higher purpose and be
managed for the next generation. The
man known by all as simply “Sam” leaves
a legacy of visionary leadership, remark-
able success and great humanitarianism.
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Carlisle ® Black Magic Paddle
Extrasport™ Eagle PFD
Ocean Kayak™
Prowler 15
Necky ™
OrbitFish
Old Town®
Dirigo
Old Town ®
Charles River
Necky ™
Manitou Sport
O u r B r a n d s
Extrasport™
Drytop
Ocean Kayak™
SideKick
Escape ®
Chai se Lounger
W A T E R C R A F T
Johnson Outdoors has a vision:
to own the water within a quarter
mile of shore. And we have the
passion to realize that vision.
Our watercraft brands reflect
a rich tradition of innovation,
from the fi rst elegant wooden
canoes to sleek space-age-
composite kayaks to fun-time
peddle and patio boats to light-
weight, durable accessories.
This year’s new Escape electric-
powered boats are the fi rst
real innovation in the marine
industry in years. Using a clean
and quiet patented Minn Kota®
electric propulsion system, this
line of recreational watercraft
brings new ease on the water
to a whole new market for
Johnson Outdoors.
AN ADVENTURE IN PADDLING -
OCEAN KAYAK, NECKY
AND OLD TOWN
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MK17/R390
MK25 X650
Cobalt and Hi-Viz TM Yellow
Twin Jet Fins
Aladin Computer Console
Knighthawk
Smart TEC Wrist
Aladin TEC Wrist
Classic Sport BC
O u r B r a n d s
Ventana Mask
Phoenix Snorkel
EverFlex Wetsuit
D I V I N G
Some dive to get away from the
world, others to get closer to it.
Whatever the reason, divers are
underwater adventurers exploring
the amazing hidden realm beneath
the waves. Deep down they want
and need the best. Johnson
Outdoors sees they get it. Our
SCUBAPRO® UWATEC brands
are global leaders in innovative
recreational diving equipment.
Our products are designed for
comfort and safety to provide a
lifetime of reliable performance
for the recreational and pro-
fessional technical diver alike.
Our elite global dealer network
has unparalleled expertise,
ensuring SCUBAPRO® UWATEC
consumers of outstanding
products and world-class service.
SCUBAPRO® UWATEC -
DEEP DOWN ONLY THE BEST WILL DO.
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Digi tal Compass
Wild Basi n
Twister
Solar Shade
Extreme Coldweather
Military Tent
O u r B r a n d s
Freedom
Evolution
Commercial Tent
O U T D O O R E Q U I P M E N T
When the great outdoors beckons,
Eureka!® brand tents can meet
every challenge. Specialty
commercial and military tents,
camping gear and Silva® com-
passes round out Outdoor Equip-
ment Group’s product portfolio
at Johnson Outdoors.
Field & Stream named the
lightweight, durable Zeus 4EXO
“2004 Best of the Best” for
camping. The Freedom received
kudos as the fi rst-ever camping
tent especially for people with
disabilities. The K-2 XT pro-
tected world-famous adventurer
Pasquale Scaturro from Africa’s
extreme heat, rain and insects
as he fi lmed and solved “The
Mystery of the Nile” — the new
IMAX hit. New this year: solar
shade day-shelters to add com-
fort and cool from the backyard
to the beach.
EUREKA!® -
TURNING THE OUTDOORS INTO
A WELCOME ADVENTURE
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Vantage
Vector
MK-330 Charger
Riptide Autopi lot
SmartCast RF35
Matri x 97
Maxxum Pro
O u r B r a n d s
987c
M A R I N E E L E C T R O N I C S
In 2004, Johnson Outdoors
added Humminbird® to the
Marine Electronics Group, estab-
lishing it alongside the ever-
popular Minn Kota® fl agship.
The addition of this well-known
fi shing and marine electronics
brand gives us even stronger
top-of-mind presence among
serious anglers. Minn Kota®
enjoys the mantle of leadership
in trolling and specialty electric
motors, delivering “Anywhere.
Anytime.” performance. Work
has begun in earnest to lever-
age the strength of Minn Kota®
and Humminbird® to create
a formidable presence in the
marine electronics marketplace.
Two iconic brands. One focused
vision. A future of boundless
opportunity.
MINN KOTA® -
ANYWHERE. ANYTIME.
HUMMINBIRD® -
SIMPLY. CLEARLY. BETTER.
M A N A G E M E N T P E R S P E C T I V E
In fi scal 2004 Johnson Outdoors achieved double-digit growth in net
sales, income and earnings. The Humminbird ® acquisition, strong
military tent sales and record growth in Motors offset declines in
Watercraft and Diving. Investment in innovation contributed to a
growth in margins, as system integration and restructuring efforts
helped to improve operating efficiency. This year’s emphasis on
expense control, inventory management and accounts receivable
reflects our continued focus on cash management. We ended the
year with cash reserves of nearly $70 million.
We remain committed to strengthening the competitiveness of our
businesses long-term. Maintaining a healthy balance sheet, with sub-
stantial liquidity, provides us the fl exibility to pursue that objective.
Jervis B. Perkins Paul A. Lehmann
President and
Chief Operating Offi cer
Vice President and
Chief Financial Offi cer
(thousands, except per share data)
2004
Operating Results
Net sales
2002
2003
2004
$342,532 $315,892
$355,274
Gross profi t
Operating profi t
Diluted earnings
per common share
Diluted average common
shares outstanding
Capitalization
Total debt
141,054
127,989
147,618
19,751
11,613
19,128
$ 3.59(1) $ 0.63
$ 0.99
8,430
8,600
8,774
$ 88,253 $ 77,473
$ 67,019
Shareholders’ equity
124,145
144,194
160,644
Total debt to total capital
41.6%
35.0%
29.4%
(1)Includes a gain on sale of subsidiary of $2.65 per diluted share.
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B O A R D O F D I R E C T O R S
HELEN P. JOHNSON-LEIPOLD, 47
Chairman and Chief Executive Officer.
Director since 1994.
Also Chairman of Johnson Financial Group,
Director of S.C. Johnson & Son, Inc. and
JohnsonDiversey, Inc.,
THOMAS F. PYLE, JR., 63
Vice Chairman of the Board.
Director since 1987.
Chairman, The Pyle Group.
Also Director of Sub Zero Corporation.
JOHN M. FAHEY, JR., 52
Director since 2001.
President and Chief Executive Officer
and Chairman of the Executive Committee
of the Board of Trustees of the National
Geographic Society. Also Director of Jason
Foundation for Education.
GREGORY E. LAWTON, 53
Director since 1997.
President and Chief Executive Officer
and Director of JohnsonDiversey, Inc.
Also Director of General Cable Corporation
and Superior Metal Products, Inc.
TERRY E. LONDON, 55
Director since 1999.
President of London Partners LLC.
Also Director of Pier 1 Imports, Inc.
On behalf of the Company’s people and
each of us individually, we, the Directors
of Johnson Outdoors, express our deepest
and most humble appreciation of Samuel
Curtis Johnson for the enduring contribu-
tions he made to this Company and its
reputation throughout the world; for the
inspiring and visionary example he set for
each of us; for showing us the joy to be
found by simply being alive; and for the
gift of having known such an honest and
compassionate man.
From a resolution passed on December 8, 2004
by the Board of Directors of Johnson Outdoors.
SAMUEL C. JOHNSON
Director since 1970.
Chairman of Johnson Financial Group
and Chairman Emeritus of
S.C. Johnson & Son, Inc.
SAMUEL C. JOHNSON 1928–2004