Johnson Outdoors Inc. Annual Report 2006

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FY2006 Annual Report · Johnson Outdoors Inc.

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In Pursuit of Fun & Adventure

Our Vision

Own the Outdoor Adventure with
Innovation and Passion

Our Mission

– Be the innovation leader

– Bring excitement and growth to
our markets
– Build a strong, talented team with
exceptional passion

Table of Contents

Vision / Mission

Chairman’s Letter

Innovation At Its Best

Our People: Making the Difference

Marine Electronics

Watercraft

Diving

Outdoor Equipment

Financial Summary

Corporate Governance

Future Growth Vision

Legacy of Innovation

“

So many of our family’s
treasured memories and
traditions come from our
outdoor adventures. These
experiences shape our lives;
they make us who we are.
Having fun together in
nature is the very best way
to keep a family close.”

—Helen Johnson-Leipold
Chairman & CEO

Chairman’s Letter

We have transformed Marine Electronics into
our largest, most profitable division, growing
from one brand in one category to a leading
competitor across multiple segments. We are
working hard to do the same with each of
our businesses.

Johnson Outdoors has returned to the core
of who we are – an innovation leader – and
bolstered our market-leading brand positions.
We have created stronger, streamlined
operations that ensure we are continuously
simpler, better, faster in everything we do.
We have expanded our brand and technology
portfolios and broadened our geographic
reach, without adding
complexity or cost,
by leveraging our assets
and capabilities.

We believe our 2006
performance shows our
strategy can indeed drive
us toward our target of a
half billion dollars in sales
within the next few years.
Net sales for the year were
4 percent ahead of last
year, finishing just shy of
$396 million. Operating
profit for the year increased 30 percent, and net
earnings were up 23 percent to $8.7 million, or
95 cents per diluted share. It was a very good
year as we outperformed the competition and
the industry.

Watercraft is on the upswing, delivering
significant revenue
growth driven by market-
winning innovation
across paddlesports. The
luxury resort and rental
marketplace offers a
key growth opportunity
for our award-winning
Escape® electric boats.

Johnson Outdoors has
returned to the core
of who we are – the
innovation leader in our
markets – and bolstered
our market-leading
brand positions.

The Outdoor Equipment
portfolio is better
balanced. Despite an
expected slowdown
in military sales and a

devastating June flood that halted military and
commercial tent production for two months,
this division delivered 40 percent of total
Company profits on the strength of consumer
camping performance.

In Diving, North America and Asia are on
the upturn, while European market conditions
remain uncertain. Despite the impact of
restructuring in Europe, our Diving business
outperformed the competition. System
enhancements slated for completion in
2008 should further improve efficiency and,
ultimately, the bottom line.

In 2006 we made solid progress against our
key profitable growth strategies. Company-
wide cost-savings initiatives, enhanced
operating efficiency and pricing programs
helped us more than offset much higher
commodity costs and freight charges. We
further consolidated sourcing where possible
and improved our processes and systems to
control operating expenses.

For the third straight year,
new products delivered
a full third of Company
revenues in 2006, as our
core consumer brands
grew almost 10 percent
year-over-year.

Investments in our
core consumer brands
continue to drive top-
line growth, as we focus
on translating unique
consumer insights
into market-leading
innovation that keeps
our brands strong,
growing and on top. For
the third straight year,
new products delivered
a full third of Company
revenues in 2006, as
our core consumer
brands grew almost 10 percent year-over-year.
Our portfolio of winning brands is one of our
greatest assets, and we will invest to keep our
brands market leaders. In fact, we expect two-
thirds of future growth to be organic, coming
from our current brands in existing or related
product categories.

Successful acquisitions are also driving revenue
growth. Aside from the obvious financial
criteria, we look for leading brands and leading
technology in existing or related segments,
with the ability to leverage our assets as we
expand our presence in the outdoor
recreation marketplace.

For example, acquisitions have put us on top in
a $400 million marine electronics marketplace.
®
®
®
and Cannon
, Humminbird
Minn Kota

fishfinders, a distant #2 brand

are leaders across seven product categories.
®
Humminbird
acquired in May 2004, has dramatically closed
the gap between #1 and #2 with double-digit
growth two years in a row. Cannon®, the #1
brand of downriggers acquired in October
2006, is also meeting our expectations.

With acquisitions expected to deliver a third
of our growth in the future, we continually
look for and evaluate opportunities against
specific, strategic criteria. When we find the
right opportunities, our solid cash position lets
us move quickly. In October 2006 we acquired
™
Lendal
paddles, a premier brand whose point
of difference perfectly complements our other
premier paddle brands. As a result, for the
first time we will go to market with a total
premium paddlesports package – from boats
to accessories – giving us
a meaningful competitive
advantage.

We enter 2007 with a
healthy balance sheet,
poised for the next phase
of our growth strategy. We
expect total sales growth
equal to that of 2006, as
well as further improvement
in our core consumer
operating margins.

In 2001 we put our growth

strategy into action. Today we are a vibrant,
thriving company, with a five-year return on
investment that has outperformed key indexes
like Nasdaq and the Russell 2000, as well as
our peer group. Our commitment to profitable
growth and enhanced shareholder value has
never been stronger.

Helen Johnson-Leipold
Chairman and Chief Executive Officer

Innovation At Its Best

Your pursuit of fun and adventure fuels our passion for innovation —
producing award-winners like these:

®
The NECKy
MANITOU
a plush EVA seat that Men’s Journal said has
more adjustments than a luxury sedan! And
the retractable skeg makes handling a breeze.

™
sea kayak sports

’s TWIN JET MAX, the first

®
SCUBAPRO
dual-compound blade fin, offers a lifetime
warranty, top comfort with its soft,
bio-engineered foot pocket and enhanced

buckle system, and top performance with its
patented split-fin hydrofoil design.

™
helps skiers,

®
The TECH4O
AIRPOD
snowboarders and skateboarders calculate
hang time,” using unique technology to detect
G-forces – yet another Johnson Outdoors
product that consumers find “totally rad.”

“

™
®
Necky
14
Manitou
Outstanding Comfort and Handling
Gear Guide Selection
—Men’s Journal

®
Scubapro
Twin Jet Max
Unmatched Comfort and Performance
Gear Guide Selection
—Men’s Journal

™
®
Tech4O
AirPod
Technology for Outdoors
Top 100 Innovations of 2006
—Popular Science

®
797 SI uses unique

HUMMINBIRD
technologies to deliver a clear, picture-like
underwater view at any angle and sunlight
level – a true next-generation fishfinder.

™
®
is the most
TERROVA
The MINN KOTA
advanced bow-mount trolling motor out there,
with breakthrough stow/deploy mechanism
and ergonomic foot-pedal control.

™

®
®
The OLD TOWN
DIRIGO
TANDEM
offers seating configurations for two
PLUS
adults and two children – plus the family pet.
An advanced polyethylene hull adds control
and stability.

®
Humminbird
797 SI
Next Generation Fishfinder
WINNER “Best of Show”
Electronic Accessory
—2006 ICAST

™
®
Minn Kota
Terrova
The Ultimate Fishing Motor
WINNER “Best of Show”
Boating Accessory
—2006 ICAST

™
™
®
Old Town
Tandem Plus
Dirigo
The First Family Kayak
Paddler’s Picks
—Paddler Magazine

Our People: Making the Difference
Johnson Outdoors centers our values on our people —
and the effects ripple out around the world.

Johnson Values
Our Employees
Are Our
Greatest Strength

We Will:
Employ and retain the
best people

Provide an enjoyable
work environment

Ensure fair and consistent
treatment of employees

Be Known As A
Superior
Organization
Because We Are:
Highly innovative

Delighting the consumer

A company of choice to
our customers

Socially responsible

Foster A Winning
Business Philosophy
Through:
Superior leadership

Passion for winning

High ethical standards

Long-term thinking

Shared Values Guide Us
In 2006, we formalized “Our Shared Values,”
drawing on employee input to create a
statement of what matters to our company.
At the top of the list: our commitment to
employees’ well-being.

companies’ nationwide for empowerment and
encouragement to innovate. That’s vital to an
organization with a future focused squarely
on innovation.

Studies show engaged, empowered employees
are also more quality-conscious and productive,

An entrepreneurial
culture translates into
a great place to work.
Our 2006 survey shows
employees rate Johnson
Outdoors well above
industry norms in
14 of 16 categories.

Just a few examples
show how we live this
commitment. Our
Sons & Daughters
Scholarship program has
awarded nearly $400,000
in scholarships to
employees’ children since
1994. For employees
wanting to continue
their education, we offer
a 100 percent tuition
reimbursement program
that surpasses the
industry norm. Events
like our annual wellness fair help employees
improve their quality of life choices.

ultimately enhancing
shareholder value.

Employees Lend
a Hand
Employees who feel
supported are also more
likely to support each other.
We saw this on a grand scale
following the June flood
that temporarily shut down
our Binghamton operations.
Employees who lost homes
and property benefited
from nearly $60,000 in

Culture Drives Results
An entrepreneurial culture translates into a
great place to work. Our 2006 survey shows
employees rate Johnson Outdoors well
above industry norms in 14 of 16 categories.
Importantly, employees rated Johnson
Outdoors nearly 20 points higher than ‘best

donations – including more than $25,000 from
Johnson Outdoors employees and business
partners worldwide.

Communities Benefit
This care and concern extends to the
communities where we do business. Chairman
& CEO Helen Johnson-Leipold sets the
pace for giving back, starting with Next
Generation Now, a unique child development

“The goodwill of the people is the only enduring
”
thing in any business. The rest is shadow.

—H.F. Johnson, Sr., 1927

and family support center she founded in
1997. She also serves on the founding board of
HALO, the Homeless Assistance Leadership
Organization, providing emergency shelter for
men, women and children.

Employees support numerous worthy causes.
®
Relay for Life team led
A Minn Kota
®
fundraising for cancer research; Humminbird
employees promoted Rivers Alive cleanup
efforts; headquarters employees are leaders in
per-capita United Way giving. Our businesses

also organize annual volunteer projects to
make a difference in their local communities.

Johnson Outdoors encourages employee
involvement and adds financial support. In the
last five years, we’ve given back more than
$1 million to local charities and organizations
to help make every place a better place because
we are there.

From our focus on our people, the effects
ripple out – enriching communities all over
the world.

“

I got hooked on fishing when I was nine, at my
grandparents’ cottage on Lake Houghton in
Michigan. I caught a huge fish—it seemed like a
whale. I’ve never felt a bigger thrill.”

Kelly Grindle
Group Vice President, Marine Electronics

Marine Electronics
Powerhouse brands deliver powerful innovation and growth

The Marine Electronics division leads a $400
million global fishing electronics marketplace
comprising seven categories, and boasts a
healthy 27 percent average growth rate over
the past four years. In 2006, innovative new
products drove 40 percent of division sales.

Award-winning sonar and viewing technologies
contributed to a second straight year of double-
digit growth in fishfinder revenues. Look for
exciting advances in downriggers, chargers and
trim tabs in 2007.

Minn Kota® Riptide® ST
With up to 101 pounds of thrust, this
rugged new saltwater powerhouse features
™
standard CoPilot
mechanism and a new foot pedal option.
It’s saltwater-resistant and tailor-made
for anglers who won’t settle for
good enough.”

, a new stow/deploy

“

Market Position:

#1 in Electric Fishing Motors

#1 in Downriggers

#2 in Battery Chargers

#2 in Fishfinders

MinnKota® Trim Tabs
Expands the brand into an estimated $25
million category. With a proprietary curved and
®
Trim
winged composite design, Minn Kota
Tabs deliver up to 50 percent more boat lift
®
than standard tabs, and work with Minn Kota
Trim ‘n Troll electric propulsion to help anglers
silently position the boat for maximum
fishing ease.

Minn Kota® 345 (15-amp battery charger)
These battery chargers offer the highest output
and fastest recharge available. New industrial-
design housing makes drop-in mounting easy
and appealing.

“

I love the challenge of paddling and the unique
perspective on nature. Seeing eagles, sea lions,
views you could never imagine – it’s a real
adrenaline rush.”

Mark Leopold

Group Vice President, Watercraft

Watercraft
Unparalleled innovation and value drive results

Innovation is back in everything from retro
styles to modern designs, with expansive new
features and space-age materials that optimize
comfort, performance and the paddling
experience. Family, fishing and “by women,
for women” kayaks helped drive double-
digit growth for the second straight year in

the U.S., and the fifth internationally. New
products generated more than half of all
paddlesport revenues, and plans are in place to
leverage the newly complete premier paddle
®
electric boats, featured on
package. Escape
HGTV’s “I Want That,” are making waves at
beachfront resorts.

Necky® Eliza™
The first sea kayak for women,
with a portion of profits supporting
breast cancer research.

Market Position:

#1 in Canoes and Kayaks

#1 in Women’s Kayaks

#1 in Fishing Kayaks

Ocean Kayak™
Prowler™
The biggest kayak expressly for
serious anglers.

Big Game™

Old Town® Koru™
Classic styling and
modern technology
merge to create the first-
ever infused composite,
lightweight canoe.

“

When I bring someone diving for the first time, it’s as
exciting for me as it is for them. During my son’s first dive,
along Cape Ann in Massachusetts, I saw how comfortable
and curious he was. Afterward, he said, ‘Now I know why
you work in diving. Let’s go again tomorrow.”

Joe Stella
Group Vice President, Diving

Diving
In search of Carnauba: An adventure to remember

Market Position:

#2 in Diving Regulators

#2 in Diving Fins

#2 in Buoyancy Compensators

#2 in Dive Computers

In 2006, a remarkable underwater adventure
linked four generations of Chairman Helen
Johnson’s family. The adventure began nearly
70 years ago when the Carnauba, the plane her
grandfather flew on his historic 1936 Brazil
expedition, crashed in Manokwari Bay, off the
coast of Papua New Guinea. Helen’s father,
Sam Johnson, dreamed of finding the Carnauba
but never did. This year Helen, her brothers,
nephew and 14-year-old son took up the search
in Manokwari Bay one more time and located
the coral- and algae-encrusted plane 100 feet

below the surface. Helen shared the adventure
in daily emails to employees.

“

Our expedition was in honor of Dad, but it
was also for us,” she wrote. “Finding the plane
that meant so much to him and seeing it and
touching it has brought him back to life for us
one more time. It is a great way to remember
Dad and the spirit of adventure he instilled
in our family and our company – a wonderful
spirit that surely lives in the hearts of all who
love adventure.”

®
Glide™ Plus
SCUBAPRO
Patented design for perfect,
streamlined fit and excellent
buoyancy control.

®
SCUBAPRO
MK25T with S555
A lightweight lifetime
first-stage regulator
machined from a solid
block of titanium
combined with effortless
second-stage airflow.

®
SCUBAPRO
Aladin™ Prime 3
World’s easiest dive
computer, providing
everything divers
need, and nothing
they don’t.

“

I went camping with my dad every year for the
first day of trout season. We’ve taken our kids
camping since they were toddlers, making
memories that will last a lifetime.”

Bill Kelly

Group Vice President, Outdoor Equipment

Outdoor Equipment
Advancing technology for the outdoors

®
Eureka!
, the family camping leader, was
joined this year by a new brand for new-
™
age consumers. Tech4O
targets skiers,
snowboarders and skateboarders with
technology to enhance the experience and
performance. Consumer camping revenues
®
rebounded – and so did Eureka!
innovation,
with new solar- and electric-powered family

camping tents. Commercial sales held
steady, reflecting an amazing recovery from
a devastating flood mid-year. Unique Rapid
Deploy System technology has been approved
by the U.S. military to help keep ground
troops moving with tents that go up and
down in minutes.

Eureka® N!ergy ™
The first “wired” tent delivering clean,
quiet electric power, that brings the
comforts of home to the backwoods
or back yard.

Market Position:

#2 in Family Tents

#2 in Military Tents

#3 in Commercial Tents

Tech4O™ Snow Sports
Speedometer
A radar gun to help keep you
ahead on the slopes.

Eureka® Genesis®
The first fabric tension tent for
every size occasion.

Management Perspective
As our results show, fiscal 2006 was a very good year
for Johnson Outdoors.

Industry-leading growth. We outpaced the industry in increased revenues. Innovative new
products drove a full third of total revenues, more than making up for the expected slowdown
in military sales.

Profit momentum. Operating profit rose 30 percent. Significant growth in Marine Electronics
and Watercraft sales, reduced restructuring costs, and reduced overhead through a company-wide
focus on expense control all helped offset rising commodity and freight costs, as well as $1.5 million
in Binghamton flood costs.

Healthy balance sheet. The debt-to-capital ratio decreased to 17 percent. We remain focused
on efficient working capital management, expecting to leverage this base as we grow sales.

Looking ahead, we believe our strong cash position and lower debt level solidly position Johnson
Outdoors to execute our strategic growth plans. With continued emphasis on innovation, we will
delight consumers, lead our markets and enhance shareholder value.

Helen Johnson-Leipold

David W. Johnson

Chairman & Chief Executive Officer

Vice President & Chief Financial Officer

Five-Year Stock Performance

Johnson Outdoors Operating Results

Net Sales

Gross Profit

Operating Profit

2004

2005

2006

$355,274

$380,690

$395,790

$147,618

$156,354

$165,216

$19,349

$15,644

$20,625

Diluted Earnings Per Common Share

$0.99

$0.81

$0.95

Diluted Average Common
Shares Outstanding

Capitalization

Total Debt

$8,774

$8,795

$9,161

$67,019

$50,800

$37,807

Shareholders’ Equity

$160,644

$166,434

$180,881

Total Debt to Total Capitalization

29.4%

23.4%

17.3%

(thousands, except per share data)

In its filings with the US Securities & Exchange Commission, Johnson Outdoors
Inc. and its auditors reported that the Company maintained effective internal
controls over its financial reporting as of September 30, 2006.

2006 Growth Summary

Marine Electronics sales rose 13.2 percent,
driven by the successful integration of Cannon®
and Bottom Line® brands, which added $9.8
million in sales, and double-digit growth in
Humminbird® and international sales.

Diving results outpaced the competition, even
with sales slightly below the prior year, as strong
performances in North America and Asia nearly
oﬀ set weakness in Europe and unfavorable
currency translation.

Watercraft revenues grew 8 percent as
the marketplace responded to new canoes
and kayaks, generating signiﬁ cant growth
internationally and among the division’s top 30
domestic customers for the second straight year.

Outdoor Equipment saw a revival in
Consumer and Commercial segments that
oﬀ set much of the anticipated 33.5 percent
decline in military sales.

Sales and Proﬁ ts*

2006 Performance

(cid:21)(cid:24)(cid:21)

(cid:21)(cid:21)(cid:20)

(cid:20)(cid:27)(cid:22)

(cid:20)(cid:25)(cid:20)

(cid:40)(cid:59)(cid:2)(cid:20)(cid:18)(cid:18)(cid:21)

(cid:40)(cid:59)(cid:2)(cid:20)(cid:18)(cid:18)(cid:22)

(cid:40)(cid:59)(cid:2)(cid:20)(cid:18)(cid:18)(cid:23)

(cid:40)(cid:59)(cid:2)(cid:20)(cid:18)(cid:18)(cid:24)

Net Sales

Operating Profit

*Excluding military

4%
10%
30%

growth in total
company sales

growth in core
consumer brands

growth in
operating proﬁ t

Corporate Governance
Johnson Outdoors employees, investors, business partners and consumers

can rely on our passion for innovation, quality — and integrity.

Our corporate governance statement includes
our Shared Values, describing the principles
that guide us in working toward our vision, and
our Code of Conduct, describing how we act
on those principles every day.

We are dedicated to the well-being of our
people, to delighting our consumers and to
responsible leadership in our industry. And
it all starts with our deep commitment to do
the right thing. Laws may change, market

conditions may change, objectives may change,
but our values will never change.

Johnson Outdoors is in full compliance with
SEC financial disclosure regulations and meets
or exceeds all corporate governance standards.
To review our Shared Values, Code of Conduct,
Board of Director committee charters and
other corporate governance documents, please
see www.johnsonoutdoors.com.

Our Inspiration
Sam Johnson’s love of the outdoors, passion for the

environment and entrepreneurial spirit of adventure are

the foundation of Johnson Outdoors.

When Sam was elected to the prestigious
U.S. National Business Hall of Fame,
Fortune magazine called him “corporate
America’s leading environmentalist.” Chief
among his environmental achievements
was the ground-breaking decision to ban
ozone-depleting chlorofluorocarbons from
his companies’ products, years before any
government action. Sam’s vision and
leadership in protecting the earth for future

generations earned him a Lifetime
Environmental Stewardship Award from the
United Nations Environment Programme; the
Charles A. Lindbergh Award for balancing
technology and environmental preservation;
the coveted Rene Dubos Award for improving
natural and cultural environments; and most
recently, recognition for the “Courage to Lead”
by the World Resources Institute.

Board of Directors

Helen
Johnson-Leipold
Chairman and Chief
Executive Officer. Director
since 1994. Also Chairman
of Johnson Financial
Group, Director of S. C.
Johnson & Son, Inc.
Johnson Diversey, Inc. and
The Home Depot, Inc.

Thomas F. Pyle, Jr.
Vice Chairman of the
Board. Director since 1987.
Chairman, The Pyle Group.
Also Director of Sub Zero
Corporation.

Corporate Officers

Terry E. London
Director since 1999.
President of London
Partners LLC. Also
Director of Pier 1
Imports, Inc.

W. Lee McCollum
Director since 2005.
Executive Vice President
and Chief Financial
Officer of S. C. Johnson
& Son, Inc. Also
Director of Johnson
Bank, Sigma-Aldrich
Corporation and Cofresco
Frischhalteprodukte
GmbH.

John M. Fahey, Jr.
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.

Edward M. Lang
Director since 2006.
Executive Vice
President of Finance and
Administration and Chief
Financial Officer of the
Nashville Predators. Also
Director of Nashville’s
Adventure Science Center
and Nashville Predators
Foundation.

Helen
Johnson-Leipold
Chairman & Chief
Executive Officer

David W. Johnson
Vice President &
Chief Financial
Officer

John C. Moon
Vice President &
Chief Information
Officer

Alisa D. Swire
Vice President -
Business
Development &
Legal Affairs

Cynthia A.
Georgeson
Vice President -
Worldwide
Communication

Mark E. Leopold
Group Vice President -
Watercraft

Kelly T. Grindle
Group Vice President -
Marine Electronics

William S. Kelly
Group Vice President -
Outdoor Equipment

Joseph B. Stella
Group Vice President -
Diving

Our Vision for Growth
Expanding markets, brands and technology

“

We have expanded our brand and technology
portfolios and broadened our geographic
reach, without adding complexity or cost,
by leveraging our assets and capabilities.”
—Helen Johnson-Leipold
Chairman & CEO

Continuous

Innovation &

Disciplined

Portfolio

Brand Equity

Management

Growth /

Expanding

Markets

Increasing

Organization

Operational

Model /

Effeciency

People Focus

INN OVAT ION

Sustainable

Profitable Growth

and Enhanced

Shareholder

Value

F U TUR E SALES GROWTh

New Brands

ACquISITION

New Related
Segments and
Technologies

ORGANIC
NEW

ORGANIC

Existing Brands
and Segments

Legacy of Innovation

Watercraft

Marine Electronics

Diving Equipment

Outdoor Equipment

Product Firsts
Plastic boat
Sit-on-top kayak
Women’s kayak
Family kayak
Adjustable, comfortable seating for kayaks
Glow-in-the-dark paddles
Flip the switch and go” electric boats

“

Product Firsts
Electric ﬁ shing motor
Built-in variable speed electric motor
Wireless remote steering technology
Lift-assist motor for easier stow/deployment
Wireless ﬁ sh ﬁ nders
Side-imaging, picture-like underwater sonar
Hemispherical ﬁ sh ﬁ nder viewing

Product Firsts
Underwater breathing regulator
Split-ﬁ n
Nitrox dive computer
Easy-to-use dive computers

Product Firsts
Free-standing tent
Powered tents
Tents for People with Disabilities
Rapid-deploy military tents
Hang time measurement
Ski speedometer

555 Main Street
Racine, Wisconsin
53403-1015 USA
262.631.6600

www.johnsonoutdoors.com

Design by: Hanson Dodge Creative

Copy Editor: Mary Jo Thome

For more information contact:
Johnson Outdoors
Cynthia Georgeson
VP-Worldwide Communication
262.631.6600
cgeorges@johnsonoutdoors.com

Certain matters discussed in this report 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 2006 Form 10-K for a discussion of uncertainties and risks associated with these statements.

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