Johnson Outdoors
Annual Report 2013

Plain-text annual report

A n n u a l R e p o r t 2 0 1 3 Johnson Outdoors Leading with PaddleDiveFishCampOur 2013 performance keeps Johnson Outdoors on the path to long-term sustainable growth. RESULTSFY2013 $426.5 million revenue +3.4% year-over-year $25.6million operating profit +20% year-over-year $19.3 million net income +90% year-over-year 2$100 million brands $1.95 earnings per diluted share 1 Johnson Outdoors holds 191 U.S. and international patents and 43 pending patents for innovative technology across our portfolio. For nine consecutive years, new products have driven more than a third of our sales. In 2013, it was 45%. 2 INNOVATIONMinn Kota® iPilot® Link™ let your motor & fishfinder steer you JUST FISH Humminbird® | LakeMaster® AutoChart™ any place you can fish, you can map Eureka!® Midori 2 enhanced tent system LIVE LARGE in the great outdoors Old Town® Predator fishing kayak Stand up & cast (yes, you can do that!) 3 Our products are consistently recognized as the best by the industry and consumers. Here are a few of the top honors of 2013. 4 AWARDS Jetboil® Joule™ The Gear Institute Best New Gear Old Town® Predator Fishing Kayak ICAST and YakAngler.com Boat of the Year Humminbird® Bow Mount 360° Imaging® ICAST Best in Show for Electronics 5 6 GLOBAL PRESENCEOur vision To be the premier portfolio of leading Our mission To exceed the ever-growing expectations outdoor equipment brands consistently of outdoor enthusiasts, and the channel creating value for consumers, customers, customers that serve them, with the most employees and shareholders. innovative, most valued and most sought-after brands and equipment. countries Products sold in80 1,200 employees 20 facilities worldwide 7 A message from the chairman Leading with In the first year of our 2015 Value Plus plan, we continued as market leaders, maximized opportunities to enhance long-term profitability, and delivered winning results. Two trends mark the outdoor recreation equipment industry. First, there’s a tremendous revolution in technology. Evolution is speeding up, and the competition Minn Kota®, Humminbird®, Cannon® and LakeMaster® brands drove higher sales in Marine Electronics. Jetboil® fueled growth in Outdoor Gear. Diving unveiled next- is heating up. Second, outdoor enthusiasts have less time generation dive computers for 2014, and Watercraft, under to recreate, but they want to do more. And they expect new leadership, is on track to return to profitability by the their gear to help them make the most of every minute end of next year. outdoors. 2013 was exciting, but after 45 years in this industry, we Embracing changing technology and exceeding consumer know markets are cyclical. We celebrate success while expectations are at the core of our 2015 Value Plus plan. pragmatically preparing for ongoing change. That means Our value proposition is to enhance outdoor enthusiasts’ digging deeper than ever for meaningful innovation; experience with innovative equipment that meets their maintaining a diverse portfolio of thriving businesses; and needs better than what’s out there. We know we can do it; staying on top of the competitive landscape, where our innovation is who we are, and our track record proves it. success is attracting bigger players. In 2013, Year One of the plan, bad weather delayed Our legacy began with turning good ideas into great the outdoor recreation season and affected all our innovation. As the industry matures, continued success businesses—yet we delivered winning results. Operating demands more than good ideas. We need to mine profit was the highest in more than 20 years, up 20 information on how consumers learn about our products, percent from 2012. Sales outpaced the markets and what drives their purchase decisions and when and where competition all year long. 8 they buy. Through industry-leading market research, To achieve a better balance of profitability across our consumer knowledge and business analytics we are portfolio, we have set clear priorities: Sustain leadership uncovering new insights leading to powerful strategies in fishing electronics. Gain share in core dive equipment and innovative new products. segments. Improve performance in key paddling and Innovation is crucial to profitable growth. 2013 was of our game in everything we do, making the most of our the ninth consecutive year in which new products people’s expertise, creativity and passion for the business. camping specialty channels. Clearly, we must be at the top generated more than a third of our sales. And we have an exciting lineup of new products for 2014, including the SCUBAPRO® CHROMIS dive computer as well as the Old Town® Predator series in Watercraft, the Humminbird® 360 Imaging™ Bow Mount in Marine Electronics and the Jetboil® Joule™ in Outdoor Gear, which all took top trade show honors this year. We end 2013 having grown profits faster than sales, with a strong, healthy balance sheet. We are pleased that our cash position enables us to invest in growth and also pay a quarterly dividend to shareholders. What sets Johnson Outdoors apart is unparalleled knowledge of the market, unique insights into outdoor To deliver meaningful, Value-Plus innovation, we enthusiasts and the technical know-how to turn those constantly seek “aha” insights—like realizing that a insights into winning products. Building on these strengths, fishing kayak is bought by fishing enthusiasts who I am confident we can continue to deliver Value Plus to paddle, not paddling enthusiasts who fish. That insight our customers, consumers and shareholders. sparked development of the Predator fishing kayak, which already has dealers raving. We are investing in additional market research and tools for data analytics to help us develop unique value-added programs for our retail partners, better ensure new product success and provide perspective for potential acquisitions. Helen P. Johnson-Leipold Chairman & Chief Executive Officer 9 10 WHERE WE ARE11 WHERE WE ARE12 Performing with Disciplined focus yields strong balance sheet, shareholder dividend Fiscal 2013 was the first year of our new three-year Our challenge is to deliver consistent performance strategic plan for sustained profitable growth and and achieve a better balance of profitability across our enhanced shareholder value. This Value Plus plan targets portfolio. Outdoor recreation equipment markets have yet 3-5 percent compound annual revenue growth and a to return to pre-recession levels, and growth in dollars is 6-7 percent operating margin by the end of fiscal 2015. not matched by growth in unit sales in any of the markets where we compete. Given the unpredictable recovery, we We met our Year One targets in 2013. Revenue increased consider our 2015 financial targets as stretch goals. 3.4 percent due to outstanding innovation and the acquisition of Jetboil®. Operating margin grew to 6 percent with operating profit of $25.6 million, a 20 percent increase We feel good about where we are and maintain a clear, disciplined focus on growing profits faster than sales. over 2012 (43 percent when excluding last year’s legal The balance sheet remains strong as we continue to settlement benefits). Drivers include higher volume, lower drive costs out of operations and improve profitability. operating expense and record profit in Marine Electronics. That gives us the flexibility to invest in future growth and Net income of $19.3 million resulted in earnings per diluted enhance long-term value for shareholders—offering all our share of $1.95, a 90 percent improvement over 2012, stakeholders the ultimate Value Plus. helped by a lower effective tax rate. Operating expense year-over-year was down 0.6 percent as a percentage of sales. Interest expense declined by $1 million versus 2012. We expect a new cash-flow-based loan agreement to further reduce borrowing costs. During the first quarter, we acquired the Jetboil® brand for $15.4 million. Even so, we ended the year with debt at $8.3 million, the lowest debt level in the Company’s history, and with a strong cash position of $55.7 million. In October we announced a quarterly dividend of $0.075 per share on Class A shares and $0.068 per share on Class B shares. Helen P. Johnson-Leipold Chairman & Chief Executive Officer David W. Johnson Vice President & Chief Financial Officer 13 FY2013 Financial Snapshot PERFORMANCE Scoring a bull’s-eye for Year One targets In the first year of our 2015 three-year Value Plus plan, Johnson Outdoors achieved Year One financial targets. Fiscal 2013 highlights include: • Successful acquisition of Jetboil® • Highest operating profit in more than 20 years • Historic low debt, with $55.7 million in cash at year-end • New financing agreement with reduced borrowing costs and improved terms • Initiation of quarterly dividend Operating Results* Net sales Gross profit Operating profit Net income 2011 2012 $407,422 $412,292 163,135 164,322 17,670 32,644 21,413 10,134 Diluted earnings per common share Diluted average common shares outstanding $3.36 9,287 $1.03 9,379 2013 $426,461 171,049 25,591 19,327 $1.95 9,523 2013 $8,333 Highest operating profit in over 20 years Historic low debt 2011 $14,972 2012 $8,860 163,525 173,604 197,668 8.4% 4.9% 4.0% Capitalization* Total debt Shareholders’ equity Total debt to total capital *($ Thousands, except per share amount) 14 Net Sales Compared to Operating Profit Operating Cash Flow 426.5 412.3 25.6 407.4 21.4 17.7 382.4 14.6 26 22 18 14 430 410 390 370 350 31,000 27,000 23,000 19,000 FY ’10 FY ’11 FY ’12 FY ’13 FY ’10 FY ’11 FY ’12 FY ’13 Net Sales ($Millions) Operating Profit ($Millions) (Excluding unusual Items) Operating Cash Flow ($Millions) (Excluding unusual Items) Cash, Net of Debt Profit per Employee 22 18 14 10 50.0 47.4 60 40 20 0 29.5 10.8 1,300 1,200 1,100 1,000 FY ’10 FY ’11 FY ’12 FY ’13 FY ’10 FY ’11 FY ’12 FY ’13 Cash, Net of Debt ($Millions) Number of Employees Profit per Employee ($Thousands)* (Excluding unusual Items) 15 LakeMaster ® AutoChart™ by Humminbird® creates contours on any lake in three simple steps. Fishing Motors Downriggers Fishfinders Digital Charts & Maps Shallow Water Anchors $247.7 million FY2013 NET SALES 58% Percent of JOUT sales 16 MARINE ELECTRONICSHumminbird® ONIX is the latest generation of sonar technology to provide unrivaled mapping and in-the-water views. Minn Kota® Fortrex™ trolling motor Marine Electronics leads the market with smart, integrated systems that make it more fun to fish. In 2013, Marine Electronics delivered record sales and profits. Combined revenue for Minn Kota®, Humminbird®, Cannon® and LakeMaster® grew $16.5 million, or 7.1 percent. Since 2000, we’ve grown from one brand Humminbird unveiled an exciting new fishfinder platform in its ONIX and ION touchscreen units, for freshwater and bluewater anglers. Cross Touch™ technology lets users mark waypoints with a finger, name them via a virtual in one segment to four brands competing in 12 product keyboard, zoom in on structures or chart locations, and segments—with Minn Kota and Humminbird each swipe and drag screens to create custom views. It’s the exceeding $100 million in sales for the third consecutive clearest picture yet of what’s going on under the water. year. An exciting lineup of new products is scheduled to hit the marketplace in 2014. Minn Kota, the industry innovation leader, has introduced LakeMaster’s newest electronic mapping products, AutoChart™ and AutoChart PRO™, will let anglers chart any body of water, no matter how far off the beaten path. Now the market’s most powerful trolling motors, featuring anglers can use AutoChart to map their favorite fishing 112 pounds of thrust. These energy-efficient models spots, applying LakeMaster’s patented shallow water deliver extra power to fight wind and current, make quick highlight, depth highlight and water level offset features; adjustments and power through vegetation. They’ll be available for Fortrex™, Terrova™, Riptide SF and Riptide ST bow-mount motors, and Riptide® Transom motors. view the map on their Humminbird fishfinder; and use the Minn Kota iPilot® Link™ to have their boat automatically follow the contour they’ve charted. 17 Regulators Buoyancy Compensators Dive Computers Masks/Fins/Snorkels Wetsuits $84.5 million FY2013 NET SALES 20% 18 Percent of JOUT sales DIVINGSCUBAPRO® Aladin[2] dive computer SCUBAPRO® Everflex wetsuit SCUBAPRO® continues to be the world’s #1 dive equipment brand. A difficult economy in Europe and bad weather across key markets kept divers at home instead of in the water in 2013, resulting in reduced revenue in Diving. However, growth in Asia continued, and improved systems and processes helped limit the impact on Diving profitability, as SCUBAPRO® sustained its market leadership. Our innovations also help keep divers comfortable—and even fashionable. We redesigned our Everflex wetsuits Innovation in underwater electronics is a priority. with new Diamond Span water-draining interior torso SCUBAPRO has just introduced a series of new dive plush to put an end to clammy wetsuits. The suits have computers for 2014, starting with the CHROMIS wrist fewer panels, for maximum stretch capacity, and fashion- computer. This high-end, high-style accessory offers forward black-and-white graphics. And we improved exceptional readability with its large display and the Equator buoyancy compensator with Airnet water- Katana-sharp characters. Its many tools include a shedding back padding, a flexible new travel backpack full-featured dive computer, apnea gauge, timepiece and patented lap counter. and the latest safety technology. The Aladin[2] will also be available in 2014, a successor to the iconic Aladin Pro. Its classic “square” screen delivers Every SCUBAPRO life support product goes through rigorous validation and testing in the pool and in open water to ensure each meets our industry-leading quality unmatched clarity and readability, complementing the standards…assuring divers around the world that deep sophisticated core features. down, they’ll enjoy the best. 19 Eureka!® Basecamp tents Families who camp together experience more than a fun vacation. Research shows that kids who enjoy outdoor adventure with their families grow up to become outdoor enthusiasts. Our Basecamp tents target this market. Canoes & Kayaks Paddles Personal Flotation Devices Tents Compasses Bags & Packs Camp Furniture Personal Cooking Systems $95.0 million FY2013 NET SALES 22% Percent of JOUT sales 20 OUTDOOR GEAR& WATERCRAFTJetboil® Joule™ group cooking system brings convenience to backcountry or car camping with the ability to boil a full liter of water. Necky® Manitou 14™ kayak Outdoor Gear & Watercraft build on a legacy of innovation to reach camping, hiking and paddling enthusiasts. In 2013, our Outdoor Gear brand and technology portfolio expanded with Jetboil®, the world leader in personal cooking systems. Jetboil, together with Eureka!® camping gear and Silva® compasses, grew Outdoor Gear revenue 25 percent year-over-year. groundbreaking design that features a larger burner, cook pot and fry pan integrated with push-button start and fast-heating convenience. The Old Town Predator kayak won Best Boat in the ICAST Best of Show competition and has been enthusiastically Watercraft, led by a new team of industry veterans, embraced by dealers and anglers. Engineered to be the focused on delivering innovation to drive growth in the all- important paddle specialty channel for Old Town®, Necky®, Ocean Kayak™, Carlisle® and Extrasport® brands. Global restructuring this year is expected to generate $2 million perfect fishing platform, the Predator boasts seating that can be lowered for paddling, raised for fishing and even flipped aside for standing. in annual savings and help return Watercraft to profitability The Eureka! Taron 3 was named best tent for deal by 2015. Meaningful innovation is designed to captivate hunters in the Men’s Journal Summer Gear Guide, while camping and paddling markets in 2014. Backpacker described the Midori 2 as a “killer value” Jetboil won The Gear Institute’s Best New Gear award for its new Joule™ group cooking system, with a offering outstanding livability. Both tents deliver the ultimate in volume, venting and versatility. 21 22 WHERE WE’RE HEADED23 WHERE WE’RE HEADEDThriving with sustainable growth EXCEEDING EVER-GROWING EXPECTATIONS Our 2015 three-year strategic plan focuses on achieving We consistently emphasize efficient use of capital, sustained profitable growth in every Johnson Outdoors invest in our businesses and brands to keep them business, keeping the balance sheet strong while strong, evaluate new growth segments and acquisition growing profits faster than sales. opportunities, and pursue operational excellence. In an intensely competitive marketplace, we stand Our plan recognizes that embracing and exceeding out and stay ahead with meaningful innovation, richer the ever-growing expectations of customers and consumer insights, win-win customer partnerships and consumers is key to our continued success, to engaged, energized employees. Our strategy builds creating Value Plus. on our strengths, including deep category knowledge, multi-channel distribution, product and technology expertise and outstanding customer service. 24 Our winning strategy at a glance Here’s an overview of Johnson Outdoors objectives and goals through 2015. OBJECTIVE GOAL Vibrant portfolio of businesses 3-5% sales CAGR Accelerated profitability 6-7% operating profit Leverage brands & technology Strong new product pipelines Unique insights & partnerships Continued new product success and growth for valued customers Engaged & energized employees Attract and retain the best people 25 CONSISTENTLYCREATING VALUEMarine Electronics brings to life Pioneering fishing electronics capture more of the boat The Marine Electronics Group is our primary growth direct result of enhancing the fishing experience with a driver, offering proof positive that Johnson Outdoors has breakthrough combination of mapping, fishfinding and what it takes to create Value Plus. automatic steering and speed control. Strong, organic growth. Investing in core brands and segments, as we did this year by increasing the thrust and energy efficiency of Minn Kota® trolling motors, gives us a solid foundation on which to build. Strategic acquisitions. We look to add category creators with proprietary technology—like Humminbird® and its 360 Imaging®. In eight years, the Humminbird brand has grown 150 percent. Smart expansion. Moving into related segments like wireless remote boat steering systems and shallow water Bottom-line results. Since 2000, Marine Electronics has grown from one brand in one segment to four brands in anchors increases market penetration and share. 12 segments. In 2013, Minn Kota and Humminbird each Meaningful innovation. Staying on top of rapid technology advancements helps us meet enthusiasts’ ever-increasing price/value expectations. Growth is a 26 marked a third consecutive year as $100 million brands, unique in our industry—and a true Value Plus for our customers, consumers and shareholders. CASEINPOINTMinn Kota® Terrova motors can be powered by the iPilot® Link™ while the new touchscreen brings the power of Humminbird® smart electronics and LakeMaster® maps to the angler’s fingertips. 27 28 29 HOW WE’LL GET THEREBIGGER OPPORTUNITY Knowing our market and consumers Within the $6 billion outdoor recreation equipment marketplace, Johnson Outdoors competes in the biggest segments, where there’s plenty of room to grow. We play where we know we can win, focusing on the industries and activities where we have 45 years of experience and insight. And we target outdoor enthusiasts—the people who recreate more, demand more and spend more. These highly engaged consumers make up nearly half the market. While they demand ever-increasing quality, service and performance, they also reward meaningful price/value. Johnson Outdoors marries insight and innovation to deliver the experience enthusiasts desire—a Value Plus to drive long-term, sustainable growth. 30 Mining data to help Mining data to help our customers our customers succeed succeed PARTNERING FOR THE PARTNERING FOR THE WIN-WIN Our customers want a partner who can help grow The result: Everybody wins with sharper marketing their business. Johnson Outdoors delivers with strategy, improved inventory control and better critical market insight; we’re industry pioneers in margins. Customers have achieved double-digit growth customer data analytics. Gathering real-time point- in our categories. And we’ve improved forecasting, of-sale data from key customers, we can tell, for promotions planning and early new product sales example, how many Minn Kota® i-Pilot® Link™ units assessments, supporting fi rst-season success. That are in stock at the Cabela’s in East Grand Forks, helps retailers move product across their footprint to Minnesota; how long they’ve been there; how many meet consumer demand, eliminating costly overstock have sold in the Midwest; and how that compares to and out-of-stock positions. previous-year sales. 31 Expanding the footprint of Johnson Outdoors distribution CHANNELING SUCCESS Outdoor enthusiasts consider shopping for equipment Our distribution footprint includes: an extension of their chosen activity. Johnson Outdoors Sporting goods retailers and chains connects with these engaged consumers through Outdoor specialty dealers multiple distribution channels in 80 countries. Paddle sports retailers Dive specialty stores Our wide scope of distribution reaches the many places Marine distributors where enthusiasts gather to discuss and discover the Original equipment manufacturers latest gear, from small local dealers to larger regional and national retailers. Our innovative products and Exports Resorts unique retail programs create the Value Plus that keeps Government/military everyone talking about Johnson Outdoors. Rentals Direct mail/catalogs 32 FROM WOW! TO The power The power The power of meaningful of meaningful innovation innovation Innovation drives growth for Johnson Outdoors, Innovation drives growth for Johnson Outdoors, pushing the envelope, this year introducing the Jetboil pushing the envelope, this year introducing the Jetboil our markets and our customers. Our iterative Joule™, whose easy-to-pack two-quart cooking pot process begins with deeper, richer insights into makes it easier to feed a hungry group fast. our consumers; intense understanding of our activities; and the technical expertise to translate that While not all innovation is breakthrough, it must be knowledge into products that are better than what’s meaningful to be a must-have. Our innovations provide out there. Breakthroughs like Jetboil®’s patented, a unique point of difference to surprise and delight highly effi cient heat transfer technology, which outdoor enthusiasts—which makes it no surprise that revolutionized personal outdoor cooking, launch a third or more of Johnson Outdoors sales come from entire new product categories. And we keep on new products. 33 The Predator stands tall Unmatched consumer insights engineered the most sought-after fishing kayak of the year As the first product created under new Watercraft leadership, the Old Town® Predator fishing kayak is a textbook example of Johnson Outdoors strengths in action. to paddle to their favorite spots, with unmatched stability and easy paddling; a three-position seat to fit the angler’s preferred stance; and six plates for mounting rod holders, electronics and tackle accessories without having to drill Targeting big opportunity. With strong entries in fishing kayaks, paddling’s fastest-growing segment, we still saw into the hull. the potential to break out with an even better boat. Insight and innovation. Listening to dealers and consumers led to our “aha!” moment: The people buying fishing kayaks are anglers first, paddlers second—and Powerful partnerships. We involved anglers intimately in every step of the Predator’s development, from concept to commercialization and beyond. And initial sales through our specialty channel partners are strong. what matters to an angler is different than what matters to a paddler. The Predator is designed for anglers who want Winning results. The Predator has won an ICAST Best of Show award—and accolades from dealers and anglers. 34 CASEINPOINTA day on the water with Fox News Fox Business Network’s Jeff Flock interviewed Johnson Outdoors Chairman and CEO Helen Johnson-Leipold at an apt location: Eagle Lake, Wisconsin…specifically, on the lake. In segments for Fox Business Briefs and for “The Conference Room,” Jeff and Helen fished and paddled—at one point, side by side in recently unveiled Old Town® Predator 13 fishing kayaks. They discussed the economy and business performance, company history and Johnson Outdoors innovation. When the cameras stopped rolling, Jeff’s interest continued; he bought a Necky® Manitou 14™ day touring kayak for himself. Jeff Flock and Helen Johnson-Leipold paddling on Eagle Lake. 35 POWERFUL BRANDS Maintaining leading market positions Every year, Johnson Outdoors brands achieve new levels of innovation, performance and quality. That translates into a portfolio of award-winning brands that outperform their competitors and create new markets. #1IN THEIR MARKETS Minn Kota® | Motors Humminbird® | Fishfinders LakeMaster® | Digital Maps Cannon® | Downriggers SCUBAPRO® | Diving Gear #2IN THEIR MARKETS Eureka!® | Family Tents Silva® | Field Compasses Minn Kota® | Shallow Water Anchors Old Town® | Canoes Necky® | Kayaks Jetboil® | Personal Cooking Systems Ocean Kayak™ | Kayaks 36 POWERFUL BRANDS 37 Thomas F. Pyle, Jr. Vice Chairman of the Board since 1997. Chairman, The Pyle Group; Director, Sub-Zero Wolf, Inc.; Non-Executive Chairman of Uniek, Inc.; Trustee, Wisconsin Alumni Research Foundation; Trustee, University Research Park, Inc. and Trustee, Morgridge Institute for Research. Member, University of Wisconsin Chancellor’s Advisory Council. Helen P. Johnson-Leipold Chairman of the Board since 1999. Chairman and CEO, Johnson Outdoors; Chairman and Director, Johnson Financial Group, Inc.; Director, S.C. Johnson & Son, Inc.; Chairman, The Johnson Foundation. Terry E. London Director since 1999. President and CEO, London Broadcasting Company, Inc.; past President, London Partners, LLC; past President and CEO, Gaylord Entertainment Company; Director, Pier 1 Imports. 38 Board of Directors photo by John Sibilski Photography BOARD OF DIRECTORSEdward F. Lang Director since 2006. Senior Vice President and Chief Financial Officer of the New Orleans Saints and New Orleans Pelicans; past President of Business Operations and Alternate Governor, Nashville Predators; Member of the College of Business Visiting Committee of Loyola University. John M. Fahey, Jr. Director since 2001. Chairman, National Geographic Society; Director, Exclusive Resorts; Member of the Board, Smithsonian National Museum of Natural History. W. Lee McCollum Director since 2005. Director, Johnson Financial Group, Inc.; Chairman of the Board and Director, Le Groupe Fruits & Passion; Director, Sigma Aldrich Corporation; Director, Coastal South Bancshares, Inc. 39 BOARD OF DIRECTORSStrong leadership Our executive team draws on insight, industry experience and a passion for outdoor recreation to lead our dedicated employees in delivering Value Plus. Helen P. Johnson-Leipold Chairman and CEO David W. Johnson Vice President and CFO Kelly Grindle Senior Group Vice President, Marine Electronics & Diving Bill Kelly Group Vice President Outdoor Gear & Watercraft Joe Stella Group Vice President Global Diving John Moon Vice President and Chief Information Officer Alisa Swire Corporate Secretary, Vice President and General Counsel Sara Vidian Vice President Human Resources Cynthia Georgeson Vice President Worldwide Communication 40 Executive team photos by John Sibilski Photography 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 2013 Form 10-K for a discussion of uncertainties and risks associated with these statements. www.johnsonoutdoors.com © 2014 Johnson Outdoors Inc. Publisher: Cynthia Georgeson Vice President-Worldwide Communication Johnson Outdoors Inc. Design: Lynne and Gil Leigh, Modern Media Editor: Mary Jo Thome Production Coordinator: Amy Helvick printed on recycled paper Corporate Secretary Johnson Outdoors Inc. • 555 Main Street • Racine, WI USA • 53403-1015 For more information, contact: Johnson Outdoors Inc. Cynthia Georgeson Vice President, Worldwide Communication 262-631-6600 • cgeorges@johnsonoutdoors.com To contact the Board of Directors directly, visit: http://investor.johnsonoutdoors.com/contactBoard.cfm JohnsonOutdoors.com 

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