Johnson Outdoors
Annual Report 2014

Plain-text annual report

Smarter. Stronger. Better. Annual Report 2014 CONTENTS Company Snapshot…2 Message From the Chairman…10 Performance Overview…12 FY2014 Financial Highlights…14 Johnson Outdoors Businesses…16 Building Success…24 Leadership…36 Reaching Ever Higher JOHNSON OUTDOORS SUCCEEDS BY ALWAYS STRIVING TO BE SMARTER, STRONGER AND BETTER. We’re on a journey of continuous improvement, driving exciting advances in every aspect of our business. Reaching ever higher positions us for sustainable growth—and makes us global leaders in outdoor recreation equipment. JOUT-NASDAQ | 1 Global Leaders JOHNSON OUTDOORS KNOWS OUR MARKETS AND WHAT IT TAKES TO WIN. Outdoor recreation equipment sold in 80 countries 16 product categories 20 facilities worldwide 1,200 employees Market cap ~$300M* *as of 9/27/2014 Headquarters in Racine, WI Who We Are“Innovation is at the core of who we are — a strength we’ve cultivated for nearly half a century.” — Helen Johnson-Leipold, Johnson Outdoors Chairman & CEO Johnson Outdoors holds 204 U.S. and international patents and 31 pending patents for innovative technology across our portfolio. Innovation fuels growth year after year. In 2014, new products generated more than a third of total sales. 33%+ JOUT-NASDAQ 2 | 3 Brand Masters OUR ICONIC BRANDS PROMISE ENTHUSIASTS A GREAT OUTDOOR EXPERIENCE. Fishing Diving Camping & Hiking Watercraft Recreation JOUT-NASDAQ 4 | 5 Innovation Champions BEING THE BEST FOR OUTDOOR ENTHUSIASTS DRIVES OUR GROWTH. Our products regularly win industry accolades. Old Town® Predator™ XL Powered by Minn Kota® ICAST BEST OF SHOW The world’s largest fishing trade show Humminbird® ONIX® 8SI ICAST Best Electronics Minn Kota® Ulterra™ ICAST Best Boating Accessories Award WinnersMarket Leaders Our brands command leading market positions. Minn Kota® | Motors Humminbird® | Fishfinders Humminbird® | Digital Maps Cannon® | Downriggers SCUBAPRO® | Diving Gear Jetboil® | Personal Cooking Systems Minn Kota® | Shallow Water Anchors Eureka!® | Family Tents Silva® | Field Compasses Old Town® | Canoes Necky® | Kayaks Ocean Kayak™ | Kayaks JOUT-NASDAQ 6 | 7 JETBOIL® Joule™ Outside magazine Gear of the Year Driving Forward WE FINISHED STRONG IN 2014, AND WE’RE EXCITED ABOUT THE FUTURE. Moving full speed ahead with our strategic plan, we’re confident in our ability to create long-term value. JOUT-NASDAQ 8 | 9 Message From the Chairman A strong close to 2014 keeps us on track toward long-term, sustainable growth. Johnson Outdoors went from a challenging start to a record-setting finish in 2014. During the first half of the year, prolonged harsh winter conditions across North America and Europe froze consumer spending as well as customer orders. Sales in the first half of this year were off more than 10 percent. We stayed focused, managing production and employing strict spending and working capital controls, confident of a rebound when the weather turned. profitable growth. We are seeing solid return on investments in new product development, manufacturing and operational excellence. We are making progress in achieving a better balance of profitability across our portfolio, which is a critical element of building foundational strength. We are committed to ensuring Johnson Outdoors’ long-term success. The key is to bring added value to every aspect of the outdoor recreation enthusiast’s experience. As expected, demand grew as temperatures warmed. Strong market momentum in the second half of the We start by leveraging our core strengths in fishing, year almost overcame the sales decline in the first diving, camping, hiking and watercraft recreation. six months. Fourth quarter sales were up 10 percent Our market knowledge, product expertise and year over year, bringing total company revenue to consumer insight are unmatched. Broad, deep almost even with the prior year. distribution and retail penetration; sophisticated processes and systems; and an across-the-board Through discipline and hard work, we have better focus on continuous improvement give us a strong positioned Johnson Outdoors for sustained, foundation for future growth. From our solid core, we have the power to launch strategies we plan to maximize our individual and new products, to create new categories, to reach collective brands’ share of voice in this arena. new consumers. We have the platform for ongoing innovation—a hallmark of Johnson Outdoors, Johnson Outdoors strives to be the kind of company with new products driving a third or more of people want to work for and work with, and whose sales year after year. In today’s world of fast-paced products they want to buy. As we further enhance technological change, it’s more important than ever our brand equities, market positions and operational to focus our resources on innovation that has the performance, our people are building a culture of greatest chance of success. success, making us world-class competitors. We are developing a new long-range plan that I am excited about the future for Johnson Outdoors. includes initiatives to get even closer to our We continue to be an ever smarter, stronger and consumers, to uncover deeper, richer insights better company, committed to winning consumer on how to make the entire outdoor recreational and customer loyalty and creating long-term value experience the best it can be. These insights will for all our stakeholders. drive more targeted innovation, supported by ever more efficient innovation processes. We also recognize the importance of furthering our digital capabilities. Web and digital technologies have become our most important marketing Helen P. Johnson-Leipold tools, and we must keep pace with customer and Chairman & Chief Executive Officer consumer expectations. Through best-practice JOUT-NASDAQ 10 | 11 Performance Overview Innovation and disciplined financial management curb effects of long, harsh winter. Strong market momentum of new products in the second half of fiscal 2014 nearly offset the declines Johnson Outdoors experienced due were key drivers in our ability to drive more than $30 million in cash from operations, an 11 percent increase over last year. to extreme weather in the year’s first six months. Total company net sales were $425.4 million versus As a result of the impact of this year’s extreme $426.5 million in fiscal 2013. Growth in Marine weather on outdoor recreational markets, 2015 Electronics and Outdoor Gear countered lower financial targets were reset to 2-3 percent compound revenue in other business units. annual growth in sales and 5-6 percent operating margin. Importantly, the balance sheet is in excellent In the third quarter we recognized $8.5 million in shape. Our strong cash position means we can invest one-time, non-cash impairment charges, which in the future when the opportunity or need arises, affected both profits and earnings. Operating profit as we continually work to make Johnson Outdoors a was $16.7 million compared with the prior year’s stronger, smarter and better organization. $25.6 million (a 20-plus year high). Tax treatment of impairment charges yielded an effective tax rate of 46 percent, more than double last year’s 22 percent, resulting in net income of $9.1 million, or $0.90 per diluted share, versus $19.3 million, or $1.95 per diluted share last year. While extreme weather pushed the bulk of sales and profits into our third and fourth fiscal quarters, we reaped the benefits of efforts over the last five years to drive out inefficiency and costs. Improved Helen P. Johnson-Leipold Chairman & Chief Executive Officer operational flexibility helped preserve profitability David W. Johnson as we adjusted to shifts in demand. Successful Vice President & Chief Financial Officer inventory and working capital management JOUT-NASDAQ 12 | 13 FY2014 Financial Highlights Operating Results* Net sales Gross profit Operating profit** Net income Diluted earnings per common share Diluted average common shares outstanding Capitalization Total debt Shareholders’ equity Total debt to total capital * $ Thousands, except per share amount ** As reported 2012 $412,292 164,322 21,413 10,134 $1.03 9,379 2012 $8,860 173,604 5% 2013 $426,461 171,049 25,591 19,327 $1.95 9,523 2013 $8,333 197,668 4% 2014 $425,410 168,613 16,691 9,123 $0.90 9,635 2014 $7,791 198,458 4% Return on Investment * Compared to Peers Stock Price Performance Compared to Peers 20% 10% 0% -10% -30% -30% 800% 600% 400% 200% 0% -200% * Based on average invested capital TTM JOUT Peers: ACAT • BC • BDE • ELY • ESCA • GRMN • JAH • MPX • NLS • ZQK • Record sales for flagship Minn Kota® brand • 2015 products grab top industry innovation awards • Watercraft profit beats expectation • Historic low debt with $70.8 million in cash at year-end • Continuation of quarterly dividend Net Sales Compared to Operating Profit * $430 426.5 425.4 $30 412.3 410 26.5 23.6 390 19.2 370 350 25 20 15 10 5 0 Operating Cash Flow $35,000 33.2 31.8 30.0 25,000 15,000 5,000 FY ’12 FY ’13 FY ’14 FY ’12 FY ’13 FY ’14 Net Sales ($Millions) Operating Profit ($Millions) *Excluding unusual Items Operating Cash Flow ($Millions) Cash, Net of Debt Profit per Employee $60 40 20 0 63.0 50.0 47.4 22.9 20.4 $20 16.5 10 0 FY ’12 FY ’13 FY ’14 FY ’12 FY ’13 FY ’14 Cash, Net of Debt ($Millions) Profit per Employee ($Thousands)* *Excluding unusual Items JOUT-NASDAQ 14 | 15 Maintaining Momentum WE’RE POSITIONED TO THRIVE IN A CONSTANTLY CHANGING LANDSCAPE. Our businesses go deep to understand our markets and deliver industry-leading solutions. JOUT-NASDAQ 16 | 17 Fishing Fishing Motors Fishfinders Downriggers Shallow Water Anchors Digital Charts & Maps $249.6 million FY2014 NET SALES More Fish, More Fun MARINE ELECTRONICS HELPED FUEL JOHNSON OUTDOORS MOMENTUM IN 2014, with record performance from Minn Kota® motors and Cannon® downriggers. Combined with Humminbird® brand sales, Marine Electronics revenue grew 1 percent. Minn Kota dominated through innovation; new products accounted for half of all sales. We help anglers make the most of their time on the water with advances like our revolutionary Ulterra™, the ICAST Best of Show winner in boating accessories. This elite trolling motor makes boat control easier than ever with fully automated stow, deploy and power trim—controlled wirelessly via the i-Pilot® or i-Pilot Link™ remote or foot pedal. Humminbird remains a technological leader in a highly charged competitive environment. Our patented Side Imaging® sonar technology grabs sonar snapshots off the sides of the boat to create a picture of passing terrain. Revolutionary 360 Imaging™ uses circular sweeps to reveal what’s ahead, behind and all 59% Percent of JOUT sales around—even when the boat’s standing still. Anglers can see exactly where to steer and cast to catch more fish, faster. This year Humminbird also significantly upgraded the operating system for its high-end touchscreen units, including the ONIX® 8SI fishfinder that won ICAST Best of Show in electronics. We’ll upgrade all models in 2015—enabling us to dramatically improve features and functionality now and in the future. JOUT-NASDAQ 18 | 19 Diving Regulators Buoyancy Compensators Dive Computers Masks/Fins/Snorkels Wetsuits $79.6 million FY2014 NET SALES Modern Pioneers DIVING, OUR MOST GLOBAL BUSINESS, continued to deal with weak European economies as well as unrest in the Middle East, which affects some of the world’s most popular dive destinations. Revenue in 2014 declined 6 percent. 18% Percent of JOUT sales We’re working hard to lessen the impact through continued innovation in our marketing approach as well as in our products. We engage customers around the world through multi-channel, multi-media strategies ranging from daily photo posts on Instagram to specialized regional promotions. SCUBAPRO® surpassed 100,000 likes on Facebook, where users regularly share photos, videos and tips on enhancing the diving experience. Our Deep Elite brand ambassadors are iconic individuals from across the sport who are committed to conservation as well as innovation in diving. They don’t receive pay or gear and aren’t required to use SCUBAPRO products—but they willingly discuss our brand as they encourage new and seasoned divers to discover, experience and protect the oceans. SCUBAPRO has earned respect through a history of innovation and commitment to quality, continuing as the world’s #1 diving brand. More than half our SCUBAPRO employees are divers themselves, and more than a third are instructors. That keeps us close to the consumer, ready to deliver the products and services for divers who deep down, demand the best. JOUT-NASDAQ 20 | 21 Camping & Watercraft Recreation Recreational Paddling Fishing Kayaks Personal Flotation Devices Tents Personal Cooking Systems Camping & Hiking Gear $96.9 million FY2014 NET SALES Instant Adventure WATERCRAFT RETURNED TO PROFITABILITY A YEAR AHEAD OF SCHEDULE, following a sustained drive toward operational improvement and despite a slight 3 percent decline in revenue. More than a decade ago, this business struggled with the growing pains of major acquisitions and rapid category expansion. Over the years we’ve strengthened Watercraft’s infrastructure, removed costs and complexity, and increased speed-to-market with streamlined development and production. These improvements fuel meaningful innovation—like the Old Town® Predator™ fishing kayaks, which this year helped drive a 10 percent increase in revenue for the brand. The new Predator XL, powered by Minn Kota®, took home ICAST’s highest honor, overall Best of Show. In Outdoor Gear, revenue grew 7 percent. We continue to integrate Jetboil®, the #1 brand in outdoor cooking systems, into our camping portfolio, working to make the most of 23% Percent of JOUT sales operational synergies. Our research shows that for enthusiasts, cooking is a big part of camping. We’re leveraging Jetboil’s patented technology to enhance that experience. Our focus on campsite essentials earned continued recognition in 2014. Backpacker Gear Guide featured Eureka!® tents and bags, naming the Midori 2 to its tenting hall of fame. And Outside Buyer’s Guide rated the Taron Basecamp 4 tops in livability. JOUT-NASDAQ 22 | 23 Building Success WE KNOW WHAT IT TAKES TO WIN. Translating in-depth analysis and planning into action, we continuously improve every aspect of Johnson Outdoors. JOUT-NASDAQ 24 | 25 JETBOIL FITS PERFECTLY INTO THE LIVES OF ACTIVE CAMPERS, HIKERS AND CLIMBERS. Bold Innovation Jetboil® cooking systems make trail food great food, igniting demand through innovation. In 2014 we saw the importance of innovation that excites our markets and delights consumers. Once the extreme weather lifted, Johnson Outdoors sales a meaningful difference at the right price/value balance and has the greatest chance of success. hit record highs—and 40 percent of those sales came Jetboil represents the ultimate in innovation, using from new products. new, proprietary technology to create an entire product category. Fast, efficient, lightweight units like the Jetboil To stay a step ahead on the innovation curve, our Joule make it easy for enthusiasts to cook enjoyable businesses work constantly to enhance new product meals outdoors. That makes Jetboil the number one development processes. The challenge is making the brand in personal cooking systems—and keeps demand most of our resources to deliver innovation that offers for Johnson Outdoors products strong and growing. Jetboil® Joule™ Personal Cooking System Integrated Flux Ring® speeds heat transfer for fastest cooking time ever. Push-button igniter makes startup easy, even in windy conditions. 2.5 liter vessel supports cooking for a group. Inverted, liquid-feed design delivers fuel-efficient heating even in cold weather, with canister portability. JOUT-NASDAQ 26 | 27 OLD TOWN PREDATOR IS THE ULTIMATE FISHING KAYAK. Rich Insights Old Town® Predator™ fishing kayak shows how we turn consumer insights into must-have products. Unique consumer insights fuel innovation across Johnson Outdoors. From early-stage product development feedback to point-of-sale analytics, we’re enthusiasts who paddle, not paddling enthusiasts who fish. That insight sparked development of the Predator fishing kayak. We involved anglers and mining a wealth of data to stay closer to consumers dealers at every phase, combining their feedback and be stronger partners for customers. with our unparalleled knowledge of fishing. Early market success led us to expand our offering with Our goal is to know our consumers better than they the Predator XL, powered by Minn Kota®. know themselves: who they are, what makes them tick, and what will make their entire outdoor experience The result: In 2014, our Predator models won major the best it can be. We keep our brands the preferred industry awards, drove a 10 percent sales increase choice for enthusiasts through continuing “ahas”— for Old Town and outpaced sales of all other fishing like realizing that a fishing kayak is bought by fishing kayaks, growing market share in this key segment. Three-position seat offers maximum comfort or flips aside for more deck room. Six removable plates let anglers mount rod holders, electronics and accessories without drilling into the hull. Large bow hatch and accessible storage spaces ensure plenty of room for gear. Slip-resistant deck combines with a stable ride for confident standing and casting. Old Town® Predator™ MX Fishing Kayak JOUT-NASDAQ 28 | 29 TALON BRINGS MINN KOTA TOUGHNESS TO SHALLOW WATER ANCHORS. Growing Brands Minn Kota® Talon™ shallow water anchor builds success on deep brand strength. O ur iconic brands form a strong core from which we can launch new products and categories. Most of our brands hold the #1 or #2 position in their market, sustaining consumer loyalty. And Johnson Outdoors stands for superior technology and performance to our customers. We value this equity and use it prudently to expand our market segments. Case in point: the Minn Kota Talon shallow water anchor. For decades, enthusiasts have known Minn Kota as the gold standard in electric trolling motors. The brand means rugged innovation rooted in deep fishing know-how. Johnson Outdoors has carefully expanded the Minn Kota line with motor accessories. In 2011, we saw fresh opportunity in an adjacent category, shallow water anchors. The Talon delivers exactly what anglers expect from Minn Kota: game-changing toughness and smart, quiet operation. In the last two years we’ve added a camouflage version, and the world’s only 12-foot shallow water anchor option…growing sales by taking a well-loved brand to new depths and new heights. Push-button deployment quickly pins the boat without disturbing the bottom or spooking fish. Unique, adjustable anchor enables fishing at depths up to 12 feet, preventing drifting when casting, reeling or changing ties. Anchor mode choices match the environment – Auto-Drive, Soft Bottom, Rough Water. All-electric design eliminates hydraulics for easy installation and low maintenance. Minn Kota® Talon™ Shallow Water Anchor JOUT-NASDAQ 30 | 31 Powered by Technology Firsts For more than 80 years, Minn Kota® has led the industry in electric trolling motor innovations. Game-changing technology firsts have strengthened the core business, won consumer loyalty and built valuable brand equity. Johnson Outdoors draws on what we know and do best—our knowledge of fishing and our ability to get close to the consumer—to guide the expansion of the Minn Kota brand. As we’ve moved into adjacent market segments, we’ve continued to grow sales, making Minn Kota that rarity in the outdoor recreation equipment industry: a consistent $100 million brand. i-Pilot® First wireless remote-controlled, GPS-based trolling motor navigation system. Less navigating, more fishing! i-Pilot locks onto fishing spots, sets trolling paths and commands speed and steering. CoPilot™ First trolling motor wireless remote control. Anglers can now fish from anywhere in the boat and still control speed, steering and prop on/off. The Minn Kota AutoPilot was the first motor to include the AutoPilot feature in 1991. AutoPilot™ First microprocessor-controlled automated steering system. AutoPilot locks onto a compass heading and keeps the boat moving, cutting the time anglers have to spend steering by 75 percent. i-Pilot® Link™ Minn Kota and Humminbird® combine forces to create the first wireless, GPS-controlled trolling motor navigation and fishing system. Using either device, anglers can set a path, follow the contour, lock in a spot and more—for practically hands-free fishing. The Riptide® SF, a saltwater bow-mount motor, is among the Minn Kota models featuring Lift-Assist. Lift-Assist™ Patented Lift-Assist design cuts the weight of stow and deploy in half, making lifting a motor as easy as lifting an SUV tailgate. Digital Maximizer™ Provides up to five times longer run time on a single charge by drawing only the power that’s needed— extending anglers’ time on the water. Available on select Minn Kota motors. The 2015 Minn Kota Ulterra™ is equipped with the Digital Maximizer, 112 pounds of thrust, auto stow and deploy, power trim and integrated GPS technology for either the i-Pilot or i-Pilot Link. JOUT-NASDAQ 32 | 33 EVERY HUMMINBIRD, EVERY DAY, MADE IN AMERICA. Advanced Manufacturing Humminbird® uses a patented manufacturing process to promote operational excellence. W hatever the business system or process, we know we can and must continually do it better. That gives Johnson Outdoors vital operational state-of-the-art, 84,000-square-foot manufacturing facility. Here Humminbird makes, packages and ships its sonar- based marine electronics. Advanced techniques include flexibility. We can’t control the weather, but we can a patented dual-line process that speeds circuit board manage supply chains, purchasing procedures and production. Every unit is automatically tracked and tested inventory to flex with demand. And we can turn ideas multiple times before shipping. into winning products through efficient, quality- focused manufacturing, as seen at our Humminbird This intense quality focus is key to supporting a radical headquarters in Eufaula, Alabama. new operating system, launched with the Humminbird ONIX® and ION® and rolling out to all models. Using the The 50-acre site along Lake Eufaula includes a most advanced manufacturing techniques, we’re bringing high-tech research and development center and a anglers the most powerful fishing electronics ever. AutoChart® Live sonar-generates a custom fishing map in real time. Side Imaging®, Down Imaging™ and 360 Imaging™ technologies show where to steer and cast. Cross Touch™ controls make it easy to tap and swipe through menus and features or use traditional touchpad in rougher waters. Intuitive Interface gives fast access to favorite views, GPS data and more. Humminbird® ONIX® 10 Sonar & GPS System JOUT-NASDAQ 34 | 35 Experienced Leaders Terry E. London Director since 1999 John M. Fahey, Jr. Director since 2001 Kathy Button Bell Director since 2014 W. Lee McCollum Director since 2005 Edward F. Lang Director since 2006 Thomas F. Pyle, Jr. Vice Chairman of the Board Director since 1997 Helen P. Johnson-Leipold Chairman of the Board Director since 1999 Richard “Casey” Sheahan Director since 2014 JOUT-NASDAQ 36 | 37 JOUT-NASDAQ X | 37 Board of Directors Our board of directors helps guide Johnson Outdoors with vital business acumen and a broad range of experience. Helen P. Johnson-Leipold, Johnson Outdoors chairman and CEO, leads with skills in strategic planning, global operations, strategic marketing and branding, drawing on deep knowledge of the company and its industry. She served as a marketing executive with S.C. Johnson & Son, Inc. and Foote, Cone & Belding. Ms. Johnson-Leipold is chairman and director of Johnson Financial Group, Inc.; director of S.C. Johnson & Son; and chairman, The Johnson Foundation. Thomas F. Pyle, Jr., Johnson Outdoors vice chairman, brings extensive managerial, transactional, operational and financial expertise to the role. Currently chairman, The Pyle Group, and non-executive chairman of Uniek, Inc., Mr. Pyle is former owner and head of Rayovac Corporation. He serves as director of Sub-Zero Wolf, Inc.; advisor to the University of Wisconsin Chancellor; and trustee of Wisconsin Alumni Research Foundation and other leading research institutions. Kathy Button Bell is vice president and chief marketing officer of Emerson Electric Co., a $25 billion manufacturing conglomerate. A renowned branding strategist, she has served in lead marketing roles with recreational giants Converse, Inc. and Wilson Sporting Goods. Ms. Button Bell is a director of Sally Beauty Holdings and the American Marketing Association, and past chairwoman, Business Marketing Association. John M. Fahey, Jr., chairman of the National Geographic Society, is knowledgeable in key Johnson Outdoors markets and outdoor leisure, travel and recreational industries. He brings skills in leadership, strategic planning, international business and enterprise risk management. Mr. Fahey is also lead director of Time Inc. and a regent of the Smithsonian Institution. Edward F. Lang, senior vice president and CFO of the NFL’s New Orleans Saints and the NBA’s New Orleans Pelicans, provides insight in leisure industries and consumer products as well as broad experience in corporate finances and operations. He served with the NHL’s Nashville Predators for 13 years, most recently as president of business operations and alternate governor. Terry E. London, chairman of London Broadcasting Company LP and LBK Entertainment Holdings, provides insight on a broad range of corporate management and financial matters, drawing on his experience as chief executive of major corporations. Mr. London has been involved with the outdoor industry for more than 20 years and is also chairman of the Pier 1 Imports, Inc. board of directors. W. Lee McCollum, director of Johnson Financial Group, Inc., brings a broad range of international and consumer product marketing and operational experience as well as financial expertise, having served as executive vice president and CFO of S.C. Johnson & Son, Inc. He is a director of Sigma Aldrich Corporation and Coastal South Bancshares, Inc. Richard “Casey” Sheahan, former president and CEO of Patagonia, Inc., brings proven knowledge, expertise and leadership in management, marketing and sustainable business practices in the outdoors industry. Prior to taking the reins at Patagonia, he held key executive positions at Kelty, Inc., Wolverine Worldwide, Inc., Merrell Outdoor Division and Nike, Inc. A lifelong outdoor enthusiast, Mr. Sheahan serves on the board of the Outdoor Industry Association and as senior advisor to Backbone Media JOUT-NASDAQ 38 | 39 Executive Team Our executive team draws on insight, industry experience and a passion for outdoor recreation to lead our dedicated employees. 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 Patricia Penman Vice President Marketing Services Cynthia Georgeson Vice President Global Communication Executive team and board of directors 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 2014 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, Global Communication Johnson Outdoors Inc. Design: Lynne and Gil Leigh, Modern Media www.modernmediausa.com Editor: Mary Jo Thome Production Coordinator: Amy Helvick Corporate Secretary Johnson Outdoors Inc. • 555 Main Street • Racine, WI USA • 53403-1015 For more information, contact: Johnson Outdoors Inc. Patricia Penman Vice President, Marketing Services & Global Communication 262-631-6600 • patricia.penman@johnsonoutdoors.com To contact the Board of Directors directly, visit: http://investor.johnsonoutdoors.com/contactBoard.cfm JOUT-NASDAQ 40 | 41 JohnsonOutdoors.com 

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