Johnson Outdoors Inc. Annual Report 2018

FY2018 Annual Report · Johnson Outdoors Inc.

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2018 ANNUAL REPORT

FOR

ADVENTURERS

—Sam Johnson, Founder

FOUNDED IN THE SPIRIT OF ADVENTURE.
PROPELLED BY A PASSION FOR THE OUTDOORS.
INSPIRED TO GO ABOVE AND BEYOND.

We always have been and always
will be a company for adventurers,
by adventurers, dedicated to creating
the best outdoor experience possible.

“Our love for outdoor recreation
creates a unique bond with the outdoor
consumer, and a unique advantage for
Johnson Outdoors.”

—Helen P. Johnson-Leipold
Chairman & Chief Executive Officer

JOUT-NASDAQ | 2018 Annual Report | 1

FISHING

DIVING

WHO
WE ARE

JOHNSON OUTDOORS

IS A FAMILY OF CORE
BRANDS building on

the power of the whole

to deliver a superior

consumer experience

and create awe-inspiring

outdoor adventures.

Through innovative, top-

quality products, we earn

industry awards, customer

loyalty, and the trust of

consumers who share

our passion.

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CAMPING

COMPANY SNAPSHOT
JOUT-NASDAQ

$544.3 M

NET SALES

WATERCRAFT

PRODUCT
CATEGORIES

1,200

EMPLOYEES

FACILITIES
WORLDWIDE

COUNTRIES

AS OF 9.30.18

JOUT-NASDAQ | 2018 Annual Report | 3

LETTER FROM THE CHAIRMAN

CONNECTING WITH
CONSUMERS

TO COMPETE AT THE
CUTTING EDGE

AT OUR CORE, JOHNSON OUTDOORS IS A
FAMILY OF ADVENTURERS, PEOPLE WITH A
PASSION TO FISH, CAMP, HIKE, SCUBA DIVE
AND PADDLE. Our love for outdoor recreation
is a unique bond we share with the outdoor
consumer. We know what it takes to make a
great outdoor experience, and Job #1 every day
for everyone here is to stay on the cutting edge
of design and technology to deliver just that.

This gives Johnson Outdoors a clear
competitive edge: authentic, differentiated
innovation with the staying power to keep
our brands at the forefront of the market.
Consumers can see what sets our products
apart. They trust our brands and products to
promote the best possible outdoor experience.
They know every product is created by people
who share their mindset.

Deep, rich consumer insights help us identify
the best new product ideas, those with
maximum potential for success in a complex,
highly competitive market. Great ideas, in turn,

require great follow-through, and we continue
to refine our innovation process. As products
move into production, we emphasize efficient
infrastructure and global systems built on
best practices.

Go-to-market strategies demand equal
innovation. We rely on insights and the
experience gained across our portfolio of market-
winning brands to be in complete sync with our
consumers. Over the past year we’ve furthered
our ability to connect with outdoor recreation
enthusiasts in new ways, increasing our digital
sophistication to initiate compelling conversations
when and where our consumers prefer.

Outstanding financial performance
demonstrates the power of our long-term
plan. Over the last three years, it has provided
essential structure as we build the foundation
for future success. This plan defined new,
exciting ways to move forward in a rapidly
changing marketplace where “new” isn’t “new”
for very long.

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Ms. Johnson-Leipold, an avid paddler, at a family vacation on Lake Owen.

Our goal is to make the most of the passion we
share with consumers to consistently deliver
must-have innovation across our entire brand
portfolio. We’re filling the new product pipeline
and launching products strategically to create
the biggest impact. We understand how to
give each product a chance to build. At the
same time, we celebrate—and learn from—the
breakthroughs that exceed expectations.

Intimate knowledge of our consumer also fuels
our technological advances. Our know-how
empowers us to use technology in new ways
at every touchpoint, through a well-defined
prototyping process. Future efforts will also
focus on targeted sales and marketing programs
designed to fully leverage our company-wide
digital transformation, harnessing the power of
data analytics to enhance profitable growth for
all channels long-term.

We look back on this year’s record-setting
results with pride and are confident in our ability
to move steadily forward. Looking ahead, we

will continue to progress against our three key
strategic priorities—richer consumer insights,
enhanced innovation processes and digital
sophistication. These are the cornerstones of
a foundation for success.

Great brands, great products, great people
—supported by focused planning and follow-
through. Only Johnson Outdoors can deliver
this combination. We know fishing, diving,
paddling, camping and hiking. And we know
what it will take this year, and the next, and the
next to achieve continued sustainable growth
and long-term profitability. We feel good about
the path forward and invite you to join us on
the adventure.

Helen P. Johnson-Leipold
Chairman & Chief Executive Officer

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ADVENTURE Fishing

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GREG

Product Management
FISHING

EVERY SUMMER MY
FATHER AND I TAKE A
TRIP UP INTO NORTHERN
CANADA to walleye fish. Using

one of our new Minn Kota trolling motors, we
were trolling around some islands—and I hooked
into a 10-plus pound walleye. It’s fun to have it all
come together: you work in the business, and then
you get to put that into play, too.

I HELP DEVELOP WHAT’S NEXT…fill the funnel
with ideas that work their way through the system
to become products. Anytime you’re engineering
something, there are blocks in the development
process. One thing that impresses me is how
everybody is constantly willing to put all hands on
deck to get beyond that problem, whatever it is.

COMING TO WORK ISN’T SOMETHING I HAVE
TO DO; IT’S WHAT I GET TO DO—and a large part
of that is the people. Everybody here treats each
other like family. There’s nothing we can’t say to
each other to make sure that at the end of the day,
we win.

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T E C H N I C A L L Y

IRRESISTIBLE

Breakthrough innovation has anglers hooked
on Minn Kota® trolling motors, shallow water
anchors and battery chargers. Next-generation
technology flows from our knowledge of fishing
and our ability to get close to the consumer—
for a powerhouse brand that continues to
exceed expectations.

INTEGRATED IMAGING
As of 2018, anglers can select a Minn Kota Ulterra™,
Terrova®, Ultrex™ or Fortrex® trolling motor with built-in
Humminbird® MEGA Down Imaging sonar.

The built-in unit is protected from wear and tear and
delivers sharp images of what’s below the bow, for
better fish-finding.

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MINN KOTA® ULTREX™
WITH BUILT-IN DOWN
IMAGING
The award-winning patented Ultrex
is the world’s most technologically
advanced electric cable-steer motor,
the first and only to offer all our
breakthrough steering and navigational
features to pedal-control anglers with
the tap of a foot.

BEST BOATING
ACCESSORY

JOUT-NASDAQ | 2018 Annual Report | 9

ADVENTURE Fishing

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CRAIG

Operations
FISHING

I FISH AS OFTEN
AS I CAN—which any
fisherman will tell you is not

as often as I want! And I see the

value of the Johnson Outdoors innovation model
first-hand. Strong linkage to the consumer is what
our business needs to succeed.

OUR FACILITY IS ALL ABOUT CHANGE. It’s
about continuous improvement, about being
incrementally better every day—and people here
are passionate, driven to do their best. My role is
to help put together strategies in conjunction with
our top-level objectives. Then I provide support,
resources and guidance to keep everyone here in
sync, to meet those objectives.

TEAMWORK AND CLARITY. That’s been the key
as we’ve collaborated so well here on so many
projects. When we look back on a big project, we
can say we did it. We did it together.

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FISH-FINDING FIRST
Pioneering MEGA Imaging™ technology
took fish finding into new territory,
delivering up to 3X the output of standard
Side Imaging®—and Humminbird keeps
making it better. We’ve expanded depth
and side coverage and further enhanced
imagery to deliver the clearest, sharpest
sonar image ever.

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B I G -T I M E

VISIONARY

Game-changing Humminbird® fish
finders are key to The One-Boat
Network™, featuring intelligent
integration with Minn Kota® trolling
motors and anchors. Anglers can
distinguish fish from structure, see
which way they’re facing and even
determine the species—then enjoy
effortless boat positioning for a more
productive outing.

ALL-SEEING,
ALL IN ONE
With the biggest screen
ever, the state-of-the-art
SOLIX® Series offers intuitive
access to every Humminbird
technological innovation for
imaging, viewing, charting,
mapping, networking,
connecting—and catching
more fish.

JOUT-NASDAQ | 2018 Annual Report | 13

RODRIGO

Product Testing
DIVING

DIVING IS MY PASSION.

AND BECAUSE I’M A

DIVER, I KNOW WHAT
DIVERS WANT, how they use

the equipment. I use that knowledge in my
job to make sure we always give divers a great
experience. When I spend my time outdoors, I’m
actually touching and using what we’ve made.

MY WORK BEGINS AFTER THE PRODUCT IS
MADE. We test each and every unit to make sure
they meet the highest standards for performance
and quality before we allow them to be shipped
out around the world. I think about where each
one is going and how divers trust SCUBAPRO to
be the best, so only the best will do.

I’VE GONE DIVING IN MANY PLACES, FROM THE
COAST OF SESTRI TO MAROSO TO THE RED
SEA, but my favorite had to be the Maldives. The
serenity, the tranquility, the beauty was amazing,
and the vast number of fish and sharks made the
whole experience unforgettable.

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ADVENTURE Diving

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COMPACT COMFORT
The new S620Ti is crafted to improve breathing
performance by 37 percent. It incorporates
all the best features of the renowned S600 in
a smaller, lighter design, delivering effortless
airflow under all dive conditions.

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R E L I A B L Y

EXCEPTIONAL

SCUBAPRO® wins the diving world’s
respect at every level, with a full range
of core life-support products, diving
gear and accessories. We set the gold
standard for performance that lets
consumers focus on the adventure,
dive after dive after dive.

LIVING THE DREAM
The Hydros™ Pro BCD represents an
incredible breakthrough in dive comfort
and convenience. Moldable Monoprene®,
modular construction and endless
customization options make the Hydros Pro
perfect for local diving or global travel.

JOUT-NASDAQ | 2018 Annual Report | 17

ADVENTURE Camping

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SARAH

Marketing
CAMPING

THE FIRST TIME I
USED A JETBOIL, MY
HUSBAND AND I WERE
NEWLY DATING and a friend

invited us to do a week-long portaging trip to the
Boundary Waters, in northern Minnesota. It was
canoeing and packing up all your stuff and getting
in and out of the water…and at one point one
of us fell in…but that trip really connected us.
It showed we could work as a team.

HERE AT JOHNSON OUTDOORS I’M PART OF
A TIGHT-KNIT TEAM. I do consumer research to
understand the needs and wants of backpackers
and campers. Then I get to work with great
engineers to bring products to life.

For instance, we created a scale to measure your
gas canister, so you don’t have to be afraid of
running out of gas on the trail. It’s fun to see it on
store shelves, and on social media—people saying
it’s the best tool any backpacker could have.
That motivates me—that we get to help so many
consumers do what they love.

JOUT-NASDAQ | 2018 Annual Report | 19

BRINGING THE

HEAT

Jetboil® outdoor cooking systems
lead the industry thanks to obsessive
engineering and outstanding
innovation. The result: lightweight,
compact, super-dependable stoves
for use from basecamp to summit…
entrancing first-time adventurer and
seasoned pros alike.

COUNTING OUNCES
AND SECONDS
Tried, true and triumphant: The
next-generation Flash cuts a full
minute off boil time to be the
fastest Jetboil ever, harnessing
every ounce of innovative
FluxRing® technology to stay at
the industry forefront.

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A D V E N T U R E R S

WELCOME

Simple setup and complete
comfort are the hallmarks of
Eureka!® tents, camping furniture,
camp stoves and sleep systems.
We combine 120 years of
know-how with insight-driven
innovation…for tents and gear
that make it easy for all campers
to make memories.

GROUP + GEAR, RIGHT HERE
The massively spacious new Eureka!
Boondocker Hotel sleeps six and stows
all the toys. Its gear garage doubles as a
comfortable vestibule. A gull-wing side
panel protects campers from sun or rain…
making the Boondocker the heart of camp
and the home for extended adventure.

JOUT-NASDAQ | 2018 Annual Report | 21

ADDIE

Product Development
WATERCRAFT

THE MALIBU PEDAL
WAS MY FIRST KAYAK

PROJECT, making sure
the layout and the aesthetics

represented the Ocean Kayak brand—very
fun-in-the-sun. I’d give the engineers sketches,
and they’d figure out: Will this work? Will it
affect the boat’s performance? You’re constantly
refining and checking back to be sure you’re
meeting the goals of the consumer.

I GET INVOLVED IN THE ENTIRE PRODUCT
DEVELOPMENT PROCESS, STARTING WITH
CONSUMER RESEARCH. We look at what people
are saying about current boats, and where we
see potential opportunities and improvements.
That goes into ideation and sketches, and from
those sketches we’ll develop 3D models and test
prototypes. It could be something as small as a
handle, all the way up to an actual boat.

People here really push for you to use the
product. It makes a big difference when you
experience the product the way a consumer
would. My partner and I did the Kenduskeag
Stream race together—and we took the more
unconventional route. WE DIDN’T DO IT IN A
CANOE, WE DID IT IN A MALIBU!

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ADVENTURE Watercraft

JOUT-NASDAQ | 2018 Annual Report | 23

POWERFULLY

NIMBLE

Since 1898, Old Town® has originated
boat after cutting-edge boat, leading in
the market and the hearts of paddlers,
pedalers and anglers. We jump ahead
of changing times and trends with
our unmatched consumer insight and
engineering artistry…passionate pioneers
in sharing the thrill of being on the water.

STABILITY, MEET
PERFORMANCE
Old Town’s new Topwater™ Series,
with the ultra-stable DoubleU™ hull,
provides stand-up anglers with a
comfortable platform and thoughtful
tackle and rod management.
Compact paddle and pedal versions
make for easy car-top transport,
pleasing both novice and veteran
kayakers.

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T H I N K I N G

FRESH

Fitness fans, fun-seekers and
families are always on top with
Ocean Kayak®. Our sit-on-top
kayaks and stand-up paddle boards
combine comfort and freedom,
staying in sync with consumers
through wave after wave of
innovation.

SIT. PEDAL. ZIP!
The Ocean Kayak Malibu Pedal’s highly
efficient PDL Drive delivers remarkable speed
with quick-turn agility. The adjustable bench
seat heightens comfort, and a kid’s jumpseat
helps families enjoy a lunchtime jaunt or
long-term adventure.

JOUT-NASDAQ | 2018 Annual Report | 25

DAN

Digital Marketing
WATERCRAFT RECREATION

I GIVE LIFE TO BRANDS

ON OUR DIGITAL

ENVIRONMENTS—
websites, social media, email.
We’re working with exciting new technologies
on the digital front, which pairs nicely with the
technologies on the product side. It’s rewarding
to interact one-on-one with our consumers and
deliver a custom shopping experience.

I’VE BEEN CONNECTED FOR A LONG TIME TO
THE JOHNSON OUTDOORS BRANDS, specifically
Old Town, using their products growing up.
Everybody knows our brands. People are excited
to tell you about their boat—how it came into
their hands, how they fished or paddled with their
grandfather, how the boat enriched their lives.

WE HAVE CANOES AND KAYAKS THAT
EMPLOYEES CAN CHECK OUT ANYTIME. I love
to paddle after work or on my lunch break. Or
maybe someone from R&D says, “We’re testing
out a new design, and we want to get some water
time.” We’ll go paddle around on the Penobscot
River and give feedback. You’re working, you’re
helping the company create new products…but at
the same time, you’re out there rejuvenating. And
when you get back to your job, you have a clear
state of mind.

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DIGITAL
TRANSFORMATION

JOUT-NASDAQ | 2018 Annual Report | 27

C L E A R L Y

CONNECTED

Ongoing digital transformation reaches across all
marketing and sales channels. Our renewed website
creates a unified platform for our family of brands, leading
consumers on the journey from online to outdoors.

And digital strategies go beyond the website to further
embrace social media platforms, interactive marketing and
e-commerce tactics. We have the tools in place to heighten
success for our brands in a rapidly changing market.

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WINNER: DIGITAL MARKETING EXCELLENCE
Our completed rollout of connected yet customizable websites for
all our brands earned Johnson Outdoors a 2018 Acquia Engage
Award. The award recognizes digital marketing sophistication that
paves the way for brand integration, cross-merchandising, and
streamlined promotion and analysis of consumer engagement.

JOUT-NASDAQ | 2018 Annual Report | 29

SUSANNE

Marketing
DIVING

I AM PASSIONATE

ABOUT DIVING IN
GENERAL. Whatever
problems may be on your mind,

they disappear instantly the moment you’re
underwater. For me, it’s like flying, soaring
underwater and having the freedom to go
anywhere. One of my most memorable dives was
off the coast of France. As we descended, shadows
began to appear and grow beneath us until
suddenly, almost as if out of nowhere, we came
upon a sunken submarine from WW II. It still gives
me goosebumps just thinking about the incredible
thrill I felt that day.

I HOPE TO INSPIRE MORE PEOPLE TO HAVE
AWESOME EXPERIENCES UNDERWATER. That’s
why I enjoy being part of the team that creates
and manages all our digital social media platforms,
such as Facebook, Instagram and YouTube, as
well as promotions, to bring our dealers, divers
and us across northern and eastern Europe closer
together, connected uniquely and deeply by our
shared passion for diving.

It was always my dream to work for SCUBAPRO.
EVERY DAY, LIKE EVERY DIVE, IS A WONDERFUL
ADVENTURE.

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PASSION FOR

PERFORMANCE

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MANAGEMENT PERSPECTIVE

INNOVATION

DRIVES RECORD GROWTH
FOR FY2018

All-Time High Revenue and Earnings
For Second Consecutive Year

Strong marketplace demand for new
products in our core fishing and diving brands
propelled a second year of record results for
Johnson Outdoors.

Total company net sales grew 11 percent to
$544.3 million, versus fiscal 2017 net sales
of $490.6 million. Operating profit soared
to a record $63.0 million, a 38 percent

increase over last year’s $45.6 million, due to
significantly higher sales volume and margin
improvement year-over-year.

Net income for the fiscal year increased
16 percent to $40.7 million, or $4.05 per
diluted share, versus $35.2 million, or $3.51
per diluted share, last fiscal year.

FY2018 Financial Highlights
• New product success

• Sustained momentum in Fishing and Diving

• Enhanced digital sophistication

• Strong cash flow and a debt-free balance sheet

• Increased quarterly dividend to shareholders

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Revolutionary, consumer-focused innovation
is the unquestionable driver of this growth.
Exceptional new product performance fueled
double-digit revenue growth in Minn Kota®
and Humminbird® brands, while momentum
for award-winning innovation in life-support
categories gave a 3 percent boost to
SCUBAPRO® brand sales.

The balance sheet is strong, and our healthy
cash position enables us to continue to invest
in growth opportunities while continuing
to pay dividends to our investors. We have
made much progress in transforming Johnson
Outdoors for future success in a changing
marketplace. More work and more investment

are needed to ensure continued sustainable
growth and profitability.

Helen P. Johnson-Leipold
Chairman & Chief Executive Officer

David W. Johnson
Vice President & Chief Financial Officer

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

2016

$433,727

176,462

22,894

13,501

$1.34

9,855
2016

$7,389

207,496

2017

$ 490,565

210,940

45,591

35,157

$3.51

9,920
2017

—

243,004

2018

$ 544,268

241,860

63,021

40,669

$4.05

9,996
2018

—

279,197

JOUT-NASDAQ | 2018 Annual Report | 33

JOUT-NASDAQ

2018 Business Performance

FISHING

$391.1 M

DIVING

$78.9 M

FY2018 NET SALES

Bigger, better new product success in
our flagship fishing business drove record
financial results for the second consecutive
year, driving strong growth across every
channel. The power of consumer-driven
innovation is clear:

• The revolutionary Minn Kota Ultrex®,

the first electric cable-steer motor and a
standout with foot-pedal control, again
exceeded expectations.

• Marketplace demand for Humminbird

large-screen fish finders continued to be
strong. We saw double-digit growth for our
game-changing MEGA Side Imaging™ and
Down Imaging™ sonar.

• Technical upgrades across the Minn Kota
electric steer line sparked excitement and
growth in this category.

• Technological advancements also lifted

legacy innovations like the iPilot and iPilot
Link accessories.

Innovative new products boosted topline
sales, while infrastructure reduction
enhanced bottom-line performance.
Maximizing efficiency and profitability
requires further simplification and
increased emphasis on digital initiatives
to drive more dive consumers to our elite
dealer network.

• Enthusiasm for the new S620Ti regulator
and ongoing demand for the Galileo
G2™ dive computer strengthened
SCUBAPRO share in core life support
products.

• Continued demand for the award-

winning body-sculpting and quick-dry
Hydros™ Pro enhanced SCUBAPRO
brand equity.

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WATERCRAFT RECREATION

CAMPING & HIKING

$36.3 M

$37.8 M

FY2018 NET SALES

Challenging conditions in the kayak
market negatively affected revenue
this year. Our focus is on ensuring we
are positioned to win when the overall
market stabilizes. We believe we have
the right long-term plan, given our great
brands and superior innovation:

• The new Old Town Topwater™ series

brings anglers the stability and
performance of a large fishing kayak in
a more compact design that’s easier to
transport and navigate.

• The Ocean Kayak Malibu Pedal

continues to grow in popularity. Like
the Topwater series, it uses our award-
winning PDL™ Drive to make fun and
fitness on the water more enjoyable.

Growth in Eureka and Jetboil brands
nearly offset the loss of sales from the
divestiture of the non-core Silva brand.
Following two challenging market years
marked by retailer bankruptcies and
consolidation, we’re gaining traction with
new products:

• The next-generation Jetboil Flash
personal cooking system beat
expectations, driving an uptick in
specialty chain and international sales.

• The new Eureka! Boondocker Hotel 6
Person Tent sports inventive features
like a gull-wing side panel and a massive
vestibule that doubles as a gear garage.

JOUT-NASDAQ | 2018 Annual Report | 35

EXECUTIVE TEAM

PROVEN

LEADERSHIP

Our executive team gives
us an edge with their
experience and capabilities.

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Photo by John Sibilski Photography

Karen James
Vice President, Global
Operations

David W. Johnson
Vice President and CFO

Patricia Penman
Vice President, Marketing
Services and Global
Communication

Khalaf M. Khalaf
Senior Managing Director, Legal
Affairs and Corporate Secretary

John Moon
Vice President and Chief
Information Officer

Helen P. Johnson-Leipold
Chairman and CEO

Sara Vidian
Vice President, Human Resources

Bill Kelly
Group Vice President,
Camping and Watercraft

Judy Douglas
Group Vice President,
Fishing

Joe Stella
Group Vice President,
Global Diving

JOUT-NASDAQ | 2018 Annual Report | 37

BOARD OF DIRECTORS

GOVERNANCE

Our board of directors
offers vital business acumen
and 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 SC Johnson and Foote, Cone &
Belding. Ms. Johnson-Leipold is chairman and director of Johnson Bank
and Johnson Financial Group, Inc.; director of SC Johnson; and chairman,
The Johnson Foundation at Wingspread.

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, chairman and CEO 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. In 2016,
she was appointed to Emerson’s Office of the Chief Executive. A renowned
branding strategist with expertise in global marketing, digital strategy and
market research, 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., non-executive chairman of the board of directors
of Time, Inc., from June 28, 2017 to April 2018, and retired chairman and
CEO 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 a director of Lindblad
Expeditions Holdings and a regent of the Smithsonian Institution.

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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 finance, operations and enterprise risk management. He
previously served with the NHL’s Nashville Predators for 13 years, most
recently as president of business operations and alternate governor.

Terry E. London, past CEO and interim president of Pier 1 Imports,
chairman of the Pier 1 Imports, Inc. board of directors, and former
chairman of London Broadcasting Company LP and LBK Entertainment
Holdings, provides insight on a broad range of corporate management and
financial matters. Mr. London has been involved with the outdoor industry
for more than 20 years.

William “Bill” D. Perez, founder of FamGen consultants for family-
owned businesses, brings extensive experience in corporate transactions,
international business, operations and manufacturing, finance, strategy
and brand marketing. He was president and CEO for the Wm. Wrigley Jr.
Company; Nike, Inc; and S.C. Johnson, where he spent 34 years. He is on
the boards of Northwestern Memorial Hospital, Johnson & Johnson, and
Whirlpool Corporation, a Presidential Counselor at Cornell University and a
Director’s Circle member for The Chicago Council on Global Affairs.

Richard “Casey” Sheahan, CEO of Simms Fishing Products LLC, brings
proven knowledge, expertise and leadership in management, marketing and
sustainable business practices in the outdoor industry. Former president of
Keen Footwear and former president and CEO of Patagonia, Inc. and Lost
Arrow Corporation, Mr. Sheahan also held key executive positions at Kelty,
Inc., Wolverine Worldwide, Inc., Merrell Outdoor Division and Nike, Inc. A
lifelong outdoor enthusiast, Mr. Sheahan has served on the board of the
Outdoor Industry Association.

Edward Stevens, founder and CEO of Preciate, Inc., a relational
wealth company using blockchain and digital currency technologies,
and strategic board advisor and previous CEO for KIBO Software,
Inc., brings extensive experience in digital strategy, ecommerce,
and omni-channel distribution, along with his international business
strategy skills. Prior to his role at KIBO Software, Inc., he was founder
and CEO of Shopatron.

JOUT-NASDAQ | 2018 Annual Report | 39

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 2018 Form 10-K for a discussion of uncertainties and risks
associated with these statements.

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 and Global Communication
262-631-6600 • patricia.penman@johnsonoutdoors.com

To contact the Board of Directors directly, visit:
http://investor.johnsonoutdoors.com/contactBoard.cfm

www.JohnsonOutdoors.com

Publisher: Patricia Penman
Vice President, Marketing Services
and Global Communication
Johnson Outdoors Inc.

Design: Lynne and Gil Leigh, Modern Media
www.modernmediausa.com

Editor: Mary Jo Thome

Creative Consultant: Cynthia Georgeson

Production Coordinator: Amy Helvick

40 | JOUT-NASDAQ | 2018 Annual Report

J O H N S O N O U T D O O R S . C O M