Johnson Outdoors Inc. Annual Report 2020

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FY2020 Annual Report · Johnson Outdoors Inc.

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P O W E R E D B Y

PURPOSE

2020 ANNUAL REPORT

TODAY, MORE THAN EVER

OUR PURPOSE IS TO INSPIRE PEOPLE to “get out there” to

experience and value the awe of the great outdoors for generations

to come. That purpose took on new significance in this pandemic

year, as people focused on physical and mental well-being. Outdoor

recreation grew as people sought safe activities that rejuvenate mind,

body and spirit. Johnson Outdoors is working to keep participation

increasing, supporting exactly the kind of experience people desire

and encouraging ever stronger connections to the outdoors.

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COMPANY SNAPSHOT

In an unprecedented year, our businesses demonstrated

strength and resilience, serving a valuable purpose to

meet growing consumer needs.

F I S H I N G

D I V I N G

Fishing motors

Fish finders

Downriggers

Shallow water anchors

Digital charts & maps

Regulators

Buoyancy compensators

Dive computers

Masks/fins/snorkels

Divewear

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JOUT-NASDAQ 2020 COMPANY SNAPSHOT (AS OF 10.2.20)

$594.2 m

N E T S A L E S

P R O D U C T
C AT E G O R I E S

1,200

E M P L OY E E S

FA C I L I T I E S
W O R L D W I D E

C O U N T R I E S

C A M P I N G

W A T E R C R A F T

Tents

Sleeping bags & pads

Kayaks & canoes

Fishing craft

Personal & family cooking systems

Personal flotation devices

Camp furniture & accessories

Paddles & accessories

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LETTER FROM THE CHAIRMAN

TAKING OUR PURPOSE
INTO TOMORROW

BUILDING A

Instead, many people who got outdoors during

STRONG, RESILIENT

the warm weather months of the pandemic

BUSINESS has always

stayed active even after Labor Day. We saw

been the long-term

sales rise 58 percent over the prior year’s fourth

goal of Johnson

Outdoors. It was

important last year, it

will be important next year—and it was certainly

important this year.

quarter, with profits also significantly higher.

While the pandemic shaped this year’s results, it’s

important to note that COVID-19 is not the only

story at Johnson Outdoors. We continue to build

a thriving, sustainable business on three pillars of

The 2020 fiscal year was like no other in our

excellence: great brands, great innovation and

history. We started with a strong first quarter,

great people.

but our momentum was abruptly halted by the

onset of the COVID-19 pandemic. The initial

stay-at-home mandates significantly affected

our second and third quarters, during the heart

of our primary selling season. As the third

quarter began, we had suspended operations

at many locations.

When the stay-at-home mandates eased, we

saw participation grow in Fishing, Camping

and Watercraft Recreation. People recognized

that experiences in the great outdoors can

rejuvenate the mind, body and spirit—and are

safe to enjoy. Demand for our products ramped

up, and we resumed production after ensuring

our procedures and protocols aligned with CDC

guidelines and public health safety directives.

Robust demand continued into our fiscal fourth

GREAT BRANDS. Longtime outdoor enthusiasts

as well as newcomers to outdoor recreation trust

our market-leading brands to deliver the best

outdoor experiences. We continually work to

position those brands for growth beyond the next

quarter, the next year, and the next decade. We

want our brands to serve people for generations

to come.

That means embracing change, drawing on

unparalleled knowledge of our consumers as well

as our own passion for adventure. Our brands

continually work to strengthen connections with

target consumers. Over the past few years, we’ve

focused on accelerating our digital marketing

capabilities. That emphasis was rewarded in 2020,

as consumers increasingly turned to ecommerce.

quarter, a time when the warm weather outdoor

We continue to invest in our global digital

recreation industry is usually gearing down.

presence, building on what we’ve already

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accomplished to ensure that when our

I am thrilled and grateful for the way everyone,

consumers want to get out there to experience

the whole company, worked together to keep us

the great outdoors, Johnson Outdoors is ready

moving forward. This year made it clear that our

for them.

people are our greatest asset.

GREAT INNOVATION. Our intense focus

Overall, this year’s performance was fueled by

on powerful consumer insights is the key to

demand created through consumers’ eagerness

industry-leading innovation that, year after year,

to get into the outdoors. We are determined to

wins recognition and drives sales.

welcome those new to outdoor recreation, as well

Insights fuel our product development process.

We’re always looking for even more ways that

our Fishing products can seamlessly integrate

as longtime enthusiasts, with innovative, trusted

products, creating the experiences that keep

people coming back.

and communicate so anglers can focus on

Looking ahead, at Johnson Outdoors, our

catching more fish. Our Diving products bring

commitment to building a thriving enterprise

enthusiasts the benefits of new technologies and

long-term remains stronger than ever. Our

advanced materials. In Watercraft Recreation

company purpose, to inspire people to “get

and Camping, translating deeper, richer

out there” to experience and value the awe of

consumer insights into successful innovation is

the great outdoors for generations to come, is

also key to creating positive momentum.

more important than ever. With a strong finish

to a challenging year, building on great brands,

great people and great innovation, we are well-

positioned to take our purpose into tomorrow.

Insights enable us to identify the opportunities

with the greatest potential for growth, create

products that fit consumer wants and needs,

and ensure our products are available where

our targeted consumers shop and buy. Ongoing

investment in insights is a priority as we engage

consumers to ensure meaningful innovation.

GREAT PEOPLE. The hard work and dedication

of our employees enabled us to meet as

much of this year’s demand as possible, while

following strict health and safety procedures.

Helen P. Johnson-Leipold
Chairman & Chief Executive Officer

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UNITED BY OUR PURPOSE

Throughout the challenges of 2020, our people found new ways

to work together to keep Johnson Outdoors moving forward.

Here’s a look at what we faced and how we responded to serve our

customers, consumers and shareholders.

We transitioned from tents for

As things started opening up, we

weddings and large events to tents

could introduce people to new

for hospitals and testing facilities and

ways to get outdoors. It’s been

schools. The urgency was overnight.

great to help them have those

This team has been amazing; I’m

outdoor experiences with close

proud of the way they stepped up.

family, to feel excitement and joy.

—Jason, Operations

—Jenna, Marketing

Getting outdoors keeps me going.

I think everyone is valuing things

I am living the purpose of the products,

they took for granted. And

and I want to provide best-in-class

Johnson Outdoors is here to

products to everyone else so they can

support people in the things that

enjoy their time outdoors.

they love to do outdoors.

—Frank, Quality Assurance

—Mark, Finance

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We’re all working

to keep everyone

connected even though

we’re not together

physically. It’s not just

a job, it’s a family.

I get to make detailed lake maps that

help people catch fish. That’s cool. But

the typical map file size is 5G, 20G, 500T;

transferring so much data while working

from home is difficult. I’m proud of how

well the office made the transition.

—Deborah, Technical Support

—Tom, Geographic Information Systems

When you’re working from home it’s

important to get out in nature, to move.

Johnson Outdoors is the key to being

active. To me this is a company that cares,

and we’re trying to get through this crisis in

the best way.

—Sebastian, Digital Marketing

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We developed campaigns encouraging people to

dive locally, and dive shops to think differently.

I’m also a test diver for SCUBAPRO. I learn about

the product and then educate the dive shops.

Demonstrations have been challenging, but we’re

here to support our dealers long-term.

—Brett, Sales

To me, Johnson Outdoors means

We make sure we social distance, keep

strength. People know we’re

our masks on, follow every procedure to

loyal to our customers and

stay focused and safe while still driving

dedicated to getting them the

forward… Johnson Outdoors is like family

products they need. And they

to me. This is the best door I have ever

want that long-lasting quality.

opened in my entire life.

—Krystal, Digital Marketing

—Pedro, Production

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FISHING

COMMANDING
T H E B OAT W I T H I N N O VAT I O N

INDUSTRY BREAKTHROUGHS engineered with anglers in mind
keep Minn Kota® at the market’s forefront.

The Minn Kota Raptor™ shallow water anchor is an exciting
addition to our line of products designed to maximize boat
control. Active Anchoring™ models sense wind and wave
conditions, then automatically adjust to maintain hold.

The Riptide Terrova®, the ultimate saltwater trolling motor,
continues to go big. A new 87-inch shaft model brings larger
boats precise i-Pilot® Link™ control as well as the ability to tie into

The One-Boat Network™, an innovation that’s changing the way anglers catch fish.

The One-Boat Network welcomes everyone onto the water with equipment that all
works together, from Humminbird® fish finder to Minn Kota trolling motor and shallow
water anchor. Anglers spend less time adjusting and more time fishing. Our products
help seasoned pros and newcomers alike enjoy experiences that keep participation in
fishing high.

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THE MINN KOTA® RAPTOR™ SHALLOW WATER ANCHOR won
for 2020 “Best Boating Accessories” at the International Convention of
Allied Sportfishing Trades (ICAST) virtual show. Raptor is the only shallow
water anchor with two industry-first technologies: Auto-Bottom Mode™,
detecting bottom density to determine the right anchoring force, and
Active Anchoring™, monitoring conditions to keep the boat firmly in place.

BEST BOATING
ACCESSORIES

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EXPANDING
O P P O R T U N I T Y W I T H F R E S H V I S I O N

FOR A DEEPER UNDERSTANDING of what’s below the
water, anglers turn to revolutionary fish finder technology
from Humminbird®.

The new Humminbird CoastMaster™ chart, which earned
our ninth ICAST “Best of Electronics” in 10 years, delivers
incredible detail and accuracy. Building on the very latest
data, the CoastMaster chart provides customizable tools
to help anglers identify fish-holding spots and navigate
there safely.

Our award-winning MEGA 360 Imaging® began shipping
this year to favorable consumer response. It’s the only
sonar option to sweep in every direction around the
boat and deliver high-resolution images of structure, the
bottom and fish. When MEGA 360 Imaging is used with
Minn Kota® Spot-Lock technology, anglers enjoy effortless
command of their boat and an uncompromised view of
fish and the world below.

Anglers choose Humminbird for built-in mapping,
impressive screen resolution, and intuitive control.
That means more accurate casts, more unforgettable
moments—and more people eager for the next
innovation.

HUMMINBIRD
COASTMASTER™
CHARTS, providing highly
accurate coverage for all
U.S. coastal waters on a
single card, was voted 2020
“Best of Electronics” at the
International Convention of
Allied Sportfishing Trades
(ICAST) virtual show. The
all-new CoastMaster gives
saltwater anglers detailed spot
soundings, depth contours,
and points of interest, along
with navigation aids. Anglers
can also use the predictive
tides and currents tool to
monitor fishing conditions for
their vessel’s precise location.

BEST OF ELECTRONICS

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WATERCRAFT

TRANSFORMING
F I S H I N G K AYA K S AT E V E R Y L E V E L

POWER. PEDAL. PADDLE. The Old Town® Sportsman line, a new fleet of seven
fishing kayaks, offers options for anglers of all abilities and interests. Two kayaks
integrate saltwater-ready Minn Kota® motors to propel, maneuver and “anchor”

the kayak. Three feature our PDL™ Drive for easy hands-free
pedaling control. And two satisfy paddling traditionalists who
desire modern comforts. The Sportsman line was born from
extensive consumer research and offers an impressive array of
features: EVA foam floor pads, breathable seats, rod holders,
a branded tackle box, intuitive storage—and the quality and
innovation anglers expect from Old Town.

Purchasing is easy, too, thanks to our growing digital and
ecommerce capabilities. As consumers have increasingly turned to
this buying channel, we’ve worked to optimize their experience—
making any time spent with our brands more enjoyable.

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BEST OF SHOW

READERS CHOICE

THE AUTOPILOT™ 120,
FLAGSHIP MODEL of
Old Town’s new Sportsman
line, won 2020 “Best of Show”
honors at the International
Convention of Allied
Sportfishing Trades (ICAST)
virtual show. This state-of-
the-art fishing kayak, dubbed
a “fish-catching machine” by
Field & Stream, delivers the
ultimate hands-free experience.

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CAMPING

DELIGHTING
C A M P E R S E AG E R T O G E T AWAY

INTEREST SURGED THIS YEAR IN CAMPING, the gateway to
outdoor recreation. Eureka!® met high demand with innovations to
offer even the newest weekend campers a peak experience.

The Copper Canyon LX tent series features larger windows and
doors, an extended front porch fly for dry entry, and full standing
height, making it our most livable family car camping tent.

The NoBugZone Screenhouse and NoBugZone 3-in-1 Shelter are
equally valuable car camping companions, protecting against
biting insects, burning sun, and a passing shower.

And this year Eureka! introduced the brand’s first butane-powered products, the SPRK+ Camp Stove
and the SPRK Camp Grill. Like the hugely popular Ignite and Ignite Plus Camp Stoves, they make it
easy to enjoy dining outdoors, wherever campers are making memories—on the trail, in a state park,
or safe and snug in the backyard.

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THE COPPER CANYON LX 4 is Popular Mechanics’ “Best Car
Camping Tent for 2020,” thanks to features like interior gear storage, a
cord port to power devices, stronger poles, and one-person setup.

Popular Mechanics similarly honored the IGNITE PLUS CAMP STOVE,
citing its “massive cooking surface with power and great simmer
control.” And the Ignite Stove made USA Today’s 10 Best Gifts for
Road Trippers as part of the 2020 Readers’ Choice Travel Awards.

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CONNECTING
T O E N E R G I Z E C O N S U M E R S

WHETHER ON THE TRAIL OR ONLINE, Jetboil® uses innovative
technology to serve outdoor enthusiasts with speed, convenience
and quality.

This year we made Jetpower Fuel, for our outdoor cooking
systems, available for purchase at jetboil.com, where it quickly
became a top seller. We partnered with Good To-Go and Hikers
Brew brands on deliciously crafted backpacking meals and

camp coffee.

New products to help campers and hikers fuel up include
the Silicone Coffee Press, featuring a tighter seal that
prevents grounds from escaping into the coffee.

And consumers got excited about “hot” limited edition

colors for the Flash personal cooking system; purple
was the first of the colors to sell out. The MicroMo,
Jetboil’s lightest cooking system, also added new
colorways—enhancing the versatility of cooking
stoves and systems that pack light, set up quick,
and boil quicker.

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DIVING

REVOLUTIONIZING
W I T H D I V I N G M U S T- H AV E S

FOR NEARLY 60 YEARS, SCUBAPRO® has set the industry standard for reliable,
innovative, durable dive equipment. This year’s innovations serve divers at every level.

The Hydros™ X is the first front-adjustable BCD to offer injection-molded Monprene®
thermoplastic shoulders and backpad. Divers get a BCD that molds precisely to their
physique—a breakthrough in comfort and fit.

For the most natural breathing underwater, divers now have the D420 / MK25 EVO
and D420 / MK19 EVO regulator systems. SCUBAPRO engineers combined the iconic
D-Series second stage design with the latest technology to create the Progressive
Flow Control Valve, then teamed it with the MK19 or MK25 EVO balanced first stage.

The result: a true 21st-century regulator.

In dive computers, the entry-level Aladin A1 and the advanced
Aladin A2 offer a compact wristwatch style that can be worn
topside and underwater, making SCUBAPRO integral to both
diving and everyday life.

This year we also introduced Dive Local, encouraging divers to
connect with area dealers and explore USA diving locations.
With the SCUBAPRO name behind it, the program is yet another
trusted entry point to an exciting new world.

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THE GALILEO HUD mask-mounted dive computer with
virtual display won the ScubaLab Innovation Award for
its precision optics and practicality. The HUD “makes it
surprisingly easy to constantly monitor critical dive info
while keeping your hands free,” ScubaLab notes. And its
“design and operation mesh easily and seamlessly with the
way we dive.”

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PERFORMANCE

MANAGEMENT PERSPECTIVE

HIGH DEMAND
DRIVES STRONG RESULTS
R O B U S T F O U R T H Q UA R T E R B O O S T S S A L E S , P R O F I T S

High demand for products in Fishing, Camping
and Watercraft Recreation extended into the
industry’s usually slow fiscal fourth quarter, driving
higher sales and operating profit year-over-year
for a strong finish to a challenging year. Our
people have been working hard to produce as
much as we can, including adding more shifts
and managing our supply chain to increase
capacity where possible.

Total company revenue grew 6 percent to
$594.2 million versus fiscal 2019 revenue
of $562.4 million, with an additional week in
fiscal 2020 that drove an increase in net sales of
approximately 1.5 percent over the prior year.

Continued demand for new and legacy
technologies in Minn Kota® and Humminbird®
drove a 9 percent increase in Fishing revenue.
Strong demand across all product categories
drove a 25 percent increase in Watercraft
Recreation sales. Camping grew 3 percent due to
higher sales in both Jetboil® and Eureka®, offset in
part by a decrease in military tent sales. Pandemic-
related global travel restrictions negatively
impacted Diving revenue by 20 percent.

Total company operating profit was $71.1 million
in fiscal 2020, which compared favorably to
operating profit of $63.8 million in the prior fiscal
year. Net income improved to $55.2 million, or

F Y 2 0 2 0 H I G H L I G H T S

• Significant consumer demand in Fishing, Camping and Watercraft Recreation

• New products command top industry awards

• Digital and ecommerce leveraged as consumer buying behavior changed

• Organizational agility amid COVID-19 impacts

• Strong cash flow

• Increased quarterly dividend to shareholders

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$5.47 per diluted share, a 7 percent improvement
versus $51.4 million, or $5.11 per diluted share, in
the last fiscal year.

We will continue to scale operations consistent with
demand, given the unpredictability surrounding
COVID-19 and its impact on participation levels
and outdoor recreation markets.

Looking ahead, our debt-free balance sheet
and our healthy cash position will continue to
be beneficial as we make smart investments to
strengthen the business and drive value for our
shareholders.

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

2018
$ 544,268

241,860

63,021

40,669

$4.05

9,996

2018
—

279,197

2019
$ 562,419

249,756

63,774

51,413

$5.11

10,021

2019
—

324,534

2020
$ 594,209

264,993

71,070

55,233

$5.47

10,064

2020
—

378,100

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BUSINESS PERFORMANCE FY2020
F I N I S H I N G S T R O N G I N A N
U N P R E C E D E N T E D Y E A R

F I S H I N G

D I V I N G

$449.9 M
FY2020 NET SALES

$60.9 M
FY2020 NET SALES

Continued demand for new and legacy
technologies from Minn Kota® and
Humminbird® drove a 9 percent increase
in Fishing revenue. Humminbird’s award-
winning MEGA 360 Imaging® kept
excitement and interest high in our fish
finders. And Minn Kota’s award-winning
Raptor™ shallow water anchor garnered
favorable consumer response with two
industry-first technologies: Auto-Bottom
Mode™, and Active Anchoring™.

Sustaining our innovation and technology
leadership in this market is a top priority.
We combine technical know-how with
unique insights into anglers’ needs to
keep our pipeline filled with exciting new
products.

As the diving market experienced
pandemic-related headwinds due to global
travel restrictions, we saw a 20 percent
revenue drop.

The SCUBAPRO® team focused on
sustained innovation, a key to the
brand’s leadership. The Hydros™ X BCD
uses advanced materials to deliver a
breakthrough in comfort and fit. And
the Galileo HUD mask-mounted dive
computer shows award-winning technology
innovation.

Initiatives to enhance our global digital
presence further position SCUBAPRO for
a strong future. We also launched a “dive
local” campaign that helped our dealers
boost sales. We will continue to invest
to ensure SCUBAPRO remains the most
trusted dive brand in the world.

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O U T S TA N D I N G B R A N D S

C A M P I N G

W A T E R C R A F T

$41.6 M
FY2020 NET SALES

$41.9 M
FY2020 NET SALES

Camping grew 3 percent due to higher
sales in both Jetboil® and Eureka!®, offset
in part by a decrease in military tent sales.
When state and national parks began
re-opening this year, our brands saw a
surge of interest. Eureka! encourages
new campers with choices like the award-
winning Copper Canyon LX tent series
and NoBugZone shelters. Jetboil, the
technology leader in portable outdoor
cooking systems, continues to be the
top choice among tech-savvy outdoor
enthusiasts, and to strengthen online
connections to consumers.

Camping is a gateway to outdoor
recreation participation. We continue to
invest in consumer-driven innovation to
provide the best camping experiences
possible.

As more people sought to get out on
the water, demand across our portfolio
drove a 25 percent increase in Watercraft
Recreation sales. Fishing kayaks are the
fastest-growing segment, and our Old
Town® Sportsman line of power, pedal and
paddle fishing kayaks has generated a lot
of enthusiasm. The line’s flagship model,
the award-winning Sportsman Autopilot™
120, uses a Minn Kota trolling motor
with GPS to propel, steer and anchor the
kayak. We’re looking to continue the line’s
momentum in Year Two.

Investments in ecommerce capabilities
were rewarded as more consumers turned
to this channel. We continue to optimize
our digital presence and the online
consumer experience.

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EXECUTIVE TEAM

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

TOP

CENTER

BOTTOM

Helen P. Johnson-Leipold
Chairman and CEO

David W. Johnson
Vice President and CFO

Larry Baab
Group Vice President,
Camping and Watercraft

Judy Douglas
Group Vice President,
Fishing

Karen James
Vice President,
Global Operations

Khalaf M. Khalaf
Vice President,
General Counsel and
Corporate Secretary

John Moon
Vice President and
Chief Information Officer

Patricia Penman
Vice President,
Marketing Services and
Global Communication

Joe Stella
Group Vice President,
Global Diving

Sara Vidian
Vice President,
Human Resources

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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 S.C. Johnson
and Foote, Cone & Belding. Ms. Johnson-Leipold is chairman and
director of Johnson Bank and Johnson Financial Group, Inc.; director of
S.C. 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., and
emeritus trustee of Wisconsin Alumni Research Foundation and other
leading research institutions.

Kathy Button Bell is senior 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 past director of Sally Beauty Holdings 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, Inc. 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, a professional services
firm specializing in consulting 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 currently serves on the Board of Directors for Northwestern
Memorial Hospital, and the Board of Trustees and Executive Committee of
Naples Community Hospital, and was formerly a director with Johnson &
Johnson and Whirlpool Corporation. In addition, he is a Presidential Counselor
at Cornell University.

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 senior leadership and marketing
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 software-based
virtual socializing and recognition platform, and past 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. He is also chairman of the board for
Demand Q, a software-based peak demand energy solution.

JOUT-NASDAQ | 2020 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
2020 Form 10-K for a discussion of uncertainties and risks associated with these statements.

www.JohnsonOutdoors.com

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

Editor-In-Chief: Allison Kitzerow

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

To contact the Board of Directors, visit:
https://www.johnsonoutdoors.com/contact-us

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