Johnson Outdoors Inc. Annual Report 2021

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FY2021 Annual Report · Johnson Outdoors Inc.

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T R U S T E D F O R
ADVENTURE

2021 ANNUAL REPORT

FOR
GENERATIONS
TO COME

JOHNSON OUTDOORS CONTINUALLY PUSHES THE

LIMITS OF WHAT’S POSSIBLE, ALWAYS INNOVATING

TO ENHANCE THE OUTDOOR EXPERIENCE. In a time of

pandemic-fueled uncertainty, people have relied on us for

the products to enjoy their adventures on land, on water,

and under the water. And we’ve pushed ourselves to meet

rapidly evolving needs and expectations. We work every

day to continue earning our stakeholders’ trust, creating

better adventures and a better future outdoors.

Trust is the essential connection between

Johnson Outdoors and adventurers of

all types—the key to making a positive

difference, today and tomorrow.

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

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COMPANY
SNAPSHOT

Our businesses focus on and invest in translating deep,

rich consumer insights into innovative products that

deliver the best outdoor experiences possible.

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 2021 COMPANY SNAPSHOT (AS OF 10.1.21)

$751.7 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

1,400

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

Tents

Sleeping bags & pads

Personal & family cooking systems

Camp furniture & accessories

W A T E R C R A F T
R E C R E A T I O N

Kayaks & canoes

Fishing craft

Personal flotation devices

Paddles & accessories

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LE TT ER F RO M THE CHAIRM AN

T R U S T E D F O R

ADVENTURE

THIS HAS BEEN A YEAR OF EXCEPTIONAL PERFORMANCE
AS WELL AS SIGNIFICANT CHALLENGE.

FY 2021 PERFORMANCE
We had an exceptional year as people’s desire
to spend time outdoors fueled unprecedented
demand. Sales for Fishing, Camping and
Watercraft Recreation stayed strong all year,
and Diving began to recover in the third and
fourth quarters as travel picked up. As a result,
sales rose 26 percent over the prior fiscal year,
operating profit increased 57 percent, and net
income rose 51 percent. This kind of growth
wouldn’t have been possible without the
dedication and hard work of our employees to
meet the incredible demand for our products.

CREATING A CLEAR PATH FORWARD
As we look to the future amidst increased
marketplace volatility and complexity, we see
resiliency as a critical element of success. Our
diverse outdoor portfolio provides stability
and resiliency in a market that is increasingly
intense. We cover the most important outdoor
recreation activities: fishing and camping, two
of the categories with the largest participation;
and watercraft and diving, tied to a full range of
activities on and under the water.

At the same time, we have taken action to
address the key external challenges, the most
important one being disruption in the global
supply chain. We have identified opportunities,
invested in additional tools to help us better

manage the situation, and added capacity to
increase efficiency.

Our team remains committed to continuing to
work hard and do everything possible to address
the unprecedented demand and to fill orders.

OUR STRATEGY FOR SUCCESS
We are committed to delivering long-term
healthy growth and to making a positive
difference for people and communities, for
generations to come. Our definition of success
always has and always will include both pieces.
Below are our areas of continuing strategic
focus, reflecting the interdependence of strong
performance and positive impact.

Understanding our consumers. Longtime
outdoor enthusiasts as well as newcomers to
outdoor recreation trust our market-leading
brands. We draw on unparalleled consumer
insights to create the equipment that people
can rely on for their next great adventure—and
drive participation that protects our natural
spaces of recreation.

Leading in innovation. We continuously
improve our innovation process to make the
most of our consumer insights and our technical
expertise. Being strategic about integrating the
right new technologies is key to our innovation
leadership across all our categories.

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Identifying new growth opportunities.
Consumers, markets and channels constantly
change. Shifts in motivations, technologies,
expectations and more create opportunities
for both organic growth and growth through
acquisition. Our enhanced commitment to
analytics and data, our research and expertise
in new technologies, and our willingness to
challenge current thinking continue to drive
our ability to surface new opportunities.

Optimizing the digital experience.
Digital marketing and omnichannel leadership
are essential for success. Given evolving
consumer habits and expectations, we continue
to advance and optimize our digital and
ecommerce effectiveness.

Increasing environmental focus. We have
always considered it our responsibility to leave
the world a better place and are accelerating
environmental efforts as a company and with our
consumers. This year we began working with an
external expert to analyze our company’s carbon
footprint, to establish baseline metrics and
relevant goals for future reductions. We believe
true environmental progress requires each of us
to be involved; deeper connection drives greater
action for the great outdoors.

Attracting and retaining inspired
employees. Since my father, Sam Johnson,
founded this company in the 1970s, our
commitment to a culture of trust, inclusiveness
and respect for all, and our determination to
leave the world better than we found it, are the
true source of our strength. With this focus on

human values and purpose, Johnson Outdoors
has not only survived but thrived. And I believe
that focus resonates with the evolving workforce.
We know our people are our greatest asset and
always look for ways to improve as we continue
to build a workplace of choice, emphasizing
employee safety, well-being and development.
Engagement and collaboration fuel the
innovation that is vital to our success.

LEVERAGING THE STRENGTH
OF THE WHOLE
I am proud to say that over the years we have
built strong, leading brands across our portfolio.
Every brand is rooted in the principles, values
and purpose of Johnson Outdoors. Now we’re
beginning to build awareness and strength
in Johnson Outdoors as an umbrella for all
our brands. This is our opportunity to make a
difference by communicating and leveraging
the power of the company as a whole.

As we have from the beginning, Johnson
Outdoors aims to be a healthy, thriving
enterprise, doing good for generations to
come. Following our purpose and focusing on
our priorities, we are and will be the outdoor
recreation leader trusted for adventure.

Helen P. Johnson-Leipold
Chairman & Chief Executive Officer

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GENUINE
CONNECTION

F I S H I N G

GENUINE

CONNECTION

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RUGGEDLY RELIABLE

FOR MAXIMUM CONTROL

EVERY BOAT, EVERY ANGLER, EVERY CAST IS BETTER
WITH MINN KOTA® INNOVATIONS: The fastest, quietest,
deepest-reaching shallow water anchors. The most
advanced battery chargers. And, of course, the
toughest, most ingenious trolling motors.

The Raptor™ shallow water anchor has seen explosive
growth since its launch, fueled by industry-first
technologies that sense what’s happening underwater
and automatically adjust the hold. This year we
introduced a new range of mounting brackets to bring
Raptor to more boats.

New Precision on-board chargers, optimized for lithium
marine batteries, take the guesswork out of running lithium
power and maximize battery life. Ultrex™ trolling motors
continue to be in demand thanks to years of proven
performance, enhanced by Power Steering and
Spot-Lock™ technology.

And it all works together with Humminbird®
and Cannon® products in the One-Boat
Network™, for unprecedented boat control
and unstoppable fishing power.

MINN KOTA® RAPTOR™ SHALLOW
WATER ANCHOR uses Auto-Bottom
Mode™ to set the right anchoring force
based on bottom density, and patented
Active Anchoring™ to continuously
adjust anchoring force. Especially in
the face of wind and waves, Raptor is
relentless.

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F I S H I N G

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F I S H I N G

Humminbird® Ice Helix® Series has been
upgraded with bundles that include MEGA
Live™ Imaging™ and MEGA 360 Imaging®
to bring anglers the “hole” picture. Our
Premium Ice Shuttle keeps gear organized,
while adapter and conversion kits fit nearly
every on-ice electronics need.

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Humminbird® MEGA Live™ Imaging
won 2021 Best of Electronics in the
International Convention of Allied
Sportfishing Trades (ICAST) new
product showcase. This new sonar
technology shows fish and structure
in real time. Anglers can watch on
screen as fish move or even bite an
angler’s lure.

MUST-SEE TECHNOLOGY FOR

THE WHOLE PICTURE

EXCLUSIVE HUMMINBIRD® SONAR, MAPPING
AND NETWORKING TECHNOLOGIES GIVE
ANGLERS A WELCOME TAKE ON “REALITY TV.”

Amazing Humminbird Imaging sonar shoots
high-frequency beams below the surface to reveal
structure, cover and contours—elevated into the
megahertz range with MEGA Imaging®. Built-in
basemaps and live autocharting aid navigation.
And the One-Boat Network™ connects Humminbird,
Minn Kota® and Cannon® products for seamless
communication.

Whether customers want a fish finder that’s small
and mighty or big and breakthrough, it’s here.

The SOLIX® third-generation (G3) fish finder
packs more technology into large, bright
screens, with a steady stream of

information. Fourth-generation

(G4N) HELIX® models offer new
capabilities and screens up
to 15.4 inches. The APEX™
Series provides the clearest
sonar imaging on the
sharpest display ever for
any GPS chartplotter.

Every innovation carries
out our vision: empowering
anglers to make the most of
every minute on the water.

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AUTHENTIC
INNOVATION

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W A T E R C R A F T
R E C R E A T I O N

AUTHENTIC

INNOVATION

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WAT E R C R A F T R EC R E AT I O N

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HANDS-FREE PROPULSION

FOR FISHING AND FUN

INTENSIVE CONSUMER RESEARCH FUELS
OLD TOWN® INNOVATIONS like the award-
winning PDL Drive™, the market’s most reliable,
easy-to-use pedal drive. It’s the efficient
power source for multiple fishing kayaks in
the popular Old Town Sportsman line.

The wave-slaying Old Town Bigwater
PDL 132 (based on the award-winning
Predator PDL) makes it easy for anglers
to reach their spot and stay there.
It’s engineered above and below the
waterline for fishing, offering both
maneuverability and a stable platform
for standing and casting.

The fast, agile Salty PDL 120 is the kayak
for those who fish and play in coastal
waves, tides and currents. Like the Bigwater
PDL, it features instant forward/reverse for
intuitive navigation—keeping anglers’ hands free
for what matters most: catching fish.

The Old Town®
Sportsman line, a fleet of
seven fishing kayaks, serves anglers
of all abilities. All Sportsman fishing kayaks are
packed with conveniences like customizable
accessory tracks, cushioned floor pads for better
comfort and grip, a custom tackle box, and plenty
of rod holders.

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WELCOMING
EXCITEMENT

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C AMPING

WELCOMING

EXCITEMENT

JOUT-NASDAQ | 2021 Annual Report | 17

C A M P I N G

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READY TO GO

WHEREVER YOU GO

EUREKA!® TENTS AND CAMP COOKING SYSTEMS
GIVE CONSUMERS THE FREEDOM TO HAVE
A GOOD TIME WITH FRIENDS AND FAMILY,
WHEREVER THEY’RE HEADED.

The butane-powered SPRK Stove and SPRK+ Camp
Stove are compact and easy to use. Reliable auto-
ignition and precise simmer control bring the power
of home cooking to the campsite. And the all-in-one
SPRK Camp Grill lets campers pack small without
sacrificing that perfect grill sear.

The new Kohana 4-Person Tent is comfortably sized
and smartly designed to weather whatever, keeping
campers warm and dry. For shade and a bug-free
environment, the lightweight, compact NoBugZone
CT 11 screen shelter offers no-see-um mesh walls.

With interest high in all types of camping,
from backyard overnights to off-trail
expeditions, Eureka! continues
to innovate—for products
that make it easy for
people to experience
their next great
adventure.

The Kohana 4-Person Tent
protects campers and gear
from whatever the elements throw
at them. The durable rain fly and
design stands up to rainy and windy
nights, while the mesh canopy offers
ventilation and picture-perfect star
gazing on clear nights.

Outside 2021 Buyer’s Guide
named the SPRK Camp Grill
in Best Tailgating Gear and the
SPRK+ Camp Stove in Best Camp
Kitchen Gear. Both feature all-in-
one portability, integrated fuel
compartments and temperature
controls that make cooking favorite
meals for the campsite crew a
breeze.

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COMPACT AND EASY

TO DREAM BIG, PACK SMALL

JETBOIL® CONTINUES TO REDEFINE
OUTDOOR COOKING TECHNOLOGY
WITH INNOVATIONS LIKE THE ALL-
NEW STASH™ COOKING SYSTEM. The
Stash is engineered to be lightweight and
compact, maximizing pack space without
sacrificing that iconic Jetboil performance.
At 7.1 oz, the Stash is 40% lighter than our
previous lightest stove.

Using the super-efficient FluxRing®
Technology that Jetboil fans know and
love, the Stash consumes a fraction of the
fuel to achieve rapid boil times, boiling two
cups (500 mL) of water in just 2.5 minutes.

The unique nesting design ensures that the
stove, a 100g fuel canister, a mini-lighter,
and the fuel stabilizer all pack into a .8L
cook pot that fits in the palm of your hand.
It’s a game-changer for the light and fast
market—and for anyone who wants a hot
meal or a cup of coffee along the trail.

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C A M P I N G

Best All-in-One Kitchen of 2021

Outdoor Gear Awards 2021
Best Backpacking Stove

The lightest Jetboil® ever, our new
Stash™ outdoor cooking system was
named Best Backpacking Stove in
the 2021 Popular Mechanics Outdoor
Awards; a 2021 Hot Pick by Outdoor
Retailer; and one of the Year’s Best in
the Backpacker 2021 Gear Guide.

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CONFIDENT
EXHILARATION

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DIVING

CONFIDENT

EXHILARATION

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D I V I N G

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ULTIMATE DESIGN

FOR PREMIER PERFORMANCE

INNOVATIVE DESIGN AND EXCELLENT
ENGINEERING MAKE SCUBAPRO® THE MOST
TRUSTED DIVE BRAND IN THE WORLD.

This year we introduced the MK19 EVO BT/G260
Carbon BT regulator system, an upgrade to our
popular G260 technical diving system. Its premium
carbon fiber front cover and corrosion-resistant
Black Tech DLC coating deliver sharp looks and
superior durability.

Additional promotions focused on core products
such as the Hydros™ buoyancy compensator
family, providing next-level comfort and colorful
customization. Our ultra-comfortable Everflex
wetsuit is made with best-in-class materials for a
more enjoyable dive experience.

With pandemic travel restrictions in flux, we
continued SCUBAPRO Dive Local. This program
inspires divers to explore regional and coastal USA
dive locations—promoting positive growth for local
dealers as well as for our brand.

The new SCUBAPRO® MK19 EVO
BT/G260 Carbon BT regulator system
exemplifies the ultimate in modern
lightweight regulator design and
durable engineering. It’s designed to
be the premium regulator system for
cold water, silty diving conditions and
technical diving.

The SCUBAPRO® Hydros™ X BCD
won 2021 Tester’s Choice honors
from Scuba Diving magazine, which
called it “capable, comfortable,
and a favorite of test divers.” It’s
the first front-adjustable BCD to
offer injection-molded Monprene®
thermoplastic shoulders and
backpad, delivering a durable,
fine-tuned fit.

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RECORD
RESULTS

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PERFOR MANCE

RECORD

RESULTS

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MAN AGE MENT PERSP ECTIVE

YEAR-LONG DEMAND

DRIVES OUTSTANDING RESULTS

JOHNSON OUTDOORS HAD AN EXCEPTIONAL YEAR, DRIVEN BY CONTINUED CONSUMER
INTEREST IN OUTDOOR RECREATION.

Total company revenue grew 26 percent to $751.7
million versus fiscal 2020 revenue of $594.2
million. Factors driving the increase included:

• Fishing revenue increased 23 percent due to

continued demand across product lines.

• Camping grew 51 percent due to higher sales for

both Jetboil® and Eureka®.

• Watercraft Recreation sales rose 59 percent with

high demand across product categories, including
the Old Town® Sportsman line.

• Diving sales were up 14 percent as pandemic

travel restrictions eased.

Total company operating profit was $111.3
million in fiscal 2021, versus $71.1 million
in the prior fiscal year. Despite higher raw
material and freight costs, gross margins
dipped only slightly due to volume efficiencies
and favorable product mix. Operating
expenses increased $28.9 million due largely
to volume-related expenses, but declined as a
percentage of sales versus fiscal 2020.

Net income for the fiscal year improved to
$83.4 million, or $8.21 per diluted share, a
51 percent improvement versus fiscal 2020’s

FY2021 HIGHLIGHTS

• Ongoing strong consumer demand in Fishing, Camping

and Watercraft Recreation

• Innovation and new product success

• Record operating profits and net income

• Strong, debt-free balance sheet

• Increased quarterly dividend to shareholders 43 percent

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$55.2 million, or $5.47 per diluted share. The
effective tax rate was 26.2 percent versus the
previous 25.1 percent.

Looking ahead, we remain focused on managing
global supply chain pressures and logistics
constraints, which we expect will affect near-term
margins. We’re maintaining higher-than-normal
inventory levels to meet demand.

Our balance sheet and healthy cash position
enable us to invest in strategic opportunities
to strengthen the business, while consistently
paying dividends to 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

2019
$ 562,419

249,756

63,774

51,413

$5.11

Diluted average common shares outstanding

10,021

CAPITALIZATION
Total debt

Shareholders’ equity

Total debt to total capital

* $ Thousands, except per-share amount

2019
—

324,534

2020
$ 594,209

264,993

71,070

55,233

$5.47

10,064

2020
—

378,100

2021
$ 751,651

334,125

111,283

83,381

$8.21

10,120

2021
—

458,505

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JOUT-NASDAQ | 2021 Annual Report | 29

JOUT-NASDAQ

BUSINESS PERFORMANCE FY2021

RECORD SALES AND EARNINGS
MARK UNPRECEDENTED YEAR

F I S H I N G

D I V I N G

$553.0 M
FY2021 NET SALES

$69.4 M
FY2021 NET SALES

In Fishing, our largest business, robust demand
across all product lines drove a 23 percent
revenue increase.

Humminbird® MEGA Live™ Imaging, our most
recent innovation, delivers the clarity and detail
of MEGA Imaging® in real time, showing fish
even as they move in to bite an angler’s lure.
ICE HELIX® 9 uses MEGA Live Imaging to show
fish moving below the ice. For Minn Kota®, the
award-winning Raptor™ shallow water anchor
continued strong in its first full year on the
market, with a new line of mounting brackets.
New Precision on-board chargers, optimized for
lithium marine batteries, help maximize battery
life and time on the water.

Maintaining innovation leadership in this
market is essential for our powerhouse
brands. Strategic integration of the right new
technologies helps us fill our pipeline with
exciting new products.

Diving had a strong fiscal fourth quarter as
markets began to recover from pandemic-
related travel restrictions. For the full fiscal
year, we saw a 14 percent increase in revenue,
comparing favorably to the previous fiscal year.

The new SCUBAPRO® MK19 EVO BT/G260
Carbon BT regulator system features a premium
carbon fiber front cover and corrosion-resistant
Black Tech DLC coating, for superior durability.
And enthusiasm continues for the Hydros™
X BCD, using Monprene® thermoplastic to
create a durable, fine-tuned fit.

We continue to promote local diving, to
enhance our global digital presence and
ecommerce, and to sustain innovation
leadership—ensuring SCUBAPRO remains the
most trusted dive brand in the world.

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OUTSTANDING BRANDS

C A M P I N G

W A T E R C R A F T
R E C R E A T I O N

$62.9 M
FY2021 NET SALES

$66.6 M
FY2021 NET SALES

Camping revenue grew 51 percent
due to higher sales for both Eureka!®
and Jetboil®.

Demand for our Eureka! SPRK Stove,
SPRK+ Camp Stove and SPRK Camp
Grill continues to beat expectations.
Our newest Kohana tent and NoBugZone
CT 11 screen shelter advanced our lineup
of tents and shelters for any location.
And Jetboil consumers responded
enthusiastically to the Stash™—the
lightest all-in-one stove system that
Jetboil, the technology leader in portable
outdoor cooking systems, has ever made.

Camping is a welcoming entry point
to outdoor adventure. We continue to
target innovative products to the precise
needs of our consumers, giving them the
freedom to have fun wherever they go.

In Watercraft Recreation, our fishing kayak
segment continues to grow. A 59 percent
increase in revenue shows we outpaced
the strong market with our innovative
products.

Momentum continued for the Old Town®
Sportsman line that we launched last
year. From the award-winning Sportsman
Autopilot™ motorized fishing kayak to the
versatile, pedal-powered Sportsman Salty
PDL kayak, this line offers a watercraft
for anglers in every type of water. Every
kayak in the fleet has the features our
research shows are most desired by
consumers.

We continue to strengthen ecommerce
capabilities, optimizing our digital
presence and creating a trusted online
experience.

JOUT-NASDAQ | 2021 Annual Report | 31

LEADERSHIP

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

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EXECUTIVE TEAM

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

JOUT-NASDAQ | 2021 Annual Report | 33

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.

Paul Alexander, chief marketing officer for the Boston University Questrom
School of Business, is knowledgeable in global branding, marketing and
communications. He previously served as chief marketing and communications
officer for Eastern Bank; executive vice president and chief communications officer
for Liberty Mutual Insurance; vice president of global advertising and design for
the Campbell Soup Company; and in advertising and brand management at Procter
and Gamble. Mr. Alexander is a board member of Skyword, a content marketing
software and services company; the Ad Club of Boston; and the Association of
National Advertisers (ANA).

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.

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.

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BOARD OF D IRECTORS

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.

Annie Zipfel, senior vice president and chief marketing officer at Andersen
Corporation since 2018, brings extensive experience in marketing, customer
insights and analytics, digital strategy, retail and ecommerce. She previously held
a variety of leadership roles in retail and consumer goods organizations, most
recently serving as Starbucks’ global vice president of category and brand for the
Roastery and Reserve brands. Prior to that, Ms. Zipfel held marketing leadership
positions at REI, Target Corporation and General Mills.

We would like to thank director Terry London,

who retired in May 2021, and director and vice

chairman Thomas F. Pyle, Jr., who is not standing

for re-election at the Annual Meeting, for their

dedication and service to Johnson Outdoors.

JOUT-NASDAQ | 2021 Annual Report | 35

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
2021 Form 10-K for a discussion of uncertainties and risks associated with these statements.

36 | JOUT-NASDAQ | 2021 Annual Report

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

Printed on recycled paper

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