Johnson Outdoors (JOUT)2025-02-03 18:52Financial Performance - Net sales for the first quarter of fiscal 2025 were $107,649, a decrease of $30,995, or 22%, compared to $138,644 for the same period in the prior year[129]. - The Fishing segment reported net sales of $82,472, down $28,020, or 25%, from $110,492 in the prior year quarter[137]. - The Diving segment's net sales were $15,684, a decline of $1,794, or 10%, compared to $17,478 in the same quarter last year[140]. - The Company reported a net loss of $15,290, or $1.49 per diluted share, compared to net income of $3,955, or $0.38 per diluted share, in the prior year[151]. - Operating loss for the quarter was $20,239, compared to an operating profit of $46 in the first quarter of the prior fiscal year[144]. Profitability and Margins - Gross profit margin for the first quarter was 29.9%, down from 38.1% in the prior year, primarily due to unfavorable overhead absorption and changes in product mix[142]. Cash Flow and Liquidity - Cash and cash equivalents totaled $101,617 as of December 27, 2024, down from $109,555 as of December 29, 2023[152]. - Cash used in operating activities was $(36,909) for the quarter, compared to $(33,687) in the same period last year[154]. - Cash used for operations totaled $36,909 for the three months ended December 27, 2024, compared to $33,687 in the prior year, reflecting a decrease in income due to lower sales volumes[155]. - Cash used for investing activities was $6,500 for the three months ended December 27, 2024, compared to cash provided of $4,685 in the prior year, primarily due to $12,180 paid to acquire a business[156]. - Cash used for financing activities totaled $3,450 for the three months ended December 27, 2024, compared to $3,588 in the prior year, primarily for dividend payments and treasury stock purchases[157]. - The company held approximately $58,043 in cash, cash equivalents, and short-term investments as of December 27, 2024[158]. - The company has no debt during the three-month periods ended December 27, 2024, and December 29, 2023[157]. Accounts and Obligations - Accounts receivable decreased by $14,746 to $68,297, consistent with lower sales volumes year over year[153]. - The company has contractual obligations and commitments for future payments under operating leases and open purchase orders, with no significant changes during the quarter[159]. - Letters of credit outstanding were approximately $67 as of December 27, 2024, consistent with the prior year[160]. Investments and Acquisitions - The Company acquired a scuba equipment manufacturer for $12,180 during the first quarter, expected to enhance product offerings and operational efficiencies[130]. - Capital expenditures were $4,084 in the three months ended December 27, 2024, down from $5,004 in the prior year, which included investments in expanding fishing facilities[156]. Risk and Accounting Policies - There were no significant changes to the company's critical accounting policies and estimates during the three months ended December 27, 2024[162]. - The company remains exposed to market risks including foreign currency exchange rates, interest rates, commodity prices, and inflation, with no significant changes noted[163].