Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | ||
Dec. 27, 2013 | Jan. 24, 2014 | Jan. 24, 2014 | |
Class A [Member] | Class B [Member] | ||
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 27-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Entity Registrant Name | 'JOHNSON OUTDOORS INC | ' | ' |
Entity Central Index Key | '0000788329 | ' | ' |
Current Fiscal Year End Date | '--10-03 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 8,750,149 | 1,212,420 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 27, 2013 | Dec. 28, 2012 |
Net sales | $79,100 | $87,274 |
Cost of sales | 49,171 | 53,460 |
Gross profit | 29,929 | 33,814 |
Operating expenses: | ' | ' |
Marketing and selling | 18,972 | 19,218 |
Administrative management, finance and information systems | 10,018 | 9,445 |
Research and development | 3,847 | 3,625 |
Total operating expenses | 32,837 | 32,288 |
Operating (loss) profit | -2,908 | 1,526 |
Interest income | -31 | -21 |
Interest expense | 202 | 439 |
Other (income) expense, net | -159 | 498 |
(Loss) Income before income taxes | -2,920 | 610 |
Income tax(benefit) expense | -727 | 363 |
Net (loss) income | ($2,193) | $247 |
Participating securities | 371 | ' |
Dilutive stock options and restricted stock units | ' | 4 |
Weighted average common shares - Dilutive | 9,945 | 9,439 |
Net (loss) income per common share - Diluted: | ' | ' |
Net (loss) income per common share - Diluted | ($0.22) | $0.02 |
Class A [Member] | ' | ' |
Weighted average common shares - Basic: | ' | ' |
Weighted average common shares - Basic | 8,362 | 8,221 |
Net (loss) income per common share - Basic: | ' | ' |
Net (loss) income per common share - Basic | ($0.22) | $0.03 |
Net (loss) income per common share - Diluted: | ' | ' |
Net (loss) income per common share - Diluted | ($0.22) | $0.02 |
Dividends Per Common Share | ' | ' |
Dividends Per Common Share | $0.15 | ' |
Class B [Member] | ' | ' |
Weighted average common shares - Basic: | ' | ' |
Weighted average common shares - Basic | 1,212 | 1,214 |
Net (loss) income per common share - Basic: | ' | ' |
Net (loss) income per common share - Basic | ($0.22) | $0.02 |
Dividends Per Common Share | ' | ' |
Dividends Per Common Share | $0.14 | ' |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2013 | Dec. 28, 2012 |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' |
Net (loss) income | ($2,193) | $247 |
Foreign currency translation gain (loss) | 124 | 872 |
Change in pension plans, net of tax of $63 and $0, respectively | 104 | ' |
Amortization of unrealized loss on interest rate swap | ' | 138 |
Total other comprehensive income (Loss), Net of Tax | 228 | 1,010 |
Total comprehensive (loss) income | ($1,965) | $1,257 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 27, 2013 | Sep. 27, 2013 | Dec. 28, 2012 |
In Thousands, unless otherwise specified | |||
ASSETS | ' | ' | ' |
Cash and cash equivalents | $45,944 | $55,694 | $48,084 |
Accounts receivable, net | 62,982 | 44,104 | 62,811 |
Inventories | 87,653 | 76,363 | 77,360 |
Deferred income taxes | 8,598 | 7,869 | 8,805 |
Other current assets | 6,018 | 4,542 | 8,094 |
Total current assets | 211,195 | 188,572 | 205,154 |
Property, plant and equipment, net of accumulated depreciation of $105,031, $103,314, and $101,525, respectively | 44,443 | 43,394 | 37,847 |
Deferred income taxes | 7,955 | 8,039 | 14,671 |
Goodwill | 21,036 | 21,053 | 21,048 |
Other intangible assets, net | 14,987 | 15,068 | 14,591 |
Other assets | 13,270 | 12,224 | 10,918 |
Total assets | 312,886 | 288,350 | 304,229 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' |
Short term notes payable and revolving credit lines | ' | ' | 30,733 |
Current portion of long term debt | 470 | 539 | 535 |
Accounts payable | 30,163 | 26,466 | 32,129 |
Accrued liabilities: | ' | ' | ' |
Salaries, wages and benefits | 11,808 | 17,702 | 11,399 |
Accrued warranty | 4,439 | 5,214 | 4,902 |
Income taxes payable | 994 | 1,300 | 1,732 |
Other | 12,511 | 12,151 | 13,050 |
Total current liabilities | 60,385 | 63,372 | 94,480 |
Long-term debt, less current maturities | 37,960 | 7,794 | 8,196 |
Deferred income taxes | 1,112 | 1,114 | 4,951 |
Retirement benefits | 6,245 | 6,346 | 11,667 |
Other liabilities | 13,161 | 12,056 | 10,519 |
Total liabilities | 118,863 | 90,682 | 129,813 |
Shareholders' equity: | ' | ' | ' |
Preferred stock: none issued | ' | ' | ' |
Capital in excess of par value | 65,810 | 66,374 | 64,460 |
Retained earnings | 108,476 | 112,144 | 93,064 |
Accumulated other comprehensive income | 19,594 | 19,366 | 17,127 |
Treasury stock at cost, shares of Class A common stock: 14,511, 34,766, and 35,680 shares, respectively | -356 | -715 | -733 |
Total shareholders' equity | 194,023 | 197,668 | 174,416 |
Total liabilities and shareholders' equity | 312,886 | 288,350 | 304,229 |
Class A [Member] | ' | ' | ' |
Common stock: | ' | ' | ' |
Shares issued and outstanding | 438 | 438 | 437 |
Class B [Member] | ' | ' | ' |
Common stock: | ' | ' | ' |
Shares issued and outstanding | $61 | $61 | $61 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 27, 2013 | Sep. 27, 2013 | Dec. 28, 2012 |
In Thousands, except Share data, unless otherwise specified | |||
Property, plant and equipment, accumulated depreciation | $105,031 | $103,314 | $101,525 |
Treasury stock, shares | 14,511 | 34,766 | 35,680 |
Class A [Member] | ' | ' | ' |
Common stock, shares issued | 8,750,149 | 8,724,984 | 8,714,178 |
Common stock, shares outstanding | 8,750,149 | 8,724,984 | 8,714,178 |
Class B [Member] | ' | ' | ' |
Common stock, shares issued | 1,212,420 | 1,212,420 | 1,213,664 |
Common stock, shares outstanding | 1,212,420 | 1,212,420 | 1,213,664 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2013 | Dec. 28, 2012 |
CASH USED FOR OPERATING ACTIVITIES | ' | ' |
Net (loss) income | ($2,193) | $247 |
Adjustments to reconcile net (loss) income to net cash used for operating activities: | ' | ' |
Depreciation | 2,273 | 2,292 |
Amortization of intangible assets | 116 | 50 |
Amortization of deferred financing costs | 29 | 60 |
Stock based compensation | 395 | 355 |
Amortization of deferred loss on interest rate swap | ' | 138 |
Deferred income taxes | -776 | -126 |
Change in operating assets and liabilities, net of effects of acquired business: | ' | ' |
Accounts receivable, net | -19,002 | -20,866 |
Inventories, net | -11,265 | -7,806 |
Accounts payable and accrued liabilities | -3,678 | 3,575 |
Other current assets | -1,481 | -234 |
Other non-current assets | -1,068 | -569 |
Other long-term liabilities | 1,165 | 146 |
Other, net | 77 | 4 |
Cash used for operating activities | -35,408 | -22,734 |
CASH USED FOR INVESTING ACTIVITIES | ' | ' |
Payments for purchase of business | ' | -15,420 |
Capital expenditures | -3,355 | -3,027 |
Cash used for investing activities | -3,355 | -18,447 |
CASH PROVIDED BY FINANCING ACTIVITIES | ' | ' |
Net borrowings from short-term notes payable and revolving credit lines | 30,233 | 30,733 |
Principal payments on senior notes and other long-term debt | -136 | -130 |
Deferred financing costs paid to lenders | -18 | ' |
Common stock transactions | 38 | 86 |
Dividends paid | -737 | ' |
Purchases of treasury stock | -638 | -886 |
Cash provided by financing activities | 28,742 | 29,803 |
Effect of foreign currency rate changes on cash | 271 | 558 |
Decrease in cash and cash equivalents | -9,750 | -10,820 |
CASH AND CASH EQUIVALENTS | ' | ' |
Beginning of period | 55,694 | ' |
End of period | $45,944 | $48,084 |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Dec. 27, 2013 | |
Basis Of Presentation [Abstract] | ' |
Basis Of Presentation | ' |
1Basis of Presentation | |
The Condensed Consolidated Financial Statements included herein are unaudited. In the opinion of management, these statements contain all adjustments (consisting of only normal recurring items) necessary to present fairly the financial position of Johnson Outdoors Inc. and subsidiaries (collectively, the “Company”) as of December 27, 2013 and December 28, 2012, and the results of operations and cash flows for the three month periods then ended. These Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended September 27, 2013 which was filed with the Securities and Exchange Commission on December 6, 2013. | |
Due to seasonal variations and other factors, the results of operations for the three months ended December 27, 2013 are not necessarily indicative of the results to be expected for the Company's full 2014 fiscal year. See “Seasonality” in the Management’s Discussion and Analysis of Financial Condition and Results of Operations included elsewhere herein for additional information. | |
Certain amounts in the Condensed Consolidated Balance Sheet and Statement of Cash Flows and related footnotes for the three month period ended December 28, 2012 have been adjusted to reflect the effect of measurement period adjustments related to the acquisition of Jetboil as of the date of acquisition. Additional information on this acquisition can be found in Note 10. | |
All monetary amounts, other than share and per share amounts, are stated in thousands. | |
Accounts_Receivable
Accounts Receivable | 3 Months Ended |
Dec. 27, 2013 | |
Accounts Receivable [Abstract] | ' |
Accounts Receivable | ' |
2Accounts Receivable | |
Accounts receivable are stated net of allowances for doubtful accounts of $3,325, $3,759 and $3,959 as of the periods ended December 27, 2013, September 27, 2013 and December 28, 2012, respectively. The increase in net accounts receivable to $62,982 as of December 27, 2013 from $44,104 as of September 27, 2013 is attributable to the seasonal nature of the Company's business. The determination of the allowance for doubtful accounts is based on a combination of factors. In circumstances where specific collection concerns on a receivable exist, a reserve is established to value the affected account receivable at an amount the Company believes will be collected. For all other customers, the Company recognizes allowances for doubtful accounts based on historical experience of bad debts as a percent of accounts receivable outstanding for each business unit. Uncollectible accounts are written off against the allowance for doubtful accounts after collection efforts have been exhausted. The Company typically does not require collateral on its accounts receivable. | |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended |
Dec. 27, 2013 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share ("EPS") | ' |
3Earnings Per Share (“EPS”) | |
Net income or loss per share of Class A common stock and Class B common stock is computed using the two-class method. Grants of restricted stock which receive non-forfeitable dividends are classified as participating securities and are required to be included as part of the basic weighted average share calculation under the two-class method. | |
Holders of Class A common stock are entitled to cash dividends equal to 110% of all dividends declared and paid on each share of Class B common stock. The Company grants shares of unvested restricted stock in the form of Class A shares, which carry the same distribution rights as the Class A common stock described above. As such, the undistributed earnings for each period are allocated to each class of common stock based on the proportionate share of the amount of cash dividends that each such class is entitled to receive. | |
Basic EPS | |
Basic net income or loss per share is computed by dividing net income or loss allocated to Class A common stock and Class B common stock by the weighted-average number of shares of Class A common stock and Class B common stock outstanding, respectively. In periods with cumulative year to date net income and undistributed income, the undistributed income for each period is allocated to each class of common stock based on the proportionate share of the amount of cash dividends that each such class is entitled to receive. In periods where there is a cumulative year to date net loss or no undistributed income because distributions through dividends exceed net income, Class B shares are treated as anti-dilutive and, therefore, net losses are allocated equally on a per share basis among all participating securities. | |
For the three month period ended December 27, 2013, basic loss per share for Class A and Class B shares has been presented using the two class method described above and is the same due to the cumulative net loss incurred in the period. For the three month period ended December 28, 2012, basic net income per share for Class A and Class B shares has been presented using the two class method and reflects the allocation of undistributed income as described above. | |
Diluted EPS | |
Diluted net income per share is computed by dividing allocated net income by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options, restricted stock units (“stock units” or “units”) and non-vested restricted stock. Anti-dilutive stock options, units and non-vested stock are excluded from the calculation of diluted EPS. The computation of diluted net income per share of Class A common stock assumes that Class B common stock is converted into Class A common stock. Therefore, diluted net income per share is the same for both Class A and Class B common shares. In periods where the Company reports a net loss, the effect of anti-dilutive stock options and units is excluded and diluted loss per share is equal to basic loss per share. | |
For the three month period ended December 27, 2013, the effect of stock options and non-vested restricted stock units is excluded from the diluted loss per share calculation as its inclusion would be anti-dilutive. For the three month period ended December 28, 2012, diluted net income per share reflects the effect of dilutive stock options and units and assumes the conversion of Class B common stock into Class A common stock, therefore diluted earnings per share for Class A and Class B common stock is the same. | |
Stock options that could potentially dilute earnings per share in the future which were not included in the fully diluted computation because they would have been anti-dilutive totaled 13,116 and 0 for the three months ended December 27, 2013 and December 28, 2012, respectively. Non-vested stock that could potentially dilute earnings per share in the future which were not included in the fully diluted computation because they would have been anti-dilutive totaled 319,632 and 468,081 shares for the three months ended December 27, 2013 and December 28, 2012, respectively. Restricted stock units that could potentially dilute earnings per share in the future which were not included in the fully diluted computation because they would have been anti-dilutive totaled 6,600 and 0 for the three months ended December 27, 2013 and December 28, 2012, respectively. | |
StockBased_Compensation_And_St
Stock-Based Compensation And Stock Ownership Plans | 3 Months Ended | ||||||
Dec. 27, 2013 | |||||||
Stock-Based Compensation And Stock Ownership Plans [Abstract] | ' | ||||||
Stock-Based Compensation And Stock Ownership Plans | ' | ||||||
4Stock-Based Compensation and Stock Ownership Plans | |||||||
The Company’s current stock ownership plans allow for issuance of stock options to acquire shares of Class A common stock by key executives and non-employee directors. Current plans also allow for issuance of shares of restricted stock, units or stock appreciation rights in lieu of stock options. | |||||||
Under the Company’s 2010 Long-Term Stock Incentive Plan and the 2012 Non-Employee Director Stock Ownership Plan there were 716,124 shares of the Company’s Class A common stock available for grant to key executives and non-employee directors at December 27, 2013. | |||||||
Stock Options | |||||||
All stock options have been granted at a price not less than fair market value at the date of grant and all outstanding options are currently exercisable. Stock options generally have a term of 10 years. | |||||||
All of the Company’s stock options outstanding are fully vested, with no further compensation expense to be recorded. There were no grants of stock options during either of the three month periods ended December 27, 2013 or December 28, 2012. | |||||||
A summary of stock option activity for the three months ended December 27, 2013 is shown below: | |||||||
Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Term (Years) | ||||
Outstanding and exercisable at September 27, 2013 | 15,066 | $ | 18.16 | ||||
Exercised | -1,950 | 19.88 | |||||
Outstanding and exercisable at December 27, 2013 | 13,116 | 17.91 | $ | 129 | 1.2 | ||
The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on the Company’s closing stock price of $27.77 as of December 27, 2013, which would have been received by the option holders had those option holders exercised their stock options as of that date. | |||||||
The Company received cash proceeds from stock option exercises totaling $38 and $86 for the three month periods ending December 27, 2013 and December 28, 2012, respectively. The fair value of the stock received upon exercise of such options at their date of exercise during the three month periods ended December 27, 2013 and December 28, 2012 was $52 and $171, respectively. | |||||||
Non-vested Stock | |||||||
All shares of non-vested stock awarded by the Company have been granted at their fair market value on the date of grant and vest either immediately or within five years after the grant date. The fair value at date of grant is based on the number of shares granted and the average of the Company’s high and low Class A common stock price on the date of grant or, if the Company’s shares did not trade on the date of grant, the average of the Company’s high and low Class A common stock price on the last preceding date on which the Company’s shares traded. | |||||||
A summary of non-vested stock activity for the three months ended December 27, 2013 related to the Company’s stock ownership plans is as follows: | |||||||
Weighted Average | |||||||
Shares | Grant Price | ||||||
Non-vested stock at September 27, 2013 | 386,409 | $ | 13.78 | ||||
Non-vested stock grants | 47,934 | 27.70 | |||||
Restricted stock vested | -114,711 | 10.32 | |||||
Non-vested stock at December 27, 2013 | 319,632 | 17.10 | |||||
Non-vested stock grantees may elect to reimburse the Company for withholding taxes due as a result of the vesting of shares by tendering a portion of the vested shares back to the Company. Shares tendered back to the Company were 24,719 and 43,464 during the three month periods ended December 27, 2013 and December 28, 2012, respectively. | |||||||
Stock compensation expense, net of forfeitures, related to non-vested stock was $357 and $355 for the three month periods ended December 27, 2013 and December 28, 2012, respectively. Unrecognized compensation cost related to non-vested stock as of December 27, 2013 was $3,274, which amount will be amortized to expense through November 2017 or adjusted for changes in future estimated or actual forfeitures. | |||||||
The fair value of restricted stock vested during the three month periods ended December 27, 2013 and December 28, 2012 was $2,961 and $3,628, respectively. | |||||||
Restricted Stock Units | |||||||
All stock units awarded by the Company have been granted at their fair market value on the date of grant and vest within one year after the grant date. The fair value at date of grant is based on the number of units granted and the average of the Company’s high and low Class A common stock price on the date of grant or, if the Company’s shares did not trade on the date of grant, the average of the Company’s high and low Class A common stock trading price on the last preceding date on which the Company’s shares traded. There were 6,600 restricted stock units unvested and outstanding as of December 27, 2013. | |||||||
Stock compensation expense, net of forfeitures, related to stock units was $38 for the three month period ended December 27, 2013. There was no stock compensation expense related to the issuance of stock units during the three month period ended December 28, 2012. Unrecognized compensation cost related to non-vested stock units as of December 27, 2013 was $25, which amount will be amortized to expense through February 2014 or adjusted for changes in future estimated or actual forfeitures. | |||||||
The Company recognized an income tax benefit on stock-based compensation expense of $150 and $135 for the three month periods ended December 27, 2013 and December 28, 2012, respectively. | |||||||
The Company recognized no income tax benefit (expense) on exercises of stock options and vesting of non-vested stock for either of the three month periods ended December 27, 2013 and December 28, 2012. | |||||||
Employees’ Stock Purchase Plan | |||||||
The Company’s shareholders have adopted the Johnson Outdoors Inc. 2009 Employees’ Stock Purchase Plan which provides for the issuance of shares of Class A common stock at a purchase price of not less than 85% of the fair market value of such shares on the date of grant or at the end of the offering period, whichever is lower. | |||||||
The Company did not issue any shares under the Employees’ Stock Purchase Plan during the three month periods ended December 27, 2013 and December 28, 2012. | |||||||
Pension_Plans
Pension Plans | 3 Months Ended | ||||
Dec. 27, 2013 | |||||
Pension Plans [Abstract] | ' | ||||
Pension Plans | ' | ||||
5Pension Plans | |||||
The Company has non-contributory defined benefit pension plans covering certain U.S. employees. Retirement benefits are generally provided based on the employees’ years of service and average earnings. Normal retirement age is 65, with provisions for earlier retirement. | |||||
The components of net periodic benefit cost related to Company sponsored defined benefit plans for the three month periods ended December 27, 2013 and December 28, 2012 were as follows: | |||||
Three Months Ended | |||||
27-Dec | 28-Dec | ||||
2013 | 2012 | ||||
Components of net periodic benefit cost: | |||||
Service cost | $ | - | $ | - | |
Interest on projected benefit obligation | 249 | 259 | |||
Less estimated return on plan assets | 244 | 236 | |||
Amortization of unrecognized losses | 167 | 84 | |||
$ | 172 | $ | 107 | ||
Income_Taxes
Income Taxes | 3 Months Ended | ||||
Dec. 27, 2013 | |||||
Income Taxes [Abstract] | ' | ||||
Income Taxes | ' | ||||
6Income Taxes | |||||
For the three months ended December 27, 2013 and December 28, 2012, the Company’s loss (earnings) before tax, tax (benefit) expense and effective income tax rate attributable to earnings before income taxes was as follows: | |||||
Three Months Ended | |||||
27-Dec | 28-Dec | ||||
(thousands, except tax rate data) | 2013 | 2012 | |||
(Loss) Income before income taxes | $ | -2,920 | $ | 610 | |
Income tax (benefit) expense | $ | -727 | $ | 363 | |
Effective income tax rate | 24.9% | 59.5% | |||
The change in the Company’s effective tax rate for the three months ended December 27, 2013 versus the prior year period was primarily due to variances in income or loss as of December 27, 2013 for entities that have a valuation allowance. The tax jurisdictions that such entities were located in were as follows for the three month periods ended December 27, 2013 and December 28, 2012, respectively: | |||||
Three Months Ended | |||||
27-Dec | 28-Dec | ||||
2013 | 2012 | ||||
Japan | Japan | ||||
France | France | ||||
Indonesia | Indonesia | ||||
Italy | Italy | ||||
Netherlands | Netherlands | ||||
New Zealand | New Zealand | ||||
Spain | Spain | ||||
United Kingdom | United Kingdom | ||||
The Company would ordinarily recognize a tax expense or benefit on operating income or loss in these jurisdictions; however, due to the recent cumulative losses for book purposes and the uncertainty of the realization of certain deferred tax assets in these jurisdictions, the Company continues to adjust its valuation allowances resulting in effectively no recorded tax expense or benefit in these jurisdictions. | |||||
The Company regularly assesses the adequacy of its provisions for income tax contingencies in accordance with the applicable authoritative guidance on accounting for income taxes. As a result, the Company may adjust the reserves for unrecognized tax benefits for the impact of new facts and developments, such as changes to interpretations of relevant tax law, assessments from taxing authorities, settlements with taxing authorities, and lapses of statutes of limitation. The Company’s 2014 fiscal year tax expense is anticipated to include approximately $350 related to uncertain income tax positions. | |||||
In accordance with its accounting policy, the Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. The Company is projecting accrued interest, for the Company’s fiscal year ending October 3, 2014 of $100. | |||||
The Company files income tax returns, including returns for its subsidiaries, with federal, state, local and foreign taxing jurisdictions. The Company is currently undergoing an income tax examination in Italy. The following tax years remain subject to examination by the respective tax jurisdictions: | |||||
Jurisdiction | Fiscal Years | ||||
United States | 2010-2013 | ||||
Canada | 2009-2013 | ||||
France | 2009-2013 | ||||
Germany | 2009-2013 | ||||
Italy | 2009-2013 | ||||
Japan | 2012-2013 | ||||
Switzerland | 2002-2013 | ||||
Inventories
Inventories | 3 Months Ended | ||||||
Dec. 27, 2013 | |||||||
Inventories [Abstract] | ' | ||||||
Inventories | ' | ||||||
7Inventories | |||||||
Inventories at the end of the respective periods consisted of the following: | |||||||
27-Dec | 27-Sep | 28-Dec | |||||
2013 | 2013 | 2012 | |||||
Raw materials | $ | 33,780 | $ | 27,935 | $ | 31,217 | |
Work in process | 344 | 198 | 304 | ||||
Finished goods | 53,529 | 48,230 | 45,839 | ||||
$ | 87,653 | $ | 76,363 | $ | 77,360 | ||
Goodwill
Goodwill | 3 Months Ended | ||||
Dec. 27, 2013 | |||||
Goodwill [Abstract] | ' | ||||
Goodwill | ' | ||||
8Goodwill | |||||
The changes in goodwill during the three months ended December 27, 2013 and December 28, 2012 were as follows: | |||||
27-Dec | 28-Dec | ||||
2013 | 2012 | ||||
Balance at beginning of period | $ | 21,053 | $ | 14,466 | |
Jetboil® acquisition | - | 6,475 | |||
Amount attributable to movements in | |||||
foreign currency rates | -17 | 107 | |||
Balance at end of period | $ | 21,036 | $ | 21,048 | |
Warranties
Warranties | 3 Months Ended | ||||
Dec. 27, 2013 | |||||
Warranties [Abstract] | ' | ||||
Warranties | ' | ||||
9Warranties | |||||
The Company provides for warranties of certain products as they are sold. The following table summarizes the Company's warranty activity for the three months ended December 27, 2013 and December 28, 2012. | |||||
27-Dec | 28-Dec | ||||
2013 | 2012 | ||||
Balance at beginning of period | $ | 5,214 | $ | 4,751 | |
Expense accruals for warranties issued during the period | 822 | 947 | |||
Less current period warranty claims paid | 1,597 | 796 | |||
Balance at end of period | $ | 4,439 | $ | 4,902 | |
Acquisition
Acquisition | 3 Months Ended | ||||
Dec. 27, 2013 | |||||
Acquisition [Abstract] | ' | ||||
Acquisition | ' | ||||
10ACQUISITION | |||||
On November 14, 2012, the Company acquired all of the outstanding common and preferred stock of Jetboil, Inc. (“Jetboil”) in a purchase transaction with Jetboil’s founders and other shareholders (the “Sellers”). Jetboil, founded and based in Manchester, New Hampshire, designs and manufactures the world’s top brand of portable outdoor cooking systems. | |||||
The $15,420 of consideration paid in this acquisition was funded with existing cash and credit facilities. Approximately $3,200 of the purchase price was paid into a segregated escrow account which was set aside to fund potential indemnity claims that may be made by the Company against the Sellers in connection with the inaccuracy of certain representations and warranties made by Sellers or related to the breach or nonperformance of certain other actions or conditions related to the acquisition, for a period of 15 months from the acquisition date. The Company is currently evaluating potential indemnity claims but cannot estimate the amount at this time. The remaining escrow balance, if any, net of any indemnity claims then pending, will be released to the Sellers once the 15 month period has lapsed. | |||||
The Company believes that sales of Jetboil’s innovative cooking products can be expanded through the Company’s U.S. and Canadian marketing and distribution networks and that the Company’s other camping and paddling brands will benefit from Jetboil’s strong presence in the Specialty trade channel and from its international sales network. The Jetboil acquisition, including acquired goodwill, is included in the Company’s Outdoor Equipment segment. | |||||
The Company completed its valuations of the assets acquired and liabilities assumed in the business combination resulting in the following measurement period adjustments to the provisional amounts since the acquisition date. The effect of these measurement period adjustments has been reflected in the condensed consolidated financial statements for the period ended December 28, 2012. | |||||
Provisional amount adjustments increase (decrease) | |||||
Financial assets | $ | -33 | |||
Inventories | -159 | ||||
Property, plant and equipment | 80 | ||||
Identifiable intangible assets and goodwill | 3,865 | ||||
Deferred tax liabilities | 4,257 | ||||
Financial liabilities | -390 | ||||
The following table summarizes the final fair values of the assets acquired and liabilities assumed, and the resulting goodwill acquired at the date of the Jetboil acquisition. | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||
Accounts receivable | $ | 1,184 | |||
Inventories | 2,232 | ||||
Other current assets | 167 | ||||
Property, plant and equipment | 314 | ||||
Identifiable intangible assets | 10,400 | ||||
Less, accounts payable and accruals | 1,111 | ||||
Less, deferred tax liabilities | 4,241 | ||||
Total identifiable net assets | 8,945 | ||||
Goodwill | 6,475 | ||||
Net assets acquired | $ | 15,420 | |||
The goodwill resulting from this acquisition reflects the strong cash flow expected from the acquisition due primarily to expanded distribution and growth in all Outdoor Equipment brands. This goodwill is not deductible for tax purposes. Transaction costs incurred for the acquisition during the three months ended December 27, 2012 were $177 and were included in the “Administrative management, finance and information systems” line in the Company’s accompanying Condensed Consolidated Statements of Operations in the Other/Corporate segment. | |||||
The fair value assigned to finite lived intangible assets is as follows: | |||||
Useful | |||||
Description | Amount | Life (yrs) | |||
Patents | $ | 240 | 7 | ||
Noncontractual customer relationships | 3,700 | 15 | |||
Non-compete agreements | 1,060 | 4 | |||
The weighted average useful life at the date of acquisition of total amortizable intangible assets acquired in the acquisition was 12.3 years. The acquisition included an indefinite lived tradename valued at $5,400. | |||||
Restructuring
Restructuring | 3 Months Ended | ||||||||
Dec. 27, 2013 | |||||||||
Restructuring Reserve [Abstract] | ' | ||||||||
Restructuring | ' | ||||||||
11RESTRUCTURING | |||||||||
On July 11, 2012, the Company announced plans to restructure certain operations related to its Watercraft segment. Specifically, the Company restructured its product sales and distribution in Europe and consolidated all of its U.S. operations at a single location in Old Town, Maine. The Company believes this plan will enhance the competitiveness and profit potential of its Watercraft business. This action resulted in the closure of two sales offices in the U.K. and France, the closure of a marketing and R&D facility in Bellingham, Washington and the elimination of approximately 24 positions in the U.S. and Europe. The related charges are included in the “Administrative management, finance and information systems” line in the Company’s accompanying Condensed Consolidated Statements of Operations in the Watercraft segment. The restructuring accrual is included in the “Other current liabilities” line in the Company’s accompanying Condensed Consolidated Balance Sheets. The planned actions related to this restructuring were completed in 2013 and the Company expects the total cost of this restructuring to be approximately $2,610. The remaining restructuring liabilities should be settled by the end of 2014. | |||||||||
Changes in the accrual related to this restructuring project for the three month period ended December 27, 2013 were as follows: | |||||||||
Employee Termination Costs | Contract Exit Costs | Other Exit Costs | Total | ||||||
Accrued restructuring liabilities as of September 27, 2013 | 84 | 219 | 203 | 506 | |||||
Activity during the period ended December 27, 2013: | |||||||||
Settlement payments | -39 | -148 | -107 | -294 | |||||
Accrued restructuring liabilities as of December 27, 2013 | $ | 45 | $ | 71 | $ | 96 | $ | 212 | |
Litigation
Litigation | 3 Months Ended |
Dec. 27, 2013 | |
Litigation [Abstract] | ' |
Litigation | ' |
12Litigation | |
The Company is subject to various legal actions and proceedings in the normal course of business, including those related to commercial disputes, product liability, intellectual property and environmental matters. The Company is insured against loss for certain of these matters. Although litigation is subject to many uncertainties and the ultimate exposure with respect to these matters cannot be ascertained, management does not believe the final outcome of any pending litigation will have a material adverse effect on the financial condition, results of operations, liquidity or cash flows of the Company. | |
Indebtedness
Indebtedness | 3 Months Ended | ||||||
Dec. 27, 2013 | |||||||
Indebtedness [Abstract] | ' | ||||||
Indebtedness | ' | ||||||
13Indebtedness | |||||||
Debt was comprised of the following at December 27, 2013, September 27, 2013, and December 28, 2012: | |||||||
27-Dec | 27-Sep | 28-Dec | |||||
2013 | 2013 | 2012 | |||||
Term loans | $ | 8,060 | $ | 8,142 | $ | 8,379 | |
Revolvers | 30,234 | - | 30,733 | ||||
Other | 136 | 191 | 352 | ||||
Total debt | 38,430 | 8,333 | 39,464 | ||||
Less current portion of long term debt | 470 | 539 | 535 | ||||
Less short term debt | - | - | 30,733 | ||||
Total long-term debt | $ | 37,960 | $ | 7,794 | $ | 8,196 | |
Term Loans | |||||||
The Company’s term loans have a maturity date of September 29, 2029. Each term loan requires monthly payments of principal and interest. Interest on the aggregate outstanding amount of the term loans is based on the prime rate plus an applicable margin. The interest rate in effect on the term loans was 5.25% at December 27, 2013. | |||||||
The term loans are guaranteed in part under the United States Department of Agriculture Rural Development program and are secured with a first priority lien on land, buildings, machinery and equipment of the Company’s domestic subsidiaries and a second lien on working capital and certain patents and trademarks of the Company and its subsidiaries. Any proceeds from the sale of secured property are first applied against the related term loans and then against the Revolvers (as defined below). The Company’s term loans include covenants related to its current ratio, debt to net worth ratio, fixed charge ratio, minimum net worth and capital expenditures. | |||||||
The aggregate term loan borrowings are subject to a pre-payment penalty. The penalty is currently 6% of the pre-payment amount, and the penalty will decrease by 1% annually on the anniversary date of the effective date of the loan agreement. | |||||||
Revolvers | |||||||
On September 16, 2013, the Company and certain of its subsidiaries entered into a new credit facility with PNC Bank National Association and certain other lenders which terminated the Amended Revolving Credit and Security agreement with PNC Bank National Association and the other lenders named therein, dated as of November 16, 2010. The new credit facility consists of a Revolving Credit Agreement dated September 16, 2013 among the Company, certain of the Company’s subsidiaries, PNC Bank National Association, as lender and as administrative agent, and the other lenders named therein (the “Revolving Credit Agreement” or “Revolver”). The Revolver has an expiration date of September 16, 2018 and provides for borrowing of up to an aggregate principal amount not to exceed $90,000 with an accordion feature that gives the Company the option to increase the maximum seasonal financing availability subject to the conditions of the Revolving Credit Agreement and subject to the approval of the lenders. The Revolver imposes a seasonal borrowing limit such that borrowings may not exceed $60,000 from the period June 30th through October 31st of each year under the agreement. | |||||||
The interest rate on the Revolver resets each quarter and is based on LIBOR plus an applicable margin. The applicable margin ranges from 1.25 percent to 2.00 percent and is dependent on the Company’s leverage ratio for the trailing twelve month period. The interest rate on the Revolver at December 27, 2013 was approximately 1.4%. | |||||||
The Revolver is secured with a first priority lien on working capital assets and certain patents and trademarks of the Company and its subsidiaries and a second priority lien on land, buildings, machinery and equipment of the Company’s domestic subsidiaries. Under the terms of the Revolver, the Company is required to comply with certain financial and non-financial covenants. The Revolving Credit Agreement limits asset or stock acquisitions to no more than $20,000 in the event that the Company’s consolidated leverage ratio is greater than 2.5 times. No limits are imposed if the Company’s consolidated leverage ratio is less than 2.5 times and the remaining borrowing availability under the Revolver is greater than $10,000 at the time of the acquisition. The Revolving Credit Agreement limits the amount of restricted payments (primarily dividends and repurchases of common stock) made during each fiscal year. The Company may declare, and pay, dividends in accordance with historical practices, but in no event may the aggregate amount of all dividends or repurchases of common stock exceed $10,000 in any fiscal year. The Revolving Credit Agreement restricts the Company’s ability to incur additional debt and includes maximum leverage ratio and minimum interest coverage ratio covenants. | |||||||
Other Borrowings | |||||||
The Company had no unsecured revolving credit facilities at its foreign subsidiaries as of December 27, 2013 or December 28, 2012. The Company utilizes letters of credit primarily as security for the payment of future claims under its workers’ compensation insurance, which totaled $811 and $1,469 at December 27, 2013 and December 28, 2012, respectively. The Company had no unsecured lines of credit as of December 27, 2013 or December 28, 2012. | |||||||
Aggregate scheduled maturities of long-term debt as of December 27, 2013, for the remainder of fiscal 2014 and subsequent fiscal years, were as follows: | |||||||
Fiscal Year | |||||||
2014 | $ | 406 | |||||
2015 | 360 | ||||||
2016 | 368 | ||||||
2017 | 389 | ||||||
2018 | 30,644 | ||||||
Thereafter | 6,263 | ||||||
Total | $ | 38,430 | |||||
Balances carried on the Revolving Credit Agreement not in excess of the seasonal borrowing limit may be repaid at the Company’s discretion at any time through the maturity date. Accordingly, this balance has been classified as long term. | |||||||
Interest paid for the three month periods ended December 27, 2013 and December 28, 2012 was $138 and $211, respectively. | |||||||
The weighted average borrowing rate for short-term debt was approximately 1.4% and 2.5% for the three months ended December 27, 2013 and December 28, 2012, respectively. | |||||||
Based on the borrowing rates currently available to the Company for debt with similar terms and maturities, the fair value of the Company’s long-term debt as of December 27, 2013 and December 28, 2012 approximated its carrying value. | |||||||
Derivative_Instruments_And_Hed
Derivative Instruments And Hedging Activities | 3 Months Ended | ||||||
Dec. 27, 2013 | |||||||
Derivative Instruments And Hedging Activities [Abstract] | ' | ||||||
Derivative Instruments And Hedging Activities | ' | ||||||
14Derivative Instruments and Hedging Activities | |||||||
The following disclosures describe the Company’s objectives in using derivative instruments, the business purpose or context for using derivative instruments, and how the Company believes the use of derivative instruments helps achieve the stated objectives. In addition, the following disclosures describe the effects of the Company’s use of derivative instruments and hedging activities on its financial statements. | |||||||
Foreign Exchange Risk | |||||||
The Company has significant foreign operations, for which the functional currencies are denominated primarily in euros, Swiss francs, Japanese yen, Hong Kong dollars and Canadian dollars. As the values of the currencies of the foreign countries in which the Company has operations increase or decrease relative to the U.S. dollar, the sales, expenses, profits, losses, assets and liabilities of the Company’s foreign operations, as reported in the Company’s consolidated financial statements, increase or decrease, accordingly. Approximately 21% of the Company’s revenues for the three month period ended December 27, 2013 were denominated in currencies other than the U.S. dollar. Approximately 11% were denominated in euros, with the remaining revenues denominated in various other foreign currencies. Changes in foreign currency exchange rates can cause unexpected financial losses or cash flow needs. | |||||||
The Company may mitigate a portion of the fluctuations in certain foreign currencies through the use of foreign currency forward contracts. Foreign currency forward contracts enable the Company to lock in the foreign currency exchange rate to be paid or received for a fixed amount of currency at a specified date in the future. The Company may use such foreign currency forward contracts to mitigate the risk associated with changes in foreign currency exchange rates on financial instruments and known commitments, including commitments for inventory purchases, denominated in foreign currencies. As of December 27, 2013, the Company held no foreign currency forward contracts. | |||||||
Interest Rate Risk | |||||||
The Company operates in a seasonal business and experiences significant fluctuations in operating cash flow as working capital needs increase in advance of the Company’s primary selling and cash generation season, and decline as accounts receivable are collected and cash is accumulated or debt is repaid. The Company’s goal in managing its interest rate risk is to maintain a mix of floating rate and fixed rate debt such that permanent non-equity capital needs are largely funded with long term fixed rate debt and seasonal working capital needs are funded with short term floating rate debt. | |||||||
When the appropriate mix of fixed rate or floating rate debt cannot be directly obtained in a cost effective manner, the Company may enter into interest rate swap contracts in order to change floating rate interest into fixed rate interest or vice versa for a specific amount of debt in order to achieve the desired proportions of floating rate and fixed rate debt. | |||||||
The Company held no interest rate swap contracts during the three month periods ended December 27, 2013 and December 28, 2012 and as of December 27, 2013, the Company was unhedged with respect to interest rate risk on its floating rate debt. The Company has fully amortized the unrealized loss related to the formerly effective interest rate swap that had subsequently become ineffective on January 2, 2009. | |||||||
The following table discloses the location of loss reclassified from accumulated other comprehensive income (“AOCI”) into net income related to derivative instruments during the three month periods ended December 27, 2013 and December 28, 2012. | |||||||
Three Months Ended | |||||||
27-Dec | 28-Dec | ||||||
Loss reclassified from AOCI into: | 2013 | 2012 | |||||
Interest expense | $ | - | $ | 138 | |||
The effect of derivative instruments on the Condensed Consolidated Statements of Operations for the three months | |||||||
ended December 27, 2013 and December 28, 2012 was: | |||||||
Location of loss (gain) | Three Months Ended | ||||||
Derivatives not designated as | recognized in statement | 27-Dec | 28-Dec | ||||
hedging instruments | of operations | 2013 | 2012 | ||||
Foreign exchange forward contracts | Other expense (income), net | $ | - | $ | -122 | ||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||
Dec. 27, 2013 | |||||||||
Fair Value Measurements [Abstract] | ' | ||||||||
Fair Value Measurements | ' | ||||||||
15Fair Value Measurements | |||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. A fair value hierarchy has been established based on three levels of inputs, of which the first two are considered observable and the last unobservable. | |||||||||
· Level 1 - Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets or liabilities. | |||||||||
· Level 2 - Inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. These are typically obtained from readily-available pricing sources for comparable instruments. | |||||||||
· Level 3 - Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity’s own assumptions of the data that market participants would use in pricing the asset or liability, based on the best information available in the circumstances. | |||||||||
The carrying amounts of cash, cash equivalents, accounts receivable, and accounts payable approximated fair value at December 27, 2013, September 27, 2013 and December 28, 2012 due to the short term maturities of these instruments. When indicators of impairment are present, the Company may be required to value certain long-lived assets such as property, plant, and equipment, and other intangibles at fair value. | |||||||||
Valuation Techniques | |||||||||
Rabbi Trust Assets | |||||||||
Rabbi trust assets are classified as trading securities and are comprised of marketable debt and equity securities that are marked to fair value based on unadjusted quoted prices in active markets. The rabbi trust assets are used to fund amounts the Company owes to certain officers and other employees under the Company’s non-qualified deferred compensation plan. The mark to market adjustments are recorded in “Other expense (income), net” in the accompanying Condensed Consolidated Statements of Operations. | |||||||||
Goodwill and Other Intangible Assets | |||||||||
In assessing the recoverability of the Company’s goodwill and other indefinite lived intangible assets, the Company estimates the future discounted cash flows of the businesses to which such goodwill and intangibles relate. When estimated future discounted cash flows are less than the carrying value of the net assets and related goodwill, an impairment test is performed to measure and recognize the amount of the impairment loss, if any. In determining estimated future cash flows, the Company makes assumptions regarding anticipated financial position, future earnings, and other factors to determine the fair value of the respective assets. This calculation is highly sensitive to changes in key assumptions and could result in a future impairment charge. The Company will continue to evaluate whether circumstances and events have changed to the extent that they require the Company to conduct an interim test of goodwill. In particular, if the Company’s business units do not achieve short term revenue and gross margin goals, an interim impairment test may be triggered which could result in a goodwill impairment charge in future periods. | |||||||||
The following table summarizes the Company's financial assets measured at fair value as of December 27, 2013: | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
Assets: | |||||||||
Rabbi trust assets | $ | 10,024 | $ | - | $ | - | $ | 10,024 | |
The following table summarizes the Company's financial assets measured at fair value as of September 27, 2013: | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
Assets: | |||||||||
Rabbi trust assets | $ | 8,948 | $ | - | $ | - | $ | 8,948 | |
The following table summarizes the Company's financial assets and liabilities measured at fair value as of December 28, 2012: | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
Assets: | |||||||||
Rabbi trust assets | $ | 7,617 | $ | - | $ | - | $ | 7,617 | |
Foreign currency forward contracts | - | 106 | - | 106 | |||||
The effect of changes in the fair value of financial instruments on the Condensed Consolidated Statements | |||||||||
of Operations for the three months ended December 27, 2013 and December 28, 2012 was: | |||||||||
Location of (income) loss | Three Months Ended | ||||||||
recognized in Statement of | 27-Dec | 28-Dec | |||||||
Operations | 2013 | 2012 | |||||||
Rabbi trust assets | Other expense (income), net | $ | -392 | $ | 129 | ||||
Foreign currency forward contracts | Other expense (income), net | - | -122 | ||||||
There were no assets and liabilities measured at fair value on a non-recurring basis in periods subsequent to their initial recognition for the three month periods ended December 27, 2013 and December 28, 2012. | |||||||||
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Dec. 27, 2013 | |
New Accounting Pronouncements [Abstract] | ' |
New Accounting Pronouncements | ' |
16New Accounting Pronouncements | |
The Financial Accounting Standards Board (“FASB”) issued authoritative guidance in February 2013 that amends the presentation of accumulated other comprehensive income and clarifies how to report the effect of significant reclassifications out of accumulated other comprehensive income. The guidance requires footnote disclosures regarding the changes in accumulated other comprehensive income by component and the line items affected in the statements of operations. The Company adopted this updated authoritative guidance effective as of September 28, 2013, the beginning of its first quarter of fiscal 2014. The adoption of this updated authoritative guidance resulted in an additional footnote disclosure but had no effect on our financial condition, results of operations or cash flows. | |
Segments_Of_Business
Segments Of Business | 3 Months Ended | ||||||
Dec. 27, 2013 | |||||||
Segments Of Business [Abstract] | ' | ||||||
Segments Of Business | ' | ||||||
17Segments of Business | |||||||
The Company conducts its worldwide operations through separate business units, each of which represents major product lines. Operations are conducted in the United States and various foreign countries, primarily in Europe, Canada and the Pacific Basin. The Company had no single customer that represented more than 10% of its total net sales during any of the three month periods ended December 27, 2013 and December 28, 2012. | |||||||
Net sales and operating profit include both sales to customers, as reported in the Company's accompanying Condensed Consolidated Statements of Operations, and interunit transfers, which are priced to recover cost plus an appropriate profit margin. Total assets represent assets that are used in the Company's operations in each business segment at the end of the periods presented. | |||||||
A summary of the Company’s operations by business unit is presented below: | |||||||
Three Months Ended | |||||||
27-Dec | 28-Dec | 27-Sep | |||||
2013 | 2012 | 2013 | |||||
Net sales: | |||||||
Marine Electronics: | |||||||
Unaffiliated customers | $ | 48,173 | $ | 53,632 | |||
Interunit transfers | 12 | 19 | |||||
Outdoor Equipment: | |||||||
Unaffiliated customers | 8,378 | 8,433 | |||||
Interunit transfers | 5 | 7 | |||||
Watercraft: | |||||||
Unaffiliated customers | 5,425 | 6,807 | |||||
Interunit transfers | 24 | 7 | |||||
Diving | |||||||
Unaffiliated customers | 17,058 | 18,347 | |||||
Interunit transfers | 266 | 136 | |||||
Other / Corporate | 66 | 55 | |||||
Eliminations | -307 | -169 | |||||
Total | $ | 79,100 | $ | 87,274 | |||
Operating profit (loss): | |||||||
Marine Electronics | $ | 2,332 | $ | 4,746 | |||
Outdoor Equipment | -188 | 224 | |||||
Watercraft | -1,636 | -1,682 | |||||
Diving | 149 | 702 | |||||
Other / Corporate | -3,565 | -2,464 | |||||
$ | -2,908 | $ | 1,526 | ||||
Total assets (end of period): | |||||||
Marine Electronics | $ | 140,140 | $ | 124,792 | $ | 111,459 | |
Outdoor Equipment | 41,986 | 44,823 | 43,630 | ||||
Watercraft | 28,379 | 34,970 | 27,810 | ||||
Diving | 72,593 | 70,839 | 70,810 | ||||
Other / Corporate | 29,788 | 28,805 | 34,641 | ||||
$ | 312,886 | $ | 304,229 | $ | 288,350 | ||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | ||||||
Dec. 27, 2013 | |||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||
Accumulated Other Comprehensive Income | ' | ||||||
18ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||
The changes in Accumulated OCI by component, net of tax, for the three months ended December 27, 2013 are as follows: | |||||||
(thousands) | Foreign Currency Translation Adjustment | Unamortized loss on defined benefit pension plans | Accumulated | ||||
Other Comprehensive Income (Loss) | |||||||
BALANCE AT SEPTEMBER 27, 2013 | $ | 23,789 | $ | -4,423 | $ | 19,366 | |
Other comprehensive income before reclassifications | 124 | - | 124 | ||||
Amounts reclassified from accumulated other comprehensive income | - | 167 | 167 | ||||
Tax effects | - | -63 | -63 | ||||
BALANCE AT DECEMBER 27, 2013 | 23,913 | -4,319 | 19,594 | ||||
The reclassifications out of Accumulated OCI for the three month period ended December 27, 2013 is as follows: | |||||||
Statement of Operations | |||||||
Details about Accumulated OCI Components | Presentation | ||||||
(thousands) | Three Months Ended December 27, 2013 | ||||||
Unamortized loss on defined benefit pension plans | |||||||
Amortization of loss | $ | 167 | Cost of sales / Operating expense | ||||
Tax effects | -63 | Income tax expense | |||||
Total reclassifications for the period | $ | 104 | |||||
Basis_Of_Presentation_Policy
Basis Of Presentation (Policy) | 3 Months Ended |
Dec. 27, 2013 | |
Basis Of Presentation [Abstract] | ' |
Basis of Presentation | ' |
The Condensed Consolidated Financial Statements included herein are unaudited. In the opinion of management, these statements contain all adjustments (consisting of only normal recurring items) necessary to present fairly the financial position of Johnson Outdoors Inc. and subsidiaries (collectively, the “Company”) as of December 27, 2013 and December 28, 2012, and the results of operations and cash flows for the three month periods then ended. These Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended September 27, 2013 which was filed with the Securities and Exchange Commission on December 6, 2013. | |
Due to seasonal variations and other factors, the results of operations for the three months ended December 27, 2013 are not necessarily indicative of the results to be expected for the Company's full 2014 fiscal year. See “Seasonality” in the Management’s Discussion and Analysis of Financial Condition and Results of Operations included elsewhere herein for additional information. | |
Certain amounts in the Condensed Consolidated Balance Sheet and Statement of Cash Flows and related footnotes for the three month period ended December 28, 2012 have been adjusted to reflect the effect of measurement period adjustments related to the acquisition of Jetboil as of the date of acquisition. Additional information on this acquisition can be found in Note 10. | |
All monetary amounts, other than share and per share amounts, are stated in thousands. | |
StockBased_Compensation_And_St1
Stock-Based Compensation And Stock Ownership Plans (Tables) | 3 Months Ended | ||||||
Dec. 27, 2013 | |||||||
Stock-Based Compensation And Stock Ownership Plans [Abstract] | ' | ||||||
Schedule of Stock Option Activity | ' | ||||||
Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Term (Years) | ||||
Outstanding and exercisable at September 27, 2013 | 15,066 | $ | 18.16 | ||||
Exercised | -1,950 | 19.88 | |||||
Outstanding and exercisable at December 27, 2013 | 13,116 | 17.91 | $ | 129 | 1.2 | ||
Schedule of Non-Vested Stock Activity | ' | ||||||
Weighted Average | |||||||
Shares | Grant Price | ||||||
Non-vested stock at September 27, 2013 | 386,409 | $ | 13.78 | ||||
Non-vested stock grants | 47,934 | 27.70 | |||||
Restricted stock vested | -114,711 | 10.32 | |||||
Non-vested stock at December 27, 2013 | 319,632 | 17.10 | |||||
Pension_Plans_Tables
Pension Plans (Tables) | 3 Months Ended | ||||
Dec. 27, 2013 | |||||
Pension Plans [Abstract] | ' | ||||
Schedule of Net Periodic Benefit cost | ' | ||||
Three Months Ended | |||||
27-Dec | 28-Dec | ||||
2013 | 2012 | ||||
Components of net periodic benefit cost: | |||||
Service cost | $ | - | $ | - | |
Interest on projected benefit obligation | 249 | 259 | |||
Less estimated return on plan assets | 244 | 236 | |||
Amortization of unrecognized losses | 167 | 84 | |||
$ | 172 | $ | 107 | ||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | ||||
Dec. 27, 2013 | |||||
Income Taxes [Abstract] | ' | ||||
Summary Of Tax Jurisdictions Of Entities With Valuation Allowances | ' | ||||
Three Months Ended | |||||
27-Dec | 28-Dec | ||||
2013 | 2012 | ||||
Japan | Japan | ||||
France | France | ||||
Indonesia | Indonesia | ||||
Italy | Italy | ||||
Netherlands | Netherlands | ||||
New Zealand | New Zealand | ||||
Spain | Spain | ||||
United Kingdom | United Kingdom | ||||
Summary Of Earnings Before Tax, Tax Expense and Effective Tax Rate | ' | ||||
Three Months Ended | |||||
27-Dec | 28-Dec | ||||
(thousands, except tax rate data) | 2013 | 2012 | |||
(Loss) Income before income taxes | $ | -2,920 | $ | 610 | |
Income tax (benefit) expense | $ | -727 | $ | 363 | |
Effective income tax rate | 24.9% | 59.5% | |||
Summary of Income Tax Examinations | ' | ||||
Jurisdiction | Fiscal Years | ||||
United States | 2010-2013 | ||||
Canada | 2009-2013 | ||||
France | 2009-2013 | ||||
Germany | 2009-2013 | ||||
Italy | 2009-2013 | ||||
Japan | 2012-2013 | ||||
Switzerland | 2002-2013 | ||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||
Dec. 27, 2013 | |||||||
Inventories [Abstract] | ' | ||||||
Schedule of Inventories | ' | ||||||
27-Dec | 27-Sep | 28-Dec | |||||
2013 | 2013 | 2012 | |||||
Raw materials | $ | 33,780 | $ | 27,935 | $ | 31,217 | |
Work in process | 344 | 198 | 304 | ||||
Finished goods | 53,529 | 48,230 | 45,839 | ||||
$ | 87,653 | $ | 76,363 | $ | 77,360 | ||
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | ||||
Dec. 27, 2013 | |||||
Goodwill [Abstract] | ' | ||||
Schedule of Goodwill | ' | ||||
27-Dec | 28-Dec | ||||
2013 | 2012 | ||||
Balance at beginning of period | $ | 21,053 | $ | 14,466 | |
Jetboil® acquisition | - | 6,475 | |||
Amount attributable to movements in | |||||
foreign currency rates | -17 | 107 | |||
Balance at end of period | $ | 21,036 | $ | 21,048 | |
Warranties_Tables
Warranties (Tables) | 3 Months Ended | ||||
Dec. 27, 2013 | |||||
Warranties [Abstract] | ' | ||||
Schedule of Warranties | ' | ||||
27-Dec | 28-Dec | ||||
2013 | 2012 | ||||
Balance at beginning of period | $ | 5,214 | $ | 4,751 | |
Expense accruals for warranties issued during the period | 822 | 947 | |||
Less current period warranty claims paid | 1,597 | 796 | |||
Balance at end of period | $ | 4,439 | $ | 4,902 | |
Acquisition_Tables
Acquisition (Tables) | 3 Months Ended | ||||
Dec. 27, 2013 | |||||
Schedule of Provisional Amount Adjustments | ' | ||||
Provisional amount adjustments increase (decrease) | |||||
Financial assets | $ | -33 | |||
Inventories | -159 | ||||
Property, plant and equipment | 80 | ||||
Identifiable intangible assets and goodwill | 3,865 | ||||
Deferred tax liabilities | 4,257 | ||||
Financial liabilities | -390 | ||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | ' | ||||
Useful | |||||
Description | Amount | Life (yrs) | |||
Patents | $ | 240 | 7 | ||
Noncontractual customer relationships | 3,700 | 15 | |||
Non-compete agreements | 1,060 | 4 | |||
Jetboil Inc [Member] | ' | ||||
Schedule of Assets Acquired and Liabilities Assumed | ' | ||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||
Accounts receivable | $ | 1,184 | |||
Inventories | 2,232 | ||||
Other current assets | 167 | ||||
Property, plant and equipment | 314 | ||||
Identifiable intangible assets | 10,400 | ||||
Less, accounts payable and accruals | 1,111 | ||||
Less, deferred tax liabilities | 4,241 | ||||
Total identifiable net assets | 8,945 | ||||
Goodwill | 6,475 | ||||
Net assets acquired | $ | 15,420 | |||
Restructuring_Tables
Restructuring (Tables) | 3 Months Ended | ||||||||
Dec. 27, 2013 | |||||||||
Restructuring Reserve [Abstract] | ' | ||||||||
Schedule of Restructuring Reserve | ' | ||||||||
Employee Termination Costs | Contract Exit Costs | Other Exit Costs | Total | ||||||
Accrued restructuring liabilities as of September 27, 2013 | 84 | 219 | 203 | 506 | |||||
Activity during the period ended December 27, 2013: | |||||||||
Settlement payments | -39 | -148 | -107 | -294 | |||||
Accrued restructuring liabilities as of December 27, 2013 | $ | 45 | $ | 71 | $ | 96 | $ | 212 | |
Indebtedness_Tables
Indebtedness (Tables) | 3 Months Ended | ||||||
Dec. 27, 2013 | |||||||
Indebtedness [Abstract] | ' | ||||||
Schedule of Debt | ' | ||||||
27-Dec | 27-Sep | 28-Dec | |||||
2013 | 2013 | 2012 | |||||
Term loans | $ | 8,060 | $ | 8,142 | $ | 8,379 | |
Revolvers | 30,234 | - | 30,733 | ||||
Other | 136 | 191 | 352 | ||||
Total debt | 38,430 | 8,333 | 39,464 | ||||
Less current portion of long term debt | 470 | 539 | 535 | ||||
Less short term debt | - | - | 30,733 | ||||
Total long-term debt | $ | 37,960 | $ | 7,794 | $ | 8,196 | |
Schedule of Maturities of Long-term Debt | ' | ||||||
Fiscal Year | |||||||
2014 | $ | 406 | |||||
2015 | 360 | ||||||
2016 | 368 | ||||||
2017 | 389 | ||||||
2018 | 30,644 | ||||||
Thereafter | 6,263 | ||||||
Total | $ | 38,430 | |||||
Derivative_Instruments_And_Hed1
Derivative Instruments And Hedging Activities (Tables) | 3 Months Ended | ||||||
Dec. 27, 2013 | |||||||
Derivative Instruments And Hedging Activities [Abstract] | ' | ||||||
Schedule of Loss Reclassified from AOCI into Net Income | ' | ||||||
Three Months Ended | |||||||
27-Dec | 28-Dec | ||||||
Loss reclassified from AOCI into: | 2013 | 2012 | |||||
Interest expense | $ | - | $ | 138 | |||
Schedule of the Location and Amount of Income or Loss Recognized for Changes in Fair Value of Derivative Instruments Not Designated as Hedging Instruments | ' | ||||||
The effect of derivative instruments on the Condensed Consolidated Statements of Operations for the three months | |||||||
ended December 27, 2013 and December 28, 2012 was: | |||||||
Location of loss (gain) | Three Months Ended | ||||||
Derivatives not designated as | recognized in statement | 27-Dec | 28-Dec | ||||
hedging instruments | of operations | 2013 | 2012 | ||||
Foreign exchange forward contracts | Other expense (income), net | $ | - | $ | -122 | ||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||
Dec. 27, 2013 | |||||||||
Fair Value Measurements [Abstract] | ' | ||||||||
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ||||||||
The following table summarizes the Company's financial assets measured at fair value as of December 27, 2013: | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
Assets: | |||||||||
Rabbi trust assets | $ | 10,024 | $ | - | $ | - | $ | 10,024 | |
The following table summarizes the Company's financial assets measured at fair value as of September 27, 2013: | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
Assets: | |||||||||
Rabbi trust assets | $ | 8,948 | $ | - | $ | - | $ | 8,948 | |
The following table summarizes the Company's financial assets and liabilities measured at fair value as of December 28, 2012: | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
Assets: | |||||||||
Rabbi trust assets | $ | 7,617 | $ | - | $ | - | $ | 7,617 | |
Foreign currency forward contracts | - | 106 | - | 106 | |||||
Schedule of the Location and Amount of Income or Loss Recognized for Changes in Fair Value of Financial Instruments | ' | ||||||||
The effect of changes in the fair value of financial instruments on the Condensed Consolidated Statements | |||||||||
of Operations for the three months ended December 27, 2013 and December 28, 2012 was: | |||||||||
Location of (income) loss | Three Months Ended | ||||||||
recognized in Statement of | 27-Dec | 28-Dec | |||||||
Operations | 2013 | 2012 | |||||||
Rabbi trust assets | Other expense (income), net | $ | -392 | $ | 129 | ||||
Foreign currency forward contracts | Other expense (income), net | - | -122 | ||||||
Segments_Of_Business_Tables
Segments Of Business (Tables) | 3 Months Ended | ||||||
Dec. 27, 2013 | |||||||
Segments Of Business [Abstract] | ' | ||||||
Segments of Business | ' | ||||||
Three Months Ended | |||||||
27-Dec | 28-Dec | 27-Sep | |||||
2013 | 2012 | 2013 | |||||
Net sales: | |||||||
Marine Electronics: | |||||||
Unaffiliated customers | $ | 48,173 | $ | 53,632 | |||
Interunit transfers | 12 | 19 | |||||
Outdoor Equipment: | |||||||
Unaffiliated customers | 8,378 | 8,433 | |||||
Interunit transfers | 5 | 7 | |||||
Watercraft: | |||||||
Unaffiliated customers | 5,425 | 6,807 | |||||
Interunit transfers | 24 | 7 | |||||
Diving | |||||||
Unaffiliated customers | 17,058 | 18,347 | |||||
Interunit transfers | 266 | 136 | |||||
Other / Corporate | 66 | 55 | |||||
Eliminations | -307 | -169 | |||||
Total | $ | 79,100 | $ | 87,274 | |||
Operating profit (loss): | |||||||
Marine Electronics | $ | 2,332 | $ | 4,746 | |||
Outdoor Equipment | -188 | 224 | |||||
Watercraft | -1,636 | -1,682 | |||||
Diving | 149 | 702 | |||||
Other / Corporate | -3,565 | -2,464 | |||||
$ | -2,908 | $ | 1,526 | ||||
Total assets (end of period): | |||||||
Marine Electronics | $ | 140,140 | $ | 124,792 | $ | 111,459 | |
Outdoor Equipment | 41,986 | 44,823 | 43,630 | ||||
Watercraft | 28,379 | 34,970 | 27,810 | ||||
Diving | 72,593 | 70,839 | 70,810 | ||||
Other / Corporate | 29,788 | 28,805 | 34,641 | ||||
$ | 312,886 | $ | 304,229 | $ | 288,350 | ||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||
Dec. 27, 2013 | |||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||
Changes in Accumulated OCI by Component, Net of Tax | ' | ||||||
The changes in Accumulated OCI by component, net of tax, for the three months ended December 27, 2013 are as follows: | |||||||
(thousands) | Foreign Currency Translation Adjustment | Unamortized loss on defined benefit pension plans | Accumulated | ||||
Other Comprehensive Income (Loss) | |||||||
BALANCE AT SEPTEMBER 27, 2013 | $ | 23,789 | $ | -4,423 | $ | 19,366 | |
Other comprehensive income before reclassifications | 124 | - | 124 | ||||
Amounts reclassified from accumulated other comprehensive income | - | 167 | 167 | ||||
Tax effects | - | -63 | -63 | ||||
BALANCE AT DECEMBER 27, 2013 | 23,913 | -4,319 | 19,594 | ||||
Reclassifications Out Of Accumulated OCI | ' | ||||||
The reclassifications out of Accumulated OCI for the three month period ended December 27, 2013 is as follows: | |||||||
Statement of Operations | |||||||
Details about Accumulated OCI Components | Presentation | ||||||
(thousands) | Three Months Ended December 27, 2013 | ||||||
Unamortized loss on defined benefit pension plans | |||||||
Amortization of loss | $ | 167 | Cost of sales / Operating expense | ||||
Tax effects | -63 | Income tax expense | |||||
Total reclassifications for the period | $ | 104 | |||||
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Dec. 27, 2013 | Sep. 27, 2013 | Dec. 28, 2012 |
In Thousands, unless otherwise specified | |||
Accounts Receivable [Abstract] | ' | ' | ' |
Accounts Receivable, Net | $62,982 | $44,104 | $62,811 |
Allowance for Doubtful Accounts Receivable | $3,325 | $3,759 | $3,959 |
Earnings_Per_Share_EPS_Details
Earnings Per Share ("EPS") (Details) | 3 Months Ended | |
Dec. 27, 2013 | Dec. 28, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Percentage Of Cash Dividends On Class A Common Stock Relative TO Class B Common Stock | 110.00% | ' |
Stock Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 13,116 | 0 |
Non-vested Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 319,632 | 468,081 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,600 | 0 |
StockBased_Compensation_And_St2
Stock-Based Compensation And Stock Ownership Plans (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 27, 2013 | Dec. 28, 2012 | Sep. 27, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares Available for Grant Under Stock-Based Compensation Plans | 716,124 | ' | ' |
Shares Tendered for Tax Withholding on Vesting of Restricted Shares | 24,719 | 43,464 | ' |
Tax Benefit on Stock Based Compensation Expense | $150 | $135 | ' |
Tax Benefit (Expense) on Option Exercises and Stock Vestings | 0 | 0 | ' |
Parent Company [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Company's closing stock price | $27.77 | ' | ' |
Non-vested Stock, Employees [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' | ' |
Non-vested Stock, Directors [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '0 years 0 months 0 days | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-Vested Stock, Ending Balance | 6,600 | ' | ' |
Stock-Based Compensation Expense Related to Non-Vested Stock, Net of Forfeitures | 38 | 0 | ' |
Unrecognized Stock-Based Compensation Expense Related to Non-vested Stock | 25 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '1 year | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Cash Received from Stock Option Exercises | 38 | 86 | ' |
Number of Stock Options Granted During Period | 0 | 0 | ' |
Fair Value Of Shares Received Option Exercise | 52 | 171 | ' |
Non-vested Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-Vested Stock, Ending Balance | 319,632 | ' | 386,409 |
Weighted Average Grant Date Fair Value, Grants | $27.70 | ' | ' |
Non-Stock Option Equity Grants | 47,934 | ' | ' |
Stock-Based Compensation Expense Related to Non-Vested Stock, Net of Forfeitures | 357 | 355 | ' |
Unrecognized Stock-Based Compensation Expense Related to Non-vested Stock | 3,274 | ' | ' |
Fair Value Of Vested Restricted Stock | $2,961 | $3,628 | ' |
StockBased_Compensation_And_St3
Stock-Based Compensation And Stock Ownership Plans (Stock Option Activity) (Details) (Stock Options [Member], USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 27, 2013 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Stock Options Outstanding and Exercisable, Beginning Balance | 15,066 |
Number of Stock Options Exercised | -1,950 |
Number of Stock Options Outstanding and Exercisable, Ending Balance | 13,116 |
Weighted Average Exercise Price for Stock Options Outstanding and Exercisable, Beginning Balance | $18.16 |
Weighted Average Exercise Price for Stock Options Exercised | $19.88 |
Weighted Average Exercise Price for Stock Options Outstanding and Exercisable, Ending Balance | $17.91 |
Weighted Average Remaining Contractual Term (Years) | '1 year 2 months 12 days |
Aggregate Intrinsic Value, Ending Balance | $129 |
StockBased_Compensation_And_St4
Stock-Based Compensation And Stock Ownership Plans (Non-Vested Stock Activity) (Details) (Non-vested Stock [Member], USD $) | 3 Months Ended |
Dec. 27, 2013 | |
Non-vested Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Non-Vested Stock, Beginning Balance | 386,409 |
Non-Stock Option Equity Grants | 47,934 |
Restricted Stock Vested | -114,711 |
Non-Vested Stock, Ending Balance | 319,632 |
Non-Vested Stock, Weighted Average Grant Date Fair Value, Beginning Balance | $13.78 |
Weighted Average Grant Date Fair Value, Grants | $27.70 |
Restricted Stock, Weighted Average Grant Date Fair Value, Vested | $10.32 |
Non-Vested Stock, Weighted Average Grant Date Fair Value, Ending Balance | $17.10 |
Pension_Plans_Details
Pension Plans (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2013 | Dec. 28, 2012 |
Pension Plans [Abstract] | ' | ' |
Interest on projected benefit obligation | $249 | $259 |
Less estimated return on plan assets | 244 | 236 |
Amortization of unrecognized net income | 167 | 84 |
Total net periodic benefit cost | $172 | $107 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2013 | Dec. 28, 2012 |
Unrecognized Tax Benefit, Interest on Income Tax Expense | 100 | ' |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 350 | ' |
United Kingdom Tax Jurisdictions [Member] | ' | ' |
Tax Jurisdictions Of Entities With Valuation Allowance | 'United Kingdom | 'United Kingdom |
Spain Tax Jurisdictions [Member] | ' | ' |
Tax Jurisdictions Of Entities With Valuation Allowance | 'Spain | 'Spain |
New Zealand Tax Jurisdictions [Member] | ' | ' |
Tax Jurisdictions Of Entities With Valuation Allowance | 'New Zealand | 'New Zealand |
Netherlands Tax Jurisdictions [Member] | ' | ' |
Tax Jurisdictions Of Entities With Valuation Allowance | 'Netherlands | 'Netherlands |
Indonesian Tax Jurisdictions [Member] | ' | ' |
Tax Jurisdictions Of Entities With Valuation Allowance | 'Indonesia | 'Indonesia |
French Tax Jurisdictions [Member] | ' | ' |
Tax Jurisdictions Of Entities With Valuation Allowance | 'France | 'France |
Italian Tax Jurisdictions [Member] | ' | ' |
Tax Jurisdictions Of Entities With Valuation Allowance | 'Italy | 'Italy |
Japanese Tax Jurisdictions [Member] | ' | ' |
Tax Jurisdictions Of Entities With Valuation Allowance | 'Japan | 'Japan |
Most Recent Open Year [Member] | United States Tax Jurisdictions [Member] | ' | ' |
Tax Years Remaining Subject to Examination | '2013 | ' |
Most Recent Open Year [Member] | Canadian Tax Jurisdictions [Member] | ' | ' |
Tax Years Remaining Subject to Examination | '2013 | ' |
Most Recent Open Year [Member] | French Tax Jurisdictions [Member] | ' | ' |
Tax Years Remaining Subject to Examination | '2013 | ' |
Most Recent Open Year [Member] | German Tax Jurisdictions [Member] | ' | ' |
Tax Years Remaining Subject to Examination | '2013 | ' |
Most Recent Open Year [Member] | Italian Tax Jurisdictions [Member] | ' | ' |
Tax Years Remaining Subject to Examination | '2013 | ' |
Most Recent Open Year [Member] | Japanese Tax Jurisdictions [Member] | ' | ' |
Tax Years Remaining Subject to Examination | '2013 | ' |
Most Recent Open Year [Member] | Swiss Tax Jurisdictions [Member] | ' | ' |
Tax Years Remaining Subject to Examination | '2013 | ' |
Oldest Open Year [Member] | United States Tax Jurisdictions [Member] | ' | ' |
Tax Years Remaining Subject to Examination | '2010 | ' |
Oldest Open Year [Member] | Canadian Tax Jurisdictions [Member] | ' | ' |
Tax Years Remaining Subject to Examination | '2009 | ' |
Oldest Open Year [Member] | French Tax Jurisdictions [Member] | ' | ' |
Tax Years Remaining Subject to Examination | '2009 | ' |
Oldest Open Year [Member] | German Tax Jurisdictions [Member] | ' | ' |
Tax Years Remaining Subject to Examination | '2009 | ' |
Oldest Open Year [Member] | Italian Tax Jurisdictions [Member] | ' | ' |
Tax Years Remaining Subject to Examination | '2009 | ' |
Oldest Open Year [Member] | Japanese Tax Jurisdictions [Member] | ' | ' |
Tax Years Remaining Subject to Examination | '2012 | ' |
Oldest Open Year [Member] | Swiss Tax Jurisdictions [Member] | ' | ' |
Tax Years Remaining Subject to Examination | '2002 | ' |
Income_Taxes_Tax_Rate_Table_De
Income Taxes (Tax Rate Table) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2013 | Dec. 28, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
(Loss) Income Before Income Taxes | ($2,920) | $610 |
Income tax(benefit) expense | ($727) | $363 |
Effective Income Tax Rate | 24.90% | 59.50% |
Inventories_Details
Inventories (Details) (USD $) | Dec. 27, 2013 | Sep. 27, 2013 | Dec. 28, 2012 |
In Thousands, unless otherwise specified | |||
Inventories [Abstract] | ' | ' | ' |
Raw materials | $33,780 | $27,935 | $31,217 |
Work in process | 344 | 198 | 304 |
Finished goods | 53,529 | 48,230 | 45,839 |
Total Inventories | $87,653 | $76,363 | $77,360 |
Goodwill_Details
Goodwill (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2013 | Dec. 28, 2012 |
Goodwill [Abstract] | ' | ' |
Goodwill, Beginning Balance | $21,053 | $14,466 |
Jetboil acquisition | ' | 6,475 |
Amount attributable to movements in foreign currency rates | -17 | 107 |
Goodwill, Ending Balance | $21,036 | $21,048 |
Warranties_Details
Warranties (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2013 | Dec. 28, 2012 |
Warranties [Abstract] | ' | ' |
Product Warranty Accrual, Beginning Balance | $5,214 | $4,751 |
Expense accruals for warranties issued during the period | 822 | 947 |
Less current period warranty claims paid | 1,597 | 796 |
Product Warranty Accrual, Ending Balance | $4,439 | $4,902 |
Acquisition_Narrative_Details
Acquisition (Narrative) (Details) (Jetboil Inc [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2013 | Dec. 28, 2012 |
Business Acquisition [Line Items] | ' | ' |
Total Cash Consideration of Acquisition | $15,420 | ' |
Indemnity Escrow Amount | 3,200 | ' |
Period to Date Acquisition Transaction Costs | ' | 177 |
Business Acquisition, Date of Acquisition Agreement | 14-Nov-12 | ' |
Goodwill Amount Deductible for Tax Purposes | 0 | ' |
Business Acquisition, Name of Acquired Entity | 'Jetboil, Inc. ("Jetboil") | ' |
Business Acquisition, Description of Acquired Entity | 'founded and based in Manchester, New Hampshire, designs and manufactures the world's top brand of portable outdoor cooking systems | ' |
Business Combination, Control Obtained Description | 'the Company acquired all of the outstanding common and preferred stock | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '12 years 3 months 18 days | ' |
Trade Names [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquired Indefinite-lived Intangible Asset, Amount | $5,400 | ' |
Acquisition_Provisional_Amount
Acquisition (Provisional Amounts Adjustment) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 27, 2013 |
Acquisition [Abstract] | ' |
Financial assets | ($33) |
Inventories | -159 |
Property, plant and equipment | 80 |
Identifiable intangible assets and goodwill | 3,865 |
Deferred tax liabilities | 4,257 |
Financial liabilities | ($390) |
Acquisition_Identifiable_Asset
Acquisition (Identifiable Assets Acquired and Liabilities Assumed) (Details) (Jetboil Inc [Member], USD $) | Dec. 27, 2013 |
In Thousands, unless otherwise specified | |
Jetboil Inc [Member] | ' |
Business Acquisition [Line Items] | ' |
Accounts receivable | $1,184 |
Inventories | 2,232 |
Other current assets | 167 |
Property, plant and equipment | 314 |
Identifiable intangible assets | 10,400 |
Less, accounts payable and accruals | 1,111 |
Less, deferred tax liabilities | 4,241 |
Total identifiable net assets | 8,945 |
Goodwill | 6,475 |
Net assets acquired | $15,420 |
Acquisition_Intangibles_Acquir
Acquisition (Intangibles Acquired) (Details) (Jetboil Inc [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 27, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '12 years 3 months 18 days |
Noncontractual customer relationships [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquired Finite-lived Intangible Asset, Amount | 3,700 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '15 years |
Noncompete agreements [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquired Finite-lived Intangible Asset, Amount | 1,060 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '4 years |
Patents [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquired Finite-lived Intangible Asset, Amount | 240 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '7 years |
Restructuring_Narrative_Detail
Restructuring (Narrative) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 27, 2013 |
employee | |
Restructuring Reserve [Abstract] | ' |
Restructuring and Related Activities, Initiation Date | 11-Jul-12 |
Restructuring and Related Cost, Expected Number of Positions Eliminated | 24 |
Restructuring and Related Cost, Expected Cost | $2,610 |
Restructuring_Details
Restructuring (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 27, 2013 |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring Reserve, Beginning Balance | $506 |
Restructuring Reserve, Settled with Cash | -294 |
Restructuring Reserve, Ending Balance | 212 |
Employee Termination Costs [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring Reserve, Beginning Balance | 84 |
Restructuring Reserve, Settled with Cash | -39 |
Restructuring Reserve, Ending Balance | 45 |
Contract Exit Costs [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring Reserve, Beginning Balance | 219 |
Restructuring Reserve, Settled with Cash | -148 |
Restructuring Reserve, Ending Balance | 71 |
Other Exit Costs [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring Reserve, Beginning Balance | 203 |
Restructuring Reserve, Settled with Cash | -107 |
Restructuring Reserve, Ending Balance | $96 |
Indebtedness_Narrative_Details
Indebtedness (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2013 | Dec. 28, 2012 |
Weighted Average Borrowing Rate for Short-Term Debt | 1.40% | 2.50% |
Interest Paid | $138 | $211 |
Revolvers [Member] | ' | ' |
Annual Seasonal Pay Down Duration | 'June 30th through October 31st of each year under the agreement | ' |
Initiation Date | 16-Sep-13 | ' |
Expiration Date | 16-Sep-18 | ' |
Interest Rate at Period End | 1.40% | ' |
Line of Credit Facility, Dividend Restrictions | 'The Revolving Credit Agreement limits the amount of restricted payments (primarily dividends and repurchases of common stock) made during each fiscal year. The Company may declare, and pay, dividends in accordance with historical practices, but in no event may the aggregate amount of all dividends or repurchases of common stock exceed $10,000 in any fiscal year | ' |
Line of Credit Facility, Asset Restrictions | 'Under the terms of the Revolver, the Company is required to comply with certain financial and non-financial covenants. The Revolving Credit Agreement limits asset or stock acquisitions to no more than $20,000 in the event that the Company's consolidated leverage ratio is greater than 2.5 times. No limits are imposed if the Company's consolidated leverage ratio is less than 2.5 times and the remaining borrowing availability under the Revolver is greater than $10,000 at the time of the acquisition | ' |
Line of Credit Facility, Covenant Terms | 'The Revolving Credit Agreement restricts the Company's ability to incur additional debt and includes maximum leverage ratio and minimum interest coverage ratio covenants | ' |
Line of Credit Facility, Collateral | 'The Revolver is secured with a first priority lien on working capital assets and certain patents and trademarks of the Company and its subsidiaries and a second priority lien on land, buildings, machinery and equipment of the Company's domestic subsidiaries. | ' |
Line of Credit Facility, Interest Rate Description | 'The interest rate on the Revolver resets each quarter and is based on LIBOR plus an applicable margin. The applicable margin ranges from 1.25 percent to 2.00 percent and is dependent on the Company's leverage ratio for the trailing twelve month period | ' |
Revolvers Borrowing Capacity Seasonal [Member] | ' | ' |
Maximum Borrowing Capacity | 60,000 | ' |
Revolvers Borrowing Capacity Standard [Member] | ' | ' |
Maximum Borrowing Capacity | 90,000 | ' |
Term Loans [Member] | ' | ' |
Interest Rate at Period End | 5.25% | ' |
Pre Payment Penalty Percent | 6.00% | ' |
Annual Decrease Of Pre Payment Penalty | 1.00% | ' |
Financial Standby Letter of Credit [Member] | ' | ' |
Letters of Credit Outstanding | $811 | $1,469 |
Indebtedness_Debt_Composition_
Indebtedness (Debt Composition) (Details) (USD $) | Dec. 27, 2013 | Sep. 27, 2013 | Dec. 28, 2012 |
In Thousands, unless otherwise specified | |||
Indebtedness [Abstract] | ' | ' | ' |
Revolvers | $30,234 | ' | $30,733 |
Term Loans | 8,060 | 8,142 | 8,379 |
Other | 136 | 191 | 352 |
Total Debt | 38,430 | 8,333 | 39,464 |
Less current portion of long term debt | 470 | 539 | 535 |
Less short term debt | ' | ' | 30,733 |
Total long-term debt | $37,960 | $7,794 | $8,196 |
Indebtedness_Debt_Maturities_D
Indebtedness (Debt Maturities) (Details) (USD $) | Dec. 27, 2013 |
In Thousands, unless otherwise specified | |
Indebtedness [Abstract] | ' |
2014 | $406 |
2015 | 360 |
2016 | 368 |
2017 | 389 |
2018 | 30,644 |
Thereafter | 6,263 |
Total Long Term Debt | $38,430 |
Derivative_Instruments_And_Hed2
Derivative Instruments And Hedging Activities (Narrative) (Details) | 3 Months Ended |
Dec. 27, 2013 | |
contract | |
Derivative [Line Items] | ' |
Percent Of Revenues In Foreign Currency | 21.00% |
Derivative, Number of Instruments Held | 0 |
Euro [Member] | ' |
Derivative [Line Items] | ' |
Percent Of Revenues In Foreign Currency | 11.00% |
Other Foreign Currencies [Member] | ' |
Derivative [Line Items] | ' |
Percent Of Revenues In Foreign Currency | 89.00% |
Derivative_Instruments_And_Hed3
Derivative Instruments And Hedging Activities (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2012 |
Other (Income) Expense [Member] | ' |
Derivative [Line Items] | ' |
Derivative Instruments Not Designated as Hedging Instruments, (Gain) Loss, Net, Total | ($122) |
Interest Expense [Member] | ' |
Derivative [Line Items] | ' |
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | $138 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Values) (Details) (USD $) | Dec. 27, 2013 | Sep. 27, 2013 | Dec. 28, 2012 |
In Thousands, unless otherwise specified | |||
Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Rabbi trust assets | $10,024 | $8,948 | $7,617 |
Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Foreign currency forward contracts, Asset | ' | ' | 106 |
Total [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Rabbi trust assets | 10,024 | 8,948 | 7,617 |
Foreign currency forward contracts, Asset | ' | ' | $106 |
Fair_Value_Measurements_Change
Fair Value Measurements (Changes in Fair Value) (Details) (Other (Income) Expense [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2013 | Dec. 28, 2012 |
Rabbi trust assets (Assets) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Changes in fair value, (income) loss | ($392) | $129 |
Foreign currency forward contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Changes in fair value, (income) loss | ' | ($122) |
Segments_of_Business_Details
Segments of Business (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2013 | Dec. 28, 2012 | Sep. 27, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | $79,100 | $87,274 | ' |
Operating profit (loss) | -2,908 | 1,526 | ' |
Total assets | 312,886 | 304,229 | 288,350 |
Marine Electronics [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Interunit transfers | 12 | 19 | ' |
Operating profit (loss) | 2,332 | 4,746 | ' |
Unaffiliated customers | 48,173 | 53,632 | ' |
Total assets | 140,140 | 124,792 | 111,459 |
Outdoor Equipment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Interunit transfers | 5 | 7 | ' |
Operating profit (loss) | -188 | 224 | ' |
Unaffiliated customers | 8,378 | 8,433 | ' |
Total assets | 41,986 | 44,823 | 43,630 |
Watercraft [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Interunit transfers | 24 | 7 | ' |
Operating profit (loss) | -1,636 | -1,682 | ' |
Unaffiliated customers | 5,425 | 6,807 | ' |
Total assets | 28,379 | 34,970 | 27,810 |
Diving [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Interunit transfers | 266 | 136 | ' |
Operating profit (loss) | 149 | 702 | ' |
Unaffiliated customers | 17,058 | 18,347 | ' |
Total assets | 72,593 | 70,839 | 70,810 |
Corporate and Other [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Operating profit (loss) | -3,565 | -2,464 | ' |
Unaffiliated customers | 66 | 55 | ' |
Total assets | 29,788 | 28,805 | 34,641 |
Intersegment Elimination [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Interunit transfers | ($307) | ($169) | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Changes in Accumulated OCI By Component) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2013 | Dec. 28, 2012 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
BALANCE AT SEPTEMBER 27, 2013 | $19,366 | $17,127 |
Other comprehensive income before reclassifications | 124 | ' |
Amounts reclassified from accumulated other comprehensive income | 167 | ' |
Tax effects | -63 | ' |
BALANCE AT DECEMBER 27, 2013 | 19,594 | 17,127 |
Foreign Currency Translation Adjustment [Member] | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
BALANCE AT SEPTEMBER 27, 2013 | 23,789 | ' |
Other comprehensive income before reclassifications | 124 | ' |
BALANCE AT DECEMBER 27, 2013 | 23,913 | ' |
Unamortized Loss On Defined Benefit Pension Plans [Member] | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
BALANCE AT SEPTEMBER 27, 2013 | -4,423 | ' |
Amounts reclassified from accumulated other comprehensive income | 167 | ' |
Tax effects | -63 | ' |
BALANCE AT DECEMBER 27, 2013 | ($4,319) | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Reclassifications Out of Accumulated OCI) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 27, 2013 | Dec. 28, 2012 |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Cost of sales | $49,171 | $53,460 |
Income tax expense | -727 | 363 |
Net income (loss) | -2,193 | 247 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Net income (loss) | 104 | ' |
Unamortized Loss On Defined Benefit Pension Plans [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Cost of sales | 167 | ' |
Income tax expense | ($63) | ' |