Outdoor financials: Johnson Outdoors amends financing agreements, plus Hibbett

Johnson Outdoors amends financing agreements

Johnson Outdoors (Nasdaq: JOUT) said it has amended the company’s credit agreements and, as a result, expects to reduce 2011 borrowing costs by more than 15 percent compared to last year.

The highlights of the amended agreements include: an extension of the debt agreements through November 2014 versus previous termination in September 2012; elimination of the LIBOR floor; an option for an additional $25 million in financing availability under the existing conditions of the agreements; and relaxed terms regarding permitted acquisitions.

The parent of Old Town, Ocean Kayak, Necky, Eureka and others will report full-year results on Dec. 3.



Q3 profit for Hibbett jumps 43 percent

Hibbett Sports (Nasdaq: HIBB) said its third-quarter profit jumped 43 percent, as the company experienced another quarter of double-digit growth in comparable-store revenue.

Net income was $12.6 million, or $0.44 per share, in the three months that ended Oct. 30, up from $8.8 million, or $0.30 per share, a year ago.

Revenue rose nearly 15 percent to $167.4 million, up from $145.9 million a year ago. In the third quarter, Hibbett said revenue from stores open at least a year increased 12.5 percent.

The company also said goods sold, distribution center and store occupancy costs climbed 13 percent in the third quarter to $108.4 million.

Looking ahead, Hibbett said it now expects earnings per share to range between $1.63 and $1.66. That’s up from the range of $1.45 to $1.55 per share it forecast in August.

–Compiled by Wendy Geister

For more information about any public company on this page or its financial reports, as well as to view stock prices updated every 15 minutes, visit the SNEWS® Stock Market Updates. Click on: www.outsidebusinessjournal.com/cgi-bin/snews/stock_report.html.