Outdoor financials: Johnson Outdoors sales up 11 percent, profit dips, plus Crocs, Sport Chalet, LaCrosse

Johnson Outdoors sales up 11 percent, profit dips
Johnson Outdoors (Nasdaq: JOUT) said that third-quarter net profit dipped to $6.6 million, or $0.72 a share, from $6.8 million, or $0.77 a share, a year ago.

Sales rose 11 percent to $135.5 million, from $122.4 million in 2005, after significant gains in marine electronics and watercraft more than offset anticipated declines in military sales and lower diving sales. Excluding military sales in both the current and the prior year third quarter, total company net sales would have increased $15.6 million.

. Watercraft sales jumped 14 percent ahead of last year’s third-quarter results due to strong double-digit growth in Old Town and Ocean Kayak brands. Sales for the marine electronics division grew 21 percent driven by Humminbird and the acquisition of the Cannon and Bottomline brands completed in October 2005, which added a combined $3.3 million in net sales to the unit during the quarter.

Outdoor equipment revenues were 1 percent behind last year due entirely to a 25 percent decline in military sales from the prior year quarter. Consumer camping continued to benefit significantly this quarter from specialty market sales, the company said. Temporary closure of the company’s outdoor equipment operations, due to flooding caused by heavy rains in the Northeast, halted shipments of finished goods during the final week of the quarter.

Total company operating profit in the quarter increased 18 percent to $13.9 million compared with $11.8 million in the prior year quarter.

Crocs’ Q2 sales triple
Crocs’ (Nasdaq: CROX) second-quarter profit surged, as sales more than tripled on strong demand domestically and abroad – widely beating analyst expectations. Crocs also adjusted its third-quarter guidance above Wall Street projections, sending the company’s shares jumping in after-market trading.

Second-quarter income after preferred dividends grew to $15.7 million, or $0.39 per share, from $3.3 million, or $0.10 per share. Revenue catapulted to $85.6 million from $25.8 million. Analyst had expected a profit of $0.22 per share on sales of $56.7 million.

Looking ahead, Crocs expects third-quarter earnings per share to be between $0.38 and $0.40 on revenue of between $87 million and $90 million. Analysts are projecting profit of $0.23 per share on sales of $56.7 million.
Crocs shares jumped $1.95, or 6.7 percent, to $30.95 in after-hours trading on the INET electronic exchange. They had closed up $1.21, or 4.4 percent, at $29 on the Nasdaq. The stock has traded between $20.32 and $37 over the past 52 weeks.

Sport Chalet net income up 36.2 percent
Five new stores helped drive Sport Chalet’s (Nasdaq: SPCHA and SPCHB) sales increase by 17 percent in the first quarter. Sales increased $12.3 million to $84.4 million for the quarter ended July 2, 2006, from $72.1 million for quarter ended June 30, 2005. Five new stores contributed $6.9 million in sales on a same-day basis. Same-store sales on a same day basis increased 3.3%. The retailer said that same-store sales increase was due to unusually late snowfall in local resorts which drove demand for winter-related items early in the quarter followed by unusually warm weather which drove summer merchandise sales late in the quarter. Sales for the quarter also benefited by $2.6 million from two additional days as a result of the company’s calendar change.

Net income increased 36.2% to $530,000, or $0.04 per diluted share, compared to $389,000, or $0.03 per diluted share, for the first quarter last year.

Gross profit as a percent of sales decreased 20 basis points to 29.3% from 29.5% in the first quarter of last year. The slight decrease was primarily due to additional markdowns taken to stimulate sales of slow moving merchandise in select departments. Selling, general and administrative expenses as a percent of sales improved by 40 basis points to 28.2% from 28.6% last year.

Outdoor sales contribute to LaCrosse’s Q2 sales increase
LaCrosse Footwear (Nasdaq: BOOT) increased sales and more than doubled earnings in the second quarter of 2006, compared with the same quarter of 2005.

Sales were up 10 percent: $21.8 million, with earnings of $1.1 million, or $0.19 per share, compared with second-quarter 2005 sales of $19.7 million, or $0.07 per share.

Net income was $1.2 million or $0.19 per diluted share in the second quarter of 2006, up 189 percent from $0.4 million or $0.07 per diluted share in the second quarter of 2005. Results for the second quarter of 2006 include an income tax benefit for research and development of approximately $0.5 million or $0.08 per diluted share.
Sales to the outdoor market were $9.4 million for the second quarter of 2006, up 5 percent from $8.9 million for the same period in 2005. The company said that year-over-year growth in outdoor sales was mostly due to the success of new products and continued penetration into the hunting and hiking boot markets. Sales to the work market were $12.5 million for the second quarter, up 15 percent from $10.8 million for the same period in 2005.

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