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JOHNSON WORLDWIDE ASSOCIATES REPORTS YEAR-END AND FOURTH QUARTER RESULTS

JOHNSON WORLDWIDE ASSOCIATES REPORTS YEAR-END AND FOURTH QUARTER RESULTS
    RACINE, Wis., Nov. 7 /PRNewswire/ -- Johnson Worldwide Associates, Inc. (NASDAQ: JWAIA) today reported that for the fiscal year ended Sept. 27, 1991, net sales increased 17 percent to $310.8 million from $265.5 million a year earlier.  Net income was $11.2 million or $1.40 per share as compared to $15.6 million or $1.95 per share for the prior year.
    For the fourth quarter ended Sept. 27, 1991, net sales increased 12 percent to $58.3 million from $52.3 million.  A net loss of $1.1 million or $.14 per share was incurred in the fourth quarter, compared to net income of $340,000 or $.04 per share earned a year earlier.
    Terence S. Malone, president and chief operating officer, said, "We were very disappointed in the fourth quarter results.  Results from some newly acquired companies fell below expectations and an unexpected slowdown in shipments of recreational products in September were the principal reasons for the losses in the fourth quarter.  Three recently acquired companies sustained losses in the quarter which reduced earnings by $.08 per share.  Steps are being taken to improve results at each of these locations."
    Malone added, "In September there was a drop in marine and diving products sales in Europe of 25 percent and a decrease in fishing sales in the U.S., as dealers lowered season ending inventory levels.  We did not expect the drop in European sales, since substantial growth had been realized in the first three quarters.  We also incurred one-time charges for the consolidation and restructuring of operations in the U.S. and Austria which reduced earnings by $.05 a share."  He continued, "It is too early to estimate whether the lower than expected sales levels in the fourth quarter will continue into next season.  Future sales will be dependent on consumer spending levels in the coming year."
    Johnson Worldwide Associates, Inc. manufactures and markets recreational and marking systems products for commercial and industrial use.
             JOHNSON WORLDWIDE ASSOCIATES, INC. AND SUBSIDIARIES
                      Summaries of Consolidated Income
            (In thousands, except per share amounts - Unaudited)
                             Three months            12 months
                          9/27/91    9/28/90      9/27/91    9/28/90
    Net sales             $58,309    $52,281     $310,798   $265,542
    Gross profit           21,901     22,355      130,485    114,494
    Operating profit        2,173      3,196       32,726     34,532
      Interest expense      2,317      1,776        9,465      6,764
      Other expenses, net     862        865        4,949      2,451
      Income (loss) before
       income taxes        (1,006)       555       18,312     25,317
    Income tax expense        110        215        7,167      9,768
    Net income (loss)     $(1,116)      $340      $11,145    $15,549
    - per common share      $(.14)      $.04        $1.40      $1.95
    Average shares
      outstanding           7,886      7,984        7,939      7,975
    -0-         11/7/91
    /CONTACT:  Paul N. Herrmann, vice president and chief financial officer of Johnson Worldwide, 414-631-2382/
    (JWAIA) CO:  Johnson Worldwide Associates, Inc. ST:  Wisconsin IN:  LEI SU:  ERN SM -- NY094 -- 2404 11/07/91 16:56 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 7, 1991
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