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JOHNSON WORLDWIDE ASSOCIATES, INC. REPORTS FOURTH QUARTER AND YEAR-END RESULTS; COMPANY TAKES MAJOR CHARGE AGAINST EARNINGS

 JOHNSON WORLDWIDE ASSOCIATES, INC. REPORTS FOURTH QUARTER
 AND YEAR-END RESULTS; COMPANY TAKES MAJOR CHARGE AGAINST EARNINGS
 RACINE, Wis., Nov. 5 /PRNewswire/ -- Johnson Worldwide Associates Inc., (NASDAQ:JWAIA) today reported that for the fourth quarter ended Oct. 2, 1992, net sales increased 18 percent to $68.6 million from $58.3 million in the year ago quarter. A net loss of $5.7 million or $.71 per share was incurred in the fourth quarter as compared to a net loss of $1.1 million or $.14 per share in the prior year's quarter. The 1992 fourth quarter includes a pre-tax reserve of $5 million in the form of an additional charge against fourth quarter earnings.
 For the fiscal year ended Oct. 2, 1992, net sales increased 8 percent to $334.0 million from $310.8 million a year earlier. Net income was $7.7 million or $.96 per share, as compared to $11.2 million or $1.40 per share for the prior year.
 Terence S. Malone, chairman and chief executive officer, said, "While sales results in the fourth quarter met expectations, weak profit results were recorded at most operating companies, with U.S. Stamp, Johnson Fishing, and Whites Diving all incurring significant losses in the quarter. These losses are unacceptable to management and actions are being taken to deal with them. Improved profit results were achieved by JWA's Diving businesses in Europe and the U.S. Old Town Canoe also performed well in the quarter, despite otherwise weaker than anticipated performance in our Worldwide Camping business."
 Malone also stated, "Over the last several years, I have not been satisfied with JWA's operating performance. As a result, John Crabb, who recently joined JWA as president and chief operating officer, and I have decided to take steps to better position the company to be leaner and more focused. This will enable JWA to compete more effectively in our key worldwide markets and to produce improved operating results on a consistent basis."
 Malone continued, "As a part of such steps, the company has established a pre-tax reserve of $5 million in the form of an additional charge against fourth quarter earnings. The reserve breaks down into two major components. The company is establishing a $4 million provision for costs associated with a major repositioning of the company's operations. Such a provision will allow for a reorganization and consolidation of certain of JWA's U.S. and international operations and, with John Crabb's previous North American and international experience, we expect to make a number of changes. Included in the reorganization and consolidation are changes for facility closures, employee severance costs, inventory write-downs and we also are accelerating other charges involving employment contracts with former owners of acquired businesses. An additional provision involves a $1 million litigation reserve which has been established to allow for successful resolution of a number of outstanding legal matters."
 John Crabb, president and chief operating officer, added. "We need to become more focused on our core businesses and to simplify our organization. We need to grow from our strengths and, within each of our operations, we have some real strengths; but we need to run our businesses more simply and efficiently to allow us to do a better job of achieving and sustaining future sales and profit growth."
 Malone concluded, "Investors should remain conservative in their expectations for the short term; but we expect the 'new JWA' to emerge as a much tougher, leaner and focused competitor, building shareholder value for longer term."
 Johnson Worldwide Associates Inc. manufactures and markets recreational and marking systems products.
 JOHNSON WORLDWIDE ASSOCIATES, INC. AND SUBSIDIARIES
 Summaries of Consolidated Income
 (Unaudited, in thousands, except per share amounts)
 Three Months ended Year ended
 Oct. 2, Sept. 27, Oct. 2, Sept. 27,
 1992 1991 1992 1991
 Net sales $ 68,587 58,309 333,973 310,798
 Gross profit 24,890 21,901 138,066 130,485
 Operating profit
 (loss) (4,173) 2,173 27,154 32,726
 Interest expense 2,323 2,317 10,233 9,465
 Other expenses,
 net 1,144 862 2,939 4,949
 Income (loss) before
 income taxes (7,640) (1,006) 13,982 18,312
 Inome tax expense
 (benefit) (1,985) 110 6,312 7,167
 Net income (loss) (5,655) (1,116) 7,670 11,145
 -per common share (.71) (.14) .96
 1.40Average shares
 Outstanding 7,911 7,886 7,953 7,939
 -0- 11/5/92
 /CONTACT: John Cahill, vice president and chief financial officer of Johnson worldwide Associates Inc., 414-631-2994/
 (JWAIA) CO: Johnson Worldwide Associates Inc. ST: Wisconsin IN: SU: ERN


LD -- NY132 -- 7937 11/05/92 16:53 EST
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Date:Nov 5, 1992
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