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 RACINE, Wis., Nov. 11 /PRNewswire/ -- Johnson Worldwide Associates, Inc. (NASDAQ-NMS: JWAIA) today reported results for the fourth quarter and fiscal year ended Oct. 1, 1993. The following operating results are for recreational products only, reflecting the presentation of the company's Marking Systems Group as a discontinued operation, which was announced on July 28, 1993.
 For the fourth quarter, sales of recreational products were $54.8 million, as compared to $55.2 million in the year ago quarter. A loss from continuing operations of $8.8 million or $1.10 per share in the quarter was attributable to a previously announced restructuring charge of $8.8 million after-tax ($13 million pre-tax) or $1.10 per share. The company reported a loss from continuing operations of $5.2 million or $.66 per share in the year ago fourth quarter, including $.36 per share of restructuring charges. Income from continuing operations, excluding the results of restructuring charges, broke even in the fourth quarter, compared to a $.30 per share loss in the prior year's fourth quarter. Included in the restructuring charges are plant and distribution site closings, employee severance costs, moving and recruiting costs and allowances for the exit from certain recreational product categories during 1993-94 that do not fit within the company's overall recreational products strategy.
 For the year ended Oct. 1, 1993, net sales of recreational products were $280.3 million, as compared to $275.8 million. The company reported income from continuing operations, including the impact of the fourth quarter restructuring charges, of $640,000, or $.08 per share, as compared to $5.4 million or $.67 per share in the prior year. Income from continuing operations, excluding the results of restructuring charges, was $1.18 per share, compared to $1.03 per share in the prior year.
 Terence S. Malone, chairman and chief executive officer, said, "Our fourth quarter performance was on plan, with recreational products breaking even, compared to a $.30 per share loss in the prior year excluding the effect of restructuring charges. We continue to be dedicated to refocusing JWA's energies on being a premiere recreational products company. The process of divesting the Marking Systems Group is continuing, and we expect that the sale will be completed in the first calendar quarter of 1994."
 John D. Crabb, president and chief operating officer, said, "Fourth quarter sales were down slightly, reflecting the effect of weaker foreign currencies, which reduced U.S. dollar sales by approximately $3 million. Sales of Fishing Products were strong compared to last year's weak fourth quarter sales. The new line of Minn Kota electric trolling motors continued its early success finishing the year with significantly increased market share. Diving products continued recent trends, generating another quarter of strong operating results, while sales of Camping Products increased slightly in the quarter, led by Old Town Canoe and Jack Wolfskin. Marine sales generally were weak, reflecting current economic conditions in the worldwide boating industry. Our progress in integrating recreational products operations is evidenced by the move of Diving equipment manufacturing to our Minnesota operation, the establishment of North American and European management groups, and facility close-downs and work force reductions in several operations."
 Crabb concluded, "We still have many challenges ahead of us, but we are confident we are on the right course and that there are substantial opportunities on a global basis for sustained growth in our core recreational products businesses."
 Johnson Worldwide Associates, Inc. is an integrated, global recreational products company engaged primarily in the marketing and distribution of fishing, camping, diving and marine products.
 Summaries of Consolidated Income
 (In thousands, except per share amounts)
 Three Months Ended Year Ended
 Oct. 1, Oct. 2, Oct. 1, Oct. 2,
 1993 1992 1993 1992
 Net sales $ 54,807 $ 55,219 $ 280,292 $ 275,845
 Gross profit 21,178 19,986 115,719 112,185
 Selling, General
 and Administrative 18,841 19,792 89,945 86,506
 Restructuring Charge 13,000 4,500 13,000 4,500
 Total operating
 expenses 31,841 24,292 102,945 91,006
 Operating profit (10,663) (4,306) 12,774 21,179
 Interest expense 1,859 2,302 8,309 10,180
 Other expenses, net 52 568 1,770 1,124
 Income before
 income taxes (12,574) (7,176) 2,695 9,875
 Income tax (benefit)
 expense (3,783) (1,938) 2,055 4,509
 Income (loss)
 from continuing
 operations (8,791) (5,238) 640 5,366
 operations (5,395) (417) (1,831) 2,304
 Net income (loss) $(14,186) $ (5,655) $ (1,191) $ 7,670
 Earnings (loss) per
 common share
 Continuing operations $(1.10) $ (.66) $ .08 $ .67
 operations (.68) (.05) (.23) .29
 Total $(1.78) $ (.71) $ (.15) $ .96
 Average shares
 outstanding 7,971 7,911 7,974 7,953
 -0- 11/11/93
 /CONTACT: John Cahill, vice president and chief financial officer of Johnson Worldwide, 414-631-2994/

CO: Johnson Worldwide Associates, Inc. ST: Wisconsin IN: LEI SU: ERN

MP -- NY070 -- 3376 11/11/93 16:27 EST
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Publication:PR Newswire
Date:Nov 11, 1993

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