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What changed in JOHNSON OUTDOORS INC's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of JOHNSON OUTDOORS INC's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+131 added−152 removedSource: 10-K (2025-12-12) vs 10-K (2024-12-11)

Top changes in JOHNSON OUTDOORS INC's 2025 10-K

131 paragraphs added · 152 removed · 111 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeWatercraft Recreation The Company’s Watercraft Recreation segment designs and markets canoes, kayaks and advanced personal watercraft equipment and products under the Old Town brand name for family recreation, touring and angling. Old Town products are manufactured at the Company’s facility in Old Town, Maine.
Biggest changeJetboil products are designed at the Company’s operating locations in Old Town, Maine, and manufactured by third party sources in Asia. 3 Table of Contents The Company designs and markets canoes, kayaks and advanced personal watercraft equipment and products under the Old Town brand name for family recreation, touring and angling.
In addition, the Company makes available on its website, free of charge, its (a) proxy statement for its annual meeting of shareholders; (b) Code of Conduct; (c) Code of Ethics for its Chief Executive Officer and Senior Financial and Accounting Officers; (d) the charters for the following committees of the Board of Directors: Audit; Compensation; Executive; and Nominating and Corporate Governance; and (e) Corporate Governance Guidelines, Insider Trading Policy and Incentive Compensation Recovery Policy.
In addition, the Company makes available on its website, free of charge, its (a) proxy statement for its annual meeting of shareholders; (b) Code of Conduct; (c) Code of Ethics for its Chief Executive Officer and Senior Financial and Accounting Officers; (d) the charters for the following committees of the Board of Directors: Audit; Compensation; Executive; and Nominating and Corporate Governance; and (e) Corporate Governance Guidelines, Insider Trading Policy, Incentive Compensation Recovery Policy, and Stock Ownership Guidelines for directors and executive officers.
Fishing brands and related accessories are sold across the globe, with the majority of sales coming from North America through large outdoor specialty retailers, such as Bass Pro Shops and Cabela’s; large retail store chains; distributors that service independent marine, sporting goods and internet dealers; and original equipment manufacturers (OEM) of boat brands such as Tracker, Skeeter and Ranger.
Fishing brands and related accessories are sold across the globe, with the majority of sales coming from North America through large outdoor specialty retailers, such as Bass Pro Shops and Scheels; large retail store chains; distributors that service independent marine, sporting goods and internet dealers; and original equipment manufacturers (OEM) of boat brands such as Tracker, Skeeter and Ranger.
The Company markets a complete line of underwater diving and snorkeling equipment, including regulators, buoyancy compensators, dive computers and gauges, wetsuits, masks, fins, snorkels and accessories. The Company manufactures and assembles buoyancy compensators, regulators, dive computers, gauges, and instruments at its Italian and Indonesian facilities, and for certain makes or models, from other third party manufacturers.
The Company markets a complete line of underwater diving and snorkeling equipment, including regulators, buoyancy compensators, dive computers and gauges, wetsuits, masks, fins, snorkels and accessories. The Company manufactures and assembles buoyancy compensators, regulators, dive computers, gauges, and instruments at its Italian, Indonesian, and South African facilities, and for certain makes or models, from other third party manufacturers.
The Company markets its equipment via websites, through social media, through information and displays in dive specialty stores, and in diving magazines. Financial Information for Business Segments As noted above, the Company has four reportable business segments. See Note 13 to the consolidated financial statements included elsewhere in this report for financial information concerning each business segment.
The Company markets its equipment via websites, through social media, through information and displays in dive specialty stores, and in diving magazines. Financial Information for Business Segments As noted above, the Company has three reportable business segments. See Note 13 to the consolidated financial statements included elsewhere in this report for financial information concerning each business segment.
These specialty dive stores generally provide a wide range of services to divers, including regular maintenance, product repair, diving education and travel programs. The Company also sells diving gear direct to consumers via the SCUBAPRO website and to dive training centers, resorts and public safety units.
These specialty dive stores generally provide a wide range of services to divers, including regular maintenance, product repair, diving education and travel programs. The Company also sells diving gear direct to consumers via the SCUBAPRO website, internet retailers, and to dive training centers, resorts and public safety units.
Camping: The Company’s portable outdoor cooking systems compete in the specialty and higher end performance backpacking and camping markets. The primary competitor in portable outdoor cooking systems is MSR. Competition in this market is based on product size and weight, ease of use, reliability and performance.
Camping & Watercraft Recreation: The Company’s portable outdoor cooking systems compete in the specialty and higher end performance backpacking and camping markets. The primary competitor in portable outdoor cooking systems is MSR. Competition in this market is based on product size and weight, ease of use, reliability and performance.
Jetboil portable outdoor cooking systems, single burner and two burner stoves, and accessories are sold in the U.S. and Canada, primarily to camping and backpacking specialty stores, sporting goods stores, internet retailers, and direct to consumer via the Jetboil brand website. Markets outside of North America are accessed through a network of independent international 3 Table of Contents distributors.
Jetboil portable outdoor cooking systems, single burner and two burner stoves, and accessories are sold in the U.S. and Canada, primarily to camping and backpacking specialty stores, sporting goods stores, internet retailers, and direct to consumer via the Jetboil brand website. Markets outside of North America are accessed through a network of independent international distributors.
We are committed to conducting business and making decisions honestly, fairly and within the law, and are guided by the values and beliefs embodied in our “Code of Conduct”. We are dedicated to earning and keeping the trust and confidence of our shareholders, customers and associates as well as the communities where we do business.
We are committed to conducting business and making decisions honestly, fairly and within the law, and are guided by the values and beliefs embodied in our “Code of Conduct.” We are dedicated to earning and keeping the trust and confidence of our shareholders, customers and associates as well as the communities where we do business.
Patents, Trademarks and Proprietary Rights The Company holds patents for various of the products it sells and regularly files applications for patents. The Company has numerous trademarks and trade names which it considers important to its business, many of which are noted in this report.
Patents, Trademarks and Proprietary Rights 5 Table of Contents The Company holds patents for various of the products it sells and regularly files applications for patents. The Company has numerous trademarks and trade names which it considers important to its business, many of which are noted in this report.
The purpose of this report is to help prevent purchasing products used to finance or benefit armed groups in the covered countries of this filing. Available Information The Company maintains a website at www.johnsonoutdoors.com.
The purpose of this report is to help prevent purchasing products used to finance or benefit armed groups in the covered countries of this filing. 6 Table of Contents Available Information The Company maintains a website at www.johnsonoutdoors.com.
Industry and Competitive Environment The Company believes its products compete favorably on the basis of product innovation, product performance and marketing support and, to a lesser extent, price. Fishing: Minn Kota’s primary competitor in the electric trolling motors business is Lowrance, owned by Brunswick Corporation, Garmin and Power-Pole.
Industry and Competitive Environment The Company believes its products compete favorably on the basis of product innovation, product performance and marketing support and, to a lesser extent, price. Fishing: Minn Kota’s primary competitors in the electric trolling motors business are Lowrance, owned by Brunswick Corporation, Garmin and Power-Pole.
We do not believe that any direct or indirect consequences of legislation related to climate change will have a material adverse effect on our operating costs, facilities or 6 Table of Contents products.
We do not believe that any direct or indirect consequences of legislation related to climate change will have a material adverse effect on our operating costs, facilities or products.
Product research, design and innovation for Camping products are conducted at the Company's Racine, Wisconsin, and Old Town, Maine locations. The Company expenses research and development costs as incurred, except for software development for new electronics products and bathymetry data collection and processing.
Product research, design and innovation for Camping products are conducted at the Company's Racine, Wisconsin, and Old Town, Maine locations. 4 Table of Contents The Company expenses research and development costs as incurred, except for software development for new electronics products and bathymetry data collection and processing.
Fiscal Year 2024 2023 2022 Quarter Ended Net Sales Operating Loss Net Sales Operating Profit (loss) Net Sales Operating Profit December 23 % 0 % 27 % 47 % 21 % 21 % March 30 % 1 % 30 % 97 % 26 % 23 % June 29 % 1 % 28 % 149 % 27 % 36 % September 18 % 98 % 15 % (193) % 26 % 20 % 100 % 100 % 100 % 100 % 100 % 100 % Environment and Climate Change; Social Responsibility The Company is subject to various supranational, federal, state and local environmental laws, ordinances, regulations, and other requirements of governmental authorities that relate to the generation, storage, transport, treatment and disposals of materials as a result of our manufacturing and production operations.
Fiscal Year 2025 2024 2023 Quarter Ended Net Sales Operating (Profit) Loss Net Sales Operating Loss Net Sales Operating Profit (Loss) December 18 % 125 % 23 % 0 % 27 % 47 % March 28 % (30) % 30 % 1 % 30 % 97 % June 31 % (45) % 29 % 1 % 28 % 149 % September 23 % 50 % 18 % 98 % 15 % (193) % 100 % 100 % 100 % 100 % 100 % 100 % Environment and Climate Change; Social Responsibility The Company is subject to various supranational, federal, state and local environmental laws, ordinances, regulations, and other requirements of governmental authorities that relate to the generation, storage, transport, treatment and disposals of materials as a result of our manufacturing and production operations.
Fishing conducts its product research, design, engineering and software development activities at its locations in Mankato and Little Falls, Minnesota; Alpharetta, Georgia; Toronto, Canada; and Eufaula, Alabama. Diving maintains research and 4 Table of Contents development facilities in Zurich, Switzerland and Casarza Ligure, Italy. Research and development activities for Watercraft Recreation are performed in Old Town, Maine and Racine, Wisconsin.
Fishing conducts its product research, design, engineering and software development activities at its locations in Mankato and Little Falls, Minnesota; Alpharetta, Georgia; Toronto, Canada; and Eufaula, Alabama. Diving maintains research and development facilities in Zurich, Switzerland; Durban, South Africa; and Casarza Ligure, Italy. Research and development activities for Watercraft Recreation products are performed in Old Town, Maine and Racine, Wisconsin.
Watercraft Recreation accessory brands, including Carlisle branded paddles, are produced primarily by third party sources located in North America and Asia. The company's personal flotation devices are manufactured by third party sources located in Asia and are sold under the Old Town brand.
Old Town products are manufactured at the Company’s facility in Old Town, Maine. Accessory brands, including Carlisle branded paddles, are produced primarily by third party sources located in North America and Asia. The company's personal flotation devices are manufactured by third party sources located in Asia and are sold under the Old Town brand.
Employees and Human Capital Resources At September 27, 2024, the Company had approximately 1,200 regular, full-time employees, of which approximately 950 were employed in the United States and approximately 250 were employed outside of the United States. Approximately 50 or 4% were represented by a collective bargaining agreement, all of whom are located at our facilities in Batam, Indonesia.
Employees and Human Capital Resources At October 3, 2025, the Company had approximately 1,300 regular, full-time employees, of which approximately 950 were employed in the United States and approximately 350 were employed outside of the United States. Approximately 50 or 4% were represented by a collective bargaining agreement, all of whom are located at our facilities in Batam, Indonesia.
In recent years, we have not experienced any significant work slowdowns, stoppages, or other labor disruptions. The Company considers its employee relations to be excellent. Temporary employees are utilized primarily to manage peaks in the seasonal manufacturing of products.
In recent years, we have not experienced any significant work slowdowns, stoppages, or other labor disruptions. The Company considers its employee relations to be excellent. Temporary employees are utilized primarily to manage peaks in the seasonal manufacturing of products. See "Seasonality" below for additional information on the seasonal nature of our business.
See "Seasonality" below for additional information on the seasonal nature of our business. 5 Table of Contents The Company remains committed to areas of work place safety, product quality and customer satisfaction. Successful execution of our mission is dependent on attracting, developing and retaining key employees and members of our management team, as well as providing competitive pay and benefits.
The Company remains committed to areas of work place safety, product quality and customer satisfaction. Successful execution of our mission is dependent on attracting, developing and retaining key employees and members of our management team, as well as providing competitive pay and benefits.
Diving: The main competitors in the Diving segment include Aqua Lung, Suunto, Atomic Aquatics, Oceanic, Cressi and Mares. Competitive advantage in the life support product category of this segment, which consists of regulators, dive computers, and buoyancy compensators, is a function of product innovation, performance, quality and safety.
Competitive advantage in the life support product category of this segment, which consists of regulators, dive computers, and buoyancy compensators, is a function of product innovation, performance, quality and safety.
Watercraft Recreation: The Company primarily competes in this segment in the kayak and canoe product categories of the paddlesports market. The Company’s main competitors in this market are Hobie, Pelican International Inc., Wenonah Canoe, Jackson Kayak and Legacy Paddlesports, each of which competes on the basis of their product’s design, performance, quality and price.
In the Company's kayak and canoe product categories its main competitors are Hobie, Pelican International Inc., Wenonah Canoe, Jackson Kayak and Legacy Paddlesports, each of which competes on the basis of their product’s design, performance, quality and price. Diving: The main competitors in the Diving segment include Aqua Lung, Suunto, Atomic Aquatics, Oceanic, Cressi and Mares.
Marketing of Jetboil systems is focused on building brand awareness and leadership in product features and innovation, primarily through digital marketing and social media. Jetboil products are designed at the Company’s operating locations in Old Town, Maine, and manufactured by third party sources in Asia.
Marketing of Jetboil systems is focused on building brand awareness and leadership in product features and innovation, primarily through digital marketing and social media.
Camping The Company’s Camping segment key brands are: Jetboil portable outdoor cooking systems and Eureka! camping products and accessories.
Camping & Watercraft Recreation The Company’s Camping & Watercraft segment key brands are: Jetboil portable outdoor cooking systems, Old Town canoes and kayaks, and Carlisle branded paddles.
Removed
During fiscal 2023, the Company sold the Military and Commercial Tent product lines of Eureka!, and approved plans to fully exit the Eureka! brand, which includes the sale of all remaining consumer inventory of Eureka! branded products and winding down operations by the end of calendar 2024.
Removed
Going forward, the Company expects to focus its resources in the Camping segment on marketing and further developing the Jetboil product line.
Removed
As reflected in the table below and as described in greater detail below in the Management's Discussion and Analysis of Financial Condition and Results of Operations, for fiscal 2024 and 2023 the impact of seasonality on the Company's business returned to more traditional levels experienced by the Company prior to the COVID-19 pandemic.
Removed
As a result of the pandemic, the Company's typical seasonality fluctuations among fiscal quarters became disrupted by increased demand for Company products that more evenly impacted each of the Company's fiscal quarters during 2022.
Removed
This demand was also impacted by the lingering effects that the pandemic had on the Company's supply chain and the pricing and availability of raw materials and components during fiscal 2022.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeMany countries in the European Union, as well as a number of other countries and organizations such as the Organization for Economic Cooperation and Development, are actively considering changes to existing tax laws. Certain proposals could include recommendations that could increase our tax obligations in many countries where we do business.
Biggest changeChanges in tax laws or tax rulings could have a material impact on our effective tax rate. Many countries in the European Union, as well as a number of other countries and organizations such as the Organization for Economic Cooperation and Development, are actively considering changes to existing tax laws.
These factors include: 11 Table of Contents • announcements relating to our earnings trends or with respect to any cost-cutting actions or other strategic transactions involving Johnson Outdoors; • announcements relating to, and disruptions in, the sourcing, timing, availability and cost of raw materials and components necessary for the production of our products; • announcements relating to product development efforts of Johnson Outdoors or competitors; • announcements relating to the receipt, modification or termination of customer or supplier contracts, including with respect to any government contracts or grants; • prevailing economic conditions; • business disruptions caused by weather events, pandemics, or other natural disasters; • disputes concerning Johnson Outdoors' or its competitors' intellectual property or other proprietary rights; • sales of our Class A Common Stock by our executive officers and directors or our significant shareholders in the future; • the lack of an active, liquid, and orderly market in our Class A Common Stock; • fluctuations in our quarterly operating results; and • the issuance of new or changed securities analysts' reports or recommendations regarding the shares of our Class A Common Stock.
These factors include: • announcements relating to our earnings trends or with respect to any cost-cutting actions or other strategic transactions involving Johnson Outdoors; • announcements relating to, and disruptions in, the sourcing, timing, availability and cost of raw materials and components necessary for the production of our products; • announcements relating to product development efforts of Johnson Outdoors or competitors; • announcements relating to the receipt, modification or termination of customer or supplier contracts, including with respect to any government contracts or grants; • prevailing economic conditions; • business disruptions caused by weather events, pandemics, or other natural disasters; 11 Table of Contents • disputes concerning Johnson Outdoors' or its competitors' intellectual property or other proprietary rights; • sales of our Class A Common Stock by our executive officers and directors or our significant shareholders in the future; • the lack of an active, liquid, and orderly market in our Class A Common Stock; • fluctuations in our quarterly operating results; and • the issuance of new or changed securities analysts' reports or recommendations regarding the shares of our Class A Common Stock.
However, there can be no assurance that strong demand, capacity limitations, shortages of raw 12 Table of Contents materials, labor disputes, freight capacity or other problems impacting our suppliers will not result in any shortages or delays in the supply of components to us. Currency exchange rate fluctuations could adversely affect the Company’s results.
However, there can be no assurance that strong demand, capacity limitations, shortages of raw materials, labor disputes, freight capacity or other problems impacting our suppliers will not result in any shortages or delays in the supply of components to us. 12 Table of Contents Currency exchange rate fluctuations could adversely affect the Company’s results.
However, our directors do not have significant 13 Table of Contents experience in cybersecurity risk management outside of the Company and therefore, its ability to fulfill its oversight function remains dependent on the input it receives from management and outside consultants. Future terror attacks, war, natural disasters or other catastrophic events beyond our control could negatively impact our business.
However, our directors do not have significant experience in cybersecurity risk management outside of the Company and therefore, its ability to fulfill its oversight function remains dependent on the input it receives from management and outside consultants. 13 Table of Contents Future terror attacks, war, natural disasters or other catastrophic events beyond our control could negatively impact our business.
Our international operations subject us to risks, including: • economic and political instability; • restrictive actions by foreign governments, including with respect to tariffs or trade policies; • opportunity costs and reputational damage related to the presence of counterfeit versions of the Company’s products in such foreign markets; • greater difficulty enforcing intellectual property rights and weaker laws protecting intellectual property rights; • changes in tariffs, import duties or import or export restrictions; • timely shipping of product and unloading of product, including the timely rail/truck delivery to our warehouses and/or a customer’s warehouse of our products; • complications in complying with the laws and policies of the United States affecting the importation of goods, including tariffs, duties, quotas and taxes; • required compliance with U.S. laws that impact the Company’s operations in foreign jurisdictions that do not impact local operating companies; and • complications in complying with trade and foreign tax laws.
Our international operations subject us to risks, including: • economic and political instability; • restrictive actions by foreign governments, including with respect to tariffs, changes in tariff rates or trade policies (whether those of the United States or of a foreign jurisdiction); • opportunity costs and reputational damage related to the presence of counterfeit versions of the Company’s products in such foreign markets; • greater difficulty enforcing intellectual property rights and weaker laws protecting intellectual property rights; • import duties or import or export restrictions; • timely shipping of product and unloading of product, including the timely rail/truck delivery to our warehouses and/or a customer’s warehouse of our products; • complications in complying with the laws and policies of the United States affecting the importation of goods, including tariffs, duties, quotas and taxes; • required compliance with U.S. laws that impact the Company’s operations in foreign jurisdictions that do not impact local operating companies; and • complications in complying with trade and foreign tax laws.
Any substantial deterioration in general economic conditions that diminishes consumer confidence or discretionary income can reduce our sales and adversely affect our financial results. Moreover, declining economic conditions create the potential for future impairments of goodwill and other intangible and long-lived assets that may negatively impact our financial condition and results of operations.
Any substantial deterioration in general economic 10 Table of Contents conditions that diminishes consumer confidence or discretionary income can reduce our sales and adversely affect our financial results. Moreover, declining economic conditions create the potential for future impairments of goodwill and other intangible and long-lived assets that may negatively impact our financial condition and results of operations.
Litigation to determine the scope of intellectual property rights, even if ultimately successful, could be costly and could divert management’s attention away from the Company’s business. Any of these negative events could adversely affect our profitability or operating results. Product recalls and other claims could affect our financial position and results of operations.
Litigation to determine the scope of intellectual property rights, even if ultimately successful, could be costly and could divert management’s attention away from the Company’s business. Any of these negative events could adversely affect our profitability or operating results. 7 Table of Contents Product recalls and other claims could affect our financial position and results of operations.
Consolidation of our retail markets could result in fewer but larger retail customers, which may further result in lower selling prices or reduced sales volumes of our products or greater competition for shelf space in these retail markets. Further, financial distress or bankruptcies in our retail markets could 10 Table of Contents negatively impact our operating results and cash flows.
Consolidation of our retail markets could result in fewer but larger retail customers, which may further result in lower selling prices or reduced sales volumes of our products or greater competition for shelf space in these retail markets. Further, financial distress or bankruptcies in our retail markets could negatively impact our operating results and cash flows.
Although in recent periods we have not had to borrow funds under our credit facilities, we still are required to comply with certain restrictive covenants in our credit facilities, any of which may limit our ability to engage in acts that may be in our best long term interests.
Although in recent periods we have not had to borrow funds under our credit facilities, we still are required to comply with certain restrictive covenants in our credit facilities, any of which may limit our ability to engage in acts that may be in our best 8 Table of Contents long term interests.
We have developed strategies to mitigate, in part, previously implemented and, in some cases, proposed tariff increases, but there is no assurance we will be able to continue to mitigate the impact of tariff increases in substantial part on our financial and operating results.
We have developed strategies to mitigate, in part, previously implemented and, in some cases, proposed tariff increases, but there is no assurance we will be able to continue to mitigate the materially adverse impact of tariff increases on our financial and operating results.
In addition, our patents or other intellectual property may be held invalid upon challenge, or others may claim that we have improperly or invalidly sought patent or other intellectual property 7 Table of Contents protection for our technology, thus exposing us to direct or counter claims in any patent or intellectual property proceeding.
In addition, our patents or other intellectual property may be held invalid upon challenge, or others may claim that we have improperly or invalidly sought patent or other intellectual property protection for our technology, thus exposing us to direct or counter claims in any patent or intellectual property proceeding.
The inability to offset inflationary price increases through price increases from our customers, modifications to our products, continuous improvement actions or otherwise may have a material adverse effect on our financial results and financial condition. A limited number of our shareholders can exert significant influence over the Company. As of September 27, 2024, Helen P.
The inability to offset inflationary price increases through price increases from our customers, modifications to our products, continuous improvement actions or otherwise may have a material adverse effect on our financial results and financial condition. A limited number of our shareholders can exert significant influence over the Company. As of October 3, 2025, Helen P.
These laws include the Resource Conservation and Recovery Act (as amended), the Clean Air Act (as amended) and the Comprehensive Environmental Response, Compensation and Liability Act (as amended), as well as similar laws in foreign jurisdictions.
These laws 9 Table of Contents include the Resource Conservation and Recovery Act (as amended), the Clean Air Act (as amended) and the Comprehensive Environmental Response, Compensation and Liability Act (as amended), as well as similar laws in foreign jurisdictions.
Because our common stock is thinly traded, its market price may fluctuate significantly more than the stock market in general or the stock prices of similar companies, which are exchanged, listed or quoted on NASDAQ or another stock exchange. We believe there are approximately 5,360,000 shares of our Class A common stock held by non-affiliates as of September 27, 2024.
Because our common stock is thinly traded, its market price may fluctuate significantly more than the stock market in general or the stock prices of similar companies, which are exchanged, listed or quoted on NASDAQ or another stock exchange. We believe there are approximately 5,433,000 shares of our Class A common stock held by non-affiliates as of October 3, 2025.
Our debt covenants may limit our ability to complete acquisitions, incur debt, make investments, sell assets, merge or complete other significant transactions. 8 Table of Contents Our credit facilities and certain other of our debt instruments include limitations on a number of our activities in the event of a default, and in some cases regardless of whether a default has occurred, including our ability to: • incur additional debt; • create liens on our assets or make guarantees; • make certain investments or loans; or • dispose of or sell assets, make acquisitions above certain amounts or enter into a merger or similar transaction.
Our credit facilities and certain other of our debt instruments include limitations on a number of our activities in the event of a default, and in some cases regardless of whether a default has occurred, including our ability to: • incur additional debt; • create liens on our assets or make guarantees; • make certain investments or loans; or • dispose of or sell assets, make acquisitions above certain amounts or enter into a merger or similar transaction.
Approximately 14% of our revenues for the year ended September 27, 2024 were denominated in currencies other than the U.S. dollar. Approximately 6% were denominated in euros and approximately 6% were denominated in Canadian dollars with the remaining 2% denominated in various other foreign currencies.
Approximately 13% of our revenues for the year ended October 3, 2025 were denominated in currencies other than the U.S. dollar. Approximately 6% were denominated in euros and approximately 5% were denominated in Canadian dollars with the remaining 2% denominated in various other foreign currencies.
Any changes in the taxation of our activities in such jurisdictions may result in a material increase in our effective tax rate. We are subject to environmental, climate change, safety and human rights regulations and legislation.
Certain proposals could include recommendations that could increase our tax obligations in many countries where we do business. Any changes in the taxation of our activities in such jurisdictions may result in a material increase in our effective tax rate. We are subject to environmental, climate change, safety and human rights regulations and legislation.
The scope of the tariffs and the rates at which they are implemented may continue to fluctuate and change in an unpredictable manner that further complicates our ability to implement mitigation actions.
The scope of the tariffs and the rates at which they are implemented may continue to fluctuate and change in an unpredictable manner that further complicates our ability to implement mitigation actions. The effective tax rate of the Company may be negatively impacted by future changes to tax laws in global jurisdictions in which we operate.
Removed
The effective tax rate of the Company may be negatively impacted by future changes to tax laws in global jurisdictions in which we operate. 9 Table of Contents Changes in tax laws or tax rulings could have a material impact on our effective tax rate.
Added
Our debt covenants may limit our ability to complete acquisitions, incur debt, make investments, sell assets, merge or complete other significant transactions.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeRisks from cybersecurity threats have the potential to materially affect us, including our results of operations and financial condition. Governance 14 Table of Contents The Company has established an Enterprise Risk Committee, which is co-chaired by the Company’s Chief Financial Officer and Chief Legal Officer, and under that framework has chartered a Cybersecurity Sub-Committee, chaired by the Chief Technology Officer.
Biggest changeRisks from cybersecurity threats have the potential to materially affect us, including our results of operations and financial condition. Governance The Company has established an Enterprise Risk Committee, which is co-chaired by the Company’s Chief Financial Officer and Senior Managing Director of Legal Affairs, and under that framework has chartered a Cybersecurity Sub-Committee, chaired by the Chief Technology Officer.
With respect to cybersecurity risk, the Board (through the Audit Committee) periodically reviews information on management’s policies and processes related to the Company’s cybersecurity and data-protection, including related to monitoring, controlling and mitigating against such risks, and the entire Board receives periodic updates on the Company’s cybersecurity risk management processes.
With respect to cybersecurity risk, the Board (through the Audit Committee) periodically reviews information on management’s policies and processes related to the Company’s cybersecurity and data-protection measures, including related to monitoring, controlling and mitigating against such risks, and the entire Board receives periodic updates on the Company’s cybersecurity risk management processes.
Both committees include various other members of key senior management. Our Board of Directors (including our Audit Committee through delegation as described below), along with our Enterprise Risk Committee and Cybersecurity Sub-Committee, are actively involved in providing oversight of our cybersecurity program.
Both committees include various other members of key senior management. Our Board of Directors (including our Audit Committee through delegation as described below), along with our Enterprise Risk 14 Table of Contents Committee and Cybersecurity Sub-Committee, are actively involved in providing oversight of our cybersecurity program.

Item 2. Properties

Properties — owned and leased real estate

1 edited+0 added−0 removed1 unchanged
Biggest changeAs of September 27, 2024, the Company’s principal manufacturing (identified with an asterisk) and other locations are: Alpharetta, Georgia (Fishing) Antibes, France (Diving) Batam, Indonesia* (Diving) Binghamton, New York (Camping) Burlington, Ontario, Canada (Fishing, Camping, Watercraft Recreation) Casarza Ligure, Italy* (Diving) Chai Wan, Hong Kong (Diving) Chatswood, Australia (Diving) El Cajon, California (Diving) Eufaula, Alabama* (Fishing) Little Falls, Minnesota (Fishing) Mankato, Minnesota* (Fishing) Mexicali, Mexico* (Fishing) Old Town, Maine* (Watercraft Recreation) Toronto, Ontario, Canada (Fishing) Nuremberg, Germany (Diving) Zurich, Switzerland (Diving) The Company’s corporate headquarters is located in a facility in Racine, Wisconsin.
Biggest changeAs of October 3, 2025, the Company’s principal manufacturing (identified with an asterisk) and other locations are: Alpharetta, Georgia (Fishing) Antibes, France (Diving) Batam, Indonesia* (Diving) Binghamton, New York (Camping) Burlington, Ontario, Canada (Fishing, Camping, Watercraft Recreation) Casarza Ligure, Italy* (Diving) Chai Wan, Hong Kong (Diving) Chatswood, Australia (Diving) Durban, South Africa* (Diving) El Cajon, California (Diving) Eufaula, Alabama* (Fishing) Little Falls, Minnesota (Fishing) Mankato, Minnesota* (Fishing) Mexicali, Mexico* (Fishing) Old Town, Maine* (Watercraft Recreation) Toronto, Ontario, Canada (Fishing) Nuremberg, Germany (Diving) Zurich, Switzerland (Diving) The Company’s corporate headquarters is located in a facility in Racine, Wisconsin.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

9 edited+1 added−1 removed5 unchanged
Biggest changeIndex; (b) the total return (assuming reinvestment of dividends) on the S&P Small Cap 600 Consumer Discretionary Index; and (c) the total return (assuming reinvestment of dividends) on a self-constructed peer group index. The Company’s peer group consists of Clarus Corporation, Brunswick Corporation, Callaway Golf Company, Escalade Inc., Garmin Ltd., Marine Products Corporation, Malibu Boats Inc. and BowFlex, Inc.
Biggest changeIndex; (b) the total return (assuming reinvestment of dividends) on the S&P Small Cap 600 Consumer Discretionary Index; and (c) the total return (assuming reinvestment of dividends) on a self-constructed peer group index.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 15 Table of Contents Market Information Certain information with respect to this item is included in Notes 9 and 10 to the Company’s consolidated financial statements included elsewhere in this report.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information 15 Table of Contents Certain information with respect to this item is included in Notes 9 and 10 to the Company’s consolidated financial statements included elsewhere in this report.
Whenever a dividend is payable in shares of Company common stock, such dividend must be declared or paid at the same rate on the Class A common stock and the Class B common stock. Quarterly dividends declared in fiscal 2024 were $0.33 per share of Class A common stock, and $0.30 per share of Class B common stock.
Whenever a dividend is payable in shares of Company common stock, such dividend must be declared or paid at the same rate on the Class A common stock and the Class B common stock. Quarterly dividends declared in fiscal 2025 were $0.33 per share of Class A common stock, and $0.30 per share of Class B common stock.
Total Shareholder Return The graph below compares on a market cap weighted cumulative basis the yearly percentage change since September 27, 2019 in the total return (assuming reinvestment of dividends) to shareholders on the Class A common stock with (a) the total return (assuming reinvestment of dividends) on The NASDAQ Stock Market-U.S.
Total Shareholder Return The graph below compares on a market cap weighted cumulative basis the yearly percentage change since October 2, 2020 in the total return (assuming reinvestment of dividends) to shareholders on the Class A common stock with (a) the total return (assuming reinvestment of dividends) on The NASDAQ Stock Market-U.S.
A summary of the high and low closing prices for the Company’s Class A common stock during each quarter of the years ended September 27, 2024, September 29, 2023 and September 30, 2022 is as follows: First Quarter Second Quarter Third Quarter Fourth Quarter 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 Stock prices: High $ 54.94 $ 68.18 $ 115.87 $ 51.52 $ 71.49 $ 95.60 $ 45.63 $ 64.24 $ 82.48 $ 42.40 $ 60.13 $ 73.32 Low 44.69 46.93 92.82 42.95 58.93 77.44 33.70 56.53 59.04 33.15 52.01 50.54 Dividends The Company’s Articles of Incorporation provide that no dividend, other than a dividend payable in shares of the Company’s common stock, may be declared or paid upon the Class B common stock unless such dividend is declared or paid upon both classes of common stock.
A summary of the high and low closing prices for the Company’s Class A common stock during each quarter of the years ended October 3, 2025, September 27, 2024 and September 29, 2023 is as follows: First Quarter Second Quarter Third Quarter Fourth Quarter 2025 2024 2023 2025 2024 2023 2025 2024 2023 2025 2024 2023 Stock prices: High $ 38.20 $ 54.94 $ 68.18 $ 35.60 $ 51.52 $ 71.49 $ 31.51 $ 45.63 $ 64.24 $ 42.37 $ 42.40 $ 60.13 Low 31.62 44.69 46.93 24.77 42.95 58.93 21.71 33.70 56.53 29.26 33.15 52.01 Dividends The Company’s Articles of Incorporation provide that no dividend, other than a dividend payable in shares of the Company’s common stock, may be declared or paid upon the Class B common stock unless such dividend is declared or paid upon both classes of common stock.
However, the Class B common stock is convertible at all times at the option of the holder into shares of Class A common stock on a share for share basis. As of September 27, 2024, the Company had 388 holders of record of its Class A common stock and 19 holders of record of its Class B common stock.
However, the Class B common stock is convertible at all times at the option of the holder into shares of Class A common stock on a share for share basis. As of October 3, 2025, the Company had 379 holders of record of its Class A common stock and 16 holders of record of its Class B common stock.
Indices calculated on a mid-month basis. 9/27/2019 10/2/2020 10/1/2021 9/30/2022 9/29/2023 9/27/2024 Johnson Outdoors Inc. $ 100.0 $ 148.4 $ 190.3 $ 90.3 $ 98.4 $ 67.6 NASDAQ Composite 100.0 140.9 186.5 136.4 172.1 237.6 S&P Small Cap 600 Consumer Discretionary Index 100.0 113.3 189.1 125.1 150.2 199.8 Peer Group 100.0 119.7 189.3 109.1 132.6 191.2 The information in this section titled “Total Shareholder Return” shall not be deemed to be “soliciting material” or “filed” with the Securities and Exchange Commission or subject to Regulation 14A or 14C promulgated by the Securities and Exchange Commission or subject to the liabilities of section 18 of the Securities Exchange Act of 1934, as amended, and this information shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
Indices calculated on a mid-month basis. 10/2/2020 10/1/2021 9/30/2022 9/29/2023 9/27/2024 10/3/2025 Johnson Outdoors Inc. $ 100.0 $ 128.2 $ 60.9 $ 66.3 $ 45.5 $ 54.5 NASDAQ Composite 100.0 132.4 96.9 122.1 168.7 213.5 S&P Small Cap 600 Consumer Discretionary Index 100.0 167.0 110.4 132.6 176.4 182.0 Peer Group 100.0 158.6 92.9 112.5 164.0 222.4 The information in this section titled “Total Shareholder Return” shall not be deemed to be “soliciting material” or “filed” with the Securities and Exchange Commission or subject to Regulation 14A or 14C promulgated by the Securities and Exchange Commission or subject to the liabilities of section 18 of the Securities Exchange Act of 1934, as amended, and this information shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
Total dividends declared in fiscal 2024 were $13,449. Cash dividends paid in fiscal 2024 totaled $13,431 and dividends payable of $3,364 were included in current liabilities at September 27, 2024.
Total dividends declared in fiscal 2025 were $13,530. Cash dividends paid in fiscal 2025 totaled $13,507 and dividends payable of $3,387 were included in current liabilities at October 3, 2025.
Index, the S&P Small Cap 600 Index, and the peer group index. 16 Table of Contents * $100 invested on September 27, 2019 in stock or index, including reinvestment of dividends.
The graph assumes $100 was invested on October 2, 2020 in the Company’s Class A common stock, The NASDAQ Stock Market-U.S. Index, the S&P Small Cap 600 Index, and the peer group index. 16 Table of Contents * $100 invested on October 2, 2020 in stock or index, including reinvestment of dividends.
Removed
BowFlex, Inc. was previously Nautilus, Inc, and has filed for bankruptcy. The graph and table below include data through its last trading day, August 23, 2024. The graph assumes $100 was invested on September 27, 2019 in the Company’s Class A common stock, The NASDAQ Stock Market-U.S.
Added
The Company’s peer group consists of Clarus Corporation, Brunswick Corporation, Topgolf Callaway Brands, Escalade Inc., Garmin Ltd., Marine Products Corporation, Malibu Boats Inc. and Johnson Health Tech Co., Ltd. BowFlex, Inc., a company included in previous peer groups in the Company's Annual Report on Form 10-K, was acquired by Johnson Health Tech Co., Ltd.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

56 edited+18 added−34 removed25 unchanged
Biggest changeResults of Operations Summary consolidated financial results from continuing operations for the fiscal years presented were as follows: (thousands, except per share data) 2024 2023 2022 Net sales $ 592,846 $ 663,844 $ 743,355 Gross profit 200,980 244,087 271,332 Operating expenses 244,502 232,347 205,022 Operating (loss) profit (43,522) 11,740 66,310 Interest income, net (4,692) (4,391) (654) Other (income) expense, net (8,968) (9,693) 8,076 Income tax (benefit) expense (3,329) 6,290 14,397 Net (loss) income (26,533) 19,534 44,491 The Company’s internal and external sales and operating profit (loss) by business segment for each of the three most recent completed fiscal years were as follows: 2024 2023 2022 Net sales: Fishing $ 452,341 $ 492,927 $ 526,582 Camping 37,835 45,322 70,355 Watercraft Recreation 28,816 40,768 67,940 Diving 73,628 85,069 78,874 Other / Eliminations 226 (242) (396) $ 592,846 $ 663,844 $ 743,355 2024 2023 2022 Operating profit (loss): Fishing $ (6,598) $ 41,325 $ 65,433 Camping 3,848 457 13,415 Watercraft Recreation (4,336) (1,777) 6,173 Diving (1,244) 6,092 4,705 Other / Eliminations (35,192) (34,357) (23,416) $ (43,522) $ 11,740 $ 66,310 See Note 13 to the Consolidated Financial Statements included elsewhere in this report for the definition of segment net sales and operating profit.
Biggest changeResults of Operations Summary consolidated financial results from continuing operations for the fiscal years presented were as follows: (thousands, except per share data) 2025 2024 2023 Net sales $ 592,415 $ 592,846 $ 663,844 Gross profit 208,093 200,980 244,087 Operating expenses 224,284 244,502 232,347 Operating (loss) profit (16,191) (43,522) 11,740 Interest income, net (3,559) (4,692) (4,391) Other income, net (3,353) (8,968) (9,693) Income tax expense (benefit) 25,015 (3,329) 6,290 Net (loss) income (34,294) (26,533) 19,534 The Company’s internal and external sales and operating profit (loss) by business segment for each of the three most recent completed fiscal years were as follows: 2025 2024 2023 Net sales: Fishing $ 459,162 $ 452,341 $ 492,927 Camping & Watercraft Recreation 58,071 66,635 86,087 Diving 75,458 73,628 85,069 Other / Eliminations (276) 242 (239) $ 592,415 $ 592,846 $ 663,844 2025 2024 2023 Operating profit (loss): Fishing $ 19,570 $ (6,598) $ 41,325 Camping & Watercraft Recreation 918 (488) (1,320) Diving 1,667 (1,244) 6,092 Other / Eliminations (38,346) (35,192) (34,357) $ (16,191) $ (43,522) $ 11,740 See Note 13 to the Consolidated Financial Statements included elsewhere in this report for the definition of segment net sales and operating profit.
The Company recorded income tax benefit of $3,329 in 2024, which equated to an effective tax rate of 11.1%, compared to tax expense of $6,290 in 2023, which equated to an effective tax rate of 24.4%.
The Company recorded an income tax benefit of $3,329 in 2024, which equated to an effective tax rate of 11.1%, compared to tax expense of $6,290 in 2023, which equated to an effective tax rate of 24.4%.
Interest income of $4,844 increased slightly from prior year interest income of $4,543 due to the increase in deposit interest rates year over year, as well as increased cash and investment balances over the prior year. Net other income of $8,968 in fiscal 2024 decreased from $9,693 in fiscal 2023.
Interest income of $4,844 in fiscal 2024 increased slightly from fiscal 2023 interest income of $4,543 due to the increase in deposit interest rates year over year, as well as increased cash and investment balances year over year. Net other income of $8,968 in fiscal 2024 decreased from $9,693 in fiscal 2023.
Net Income (Loss) The Company recognized net loss of $26,533, or $2.60 per diluted common share, in fiscal 2024 compared to net income of $19,534, or $1.90 per diluted common share, in fiscal 2023 based on the factors discussed above. Fiscal 2023 vs.
Net Income (Loss) The Company recognized net loss of $26,533, or $2.60 per diluted common share, in fiscal 2024 compared to net income of $19,534, or $1.90 per diluted common share, in fiscal 2023 based on the factors discussed above.
The operating loss for the Diving business was $1,244 in fiscal 2024, down from an operating profit of $6,092 in fiscal 2023, due primarily to decreased sales volumes between periods. Other Income and Expenses Interest expense of $152 was flat as compared to the prior year expense of $152.
The operating loss for the Diving business was $1,244 in fiscal 2024, down from an operating profit of $6,092 in fiscal 2023, due primarily to decreased sales volumes between periods. Other Income and Expenses Interest expense of $152 in fiscal 2024 was flat as compared to fiscal 2023 expense of $152.
Cost of Sales Cost of sales was $391,866, or 66.1% of net sales, on a consolidated basis for fiscal 2024 compared to $419,757, or 63.2% of net sales, in the prior year. The decrease in total cost of sales dollars was consistent with the decrease in sales year over year.
Cost of Sales Cost of sales was $391,866, or 66.1% of net sales, on a consolidated basis for fiscal 2024 compared to $419,757, or 63.2% of net sales, in fiscal 2023. The decrease in total cost of sales dollars was consistent with the decrease in sales year over year.
The Company recognized a goodwill impairment charge in the fourth quarter of fiscal 2024 of $11,173 in "Goodwill Impairment" in the accompanying Consolidated Statements of Operations in the Fishing segment, resulting in a full impairment of the Company's balance of goodwill. The Company did not recognize any goodwill impairment charges in 2023 or 2022.
The Company recognized a goodwill impairment charge in the fourth quarter of fiscal 2024 of $11,173 in "Goodwill Impairment" in the accompanying Consolidated Statements of Operations in the Fishing segment, resulting in a full impairment of the Company's balance of goodwill. The Company did not recognize any goodwill impairment charges in 2025 or 2023.
The current year net other income included the gain on the sale of a building of approximately $1,900 and market earnings and dividend income of $7,049 on deferred compensation plan assets, partially offset by currency losses of $385.
The prior year net other income included the gain on the sale of a building of approximately $1,900 and market earnings and dividend income of $7,049 on deferred compensation plan assets, partially offset by currency losses of $385.
The dividends and market gains and losses on deferred compensation plan assets recognized in the Consolidated Statement of Operations in “Other (income) expense, net” are offset as compensation expense in “Operating expenses.” Pretax Income and Income Taxes The Company realized a pretax loss of $29,862 in fiscal 2024 compared to income of $25,824 in fiscal 2023.
The dividends and market gains and losses on deferred compensation plan assets recognized in the Consolidated Statement of Operations in “Other (income) expense, net” are offset as compensation expense in “Operating expenses.” Pretax Income and Income Taxes 21 Table of Contents The Company realized a pretax loss of $29,862 in fiscal 2024 compared to pretax income of $25,824 in fiscal 2023.
While certain material and overhead costs improved year over year as a result of cost savings efforts, it was not enough to overcome unfavorable overhead absorption as a result of the reduced sales volumes between periods, and a product mix that contained lower margin products in the current year.
While certain material and overhead costs improved year over year as a result of cost savings efforts, it was not enough to overcome unfavorable overhead absorption as a result of the reduced sales volumes between periods, and a product mix that contained lower margin products in fiscal 2024.
The sales decrease was due to softening market demand across all geographic regions, partially offset by a favorable foreign currency translation impact on sales in this segment of approximately 1% in 2024 versus the prior year period.
The sales decrease was due to softening market demand across all geographic regions, partially offset by a favorable foreign currency translation impact on sales in this segment of approximately 1% in 2024 versus the 2023 period.
This discount rate is based on the estimated weighted average cost of capital, which includes certain assumptions made by management such as market capital structure, market betas, the risk-free rate of return and the estimated costs of borrowing.
This discount rate is based on the estimated weighted average cost of capital, which includes certain assumptions made by management such 24 Table of Contents as market capital structure, market betas, the risk-free rate of return and the estimated costs of borrowing.
In the prior year, net other income included the gain on the sale of the Military and Commercial Tents product lines of approximately $6,560, and market earnings and dividends on the deferred compensation plan assets of $3,200, partially offset by $114 of currency losses.
In fiscal 2023, net other income included the gain on the sale of the Military and Commercial Tents product lines of approximately $6,560, and market earnings and dividends on the deferred compensation plan assets of $3,200, partially offset by $114 of currency losses.
More favorable market conditions on the Company's deferred compensation plan assets resulted in approximately $3,800 of higher deferred 19 Table of Contents compensation expense during fiscal 2024 over the prior year, partially offset by lower incentive compensation and professional services expenses year over year.
More favorable market conditions on the Company's deferred compensation plan assets resulted in approximately $3,800 of higher deferred compensation expense during fiscal 2024 over fiscal 2023, partially offset by lower incentive compensation and professional services expenses year over year.
The Company utilizes letters of credit primarily as security for the payment of future claims under its workers’ compensation insurance. Letters of credit outstanding at September 27, 2024 and September 29, 2023 were $67 and $67, respectively, and were included in the Company’s total loan availability.
The Company utilizes letters of credit primarily as security for the payment of future claims under its workers’ compensation insurance. Letters of credit outstanding at October 3, 2025 and September 27, 2024 were $67 and $67, respectively, and were included in the Company’s total loan availability.
Contractual Obligations and Off Balance Sheet Arrangements The Company has contractual obligations and commitments to make future payments under its operating leases and open purchase orders. There have been no changes outside of the ordinary course of business in the specified contractual obligations during the year ended September 27, 2024.
Contractual Obligations and Off Balance Sheet Arrangements The Company has contractual obligations and commitments to make future payments under its operating leases and open purchase orders. There have been no changes outside of the ordinary course of business in the specified contractual obligations during the year ended October 3, 2025.
Likewise, should the Company determine that it would be able to realize its deferred tax assets in the future in excess of its net recorded amount, an adjustment to the deferred tax assets would increase income in the period such determination was made.
Likewise, should the Company determine that it would be able to realize its deferred tax assets in the future in excess of its net recorded amount, an adjustment to the deferred tax assets would increase income in the period such determination was made. The Company recorded a reserve on US deferred tax assets in fiscal 2025.
Critical Accounting Estimates The Company’s management discussion and analysis of its financial condition and results of operations are based upon the Company’s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the U.S.
The Company’s results of operations and financial condition are presented based on historical cost. 23 Table of Contents Critical Accounting Estimates The Company’s management discussion and analysis of its financial condition and results of operations are based upon the Company’s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the U.S.
Approximately $4,500 of the decrease in net sales from the prior year period was related to the previously disclosed sale of the Military and Commercial Tents product lines during the second fiscal quarter of 2023, with the remainder due primarily to general declines in market demand for camping products.
Approximately $4,500 of the decrease in net sales from the 2023 period was related to the previously disclosed sale of the Military and Commercial Tents product lines during the second fiscal quarter of 2023, with the remainder due primarily to general declines in market demand for camping and watercraft products. Diving net sales decreased $11,441, or 13%, year over year.
Fiscal 2024 vs. Fiscal 2023 Net Sales Net sales in fiscal 2024 decreased by 11% to $592,846 compared to $663,844 in fiscal 2023. Foreign currency exchange had a negligible impact on the current year’s sales versus the prior year. 18 Table of Contents Net sales for the Fishing business decreased by $40,586, or 8% during fiscal 2024 from fiscal 2023.
Fiscal 2023 Net Sales Net sales in fiscal 2024 decreased by 11% to $592,846 compared to $663,844 in fiscal 2023. Foreign currency exchange had a negligible impact on sales year over year. Net sales for the Fishing business decreased by $40,586, or 8% during fiscal 2024 from fiscal 2023.
Financing Activities Cash flows used for financing activities totaled $13,695 in fiscal 2024 compared to $12,732 and $12,233 in 2023 and 2022, respectively, and were primarily for the payment of dividends of $13,431 and $12,554 in 2024 and 2023, respectively. In 2022, dividend payments totaled $12,056.
Financing Activities Cash flows used for financing activities totaled $13,563 in fiscal 2025 compared to $13,695 and $12,732 in 2024 and 2023, respectively, and were primarily for the payment of dividends of $13,507, $13,431 and $12,554 in 2025, 2024, and 2023, respectively.
Approximately 14% of the Company’s revenues for the fiscal year ended September 27, 2024 were denominated in currencies other than the U.S. dollar. Approximately 6% were denominated in euros and approximately 6% were denominated in Canadian dollars, with the remaining 2% denominated in various other foreign currencies.
Approximately 13% of the Company’s revenues for the fiscal year ended October 3, 2025 were denominated in currencies other than the U.S. dollar. Approximately 6% were denominated in euros and approximately 5% were denominated in Canadian dollars, with the remaining 2% denominated in various other foreign currencies.
The Company’s cash flows from operating, investing and financing activities, as reflected in the accompanying Consolidated Statements of Cash Flows, are summarized in the following table: 22 Table of Contents Year Ended (thousands) September 27 2024 September 29 2023 September 30 2022 Cash provided by (used for): Operating activities $ 40,984 $ 41,713 $ (62,144) Investing activities 5,034 (48,374) (31,678) Financing activities (13,695) (12,732) (12,233) Effect of foreign currency rate changes on cash 1,321 1,444 (4,590) Increase (decrease) in cash and cash equivalents $ 33,644 $ (17,949) $ (110,645) Operating Activities The following table sets forth the Company’s working capital position at the end of each of the years shown: (thousands, except share data) September 27 2024 September 29 2023 Current assets $ 428,728 $ 458,656 Current liabilities 90,444 104,006 Working capital $ 338,284 $ 354,650 Current ratio 4.7:1 4.4:1 Cash flows provided by operations in fiscal 2024 totaled $40,984, compared to $41,713 in fiscal 2023, and cash used for operations totaled $62,144 in fiscal 2022.
The Company’s cash flows from operating, investing and financing activities, as reflected in the accompanying Consolidated Statements of Cash Flows, are summarized in the following table: Year Ended (thousands) October 3 2025 September 27 2024 September 29 2023 Cash provided by (used for): Operating activities $ 56,206 $ 40,984 $ 41,713 Investing activities (11,856) 5,034 (48,374) Financing activities (13,563) (13,695) (12,732) Effect of foreign currency rate changes on cash 114 1,321 1,444 Increase (decrease) in cash and cash equivalents $ 30,901 $ 33,644 $ (17,949) Operating Activities The following table sets forth the Company’s working capital position at the end of each of the years shown: (thousands, except share data) October 3 2025 September 27 2024 Current assets $ 408,788 $ 428,728 Current liabilities 104,640 90,444 Working capital $ 304,148 $ 338,284 Current ratio 3.9:1 4.7:1 Cash flows provided by operations in fiscal 2025 totaled $56,206, compared to $40,984 in fiscal 2024, and $41,713 in fiscal 2023.
Softer overall consumer demand and increased competitive pressure in the Fishing market contributed to the decline between years. Camping net sales decreased $7,487, or 17%, in 2024 from 2023.
Softer overall consumer demand and increased competitive pressure in the Fishing market contributed to the decline between years. Camping & Watercraft Recreation net sales decreased $19,439 in fiscal 2024 from 2023.
Its subsidiaries operate as a network that promotes innovation and leverages best practices and synergies in the design, production and marketing of their recreational products, following the strategic vision set by executive management and approved by the Company’s Board of Directors.
Its subsidiaries operate as a network that promotes innovation and leverages best practices and synergies in the design, production and marketing of their recreational products, following the strategic vision set by executive management and approved by the Company’s Board of Directors. 17 Table of Contents Highlights The Company’s fiscal 2025 full-year revenues remained essentially flat to the prior year.
The dividends and market gains and losses on deferred compensation plan assets recognized in the Consolidated Statement of Operations in “Other (income) expense, net” are offset as compensation expense in “Operating expenses.” Pretax Income and Income Taxes The Company realized pretax income of $25,824 in fiscal 2023 compared to $58,888 in fiscal 2022.
The dividends and market gains and losses on deferred compensation plan assets recognized in the Consolidated Statement of Operations in “Other (income) expense, net” are offset as compensation expense in “Operating expenses.” Pretax Income and Income Taxes The Company realized a pretax loss of $9,279 in fiscal 2025 compared to a pretax loss of $29,862 in fiscal 2024.
Key drivers of the expense change are an $11,173 write off of goodwill in the current year, approximately $3,800 of higher deferred compensation costs between years, partially offset by lower incentive compensation and professional services expenses between years. Operating expenses for the Fishing segment increased by $19,156 from fiscal 2023 levels.
Operating Expenses Operating expenses increased in fiscal 2024 from fiscal 2023 levels by $12,155 despite the decrease in sales volumes. Key drivers of the expense change were an $11,173 write off of goodwill in fiscal 2024, approximately $3,800 of higher deferred compensation costs between years, partially offset by lower incentive compensation and professional services expenses between years.
In addition to decreased sales volume related costs between years, the prior year included expenses related to the Eureka! product exit of approximately $2,500. In the Watercraft Recreation segment, operating expenses decreased $2,973 from their levels in fiscal 2023 due primarily to decreased sales volume related expenses in 2024.
Camping & Watercraft Recreation operating expenses decreased in fiscal 2024 by $8,142 from fiscal 2023. In addition to decreased sales volume related costs between years, fiscal 2023 included expenses related to the Eureka! product exit of approximately $2,500.
The increase was due primarily to the $11,173 write off of goodwill in the current year, as well as approximately $11,000 higher advertising and promotional spend between years offset in part by lower warranty expense and lower sales volume related costs. Camping operating expenses decreased by $5,169 from the prior year.
Operating expenses for the Fishing segment increased by $19,156 from fiscal 2023 levels. The increase was due primarily to the $11,173 write off of goodwill in fiscal 2024, as well as approximately $11,000 higher advertising and promotional spend between years offset in part by lower warranty expense and lower sales volume related costs.
In assessing the recoverability of the Company’s goodwill, the Company estimates the fair value of the reporting unit to which the goodwill relates. Fair value of the reporting unit is estimated using a discounted cash flow model. If the fair value of a reporting unit exceeds its carrying value, no impairment exists.
Fair value of the reporting unit is estimated using a discounted cash flow model. If the fair value of a reporting unit exceeds its carrying value, no impairment exists.
The Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation of its consolidated financial statements. Management has discussed these policies with the Audit Committee of the Company’s Board of Directors.
The Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation of its consolidated financial statements. Management has discussed these policies with the Audit Committee of the Company’s Board of Directors. Inventories The Company values inventory at the lower of cost (determined using the first-in first-out method) or net realizable value.
Fishing operating profit decreased by $47,923 to a loss of $6,598 from the prior year due primarily to lower sales volumes between years, as well as increased operating expenses, as discussed above. The operating profit for Camping was $3,848 compared to $457 in 2023 which increase was primarily a result of the lower operating expenses between periods.
Fishing operating profit decreased by $47,923 in fiscal 2024 to a loss of $6,598 from fiscal 2023 due primarily to lower sales volumes between years, as well as increased operating expenses, as discussed above.
Gross Profit Gross profit of $200,980 was 33.9% of net sales on a consolidated basis for the year ended September 27, 2024 compared to $244,087, or 36.8% of net sales in the prior year. Gross profit in the Fishing business decreased by $28,766 from the prior year due primarily to the 8% decrease in net sales year over year.
Gross Profit 20 Table of Contents Gross profit of $200,980 was 33.9% of net sales on a consolidated basis for the year ended September 27, 2024 compared to $244,087, or 36.8% of net sales in fiscal 2023.
In fiscal 2023, there was $14,990 of proceeds from selling the Military and Commercial Tent product lines. Expenditures for property, plant and equipment were $22,018, $22,668 and $31,690 in fiscal 2024, 2023 and 2022, respectively. In general, the Company’s ongoing capital expenditures are primarily related to tooling for new products, facilities investments and information systems improvements.
Expenditures for property, plant and equipment were $15,975, $22,018 and $22,668 in fiscal 2025, 2024 and 2023, respectively. In general, the Company’s ongoing capital expenditures are primarily related to tooling for new products, facilities investments and information systems improvements.
During fiscal 2024, the Company received proceeds from maturities of investments of $27,025, as well as proceeds of approximately $1,900 related to the sale of a building. During fiscal 2023, the Company purchased investments of $40,700. There were no sales or purchases of investments in fiscal 2022.
During fiscal 2024, the Company received proceeds from maturities of investments of $27,025, as well as proceeds of approximately $1,900 related to the sale of a building. During fiscal 2023, the Company purchased investments of approximately $40,700 which was offset in part by $14,990 of proceeds from selling the Military and Commercial Tent product lines.
Price increases and, in certain situations, price decreases are implemented for individual products, when appropriate. The Company’s results of operations and financial condition are presented based on historical cost.
Price increases and, in certain situations, price decreases are implemented for individual products, when appropriate.
Market Risk Management Foreign Exchange Risk The Company has significant foreign operations, for which the functional currencies are denominated primarily in euros, Swiss francs, Hong Kong dollars and Canadian dollars.
The Company had no unsecured revolving credit facilities at its foreign subsidiaries as of October 3, 2025 or September 27, 2024. The Company has no other off-balance sheet arrangements. Market Risk Management Foreign Exchange Risk The Company has significant foreign operations, for which the functional currencies are denominated primarily in euros, Swiss francs, Hong Kong dollars and Canadian dollars.
These factors include: a prolonged global economic crisis, a significant decrease in demand for the Company’s products, a significant adverse change in legal factors or in the business climate, an adverse action or assessment by a regulator and successful efforts by the Company’s competitors to gain market share. 25 Table of Contents Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed of The Company evaluates long-lived assets for impairment whenever events or changes in circumstances, such as unplanned negative cash flow indicate that the carrying amount of an asset group may not be recoverable.
These factors include: a prolonged global economic crisis, a significant decrease in demand for the Company’s products, a significant adverse change in legal factors or in the business climate, an adverse action or assessment by a regulator and successful efforts by the Company’s competitors to gain market share.
Depreciation and amortization charges were $19,608, $16,295 and $14,234 in fiscal 2024, 2023 and 2022, respectively. Investing Activities Cash flows provided by investing activities were $5,034 in fiscal 2024, and cash flows used for investing activities were $48,374, and $31,678 in fiscal 2023 and 2022, respectively.
Investing Activities Cash flows used for investing activities were $11,856 in fiscal 2025, cash flows provided by investing activities were $5,034 in fiscal 2024, and cash flows used for investing activities were $48,374 in fiscal 2023.
Inventory on hand may exceed future demand either because the product is outdated or because the amount on hand is more than will be used to meet future needs. Inventory reserves are estimated by the individual operating companies using standard quantitative measures based on criteria established by the Company.
Management’s judgment is required to determine the reserve for obsolete or excess inventory. Inventory on hand may exceed future demand either because the product is outdated or because the amount on hand is more than will be used to meet future needs.
The Company also considers current forecast plans, as well as market and industry conditions in establishing reserve levels. Though the Company considers these reserve balances to be adequate, changes in economic conditions, customer inventory levels or competitive conditions could have a favorable or unfavorable effect on required reserve balances.
Though the Company considers these reserve balances to be adequate, changes in economic conditions, customer inventory levels or competitive conditions could have a favorable or unfavorable effect on required reserve balances. Deferred Taxes The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized.
Camping gross profit decreased by $1,778 from 2023, mainly due to lower sales volumes than the prior year. Gross profit in the Watercraft Recreation segment decreased by $5,531 from 2023, due primarily to lower sales volumes than the prior year and the lower absorption of fixed overhead related to such sales decrease.
Camping & Watercraft Recreation gross profit in fiscal 2024 decreased by $7,309 from 2023, mainly due to lower sales volumes between years, as well as lower absorption of fixed overhead related to such sales decrease. The $6,935 decrease in gross profit in the Diving segment was largely due to sales volume decreases during fiscal 2024 as compared to fiscal 2023.
Net Income The Company recognized net income of $19,534, or $1.90 per diluted common share, in fiscal 2023 compared to $44,491, or $4.37 per diluted common share, in fiscal 2022 based on the factors discussed above.
Net Income (Loss) The Company recognized net loss of $34,294, or $3.35 per diluted common share, in fiscal 2025 compared to net loss of $26,533, or $2.60 per diluted common share, in fiscal 2024 based on the factors discussed above. Fiscal 2024 vs.
The Company recorded income tax expense of $6,290 in 2023, which equated to an effective tax rate of 24.4%, compared to $14,397 in 2022, which equated to an effective tax rate of 24.4%.
The Company recorded income tax expense of $25,015 in 2025, which equated to an effective tax rate of (269.6)%, compared to a tax benefit of $3,329 in 2024, which equated to an effective tax rate of 11.1%.
Net other income of $9,693 in fiscal 2023 increased from net other expense of $8,076 in fiscal 2022. Fiscal 2023 net other income included the gain on the sale of the Military and Commercial Tents product lines of approximately $6,560, and market earnings and dividend income of $3,200 on deferred compensation plan assets, partially offset by currency losses of $114.
Fiscal 2024 net other income included the gain on the sale of a building of approximately $1,900 and market earnings and dividend income of $7,049 on deferred compensation plan assets, partially offset by currency losses of $385.
Goodwill and Other Intangible Assets Impairment Goodwill and indefinite-lived intangible assets are tested for impairment annually or more frequently if events or changes in circumstances indicate that the assets might be impaired. Generally, annual impairment tests are performed by the Company in the fourth quarter of each fiscal year. Goodwill is tested for impairment at the reporting unit level.
Generally, annual impairment tests are performed by the Company in the fourth quarter of each fiscal year. Goodwill is tested for impairment at the reporting unit level. In assessing the recoverability of the Company’s goodwill, the Company estimates the fair value of the reporting unit to which the goodwill relates.
In addition to the sales and gross margin declines, a 5% increase in operating expenses between years, driven mainly by a $11,173 write-off of goodwill, contributed to a $55,262 decrease in operating profit in fiscal 2024 from fiscal 2023.
An 8% decrease in operating expenses between years, driven mainly by the $11,173 write-off of goodwill in the prior year, as well as a decrease in promotional spending year over year, contributed to a $27,331 improvement in operating loss in fiscal 2025 from fiscal 2024.
Gross Profit Gross profit of $244,087 was 36.8% of net sales on a consolidated basis for the year ended September 29, 2023 compared to $271,332, or 36.5% of net sales in fiscal 2022. Gross profit in the Fishing business decreased by $7,685 from fiscal 2022 due primarily to the 6% decrease in net sales year over year.
Gross profit in fiscal 2024 in the Fishing business decreased by $28,766 from fiscal 2023 due primarily to the 8% decrease in net sales year over year.
The operating loss for the Watercraft Recreation business was $4,336 in fiscal 2024 compared to an operating loss of $1,777 in fiscal 2023 due to the changes in sales volumes between periods noted above.
The operating loss for Camping & Watercraft was $488 in fiscal 2024 compared to a loss $1,320 in fiscal 2023 which improvement was primarily a result of the lower operating expenses between periods.
The deferred compensation expenses were entirely offset by a gain in "Other (income) expense, net" related to marking the plan assets to market. Additionally, professional services costs increased approximately $2,800 year over year. Operating Results The Company’s operating profit was $11,740 in fiscal 2023 compared to an operating profit of $66,310 in fiscal 2022.
Higher variable compensation and health insurance costs over the prior year were partially offset by approximately $3,600 of lower deferred compensation costs due to less favorable market conditions on the Company's deferred compensation plan assets during fiscal 2025. The deferred compensation expenses are entirely offset in "Other (income) expense, net" related to marking the plan assets to market.
Fiscal 2022 Net Sales Net sales in fiscal 2023 decreased by 11% to $663,844 compared to $743,355 in fiscal 2022. Foreign currency exchange had an unfavorable impact of less than 1% on 2023 sales versus fiscal 2022. Net sales for the Fishing business decreased by $33,655, or 6% during fiscal 2023 from fiscal 2022.
Fiscal 2025 vs. Fiscal 2024 Net Sales Net sales in fiscal 2025 were $592,415 compared to $592,846 in fiscal 2024. Foreign currency exchange had a negligible impact on the current year’s sales versus the prior year. 18 Table of Contents Net sales for the Fishing business increased by $6,821, or 2% during fiscal 2025 from fiscal 2024.
The $6,935 decrease in gross profit in the Diving segment was largely due to sales volume decreases during fiscal 2024 as compared to the prior year. Operating Expenses Operating expenses increased from the prior year by $12,155 despite the decrease in sales volumes.
The $4,494 increase in gross profit in the Diving segment was largely due to increased sales as well as reduced inventory reserves and selected pricing actions taken in the current year. Operating Expenses Operating expenses decreased from the prior year by $20,218.
In the Watercraft Recreation segment, operating expenses decreased $3,438 from their levels in fiscal 2022 due primarily to decreased sales volume related expenses in 2023. Operating expenses for the Diving business increased by $2,460 year over year due primarily to increased sales volume related expenses and increased headcount and personnel-related costs between periods.
Operating expenses for the Diving business increased by $1,583 year over year due primarily to increased variable compensation costs between periods. The Company's fiscal 2025 general corporate expenses of $38,612 increased $3,110 from $35,502 in fiscal 2024.
Other Income and Expenses Interest expense of $152 was flat as compared to the prior year expense of $153. Interest income of $4,543 increased from fiscal 2022 interest income of $807 due to the increase in deposit interest rates year over year, as well as increased cash and investment balances year over year.
Interest income of $3,783 decreased from prior year interest income of $4,844 due to the decreased investment balances over the prior year. Net other income of $3,353 in fiscal 2025 decreased from $8,968 in fiscal 2024.
In fiscal 2022, net other expense included $5,878 of market losses net of dividends on the deferred compensation plan assets, as well as $1,741 of currency losses.
The current year net other income included market earnings and dividend income on deferred compensation plan assets of $3,415, partially offset by currency losses of $126.
Fishing operating profit decreased by $24,108 to $41,325 from $65,433 in fiscal 2022 due primarily to lower sales volumes between years, as well as increased operating expenses, as discussed above. The operating profit for Camping was $457 compared to $13,415 in 2022 which decrease was primarily a result of the lower sales volumes between periods.
Operating Results 19 Table of Contents The Company’s operating loss was $16,191 in fiscal 2025 compared to an operating loss of $43,522 in fiscal 2024. Fishing operating profit increased by $26,168 from the prior year to a profit of $19,570 due primarily to a goodwill impairment charge in the prior year and increased sales volumes between years, as discussed above.
Removed
Highlights 17 Table of Contents The Company’s fiscal 2024 full-year revenues decreased by 11% from the prior year as market challenges continued, and competitive pressures increased, resulting in weaker demand and sales across all segments.
Added
New product successes in the Fishing segment helped to offset sales declines resulting from the exit of the Company's Eureka! brand in the prior year. Favorable overhead absorption and lower inventory reserve adjustments in the current year contributed to a 1.2 point increase in gross margin year over year.
Removed
Unfavorable overhead absorption due to the lower sales volumes, combined with adverse changes in product mix contributed to a 2.9 point decrease in gross margin year over year.
Added
The increase in sales in this segment year over year was mainly due to sales generated by the introduction of new products, particularly in the last half of the current fiscal year. Camping & Watercraft Recreation net sales decreased $8,564, or 13%, in 2025 from 2024.
Removed
Net sales in the Watercraft Recreation business decreased $11,952, or 29% from the prior year. Sales in this segment were negatively affected by continuing decreased demand in the overall watercraft market compared to the prior year. Diving net sales decreased $11,441, or 13%, year over year.
Added
As previously announced, the Company exited the Eureka! brand in this segment, and completed all remaining sales of Eureka! inventory in the first fiscal quarter of 2025.
Removed
The decrease from fiscal 2022 was primarily due to the following key factors: moderating demand during fiscal 2023 from record highs in the prior two fiscal years fueled by the impact of the pandemic; and the effect of customers more tightly managing their inventory levels as the Company transitioned its bow-mount trolling motor product lines.
Added
Excluding the impact of Eureka! sales in the prior year, which accounts for a decrease of approximately $9,432 year over year, sales in this segment increased slightly over the prior year due to success of new Jetboil products introduced into the market by the Company during the year. Diving net sales increased $1,830, or 2%, year over year.
Removed
Camping net sales decreased $25,033, or 36%, in 2023 from 2022, as demand significantly declined from the increased levels seen during the pandemic. Additionally, approximately $6,600 of the decrease in net sales from fiscal 2022 was related to the sale of the Military and Commercial Tents product lines during the second fiscal quarter of 2023.
Added
The sales increase was primarily driven by modest improvements in market conditions across certain regions, as well as a favorable foreign currency translation impact on sales in this segment of approximately 1% in 2025 versus the prior year period.
Removed
The Company sold these product lines to a third party in an asset sale for a purchase price of $14,990 which closed on March 17, 2023.
Added
Cost of Sales Cost of sales was $384,322, or 64.9% of net sales, on a consolidated basis for fiscal 2025 compared to $391,866, or 66.1% of net sales, in the prior year. Incremental tariffs incurred during the current year were, in large part, capitalized on the balance sheet at October 3, 2025.
Removed
The net book value of the assets and liabilities sold was approximately $8,350, resulting in a gain on sale of approximately $6,640, which was recorded in Other (income) expense, net in the Company’s accompanying Consolidated Statements of Operations.
Added
The decrease in cost of sales as a percent of net sales year over year was driven primarily by the sell-off of remaining Eureka! branded product in the prior year at very low margins.
Removed
The purchase price and the net proceeds received by the Company related to this sale were subject to customary purchase price adjustment provisions and Company indemnity obligations set forth in the definitive purchase agreement.
Added
Gross Profit Gross profit of $208,093 was 35.1% of net sales on a consolidated basis for the year ended October 3, 2025 compared to $200,980, or 33.9% of net sales in the prior year. Gross profit in the Fishing business increased by $3,451 from the prior year due primarily to the 2% increase in net sales year over year.
Removed
Accordingly, during the third and fourth fiscal quarter of fiscal 2023, working capital true-up and purchase price adjustments reduced the purchase price and the final net gain to approximately $6,560. 20 Table of Contents Net sales in the Watercraft Recreation business decreased $27,172, or 40% as the overall market significantly declined from the elevated levels seen during the pandemic.
Added
Material and labor cost increases were largely offset by lower inventory reserves and improved absorption of fixed overhead costs between the periods. Camping & Watercraft Recreation gross profit decreased by $788 from 2024, where the impact of lower sales volumes was partially offset by an improved product mix in fiscal 2025 after fully exiting the Eureka! brand in early 2025.
Removed
Diving net sales increased $6,195, or 8%, year over year.
Added
Key drivers of the expense change were an $11,173 write off of goodwill in the prior year, approximately $3,600 of lower deferred compensation costs between years, and a decrease in promotional spending versus the prior year period. Operating expenses for the Fishing segment decreased by $22,717 from fiscal 2024 levels.
Removed
The sales increase was due to increased demand for our products as the global tourism industry continued to recover from the pandemic, as well as the impact of price increases, which were partially offset by an unfavorable foreign currency translation impact on sales in this segment of approximately 1% in 2023 versus fiscal 2022.
Added
This decrease was due primarily to the $11,173 write off of goodwill in the prior year, as well as approximately $10,000 of lower advertising and promotional spend between years. Camping & Watercraft Recreation operating expenses decreased by $2,194 from the prior year, mainly due to decreased sales volume related costs between years.
Removed
Cost of Sales Cost of sales was $419,757, or 63.2% of net sales, on a consolidated basis for fiscal 2023 compared to $472,023, or 63.5% of net sales, in fiscal 2022.
Added
The operating profit for Camping & Watercraft Recreation was $918 compared to a loss of $488 in 2024 which increase was primarily a result of an improved sales mix of products between periods.

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