Johnson Outdoors Inc.

Hello, everyone, and welcome to the Johnson Outdoors fourth quarter 2022 earnings conference call. Today's call will be led by Helen Johnson-Leopold, Johnson Outdoors chairman and chief executive officer. Also on the call today is David Johnson, vice president and chief financial officer. Prior to the question and answer session, all participants will be placed in the listen-only mode. After the prepared remarks, the question and answer session will begin. If you'd like to ask a question during that time, please press star 11 on your telephone keypad. This call is being recorded. Your participation implies consent to our recording this call. If you do not disagree with these terms, simply drop off the line. I would now like to turn the call over to Pat Tenman from Johnson Outdoors. Please go ahead, Ms. Tenman.

Thank you. Good morning, everyone. Thank you for joining us for our discussion of Johnson Outdoors results for the 2022 fiscal fourth quarter. If you need a copy of today's news release, it is available on our website at johnsonoutdoors.com under investor relations. I also need to remind you that this conference call may contain forward-looking statements. These statements are made on the basis of our current views and assumptions and are not guarantees of future performance. Actual events may differ materially from those statements due to a number of factors, many beyond Johnson Outdoors control. These risks and uncertainties include those listed in our press release and filings with the Securities and Exchange Commission. If you have additional questions following the call, please contact Dave Johnson or myself. It is now my pleasure to turn the call over to Helen Johnson-Leopold.

Thanks, Pat. Good morning. I'll begin with an overview on the fiscal year results and then I'll share perspective on the performance and outlook for our business. Today we'll review financial highlights and then we'll take your questions. In fiscal 2022, total company sales declined 1%. to $743.4 million compared to the prior record setting fiscal year. Net income for the year was $44.5 million or $4.37 per diluted share, a 47% decline from the prior fiscal year. Operating profit decreased 40% to $66.3 million versus $111.3 million in prior fiscal year, with the challenging supply chain situation primarily in our fishing business significantly impacting our profitability. Managing the challenging supply chain environment remains a key priority, and we will continue to evaluate all avenues to mitigate cost pressures into the next fiscal year. In fishing, while supply chain challenges persisted throughout the first part of the fiscal year, we saw supply availability start to improve during the fiscal fourth quarter. Sustaining innovation leadership in fishing is also our focus, and we are always looking for new ways that Hummingbird and Minn Kota products can connect and work together to deliver new benefits to anglers. Our recent innovation in Hummingbird, the award-winning Mega Live Imaging Target Lock, used in conjunction with our Minn Kota Ultrex trolling motor, makes it easier for anglers to stay on point and catch more fish. During fiscal 2022, Mega Live Imaging Target Lock received the Best in Category for Electronics Honors at this year's ICAST, marking our 11th award in this category in the past 12 years. Moving on to our watercraft recreation business, the success of our Old Town Sportsman line gave us momentum in a moderating market. Part of this innovative line of boats is the award-winning, wildly versatile, lightweight Sportsman Discovery Solo 119, a solo canoe that paddles like a kayak and is great for fishing, waterfowl hunting, and enjoying lakes and rivers. The Sportsman line offers a watercraft for everyone looking to enjoy a great day on the water. Our camping business saw double-digit growth even as the market started to moderate compared to the unprecedented high demand of last fiscal year. Participation in the activity remains high, and demand for our Eureka Consumer Tension Stove is strong. And in jet oil, consumers remain excited about the innovative Super Light Stash Stove that continues to grow since launch. Finally, our diving business continues on a growth trajectory as dive markets continue to experience recovery as several regions around the world reopened and tourism resumed. Sustaining innovation is critical to our growth, and divers are loving the award-winning, powerful Seawing Supernova fins that ScubaPro recently launched. The Supernova is the go-to fin for avid recreational and professional divers, seeking maximum speed, power, and kicking control in all diving conditions. Our continued innovation efforts will ensure ScubaPro's position as the most trusted dive brand in the world. In summary, it's good news that we are seeing some relief with supply chain issues, and we continue to look at all options to mitigate challenges in our overall profitability. Orders for our products remain strong, and we continue to work hard to replenish inventory levels with our loyal customers. While it's unclear the extent to which economic conditions and inflation may affect consumer buying behavior in the future, as always, our team takes the long-term view, working hard to position our brands and businesses for growth well beyond the next quarter or next year. Now, I'll turn the call over to Dave for review of the financial highlights.