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FORM 10-K
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended September 30, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to ____________________
Commission file number 0-16255
JOHNSON WORLDWIDE ASSOCIATES, INC.
(Exact name of registrant as specified in its charter)
Wisconsin 39-1536083
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1326 Willow Road, Sturtevant, Wisconsin 53177
(Address of principal executive offices)
(414) 884-1500
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to section 12(g) of the Act:
Class A Common Stock, $.05 par value
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes___X___ No _______
[ X ] Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein, and will
not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of
this Form 10-K, or any amendment to this Form 10-K.
As of November 15, 1994, 6,841,463 shares of Class A and 1,230,599
shares of Class B common stock of the Registrant were outstanding. The
aggregate market value of voting stock of the Registrant held by
non-affiliates of the registrant was approximately $98,538,000 on November
15, 1994.
DOCUMENTS INCORPORATED BY REFERENCE
Part and Item Number of Form
Document 10-K into which Incorporated
1. Johnson Worldwide Associates, Part I, Items 1 and 2, and
Inc. 1994 Annual Report Part II, Items 5, 6, 7 and 8
2. Johnson Worldwide Associates, Part III, Items 10, 11, 12
Inc. Notice of Annual Meeting of and 13
Shareholders and Proxy Statement
for the Annual Meeting of
Shareholders on January 25, 1995
PART I
ITEM 1. BUSINESS
Johnson Worldwide Associates, Inc. and its subsidiaries (the "Company")
are engaged in the manufacture and marketing of recreational products.
The Company also manufactured and marketed marking systems, but on July
28, 1993 announced its intention to sell its marking systems business. In
accordance with this decision, the marking systems business is presented
as a discontinued operation in the Company's Consolidated Financial
Statements. Additional information regarding the marking systems business
is set forth at Note 3 to the Consolidated Financial Statements on page 20
in the Company's 1994 Annual Report, which is incorporated herein by
reference. Financial information for the foreign and domestic operations
of the Company's recreational business is set forth at Note 13 to the
Consolidated Financial Statements on page 25 in the Company's 1994 Annual
Report which is incorporated herein by reference.
The Company's primary focus is on marketing and product innovation and
design to achieve strong brand names and consumer recognition. Research
and development activities for each of the Company's principal businesses
emphasize new products and innovations to differentiate the Company's
products from those of its competitors.
The Company and S. C. Johnson & Son, Inc. ("SCJ") are controlled by Samuel
C. Johnson, members of his family, and related entities.
Recreational Products
Fishing and Camping Products
The Company's fishing and camping products include Minn Kota electric
fishing motors, Mitchell reels and rods, Johnson reels, Beetle Spin soft
body lures, Johnson spoons, Deckhand electric boat anchor systems, Eureka!
and Camp Trails tents and backpacks, Old Town canoes, Carlisle paddles,
Silva compasses, and Jack Wolfskin camping tents, backpacks and outdoor
clothing.
The overall fishing and camping markets in which the Company competes have
grown modestly in recent years. The Company believes it has been able to
maintain or increase its share of most markets primarily as a result of
the Company's emphasis on marketing and product innovation. Research and
development emphasizes new products and innovations to provide
demonstrable product differentiation and expanded product lines. Consumer
advertising and promotion include advertising on regional television and
in outdoor, general interest and sports magazines, in-store displays and
sponsorship of fishing tournaments. Packaging and point-of-purchase
materials are used to increase consumer appeal and sales.
Electric Fishing Motors. The Company manufactures, under its Minn Kota
name, battery powered motors used on fishing boats for quiet trolling
power. The Company's Minn Kota motors and related accessories are sold
primarily in the United States through large retail store chains such as
K-Mart and Wal-Mart.
Rods and Reels. The Company markets Johnson fishing reels, which are
primarily closed-face reels, as well as Mitchell reels, which are
open-faced reels. Reels are sold individually and in rod and reel
combinations, primarily through large retail store chains in the United
States and Canada and specialty fishing shops in Europe. The Company's
closed-face reels compete in a segment of the U.S. fishing reel market
which is dominated by larger manufacturers. Marketing support for the
Company's reels is focused on building brand names, emphasizing product
features and innovations and on developing specific segments of the reel
market through advertising in national outdoor magazines, through trade
and consumer support at retail and through sponsorship of fishing
tournaments.
Lure Products. The Company's artificial lure products consist of Beetle
Spin soft body lures, and Johnson spoons. These products are sold
primarily through large retail store chains.
Tents and Backpacks. The Company's Eureka! and Camp Trails tents and
backpacks compete primarily in the mid- to high-price range of their
respective markets and are sold in the United States through independent
sales representatives primarily to sporting goods stores, catalog and mail
order houses and camping and backpacking specialty stores. Marketing of
the Company's tents and backpacks is focused on building the Eureka! and
Camp Trails brand names and establishing the Company as a leader in
product design and innovation. The Company's tents and backpacks are
produced by off-shore manufacturing sources.
The Company markets both Eureka! camping and commercial tents. The
Company's camping tents have outside self-supporting aluminum frames
allowing quicker and easier set-up, a design approach first introduced by
the Company. Most of the Eureka! tents are made from breathable nylon.
The Company's commercial tents include party tents and tents for fairs.
Party tents are sold primarily to general rental stores while other
commercial tents are sold directly to tent erectors. Commercial tents are
manufactured by the Company in the United States. In 1994, the Company
introduced a line of Camp Trails tents to compete in the promotional
product category.
Camp Trails backpacks consist primarily of internal and external frame
backpacks for hiking and mountaineering. The Company's line of Camp
Trails backpacks also includes soft back bags, day packs and travel packs.
Jack Wolfskin, a German marketer of camping tents, backpacks and outdoor
clothing, distributes its products primarily through camping and
backpacking specialty stores in Germany with additional distribution in
other European countries and Japan. In 1994, the Company introduced a
line of Eureka! backpacks to compete in the mid to high performance
product category.
Canoes. The Company's canoes are sold under the Old Town name and consist
of whitewater, tripping, touring and general recreational purpose canoes
for the high quality and mid-price segments of the canoe market. The
Company has developed a proprietary roto-molding process for manufacturing
polyethylene canoes to compete in the higher volume mid-priced range of
the market. These canoes maintain many of the design and durability
characteristics of higher priced canoes. The Company also manufactures
canoes from fiberglass, Royalex (ABS) and wood. The Company's canoes are
sold primarily to sporting goods stores, catalog and mail order houses
such as L. L. Bean, canoe specialty stores and marine dealers in the
United States and Europe. The United States' market for canoes is
relatively constant, but the Company believes, based on industry data,
that it is the leading manufacturer of canoes in the United States in unit
and dollar sales. Carlisle Paddles, a manufacturer of composite canoe
paddles, supplies certain paddles that are sold with the Company's canoes
as well as supplying paddles which are distributed through the same
channels as the Company's canoes.
Diving and Marine Products
Diving. The Company believes that it is one of the world's largest
manufacturers and distributors of underwater diving products which it
sells under the Scubapro name. The Company markets a full line of
snorkeling and underwater diving equipment including regulators,
stabilizing jackets, tanks, depth gauges, masks, fins, snorkels, diving
electronics and other accessories. Scubapro products are marketed to the
high quality, premium priced segment of the market. The Company maintains
a marketing policy of limited distribution and sells primarily through
independent specialty diving shops worldwide. These diving shops
generally provide a wide range of services to divers, including
instruction and repair service. Scubapro products are marketed primarily
in the United States, Europe and the Pacific Basin.
The Company focuses on maintaining Scubapro as the market leader in
innovations and new products. The Company maintains a research and
development staff both in the United States and Italy and has obtained
several patents on Scubapro products and features. Consumer advertising
focuses on building the Scubapro brand name and position as the high
quality and innovative leader in the industry. The Company advertises its
Scubapro equipment in diving magazines and through in-store displays.
The Company maintains manufacturing and assembly facilities in the United
States and Italy. The Company procures a number of its rubber and plastic
products and components from offshore sources.
Marine Products. The Company is a leading supplier in Europe of marine
products and accessories primarily for sailing, which are sold under the
Plastimo name. Plastimo products and accessories include safety products
(such as buoyancy vests and inflatable life rafts), mooring products (such
as anchors, fenders and ladders), navigational equipment (such as cockpit
instruments, automatic pilots and compasses) and jib reefing systems.
Plastimo products are also sold in the United States and other markets
worldwide.
The Company's line of Airguide marine, weather and automotive instruments
are distributed primarily in the United States through large retail store
chains and original equipment manufacturers.
Sales by Category
The following table depicts net sales of continuing operations by major
product category:
Year Ended
September 30, October 1, October 2,
1994 1993 1992
(thousands of dollars)
Fishing $ 94,363 $ 84,773 $ 81,074
Camping 87,529 86,118 84,068
Diving 66,884 66,225 64,382
Marine 35,567 43,176 46,321
------ ------ --------
$284,343 $280,292 $275,845
======= ======= =======
Marking Systems
The Company manufactured and marketed marking systems throughout the world
under the Porelon, First Edition, Perma Stamp, Stamp-Ever, Phoenix, Eagle,
Trident and other trade names. The Company's primary marking systems
products included hand stamps; ink roll and cartridge replacement units
for calculators, adding machines and computers; extruded rolls for the
printing industry; and liquid ink jets. The hand stamps and replacement
units were distributed through office supply retail stores, including the
super store segment of the market. The liquid ink jets were sold to
original equipment manufacturers primarily for applications in financial
institutions and the postal industry.
On July 28, 1993, the Company announced its intention to sell its marking
systems business. As a result, the marking systems operations have been
reclassified as discontinued for financial reporting purposes. The
Company completed the divestiture of the marking systems business in the
second calendar quarter of 1994.
International Operations
See Note 13 to the Consolidated Financial Statements on page 25 of the
Company's 1994 Annual Report which is incorporated herein by reference,
for financial information comparing the Company's domestic and
international operations.
Research and Development
The Company commits significant resources to research and new product
development. The Company expenses research and development costs as
incurred. The amounts expended by the Company in connection with research
and development activities for each of the last three fiscal years is set
forth in the Consolidated Statements of Operations on page 16 of the
Company's 1994 Annual Report which is incorporated herein by reference.
Competition
The markets for most of the Company's products are quite competitive. The
Company believes its products compete favorably on the basis of product
innovation, product performance and strong marketing support, and to a
lesser extent, price.
Employees
At September 30, 1994, the Company had approximately 1,275 employees
working in its businesses. The Company considers its employee relations
to be excellent.
Patents, Trademarks and Proprietary Rights
The Company owns no single patent which is material to its business as a
whole. However, the Company holds several patents, principally for diving
products and roto-molded canoes and has filed several applications for
patents. The Company also has numerous trademarks and trade names which
the Company considers important to its business.
Seasonality
The Company's business is seasonal. The following table shows total net
sales and operating profit of the Company's continuing operations for each
quarter, as a percentage of the total year. An inventory writedown of
$5.4 million is included as a component of fourth quarter operating loss
in 1994. Restructuring charges of $13.0 million and $4.5 million for 1993
and 1992, respectively, are included as a component of the fourth quarter
operating loss in those years.
Year Ended
September 30, 1994 October 1, 1993 October 2, 1992
Net Operating Net Operating Net Operating
Quarter Ended Sales Profit(Loss) Sales Profit(Loss) Sales Profit(Loss)
December 16% (8)% 17% (11)% 17% 7%
March 30 61 30 99 33 86
June 33 78 33 110 30 31
September 21 (31) 20 (98) 20 (24)
--- --- --- --- --- ---
100% 100% 100% 100% 100% 100%
=== === === === === ===
Executive Officers of the Registrant
Pursuant to General Instruction of G(3) of Form 10-K, the following list
is included as an unnumbered Item in Part I of this report in lieu of
being included in the Company's Proxy Statement for the January 25, 1995
Annual Meeting of Shareholders.
Mr. Crabb, age 51, became President and Chief Executive Officer in January
1994. He served as President and Chief Operating Officer of the Company
from 1992 to January 1994. Mr. Crabb served as Executive Vice
President-Regional Director, Consumer Products, Europe of S.C. Johnson and
Son, Inc. ("SCJ") from 1990 to 1992 and from 1984 to 1990 was Vice
President-Regional Director of Asia/Pacific of SCJ. Mr. Crabb joined SCJ
in 1970. He was previously employed by Lever Bros., Ltd., Toronto,
Canada.
Mr. Malone, age 64, retired as Chairman and Chief Executive Officer of the
Company in January 1994. He was President and Chief Executive Officer of
the Company from 1984 to 1992.
Mr. Blime, age 53, became a Vice President of the Company and President of
JWA Europe in 1993. From 1982 to 1993, Mr. Blime was President and
Directeur General of Mitchell Sports, S.A., a subsidiary of the Company
since 1990.
Mr. Inslee, age 56, became Vice President-Human Resources of the Company
in 1991. From 1988 to 1991, Mr. Inslee was Director of Human Resources of
the Company. He was Director of Personnel at SCJ from 1981 to 1988. Mr.
Inslee joined SCJ in 1960.
Mr. Schmidt, age 38, became Vice President, Chief Financial Officer,
Secretary and Treasurer of the Company in July 1994. From 1988 to July
1994 he was a partner in the firm of KPMG Peat Marwick LLP.
Mr. Chilton, age 48, resigned as Vice President-Business Development in
July 1994, which position he had held since November 1991. From 1987 to
1991 Mr. Chilton was President of Oregon Farms, Inc.
Mr. Caulk, age 42, resigned as Vice President of the Company and President
of JWA North America in October 1994, which positions he had held since
July 1993. From 1991 to 1993, Mr. Caulk was Vice President and General
Manager of Scubapro USA, a division of the Company. From 1989 to 1991, he
was Director of Corporate Acquisitions and Planning for the Company.
Mr. Cahill, age 37, resigned as Vice President, Chief Financial Officer,
Secretary and Treasurer of the Company in July 1994, which positions he
had held since 1992. He served as Corporate Controller of the Company
from 1989 to 1992.
There are no family relationships between the above executive officers.
ITEM 2. PROPERTIES
The Company maintains both leased and owned manufacturing, warehousing,
distribution and office facilities throughout the world.
The Company's manufacturing processes are primarily assembly operations
and the Company prefers to lease rather than own facilities to maintain
operational flexibility and control the investment of financial resources
in property. See Note 6 to the Consolidated Financial Statements on Page
21 of the Company's 1994 Annual Report for a discussion of lease
obligations.
The Company believes that its facilities are well maintained and have a
capacity adequate to meet the Company's current needs.
The Company's principal manufacturing locations and distribution centers
are:
Antibes, France
Bad Sakingen, Germany
Barcelona, Spain
Binghamton, New York
Bruxelles, Belgium
Burlington, Ontario, Canada
Chicago, Illinois
Eastleigh, Hampshire, England
Genoa, Italy
Grayling, Michigan
Henan, Sweden
Henggart, Switzerland
Lorient, France
Mankato, Minnesota
Marignier, France
Mitcham, Surrey, England
Morfelden-Walldorf, Germany
Nykoping, Sweden
Old Town, Maine
Oslo, Norway
Racine, Wisconsin
Rancho Dominguez, California
Salzburg-Glasenbach, Austria
Silverwater, Australia
Tokyo (Kawasaki), Japan
The Company's Marking Systems' principal locations were:
Boras, Sweden
Brookfield, Connecticut
Cookeville, Tennessee
Houston, Texas
Utica, New York
The Company's corporate headquarters is in Mount Pleasant, Wisconsin. The
Company's mailing address is Sturtevant, Wisconsin.
ITEM 3. LEGAL PROCEEDINGS
The Company is subject to various legal actions and proceedings in the
normal course of business, including those related to environmental
matters. Although litigation is subject to many uncertainties and the
ultimate exposure with respect to these matters cannot be ascertained,
management does not believe the final outcome will have a significant
effect on the Consolidated Financial Statements.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There were no matters submitted to a vote of security holders during the
last quarter of the year ended September 30, 1994.
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS
Information with respect to this item is included on pages 21, 23, 24 and
27 and the inside back cover of the Company's 1994 Annual Report and is
incorporated herein by reference.
There is no public market for the Registrant's 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 November 15, 1994, the Company had 817 Holders of
Record of its Class A Common Stock and 75 Holders of Record of its Class B
Common Stock.
The Company has never paid a dividend on its Common Stock.
ITEM 6. SELECTED FINANCIAL DATA
Information with respect to this item is included on page 27 of the
Company's 1994 Annual Report and is incorporated herein by reference.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATION
Information with respect to this item is included on pages 12 to 14 of the
Company's 1994 Annual Report and is incorporated herein by reference.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The following consolidated financial statements and supplemental data of
the registrant and subsidiaries, included on pages 15 through 27 of the
Company's 1994 Annual Report, are herein incorporated by reference:
Consolidated Balance Sheets - September 30, 1994 and October 1, 1993
Consolidated Statements of Operations - Years ended September 30,
1994, October 1, 1993 and October 2, 1992
Consolidated Statements of Shareholders' Equity - Years ended
September 30, 1994, October 1, 1993 and October 2, 1992
Consolidated Statements of Cash Flows - Years ended September 30,
1994, October 1, 1993 and October 2, 1992
Notes to Consolidated Financial Statements
Independent Auditors' Report
Five Year Financial Summary
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Information with respect to this item, except for information on the
Executive Officers which appears at the end of Part I of this report, is
included in the Company's January 25, 1995 Proxy Statement under the
headings "Election of Directors" and "Other Matters" and is incorporated
herein by reference.
ITEM 11. EXECUTIVE COMPENSATION
Information with respect to this item is included in the Company's January
25, 1995 Proxy Statement under the heading "Executive Compensation" and is
incorporated herein by reference.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
Information with respect to this item is included in the Company's January
25, 1995 Proxy Statement under the heading "Stock Ownership of Management
and Others" and is incorporated herein by reference.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Information with respect to this item is included in the Company's January
25, 1995 Proxy Statement under the heading "Certain Transactions" and is
incorporated herein by reference.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
A. The following documents are filed as a part of this Form 10-K:
1. Financial Statements:
Included in Item 8 of Part II of this Form 10-K are the
following Consolidated Financial Statements, related notes
thereto, and independent auditors' report which are incorporated
herein by reference from the 1994 Annual Report:
Consolidated Balance Sheets - September 30, 1994 and October 1,
1993
Consolidated Statements of Operations - Years ended September
30, 1994, October 1, 1993 and October 2, 1992
Consolidated Statements of Shareholders' Equity - Years ended
September 30, 1994, October 1, 1993 and October 2, 1992
Consolidated Statements of Cash Flows - Years ended September
30, 1994, October 1, 1993 and October 2, 1992
Notes to Consolidated Financial Statements
Independent Auditors' Report
Five Year Financial Summary
2. Financial Statement Schedules and Independent Auditors' Report:
Included in Part IV of this Form 10-K are the following
financial statement schedules and independent auditors' report:
Independent Auditors' Report
Schedule VIII - Valuation and Qualifying Accounts
Schedule IX - Short-term Borrowings
Schedule X - Supplementary Income Statement Information
All other schedules are omitted because they are not applicable,
are not required or equivalent information has been included in
the Consolidated Financial Statements or notes thereto.
3. Exhibits
See Exhibit Index on page 16.
B. Reports on Form 8-K:
No reports on Form 8-K were filed during the fiscal year ended
September 30, 1994.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized, in
the Town of Mount Pleasant and State of Wisconsin, on the 13th day of
December, 1994.
JOHNSON WORLDWIDE ASSOCIATES, INC.
(Registrant)
By /s/ John D. Crabb
John D. Crabb
President and Chief Executive
Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, the
report has been signed by the following persons in the capacities
indicated on the 13th day of December, 1994.
/s/ Samuel C. Johnson Chairman of the Board
(Samuel C. Johnson) and Director
/s/ John D. Crabb President and Chief
(John D. Crabb) Executive
Officer and Director
/s/ Donald W. Brinckman Director
(Donald W. Brinckman)
/s/ Raymond F. Farley Director
(Raymond F. Farley)
/s/ Helen P. Johnson-Leipold Director
(Helen P. Johnson-Leipold)
/s/ Thomas F. Pyle, Jr. Director
(Thomas F. Pyle, Jr.)
/s/ Carl G. Schmidt Vice President, Chief
(Carl G. Schmidt) Financial Officer,
Secretary and Treasurer
(Principal Financial and
Accounting Officer)
INDEPENDENT AUDITORS' REPORT
Shareholders and Board of Directors
Johnson Worldwide Associates, Inc.:
Under date of November 10, 1994, we reported on the consolidated balance
sheets of Johnson Worldwide Associates, Inc. and subsidiaries as of
September 30, 1994 and October 1, 1993 and the related consolidated
statements of operations, shareholders' equity and cash flows for each of
the years in the three year period ended September 30, 1994, as contained
in the 1994 Annual Report. These consolidated financial statements and
our report thereon are incorporated by reference in the Annual Report on
Form 10-K for the fiscal year 1994. In connection with our audits of the
aforementioned consolidated financial statements, we also audited the
related consolidated financial statement schedules as listed in Item 14A.
These financial statement schedules are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statement schedules based on our audits.
In our opinion, such financial statement schedules, when considered in
relation to the basic consolidated financial statements taken as a whole,
present fairly, in all material respects, the information set forth
therein.
KPMG Peat Marwick LLP
Milwaukee, Wisconsin
November 10, 1994
JOHNSON WORLDWIDE ASSOCIATES, INC. AND SUBSIDIARIES
SCHEDULE VIII - VALUATION AND QUALIFYING ACCOUNTS
(thousands of dollars)
Additions
Balance at Charged to Balance
Beginning Costs and at End
of Year Expenses Deductions of Year
Year ended September 30, 1994:
Allowance for doubtful accounts $1,606 $1,421 $ 710 $2,317
Year ended October 1, 1993:
Allowance for doubtful accounts 1,867 994 1,255 1,606
Year ended October 2, 1992:
Allowance for doubtful accounts 1,715 1,213 1,061 1,867
Includes the impact of foreign currency fluctuations on these
balance sheet accounts.
JOHNSON WORLDWIDE ASSOCIATES, INC. AND SUBSIDIARIES
SCHEDULE IX - SHORT-TERM BORROWINGS
(thousands of dollars)
Weighted
Maximum Average Average
Weighted Amount Amount Interest
Balance at Average Outstanding Outstanding Rate During
Category of Aggregate End of Interest During During the
Short-term Borrowings Year Rate the Year the Year Year
Year ended September 30, 1994:
Notes payable $9,264 7.9% $66,903 $37,495 5.9%
Year ended October 1, 1993:
Notes payable 31,175 5.7 65,907 44,840 7.3
Year ended October 2, 1992:
Notes payable 26,054 8.1 68,101 46,652 8.6
The difference between amounts per this schedule and the notes
payable per the respective consolidated balance sheet represents
current maturities of long-term obligations.
The weighted average interest rate was computed by dividing
actual interest expense by the average borrowings outstanding.
JOHNSON WORLDWIDE ASSOCIATES, INC. AND SUBSIDIARIES
SCHEDULE X - SUPPLEMENTARY INCOME STATEMENT INFORMATION
(thousands of dollars)
Charged to Costs and Expenses
Year Ended
September 30, October 1, October 2,
1994 1993 1992
5. Advertising costs $12,078 $12,042 $10,854
(1) Items 1, 3 and 4 have been omitted as the amounts did not exceed
one percent of total sales and revenues.
JOHNSON WORLDWIDE ASSOCIATES, INC.
EXHIBIT INDEX
Exhibits Title Page No.
3.1 Articles of Incorporation of the *
Company. (Filed as Exhibit 3.1 to the
Company's Form S-1 Registration
Statement No. 33-16998, and incorporated
herein by reference.)
3.2 Bylaws of the Company as Amended through -
January 27, 1994
4.1 Note Agreement dated May 1, 1991. *
(Filed as Exhibit 4 to the Company's
Form 10-Q for the quarter ended June 28,
1991 and incorporated herein by
reference).
4.2 Revolving and Term Loan Agreement dated *
October 2, 1991. (Filed as Exhibit 4.4
to the Company's Form 10-K for the year
ended September 27, 1991 and
incorporated herein by reference.)
4.3 Revolving Loan Agreement dated April 2, *
1993. (Filed as Exhibit 4 to the
Company's Form 10-Q for the quarter
ended April 2, 1993 and incorporated
herein by reference.)
4.4 Note Agreement dated May 1, 1993. *
(Filed as Exhibit 4 to the Company's
Form 10-Q for the quarter ended July 2,
1993 and incorporated herein by
reference.)
4.5 Letter Amendment No. 1 dated September *
30, 1993 to Note Agreement dated May 1,
1991
4.6 Letter Amendment No. 1 dated September *
27, 1993 to Revolving and Term Loan
Agreement dated October 2, 1991
4.7 Letter Amendment No. 1 dated September *
27, 1993 to Revolving Loan Agreement
dated April 2, 1993
4.8 Letter Amendment dated September 30, *
1993 to Note Agreement dated May 1, 1993
4.9 Letter Amendment No. 2 dated September -
30, 1994 to Revolving and Term Loan
Agreement dated October 2, 1991
4.10 Letter Amendment No. 2 dated August 29, -
1994 to Revolving Loan Agreement dated
April 2, 1993
9. Johnson Worldwide Associates, Inc. Class *
B Common Stock Voting Trust Agreement,
dated December 30, 1993 (Filed as
Exhibit 9 to the Company's Form 10-Q for
the quarter ended December 31, 1993 and
incorporated herein by reference.)
10.1 Acquisition Agreement between S. C. *
Johnson & Son, Inc. and Johnson
Worldwide Associates, Inc. dated
December 18, 1985. (Filed as Exhibit
10.1 to the Company's Form S-1
Registration Statement No. 33-16998, and
incorporated herein by reference.)
10.2 Discretionary Bonus Option Plan. (Filed *
as Exhibit 10-2 to the Company's Form
S-1 Registration Statement No. 33-16998,
and incorporated herein by reference.)
10.3 Johnson Worldwide Associates, Inc. *
Amended and Restated 1986 Stock Option
Plan. (Filed as Exhibit 10 to the
Company's Form 10-Q for the quarter
ended July 2, 1993 and incorporated
herein by reference.)
10.4 Registration Rights Agreement regarding *
Johnson Worldwide Associates, Inc.
Common Stock issued to the Johnson
family prior to the acquisition of
Johnson Diversified, Inc. (Filed as
Exhibit 10.6 to the Company's Form S-1
Registration Statement No. 33-16998, and
incorporated herein by reference.)
10.5 Registration Rights Agreement regarding *
Johnson Worldwide Associate, Inc. Class
A Common Stock held by Mr. Samuel C.
Johnson. (Filed as Exhibit 28 to the
Company's Form 10-Q for the quarter
ended March 29, 1991 and incorporated
herein by reference.)
10.6 Lease Agreement between Johnson *
Worldwide Associates, Inc. and Johnson
Redevelopment Corporation (lease relates
to the Company's executive office).
(Filed as Exhibit 10.6 to the Company's
Form 10-K for the year ended October 2,
1992 and incorporated herein by
reference.)
10.7 Form of Restricted Stock Agreement. *
(Filed as Exhibit 10.8 to the Company's
Form S-1 Registration Statement No.
33-23299, and incorporated herein by
reference.)
10.8 Form of Supplemental Retirement *
Agreement of Johnson Diversified, Inc.
(Filed as Exhibit 10.9 to the Company's
Form S-1 Registration Statement No.
33-16998, and incorporated herein by
reference.)
10.9 Johnson Worldwide Associates Retirement *
and Savings Plan. (Filed as Exhibit 10.9
to the Company's Form 10-K for the year
ended September 29, 1989 and
incorporated herein by reference.)
10.10 Form of Agreement of Indemnity and *
Exoneration with Directors and Officers.
(Filed as Exhibit 10.11 to the Company's
Form S-1 Registration Statement No.
33-16998, and incorporated herein by
reference.)
10.11 Consulting and administrative agreements *
with S. C. Johnson & Son, Inc. (Filed
as Exhibit 10.12 to the Company's Form
S-1 Registration Statement No.33-16998,
and incorporated herein by reference.)
10.12 Johnson Worldwide Associates, Inc. Stock *
Option Plan for Non-Employee Directors.
(Filed as Exhibit 4.2 to the Company's
Form S-8 Registration Statement No.
33-19805 and incorporated herein by
reference.)
10.13 Sublease Agreement between Johnson *
Worldwide Associates, Inc. and S.C.
Johnson and Son, Inc. (sublease relates
to the Company's former executive
office).
10.14 Lease Agreement between Johnson *
Worldwide Associates, Inc. and Johnson
Redevelopment Corporation (lease relates
to the Company's former executive
office).
10.15 Johnson Worldwide Associates, Inc. 1994 *
Long-Term Stock Incentive Plan (Filed as
Exhibit 4 to the Company's S-8
Registration Statement No. 33-52073 and
incorporated herein by reference.)
11. Statement regarding computation of per Incorporated by
share earnings. reference to
Note 14 to the
Consolidated
Financial
Statements on
page 25 of the
Company's 1994
Annual Report.
13. Johnson Worldwide Associates, Inc. 1994 -
Annual Report. With the exception of the
Consolidated Financial Statements,
independent auditors' report thereon and
certain other information expressly
incorporated herein by reference, the
Company's 1994 Annual Report is not to
be deemed filed as part of this report.
21. Subsidiaries of the Company as of -
September 30, 1994.
23. Consent of KPMG Peat Marwick LLP. -
27. Financial Data Schedule -
28. Definitive Proxy Statement (to be filed *
with the Securities and Exchange
Commission within 120 days of the end of
the Company's fiscal year covered by
this Form 10-K pursuant to Instruction
(G)3 of this Form 10-K and Regulation
14A of the Securities Exchange Act of
1934).
* Incorporated by reference.