Johnson Outdoors Inc. announced earnings per diluted share of $0.63 for the 2003 fiscal year ended October 3, 2003, in line with preliminary earnings guidance previously provided by the Company. Last year's earnings per diluted
share of $0.94 were favorably impacted by the sale of a subsidiary and negatively impacted by a change in accounting principle.

A strong fourth quarter finish by the Motors and Outdoor Equipment
businesses was offset by continued operational issues in the Company's
Watercraft business which resulted in losses prior to other charges. Fourth
quarter charges totaling $4.0 million ($0.29 per diluted share) drove
additional operating losses for the quarter. These charges, which stem from
operational changes to improve long-term efficiency and rationalize the
Company's manufacturing capacity and inventory investments, include:

    -- Costs to close the Miami, Florida Extrasport facility and outsource
       production ($0.9 million);
    -- Reorganizations in the Watercraft and Outdoors Equipment businesses
       ($0.7 million); and,
    -- Production and product line changes and associated write-downs of
       inventory, tooling and equipment ($2.4 million).

“Looking ahead, Motors' performance is strong and Diving is rebounding,
but with the loss of a major contract, Outdoor Equipment is unlikely to match
this year's excellent results. In addition, while we have taken aggressive
steps to improve Watercraft, more progress is needed to produce solid results.
We have considerable upside potential, but now we need to execute and
perform,” said Helen Johnson-Leipold, Chairman and Chief Executive Officer.

Results Summary

Throughout the 2003 Fiscal Year, results have been compared on a 2002
Fiscal “as reported” and “continuing business” basis. In the fourth quarter
of Fiscal 2002, Johnson Outdoors sold its Jack Wolfskin subsidiary. The prior
year results reflect $46.8 million in net sales and $5.0 million in operating
profit from this business, with a total impact on 2002 diluted earnings per
share of $2.93 including the gain on the sale. Tables A and B on the next page
provide: detailed financial comparisons of fiscal 2003 and fiscal 2002 results
for both “as reported” and “on continuing business” for the fourth quarter and
full year; and, also reflect exclusions of the Jack Wolfskin business and
unusual charges.

Fourth Quarter 2003

As reported, Johnson Outdoors fourth quarter sales increased 1%; while
operating losses increased $1.1 million negatively affecting earnings per
diluted share. Favorable currency translations, primarily in Diving, added
approximately $1.6 million in sales and $0.3 million in operating profit. Net
loss per diluted share for the quarter was $0.43 compared to net income in
2002 of $2.38 per diluted share which included a $2.62 per diluted share gain
on the sale of the Jack Wolfskin business. Breakeven operating profit from
Jack Wolfskin in fourth quarter 2002 had no effect on the quarterly
comparison.

On a continuing business basis (see Table A), adjusted fourth quarter
sales were up 11%, driven by strong military tent sales in Outdoor Equipment,
continued strength in Motors and the aforementioned favorable currency
translations in Diving. The fourth quarter produced a slight operating profit
on an adjusted basis.

2003 Fiscal Year

As reported, net sales declined 8%, and operating profit declined 41%, due
to the inclusion of Jack Wolfskin in the prior year, operational issues in
Watercraft and unusual charges taken during the year totaling $8.0 million.
Net income and diluted earnings per share declined compared to the 2002 fiscal
year results, which were favorably impacted by $0.06 per diluted share from
discontinued operations, and negatively impacted by a non-cash after-tax
charge of $22.9 million or $2.71 per diluted share for goodwill impairment
from a change in accounting principle with the adoption of SFAS No. 142.

As reflected on Table B, net sales grew 7% and operating profit improved
22% on an adjusted basis.

Financial Condition

At October 3, 2003, cash and short-term investments totaled $88.9 million
compared with $100.8 million at the end of Fiscal 2002. Debt to total capital
dropped to 35% from 42% last year. Among key working capital items,
receivables and inventories increased compared to year ago – $3.1 million and
$8.4 million, respectively.

Depreciation and amortization totaled $8.2 million in fiscal 2003 compared
with $9.1 million in fiscal 2002. Capital expenditures were $9.8 million
compared with $7.7 million a year ago.

According to Paul Lehmann, Chief Financial Officer, “We maintained a tight
focus on capital expenditures and with recent scheduled debt repayments, our
financial condition continues to improve. We are positioned and have the
financial capacity to act quickly on strategic opportunities that present
themselves.”

Fourth Quarter and Fiscal Year Comparisons - As Reported and on
Continuing Business Basis Excluding Charges
(Amounts in millions, except per share data)

TABLE A Three Months Ended October 3, 2003
GAAP Less
As Jack Plus Adjusted
Reported Wolfskin Charges(2) Results(1)
Net sales $69.2 $ - $ - $69.2
Gross profit 24.6 - 3.0 27.6
Operating profit (loss) (3.6) - 4.0 0.4
Net income (loss) (3.7) - 2.5 (1.2)
Diluted earnings (loss)
per share $(0.43) $ - $0.29 $(0.14)

Three Months Ended September 27, 2002
GAAP Less
As Jack Plus Adjusted
Reported Wolfskin Charges Results(1)
Net sales $68.4 $6.3 $ - $62.1
Gross profit 25.6 2.0 - 23.6
Operating profit (loss) (2.5) - - (2.5)
Net income (loss) 20.4 22.4 - (2.0)
Diluted earnings (loss) per
share $2.38 $2.62 $ - $(0.24)

TABLE B Twelve Months Ended October 3, 2003
GAAP Less
As Jack Plus Adjusted
Reported Wolfskin Charges(4) Results(1)
Net sales $315.9 $0.4 $ - $315.5
Gross profit 128.0 - 5.9 133.9
Operating profit (loss) 11.6 (0.1) 8.0 19.7
Income (loss) (3) 5.4 (0.1) 5.2 10.7
Diluted earnings (loss) per
share (3) $0.63 $(0.01) $0.60 $1.24

Twelve Months Ended September 27, 2002
GAAP Less
As Jack Plus Adjusted
Reported Wolfskin Charges(4) Results(1)
Net sales $342.5 $46.8 $ - $295.7
Gross profit 141.1 18.4 - 122.7
Operating profit 19.8 5.0 1.3 16.1
Income (3) 30.3 24.7 0.8 6.4
Diluted earnings per
share(3) $3.59 $2.93 $0.09 $0.75

JOHNSON OUTDOORS INC. AND SUBSIDIARIES
(thousands, except per share amounts)

Operating Results

THREE MONTHS ENDED TWELVE MONTHS ENDED
Oct 3 Sept 27 Oct 3 Sept 27
2003 2002 2003 2002

Net sales $69,186 $68,377 $315,892 $342,532
Cost of sales 44,581 42,736 187,903 201,478
Gross profit 24,605 25,641 127,989 141,054
Operating expenses 28,201 28,113 116,376 121,303
Operating profit (loss) (3,596) (2,472) 11,613 19,751
Interest expense, net 1,044 962 4,367 5,662
Gain on sale of subsidiary - (27,251) - (27,251)
Other expenses (income), net 659 (362) (2,456) 847
Income (loss) from continuing
operations before income
taxes (5,299) 24,179 9,702 40,493
Income tax expense (benefit) (1,643) 3,797 4,281 10,185
Income (loss) from continuing
operations before cumulative
effect of change in
accounting principle (3,656) 20,382 5,421 30,308
Gain on disposal of
discontinued operations,
net of tax - - - 495
Cumulative effect of change in
accounting principle,
net of tax - - - (22,876)
Net income (loss) $(3,656) $20,382 $5,421 $7,927

Basic earnings (loss) per
common share:
Continuing operations $(0.43) $2.45 $0.64 $3.69
Discontinued operations - - - 0.06
Cumulative effect of change
in accounting principle,
net of tax - - - (2.79)
Net income (loss) $(0.43) $2.45 $0.64 $0.96
Diluted earnings (loss) per
common share:
Continuing operations $(0.43) $2.38 $0.63 $3.59
Discontinued operations - - - 0.06
Cumulative effect of change
in accounting principle,
net of tax - - - (2.71)
Net income (loss) $(0.43) $2.38 $0.63 $0.94
Diluted average common shares
outstanding 8,476 8,579 8,600 8,430

Segment Results
Net sales:
Outdoor equipment $16,928 $19,154 $72,786 $106,459
Watercraft 16,502 16,715 79,917 83,399
Motors 14,412 13,045 86,570 81,338
Diving 21,427 19,691 78,012 72,590
Other/eliminations (83) (228) (1,393) (1,254)
Total $69,186 $68,377 $315,892 $342,532
Operating profit (loss):
Outdoor equipment $3,282 $980 $12,136 $11,882
Watercraft (7,703) (2,862) (8,983) 1,162
Motors 667 225 11,993 8,248
Diving 2,274 2,618 8,579 10,502
Other/eliminations (2,116) (3,433) (12,112) (12,043)
Total $(3,596) $(2,472) $11,613 $19,751

Balance Sheet Information (End of Period)
Cash and short-term investments $88,910 $100,830
Accounts receivable, net 43,104 39,972
Inventories, net 50,594 42,231
Total current assets 195,135 192,137
Total assets 277,657 271,285
Short-term debt 9,587 8,058
Total current liabilities 59,619 61,647
Long-term debt 67,886 80,195
Shareholders' equity 144,193 124,145