SCHEDULE 14A
INFORMATION
Proxy Statement
Pursuant to Section 14(a) of the Securities Exchange Act of 1934
Filed by the Registrant [X]
Filed by
a Party other than the Registrant [ ]
Check the appropriate box:
[ ] |
Preliminary
Proxy Statement |
[ ] |
Confidential,
for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
[ ] |
Definitive
Proxy Statement |
[X] |
Definitive
Additional Materials |
[ ] |
Soliciting
Material under Rule 14a-12 |
JOHNSON OUTDOORS INC.
|
(Name of Registrant as Specified in its Charter)
|
|
(Name of Person(s) Filing Proxy Statement if other than the Registrant)
|
Payment of Filing Fee (Check the
appropriate box):
[ ] |
Fee
computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. |
|
1. |
Title
of each class of securities to which transaction applies: |
|
2. |
Aggregate
number of securities to which transaction applies: |
|
3. |
Per
unit price or other underlying value of transaction computed pursuant to
Exchange Act Rule 0-11 (Set forth the amount on which the filing fee
is calculated and state how it was determined): |
|
4. |
Proposed
maximum aggregate value of transaction: |
[ ] |
Fee
paid previously with preliminary materials. |
[ ] |
Check
box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number, or
the Form or Schedule and the date of its filing. |
|
1. |
Amount
Previously Paid: |
|
2. |
Form,
Schedule or Registration Statement No.: |
Filed by Johnson
Outdoors Inc.
On
March 16, 2005, a letter from Helen P. Johnson-Leipold, Chairman and Chief Executive
Officer of Johnson Outdoors Inc. appeared in the Racine Journal Times. The letter was
titled Why We Want to Buy Back Johnson Outdoors. A copy of the letter follows
as part of this filing under Rule 14a-6 of the Securities Exchange Act of 1934, as
amended.
1
Why we want to buy back Johnson
Outdoors
By Helen Johnson-Leipold
The Johnson family companies have
deep roots in Racine County. For more than a hundred years, we have relied on the talent,
dedication and hard work of local residents to help build our businesses into the strong,
healthy enterprises they are today. In return, we have always recognized the importance of
giving back to the community that has fueled our growth and will continue to be the
cornerstone of our future success. Our commitment to Racine today is evident not only in
our employment practices and philanthropic activities, but also through our personal
involvement in areas such as public education, local government and the economic
revitalization of downtown Racine.
My father, Sam Johnson, founded
Johnson Outdoors in 1970 due in large part to his love of the outdoors and his commitment
to the environment. These are the values upon which our company is established, and they
are the values that have sustained us and contributed to our success. By 1987, the company
had reached a point in its growth where he felt it made sense to consider taking the
company public so that investors could share in his vision and participate in our
continued growth. Since becoming a public company 18 years ago, Johnson Outdoors has grown
substantially and achieved many important strategic milestones.
Today, however, Johnson Outdoors is
at a crossroads. Due to changes in the regulatory environment as well as the operating
environments of our business groups, our entire management team and Board of Directors
agree that a change in our companys ownership structure will give us the flexibility
and focus we need to improve both our earnings and long-term growth prospects. This, in
turn, will help us to remain a vital contributor to the local economy and community. My
father shared this view, which is why we formed JO Acquisition Corp. before his death to
explore the possibility of taking the company private.
As a public company, Johnson Outdoors
is devoting significant time and resources to comply with the requirements of the
Securities and Exchange Commission. For example, we estimate that, as a private company,
we could save at least $700,000 in regulatory and administrative costs related exclusively
to being a public company in the first fiscal year following the going-private
transaction. The fact that we are small and have a stock with a limited public float that
is thinly traded is also a factor that has historically weighed on our stock price.
Whats more, we have an
investment philosophy that sets us apart from many of our publicly-held peers and is at
odds with the short-term orientation of many Wall Street investors. Over the years we have
continually invested in our businesses and communities to ensure they are vital and
thriving 100 years from now. As my father always said, our investment horizon spans the
next generation. Unfortunately, not only does Wall Street not share our commitment to the
long term well-being of the communities we do business in, but many investors are
primarily concerned with immediate improvements on the past quarters performance. I
firmly believe that such a short sighted, limited perspective can imperil our long term
growth and success. For all of these reasons, it is clear that both Johnson Outdoors and
the people who live and work in our area stand to benefit if we are successful in our
efforts to take the company private.
2
Although some area residents may not
know this, next Tuesday, March 22, Johnson Outdoors shareholders will have the
opportunity to decide whether our company the only one of the four Johnson
companies that is not privately-held remains a public company or, through the
proposed merger with JO Acquisition Corp., we return to our heritage as a privately-held
enterprise.
Institutional Investor Services and
Glass Lewis & Co., the nations leading independent proxy advisory firms, agree
that the proposed offer of $20.10 per share represents a fair price for our public
shareholders investment in Johnson Outdoors. Their recommendations reflect the
opinion of the independent directors of our Board and their outside financial advisor, as
well as the full Johnson Outdoors Board.
With the special meeting only days
away, it is my hope that all of our shareholders (and that includes many of our current
and retired employees) who have not yet done so will vote to approve this important
transaction so that we can embark on an exciting new chapter at Johnson Outdoors.
Helen Johnson-Leipold is chairman and
chief executive officer of Johnson Outdoors Inc.
3