STAMFORD, Conn., July 19 /PRNewswire/ -- Dolphin Limited Partnership I, L.P., a Stamford, CT based private investment partnership, which together with its affiliate holds approximately 330,000 shares, or 4%, of the Class A common stock of Johnson Outdoors Inc. (Nasdaq: JOUT), today announced that INSTITUTIONAL SHAREHOLDER SERVICES ('ISS') HAS RECOMMENDED THAT JOUT SHAREHOLDERS VOTE IN FAVOR OF DOLPHIN'S PROXY PROPOSAL REQUESTING THE BOARD TO TAKE STEPS NECESSARY TO PROVIDE FOR CUMULATIVE VOTING FOR THE CLASS A COMMON STOCK IN ACCORDANCE WITH WISCONSIN LAW.

Specifically, ISS stated the following in their report:

'ISS believes that cumulative voting is an important tool in the protection of shareholders' rights, but recognizes that the need for cumulative voting can be offset if a company has other safeguards in place to protect shareholders' rights and to promote management accountability. Therefore, proposals to provide for cumulative voting are evaluated based on an assessment of a company's other corporate governance provisions.'

ISS also noted that the Johnson Family 'effectively controls the vote for all directors.'

ISS concluded that 'in this case, the company fails to meet all of [ISS' specified] governance criteria. Specifically, the board of directors is not majority-independent and the company maintains a dual-class capital structure. Accordingly, the proposal warrants shareholder support.'

Lastly, ISS noted Dolphin's recent 'efforts to communicate with the company to determine whether the company's board is effectively focused on generating shareholder value,' and stated that it 'feels that the board has an obligation to provide a communication structure which facilitates communication between shareholders and the board ... ISS will monitor the action of the board going forward and determine whether or not the company has made reasonable efforts to promote discussion with company shareholders.'

Dolphin is gratified that ISS is supporting its proxy proposal and is committed to monitoring the JOUT board's efforts to promote shareholder communication.

DOLPHIN INTENDS TO VOTE ITS SHARES FOR ITS PROXY PROPOSAL TO INSTALL CUMULATIVE VOTING, AND ISS RECOMMENDS THAT ALL SHAREHOLDERS VOTE IN FAVOR OF THIS PROPOSAL. If Dolphin's proposal receives the support of a majority of the unaffiliated shareholders and the board carries out their will, the 54% of unaffiliated Class A shareholders would at long last have the opportunity to elect a representative to a board which Dolphin believes has thus far proven ineffective at generating shareholder value.

DOLPHIN ALSO INTENDS TO WITHHOLD ITS VOTES FOR JOUT'S INCUMBENT NOMINEES FOR THE CLASS A DIRECTORS AND ENCOURAGES ALL OTHER PUBLIC SHAREHOLDERS TO DO THE SAME. Dolphin believes that the board and top management need to receive the message that the Company's unaffiliated shareholders believe that the Company's performance and governance structure remains unsatisfactory.

DOLPHIN URGES ALL UNAFFILIATED SHAREHOLDERS TO JOIN WITH DOLPHIN IN MAKING THEIR VOICES HEARD.

SOURCE Dolphin Limited Partnership I, L.P.