I have heard the same thing. Don't know if it's factually correct but there are a lot more people in this world that ride bikes than fish and Shimano makes a lot of different parts for bikes so I think that it's true.
Check it out for yourself. Shimano makes a LOT of different bike parts.
http://bike.shimano.com/
http://www.shimano.com/content/dam/corporate/Financial%20Information/Summary%20of%20Financial%20Results/Summary%20of%20Financial%20Results%20FY2014-Q3.pdf
From the 3rd quarter of FY2014.
Business Segment Overview
① Bicycle Components
In Europe, despite a temporary decrease in retail sales owing to unsettled weather in August and
September, sales have been buoyant since the winter, which was mild. In the U.S., which experienced
an extremely harsh winter, despite a delay in the commencement of sales, retail sales have been
generally brisk since spring and comparable to the level in a typical year. In Japan, despite a severe
winter, retail sales of sports bicycles and mid-range and high-grade community bicycles have been
robust, even after the consumption tax increase. Sales of community bicycles, however, have
weakened somewhat. Sales of sports bicycles continued to grow in China, and sales growth in other
emerging markets was also robust.
Distributor and retailer inventories were relatively low or in an appropriate range in all regions.
In these market conditions, against a backdrop of rising expectations in view of promising market
trends looking forward, order-taking was brisk as Shimano products were relatively affordable
because of the depreciation of the yen. Moreover, sales of new disk brakes for road bikes released in
the third quarter, as well as new models released in the second quarter, including ALIVIO mountain
bike components, Tourney TX entry-level mountain bike components, and 105 road bike components,
were buoyant. Segment sales for the first nine months exceeded the figure for the same period of the
previous year.
As a result, sales from this segment increased 23.4% from the same period of the previous year to
196,437 million yen, and operating income increased 53.5% to 44,707 million yen.
② Fishing Tackle
In the Japanese market, conditions in the retail market were challenging. Unsettled weather
throughout the country, including heavy rainfall in July and a typhoon in August, caused flooding and
other damage, and resulted in fewer fishing opportunities for anglers. In addition, rising prices,
especially the hike in gasoline prices, encouraged frugality among consumers and consumption
stalled. Settled weather in September brought about good catching at various locations. In these
market conditions, Shimano exceeded the previous year’s sales result because new products,
including NEW STELLA launched in March, met with a very positive reception in the market.
Overseas, sales remained generally robust, benefiting from the weakening of the yen. In particular,
retail sales in Europe and Oceania were brisk. Sales in Asia were also robust despite a slowdown in
economic growth.
As a result, sales from this segment increased 10.6% from the same period of the previous year to
44,287 million yen, and operating income increased 63.7% to 3,344 million yen.
