LAKE FOREST, Ill., July 24 /PRNewswire-FirstCall/ -- Brunswick
Corporation (NYSE:BC) reported today a net loss of $6.0 million, or
$0.07 per diluted share, for the second quarter of 2008, compared
with net earnings of $56.9 million, or $0.63 per diluted share,
from continuing operations for the same period a year ago. The
second quarters of 2008 and 2007 include restructuring charges of
$83.1 million, or $0.59 cents per diluted share, and $1.1 million,
or $0.01 per diluted share, respectively. The 2008 charges are
primarily for costs associated with previously announced actions
aimed at resizing the company and reducing fixed costs by $300
million versus 2007 spending levels by the end of 2009. "We commend
our employees for the strong results that were achieved in the
quarter during difficult economic conditions," explained Dustan E.
McCoy, Brunswick chairman and chief executive officer. "We believe
these results underscore the inherent strengths of our brands,
market position and operating and financial management expertise.
They further reflect our employees' ability to efficiently operate
the business while making progress against restructuring and
strategic initiatives designed to benefit Brunswick, our dealers
and our shareholders over the long-term." Second Quarter Results
For the quarter ended June 28, 2008, net sales decreased to
$1,485.4 million, down 2 percent from $1,522.9 million a year
earlier. "Increased sales of commercial fitness equipment, bowling
products and from our retail bowling centers, as well as 19 percent
growth in non-U.S. sales, helped offset the decline in sales of
marine products in the United States," McCoy explained. The company
had an operating loss of $17.2 million for the second quarter of
2008, which includes the previously mentioned $83.1 million of
restructuring charges, compared with operating earnings of $86.3
million in the year-ago quarter, including the $1.1 million of
restructuring charges. The charges in both years were primarily for
asset impairments, severance costs and plant shutdown expenses. For
the quarter, the company reported a net loss of $6.0 million, or
$0.07 per diluted share, down from net earnings of $56.9 million,
or $0.63 per diluted share, from continuing operations for the
second quarter of 2007. Diluted earnings per share for the second
quarter of 2008 include restructuring charges of $0.59 per diluted
share, as well as tax benefits and a gain on an investment sale
totaling $0.04 per diluted share. Diluted earnings per share for
the second quarter of 2007 include $0.01 per diluted share of
restructuring charges. "The company continues to generate positive
free cash flow, which provides us with significant liquidity and
financial flexibility. At quarter end, we had $393 million of cash,
up from $267 million at the end of the last quarter," McCoy said.
Boat Segment The Brunswick Boat Group comprises the Boat segment
and produces fiberglass and aluminum boats and marine parts and
accessories, as well as offers dealer management systems. The Boat
segment had net sales for the second quarter of 2008 of $687.9
million, down 6 percent from $732.8 million in the second quarter
of 2007. For the quarter, the segment had an operating loss of
$37.7 million, including restructuring charges of $38.2 million,
versus operating earnings of $19.3 million, including $1.0 million
of restructuring charges, reported in the second quarter of 2007.
"Sales outside of the United States for the segment were up 35
percent in the quarter, which helped offset the effect of both
lower unit volume and exiting certain saltwater and
high-performance brands," McCoy said. "Sales also benefited from a
shift in product mix, higher prices and contributions from Boston
Whaler, Hatteras Yachts and several outboard boat brands.
Meanwhile, overall operating earnings for the Boat Group were
adversely affected by the restructuring charges, in addition to the
effect of reduced fixed-cost absorption on lower production
volume." During the quarter, McCoy noted, Brunswick boat brands
continued to solidify their positions in the market, introducing
scores of new or updated models and features, including the new
SC47, Sealine's new flagship sport convertible yacht, at Europe's
Southampton and Genoa boat shows. The SC47 is among the first new
models emanating from Brunswick's platform design initiative, aimed
at sharing common below-deck features and equipment, while still
providing attractive, market-relevant styling. Also recently, Sea
Ray's popular 205 Sport was selected a 'best buy' by Consumers
Digest, and a dozen Brunswick boat brands were cited as winners of
the annual Customer Satisfaction Index industrywide rating by the
National Marine Manufacturers Association. Marine Engine Segment
The Marine Engine segment, consisting of the Mercury Marine Group,
reported net sales of $643.5 million in the second quarter of 2008,
down 4 percent from $669.6 million in the year-ago quarter.
Operating earnings in the second quarter decreased to $54.4 million
versus $80.3 million, and operating margins declined to 8.5 percent
from 12.0 percent for the same quarter in 2007. "The segment
benefited from growth in non-U.S. sales, which were up 10 percent
in the quarter, helping to offset the decline in domestic outboard
and sterndrive sales," McCoy said. "As in the Boat segment, reduced
fixed-cost absorption on lower production, primarily of sterndrive
engines, affected operating earnings for the Marine Engine
segment." The segment recorded $17.0 million of restructuring
charges in the quarter. McCoy added that Mercury's new Zeus and
Axius propulsion systems continue to gain momentum among boat
builders. Further, Mercury was the only engine manufacturer to have
three models -- the Verado 175 hp, the 15 hp BigFoot, and the 75 hp
OptiMax -- cited as a 'best buy' by Consumers Digest. Fitness
Segment The Fitness segment is comprised of the Life Fitness
Division, which manufactures and sells Life Fitness, Hammer
Strength and ParaBody fitness equipment. Fitness segment sales
increased 9 percent in the quarter to $156.9 million, up from
$144.0 million in the year-ago quarter. Operating earnings for the
quarter totaled $8.2 million, up from $7.4 million for the second
quarter of 2007, and operating margins were 5.2 percent versus 5.1
percent a year ago. "Sales of commercial equipment were up double
digits worldwide, as Life Fitness continued to benefit from a
number of new products introduced since the beginning of the year,"
McCoy explained. "The strength in commercial equipment helped to
offset a decline in the segment's consumer business. Operating
earnings, which included $1.3 million in restructuring charges,
improved slightly as efforts to trim costs and improve productivity
continued to show results." McCoy also noted that Life Fitness
continues to set the pace in style and innovation in fitness
equipment as it received three awards in appliance DESIGN
magazine's 21st annual excellence in design competition. Products
from the company's Elevation(TM) Series, as well as a new
elliptical cross-trainer for the home, were recognized for their
innovative design. Bowling & Billiards Segment The Bowling
& Billiards segment is comprised of the Brunswick retail
bowling centers; bowling equipment and products; and billiards, Air
Hockey and foosball tables. Segment sales in the second quarter of
2008 totaled $110.4 million, up 7 percent compared with $103.2
million in the year-ago quarter. For the second quarter, the
segment had an operating loss of $19.8 million, which included
$19.8 million in restructuring charges, versus an operating loss of
$2.7 million in the year-ago period. "For the quarter, bowling
retail sales were up in the high-single digits, mostly attributable
to Brunswick Zone XL centers opened in 2007 and 2008," McCoy said.
"We are also benefiting from higher capital equipment sales, which
contributed to the double-digit increase in bowling product sales,
as well as continued improvement at our Reynosa, Mexico, bowling
ball manufacturing plant. Billiards sales were under pressure both
from the ongoing slump in new housing starts as well as changing
dynamics in the market for coin-operated pool tables." The
operating loss in the second quarter of 2008 was primarily due to
restructuring charges for asset impairment and other costs
associated with the Valley-Dynamo coin-operated pool table
operation. Two additional Zone XL locations began operations this
year, and McCoy pointed out that Brunswick billiards continued to
broaden its product line-up by teaming up with Berkline Furniture
to create brand-exclusive home theater seating, providing Brunswick
with another avenue into the home entertainment category. Six-Month
Results For the six months ended June 28, 2008, the company had net
sales of $2,832.2 million, down 3 percent from $2,909.0 million for
the first half of 2007. The company had an operating loss of $6.9
million for the first half of 2008, including $105.3 million of
restructuring charges, compared with operating earnings of $139.3
million for the corresponding period in 2007, which includes $8.7
million of restructuring charges. Net earnings from continuing
operations for the first six months of 2008 were $7.3 million, or
$0.08 per diluted share, down from $91.2 million, or $1.00 per
diluted share, for the same period in 2007. Results for the first
six months of 2008 included $0.74 per diluted share of
restructuring charges, an $0.11 per diluted share gain on an
investment sale, and $0.02 per diluted share of tax benefits.
Results for the year-ago six month period include $0.06 per diluted
share of restructuring charges and $0.02 per diluted share of tax
benefits. Looking Ahead "In addition to our continuing emphasis on
introducing new and innovative products across all of our business
units, our priorities for the remainder of 2008 are: (1) continuing
to lower production levels to achieve reductions in pipeline
inventories held by our marine dealers, (2) reducing spending
across the company, and (3) implementing the company's resizing and
fixed-cost reduction initiatives announced last month," McCoy said.
"As we stated in June, most of our fiberglass boat plants will be
shut down for one month during the third quarter. We have also
reduced our capital expenditure budget for this year and halted all
discretionary spending. Finally, progress continues on our
strategic initiatives. While we have not provided specific earnings
estimates, the magnitude of the scheduled production cuts will
result in a loss for the second half of this year. Nevertheless,
given what we know today, we expect to report positive earnings for
the full year, excluding restructuring charges. What we are unable
to predict is whether a change in market conditions would
necessitate additional production cuts, or the possibility of
further write-downs of goodwill or other intangibles. Heading into
the second half, our cash position remains strong, and we are
already close to reaching our year-end target of $400 million,
which provides us with significant liquidity and financial
flexibility." Conference Call Scheduled Brunswick will host a
conference call today at 9 a.m. CDT to discuss its financial
results. At that time, McCoy will be joined by Peter G. Leemputte,
senior vice president and chief financial officer, and Kathryn J.
Chieger, vice president - corporate and investor relations. The
call will be broadcast over the Internet at
http://www.brunswick.com/. To listen to the call, go to the Web
site at least 15 minutes before the call to register, download and
install any needed audio software. Security analysts and investors
wishing to participate via telephone should call (888) 820-8951
(passcode: Brunswick Q2). Callers outside of North America should
call +1 (210) 234-0024 to be connected. These numbers can be
accessed 15 minutes before the call begins, as well as during the
call. A replay of the conference call will be available through
midnight CDT Thursday, July 31, 2008, by calling (866) 457-5504 or
(203) 369-1278. The replay will also be available at
http://www.brunswick.com/. Forward-Looking Statements Certain
statements in this news release are forward looking as defined in
the Private Securities Litigation Reform Act of 1995. These
statements involve certain risks and uncertainties that may cause
actual results to differ materially from expectations as of the
date of this news release. These risks include, but are not limited
to: the effect of: (i) the amount of disposable income available to
consumers for discretionary purchases, and (ii) the level of
consumer confidence on the demand for marine, fitness, billiards
and bowling equipment and products; the ability to successfully
complete restructuring efforts in the timeframe and cost
anticipated; the ability to amend or maintain credit facilities on
terms favorable to the company; the ability of the company's
operations to generate expected financial results and levels of
cash flow; the ability to transition and ramp up certain
manufacturing operations within the time and budgets allowed; the
success of marketing and cost management programs; the effect of
interest rates and fuel prices on demand for marine products; the
ability to successfully manage pipeline inventories; the financial
strength of dealers, distributors and independent boat builders and
their ability to obtain financing for the purchase of company
product; the ability to maintain mutually beneficial relationships
with dealers, distributors and independent boat builders; the
ability to maintain effective distribution and to develop
alternative distribution channels without disrupting incumbent
distribution partners; the success of global sourcing and supply
chain initiatives; the effect of higher product prices due to
technology changes and added product features and components on
consumer demand; the effect of competition from other leisure
pursuits on the level of participation in boating, fitness, bowling
and billiards activities; the ability to maintain market share,
particularly in high-margin products; the success of new product
introductions; the ability to maintain product quality and service
standards expected by customers; competitive pricing pressures; the
ability to develop cost-effective product technologies that comply
with regulatory requirements; the ability to successfully develop
and distribute products differentiated for the global marketplace;
shifts in currency exchange rates; adverse foreign economic
conditions; the ability to repay or refinance existing indebtedness
when it becomes due; the ability to obtain components and raw
materials from suppliers; increased competition from Asian
competitors; competition from new technologies; the ability to
complete environmental remediation efforts and resolve claims and
litigation at the cost estimated; and the effect of weather
conditions on demand for marine products and retail bowling center
revenues. Additional factors are included in the company's Annual
Report on Form 10-K for 2007 and Quarterly Report on Form 10-Q for
the quarter ended March 29, 2008. About Brunswick Headquartered in
Lake Forest, Ill., Brunswick Corporation endeavors to instill
"Genuine Ingenuity"(TM) in all its leading consumer brands,
including Mercury and Mariner outboard engines; Mercury MerCruiser
sterndrives and inboard engines; MotorGuide trolling motors;
Teignbridge propellers; MotoTron electronic controls; Albemarle,
Arvor, Bayliner, Bermuda, Boston Whaler, Cabo Yachts, Crestliner,
Cypress Cay, Harris, Hatteras, Kayot, Lowe, Lund, Maxum, Meridian,
Ornvik, Princecraft, Quicksilver, Rayglass, Savage, Sea Ray,
Sealine, Triton, Trophy, Uttern and Valiant boats; Attwood marine
parts and accessories; Land 'N' Sea, Kellogg Marine, Diversified
Marine and Benrock parts and accessories distributors; IDS dealer
management systems; Life Fitness, Hammer Strength and ParaBody
fitness equipment; Brunswick bowling centers, equipment and
consumer products; Brunswick billiards tables; and Dynamo, Tornado
and Valley pool tables, Air Hockey and foosball tables. For more
information, visit http://www.brunswick.com/. Brunswick Corporation
Comparative Consolidated Statements of Income (in millions, except
per share data) (unaudited) Three Months Ended June 28, June 30,
2008 2007 % Change Net sales $1,485.4 $1,522.9 -2% Cost of sales
1,182.0 1,190.3 -1% Selling, general and administrative expense
205.5 209.5 -2% Research and development expense 32.0 35.7 -10%
Restructuring, exit and impairment charges 83.1 1.1 NM Operating
earnings (loss) (17.2) 86.3 NM Equity earnings 6.3 7.1 -11%
Investment sale gain 1.2 - NM Other income (expense), net 0.8 0.2
NM Earnings (loss) before interest and income taxes (8.9) 93.6 NM
Interest expense (11.4) (13.3) 14% Interest income 1.5 1.9 -21%
Earnings (loss) before income taxes (18.8) 82.2 NM Income tax
(benefit) provision (12.8) 25.3 Net earnings (loss) from continuing
operations (6.0) 56.9 NM Discontinued operations: Earnings from
discontinued operations, net of tax - 0.6 NM Loss on disposal of
discontinued operations, net of tax - (0.2) NM Net earnings from
discontinued operations - 0.4 NM Net earnings (loss) $(6.0) $57.3
NM Earnings per common share: Basic Net earnings (loss) from
continuing operations $(0.07) $0.63 NM Earnings from discontinued
operations, net of tax - - NM Loss on disposal of discontinued
operations, net of tax - - NM Net earnings (loss) $(0.07) $0.63 NM
Diluted Net earnings (loss) from continuing operations $(0.07)
$0.63 NM Earnings from discontinued operations, net of tax - - NM
Loss on disposal of discontinued operations, net of tax - - NM Net
earnings (loss) $(0.07) $0.63 NM Weighted average number of shares
used for computation of: Basic earnings per share 88.3 90.5 -2%
Diluted earnings per share 88.3 91.0 -3% Effective tax rate 68.2%
30.8% Supplemental Information Diluted net earnings (loss) from
continuing operations $(0.07) $0.63 NM Restructuring, exit and
impairment charges, net of tax 0.59 0.01 NM Investment sale gain,
net of tax (0.01) - NM Special tax items (0.03) - NM Diluted net
earnings from continuing operations, as adjusted $0.48 $0.64 -25%
Brunswick Corporation Comparative Consolidated Statements of Income
(in millions, except per share data) (unaudited) Six Months Ended
June 28, June 30, 2008 2007 % Change Net sales $2,832.2 $2,909.0
-3% Cost of sales 2,259.2 2,275.5 -1% Selling, general and
administrative expense 408.7 416.3 -2% Research and development
expense 65.9 69.2 -5% Restructuring, exit and impairment charges
105.3 8.7 NM Operating earnings (loss) (6.9) 139.3 NM Equity
earnings 11.1 13.4 -17% Investment sale gain 20.9 - NM Other income
(expense), net 1.9 (0.2) NM Earnings before interest and income
taxes 27.0 152.5 -82% Interest expense (22.9) (26.9) 15% Interest
income 2.9 3.7 -22% Earnings before income taxes 7.0 129.3 -95%
Income tax (benefit) provision (0.3) 38.1 Net earnings from
continuing operations 7.3 91.2 -92% Discontinued operations:
Earnings from discontinued operations, net of tax - 4.0 NM Gain on
disposal of discontinued operations, net of tax - 7.7 NM Net
earnings from discontinued operations - 11.7 NM Net earnings $7.3
$102.9 -93% Earnings per common share: Basic Net earnings from
continuing operations $0.08 $1.00 -92% Earnings from discontinued
operations, net of tax - 0.04 NM Gain on disposal of discontinued
operations, net of tax - 0.09 NM Net earnings $0.08 $1.13 -93%
Diluted Net earnings from continuing operations $0.08 $1.00 -92%
Earnings from discontinued operations, net of tax - 0.04 NM Gain on
disposal of discontinued operations, net of tax - 0.09 NM Net
earnings $0.08 $1.13 -93% Weighted average number of shares used
for computation of: Basic earnings per share 88.3 91.0 -3% Diluted
earnings per share 88.4 91.5 -3% Effective tax rate -5.0% 29.5%
Supplemental Information Diluted net earnings from continuing
operations $0.08 $1.00 -92% Restructuring, exit and impairment
charges, net of tax 0.74 0.06 NM Investment sale gain, net of tax
(0.11) - NM Special tax items (0.02) (0.02) 0% Diluted net earnings
from continuing operations, as adjusted $0.69 $1.04 -34% Brunswick
Corporation Selected Financial Information (in millions)
(unaudited) Segment Information Three Months Ended Net Sales
Operating Earnings(1) Operating Margin June 28, June 30, % June 28,
June 30, % June 28, June 30, 2008 2007 Change 2008 2007 Change 2008
2007 Boat $687.9 $732.8 -6% $(37.7) $19.3 NM -5.5% 2.6% Marine
Engine 643.5 669.6 -4% 54.4 80.3 -32% 8.5% 12.0% Marine elimi-
nations (113.1) (126.7) - - Total Marine 1,218.3 1,275.7 -4% 16.7
99.6 -83% 1.4% 7.8% Fitness 156.9 144.0 9% 8.2 7.4 11% 5.2% 5.1%
Bowling & Billiards 110.4 103.2 7% (19.8) (2.7) NM -17.9% -2.6%
Eliminations (0.2) - - - Corp/Other - - (22.3) (18.0) -24% Total
$1,485.4 $1,522.9 -2% $(17.2) $86.3 NM -1.2% 5.7% Six Months Ended
Net Sales Operating Earnings(2) Operating Margin June 28, June 30,
% June 28, June 30, % June 28, June 30, 2008 2007 Change 2008 2007
Change 2008 2007 Boat $1,325.7 $1,431.8 -7% $(52.4) $38.8 NM -4.0%
2.7% Marine Engine 1,209.5 1,242.2 -3% 85.3 115.0 -26% 7.1% 9.3%
Marine elimi- nations (232.9) (262.9) - - Total Marine 2,302.3
2,411.1 -5% 32.9 153.8 -79% 1.4% 6.4% Fitness 306.1 289.0 6% 16.3
15.5 5% 5.3% 5.4% Bowling & Billiards 224.0 209.0 7% (18.9) 5.6
NM -8.4% 2.7% Eliminations (0.2) (0.1) - - Corp/Other - - (37.2)
(35.6) -4% Total $2,832.2 $2,909.0 -3% $(6.9) $139.3 NM -0.2% 4.8%
(1) Operating earnings in the second quarter of 2008 include $83.1
million of pretax restructuring, exit and impairment charges,
consisting of $38.2 million in the Boat segment, $17.0 million in
the Marine Engine segment, $19.8 million in the Bowling &
Billiards segment, $1.3 million in the Fitness segment and $6.8
million in Corp/Other. Operating earnings in the second quarter of
2007 include $1.1 million of pretax restructuring, exit and
impairment charges, consisting of $1.0 million in the Boat segment
and $0.1 million in Corp/Other. (2) Operating earnings in the first
six months of 2008 include $105.3 million of pretax restructuring,
exit and impairment charges, consisting of $52.0 million in the
Boat segment, $18.5 million in the Marine Engine segment, $25.4
million in the Bowling & Billiards segment, $1.3 million in the
Fitness segment and $8.1 million in Corp/Other. Operating earnings
in the first six months of 2007 include $8.7 million of pretax
restructuring, exit and impairment charges, consisting of $5.8
million in the Boat segment, $2.8 million in the Marine Engine
segment and $0.1 million in Corp/Other. Brunswick Corporation
Comparative Condensed Consolidated Balance Sheets (in millions)
June 28, December 31, June 30, 2008 2007 2007 (unaudited)
(unaudited) Assets Current assets Cash and cash equivalents $392.8
$331.4 $278.8 Accounts and notes receivables, net 604.8 572.4 575.4
Inventories Finished goods 471.0 446.7 462.2 Work-in-process 311.6
323.4 328.9 Raw materials 139.7 136.6 141.5 Net inventories 922.3
906.7 932.6 Deferred income taxes 242.6 249.9 240.7 Prepaid
expenses and other 44.8 53.9 63.6 Current assets held for sale - -
27.4 Current assets 2,207.3 2,114.3 2,118.5 Net property 1,001.9
1,052.8 1,020.9 Other assets Goodwill and other intangibles 890.4
924.5 988.8 Investments and other long-term assets 245.5 274.0
331.3 Long-term assets held for sale - - 24.6 Other assets 1,135.9
1,198.5 1,344.7 Total assets $4,345.1 $4,365.6 $4,484.1 Liabilities
and shareholders' equity Current liabilities Short-term debt $0.8
$0.8 $0.4 Accounts payable 421.6 437.3 414.6 Accrued expenses 836.8
858.1 850.1 Current liabilities held for sale - - 19.4 Current
liabilities 1,259.2 1,296.2 1,284.5 Long-term debt 726.9 727.4
724.8 Other long-term liabilities 433.8 449.1 544.1 Long-term
liabilities held for sale - - 10.7 Common shareholders' equity
1,925.2 1,892.9 1,920.0 Total liabilities and shareholders' equity
$4,345.1 $4,365.6 $4,484.1 Supplemental Information
Debt-to-capitalization rate 27.4% 27.8% 27.4% Brunswick Corporation
Comparative Condensed Consolidated Statements of Cash Flows (in
millions) (unaudited) Six Months Ended Revised June 28, June 30,
2008 2007 (1) Cash flows from operating activities Net earnings
$7.3 $102.9 Net earnings from discontinued operations - 11.7 Net
earnings from continuing operations 7.3 91.2 Depreciation and
amortization 90.5 84.8 Changes in non-cash current assets and
current liabilities (91.5) (97.3) Impairment charges 52.8 - Income
taxes and other, net 3.5 55.8 Net cash provided by operating
activities of continuing operations 62.6 134.5 Net cash used for
operating activities of discontinued operations - (26.8) Net cash
provided by operating activities 62.6 107.7 Cash flows from
investing activities Capital expenditures (58.0) (82.5)
Acquisitions of businesses, net of cash acquired - (1.6)
Investments 13.0 4.5 Proceeds from investment sale 40.4 - Proceeds
from sale of property, plant and equipment 3.4 1.6 Other, net 0.2
12.4 Net cash used for investing activities of continuing
operations (1.0) (65.6) Net cash provided by investing activities
of discontinued operations - 30.2 Net cash used for investing
activities (1.0) (35.4) Cash flows from financing activities Net
issuances of commercial paper and other short-term debt 0.3 -
Payments of long-term debt including current maturities (0.5) (0.5)
Stock repurchases - (87.2) Stock options exercised - 10.8 Net cash
used for financing activities of continuing operations (0.2) (76.9)
Net cash used for financing activities of discontinued operations -
- Net cash used for financing activities (0.2) (76.9) Net increase
(decrease) in cash and cash equivalents 61.4 (4.6) Cash and cash
equivalents at beginning of period 331.4 283.4 Cash and cash
equivalents at end of period $392.8 $278.8 Free Cash Flow from
Continuing Operations Net cash provided by operating activities of
continuing operations $62.6 $134.5 Net cash provided by (used for):
Capital expenditures (58.0) (82.5) Proceeds from sale of property,
plant and equipment 3.4 1.6 Proceeds from investment sale 40.4 -
Other, net 0.2 12.4 Total free cash flow from continuing operations
$48.6 $66.0 (1) For the year ended December 31, 2007, the Company
expanded its presentation of the consolidated statements of cash
flows to include net earnings and net earnings from discontinued
operations. Accordingly, the company revised the quarterly 2007
consolidated statement of cash flows. Net cash flows from
operating, investing and financing activities have not changed.
DATASOURCE: Brunswick Corporation CONTACT: Kathryn Chieger, Vice
President - Corporate and Investor Relations of Brunswick
Corporation, +1-847-735-4612 Web site: http://www.brunswick.com/
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