WEAK MARKET CONDITIONS CONTINUE; COMPANY MAINTAINS FOCUS ON CASH
FLOW LAKE FOREST, Ill., April 30 /PRNewswire-FirstCall/ --
Brunswick Corporation (NYSE:BC) reported today results for the
first quarter of 2009: -- Total sales of $734.7 million were down
45 percent versus 2008, primarily the result of marine sales that
dropped by 52 percent from year-ago levels. -- A net loss of $184.2
million, or $2.08 per diluted share, which includes $39.6 million,
or $0.45 per diluted share, of restructuring charges and $0.40 per
diluted share of non-cash charges for special tax items. -- Cash on
hand at quarter's end was $359.1 million, up from the 2008 year-end
balance of $317.5 million. The revolving credit facility remained
undrawn throughout the quarter. -- Total restructuring charges for
2009 are estimated to be approximately $75 million, or $0.85 per
diluted share. -- The company expects to generate additional 2009
cost reductions of approximately $40 million, aggregating to
savings of $240 million for the year versus the $200 million of
savings previously announced. "Our businesses continued to be under
pressure from a variety of harsh economic factors that affected
both domestic and international demand for our products, especially
in our recreational marine markets," said Brunswick's Chairman and
Chief Executive Officer Dustan E. McCoy. "The year began as
expected with the continuation of unprecedented low levels of
demand experienced in the second half of 2008, especially during
the fourth quarter. Retail demand for marine products was impacted
in the first quarter of 2009 by declining consumer confidence and
the tightening of consumer credit terms by national lenders. As our
dealers work through this difficult economic climate, we continue
to reduce our wholesale shipments to reduce the number of boats and
engines on their showroom floors. Additionally, we experienced
lower equipment orders from our fitness and bowling products
customers," McCoy said. "Although these factors had a negative
effect on our revenues and earnings, we are successfully managing
our businesses for cash and maintained excellent levels of
liquidity throughout the quarter. This was demonstrated by the $359
million of cash on our balance sheet at the end of the quarter, a
$42 million increase from year-end levels," McCoy added. First
Quarter Results For the first quarter of 2009, the company reported
net sales of $734.7 million, down from $1,346.8 million a year
earlier. For the quarter, the company reported an operating loss of
$127.5 million, which included $39.6 million of restructuring
charges. In the first quarter of 2008, the company had operating
earnings of $10.3 million, which included $22.2 million of
restructuring charges. For the first quarter of 2009, Brunswick
reported a net loss of $184.2 million, or $2.08 per diluted share,
as compared with net earnings of $13.3 million, or $0.15 per
diluted share, for the first quarter of 2008. Diluted loss per
share for the first quarter of 2009 included restructuring charges
of $39.6 million, or $0.45 per diluted share, and a $0.40 per
diluted share charge for special tax items, primarily related to
increases in state and foreign deferred tax valuation allowances
resulting from cumulative losses reported by the company. Diluted
earnings per share, for the first quarter of 2008, included $22.2
million, or $0.16 per diluted share, of restructuring charges and
an investment sale gain of $0.10 per diluted share. Change in
Segment Reporting During the first quarter of 2009, the company
realigned the management of its marine service, parts and
accessories businesses. The Boat segment's parts and accessories
businesses of Attwood, Land 'N' Sea, Benrock, Inc., Kellogg Marine,
Inc. and Diversified Marine Products, L.P. are now being managed by
the Marine Engine segment's service and parts business leaders. As
a result, the marine service, parts and accessories operating
results previously reported in the Boat segment are now being
reported in the Marine Engine segment and the results for 2007 and
2008 have been restated (by quarter) to reflect this change and are
attached as an appendix to this news release. Marine Engine Segment
The Marine Engine segment, consisting of the Mercury Marine Group,
including the marine service, parts and accessories businesses,
reported net sales of $343.9 million in the first quarter of 2009,
down 45 percent from $628.6 million in the year-ago first quarter.
International sales, which represented 43 percent of total segment
sales (net of Marine eliminations) in the quarter, declined by 45
percent on a year-to-year basis. For the quarter, the Marine Engine
segment reported an operating loss of $50.6 million, including
restructuring charges of $11.7 million. This compares with
operating earnings of $33.6 million in the year-ago quarter,
including $1.5 million of restructuring charges. Sales were off
across all Marine Engine operations with sterndrive engines
experiencing a greater sales decline than outboard engines.
However, sales from the marine service, parts and accessories
businesses were down significantly less than our other marine
businesses. Mercury's manufacturing facilities continued to cut
production rates and take plant furloughs during the quarter in
response to lower retail demand and to reduce pipeline levels.
Lower sales and reduced fixed-cost absorption on lower production
had an adverse effect on operating earnings, which were partially
offset by reduced expenses. Boat Segment The Boat segment is
comprised of the Brunswick Boat Group and includes 17 boat brands.
The Boat segment reported net sales for the first quarter of 2009
of $205.3 million, down 64 percent compared with $565.6 million in
the first quarter of 2008. International sales, which represented
40 percent of total segment sales in the quarter, decreased by 59
percent during the period. For the first quarter of 2009, the Boat
segment reported an operating loss of $72.3 million, including
restructuring charges of $25.0 million. This compares with an
operating loss of $17.4 million, including restructuring charges of
$13.8 million in the first quarter of 2008. Boat manufacturing
facilities also continued to significantly cut production rates and
take plant furloughs during the quarter to address inventory levels
held throughout the pipeline. Lower sales and reduced fixed-cost
absorption on lower production had an adverse effect on operating
earnings, which were partially offset by reduced expenses. Fitness
Segment The Fitness segment is comprised of the Life Fitness
Division, which manufactures and sells Life Fitness and Hammer
Strength fitness equipment. Fitness segment sales in the first
quarter of 2009 totaled $118.6 million, down 21 percent from $149.2
million in the year-ago quarter. International sales, which
represented 45 percent of total segment sales in the quarter,
declined by 16 percent on a year-to-year basis. For the quarter,
the Fitness segment reported operating earnings of $0.3 million,
including $1.0 million of restructuring charges. This compares with
operating earnings of $8.1 million in the year-ago quarter.
Commercial equipment sales, which account for the largest
percentage of Fitness segment sales, declined in the quarter as gym
and fitness club operators remained cautious about ordering
equipment. Sales of consumer exercise equipment were down even more
year-over-year, reflecting the effects of the weak economy.
Operating earnings reflected the unfavorable effect of the reduced
sales, which was partially mitigated by reduced expenses. Bowling
& Billiards Segment The Bowling & Billiards segment is
comprised of Brunswick retail bowling centers; bowling equipment
and products; and billiards, Air Hockey and foosball tables.
Segment sales in the first quarter of 2009 totaled $99.9 million,
down 12 percent compared with $113.6 million in the year-ago
quarter. For the quarter, the segment reported operating earnings
of $10.6 million, including restructuring charges of $0.8 million.
This compares with operating earnings of $0.9 million, including
restructuring charges of $5.6 million in the first quarter of 2008.
Retail bowling revenues declined by mid-single digits during the
quarter. The bowling products and billiards businesses experienced
greater sales declines, as bowling center operators and billiards
retail customers remained cautious about purchases. Operating
earnings benefited from cost reductions and lower restructuring
charges in the segment, partially offset by lower revenue levels.
Outlook "We are not planning for any meaningful economic recovery
in 2009 and our near-term focus remains clear, which is to:
maintain strong liquidity without additional borrowings, take all
appropriate actions to maintain dealer health and position
ourselves to exit this global downturn as a stronger company,"
McCoy said. "Our plan requires that we continue to: (1) manage our
businesses for cash, with a focus on inventory reductions, (2)
produce and sell at wholesale below retail sales levels, (3)
evaluate our cost structure and take the appropriate actions
necessary to match the overall demand in the marketplace and (4)
execute against our core strategic platforms, which will enable us
to advance in our industries and maintain our leading brands and
market position. "Our full-year 2009 results will be negatively
affected by lower sales levels, reduced fixed-cost absorption, and
higher pension-related expenses when compared with 2008, as well as
by continuing restructuring charges. Partially offsetting these
factors will be approximately $240 million of 2009 cost reductions
resulting from the full-year effect of actions taken in 2008, as
well as further cost reduction activities initiated or planned in
2009. And although our 2009 earnings will be down significantly
compared with 2008 earnings before restructuring charges,
impairments, and special tax items, it remains our goal to exit
2009 with cash at or above the amount that we reported on our
balance sheet at year-end 2008, without increased borrowings. "As
each day passes and we successfully execute against these actions,
we become increasingly confident that we are well positioned to
benefit from an economic recovery," McCoy said. Conference Call
Scheduled Brunswick will host a conference call today at 10 a.m.
CDT, hosted by Dustan E. McCoy, chairman and chief executive
officer, Peter B. Hamilton, senior vice president and chief
financial officer, and Bruce J. Byots, 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
(800) 857-1754 (passcode: Brunswick Q1). Callers outside North
America should call +1 (517) 308-9227 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, May 7, 2009, by calling
(888) 445-8680 or (203) 369-3155. 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, products and services; the ability to
successfully complete restructuring efforts in the timeframe and
cost anticipated; the ability to successfully complete the
disposition of non-core assets; 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 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; 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 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 transition and ramp up certain
manufacturing operations within time and budgets allowed; the
ability to successfully develop and distribute products
differentiated for the global marketplace; shifts in currency
exchange rates; adverse foreign economic conditions; the success of
global sourcing and supply chain initiatives; 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 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; Arvor, Bayliner, Bermuda, Boston Whaler,
Cabo Yachts, Crestliner, Cypress Cay, Harris, Hatteras, Kayot,
Lowe, Lund, Maxum, Meridian, Ornvik, Princecraft, Quicksilver,
Rayglass, 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; Life Fitness and Hammer Strength 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 Operations (in millions, except per
share data) (unaudited) Three Months Ended ------------------ April
4, March 29, 2009 2008 % Change ---- ---- -------- Net sales $734.7
$1,346.8 -45% Cost of sales 643.5 1,077.3 -40% Selling, general and
administrative expense 155.2 203.1 -24% Research and development
expense 23.9 33.9 -29% Restructuring, exit and impairment charges
39.6 22.2 78% ---- ---- Operating earnings (loss) (127.5) 10.3 NM
Equity earnings (loss) (3.2) 4.8 NM Investment sale gain - 19.7 NM
Other income (expense), net (1.4) 1.1 NM ---- --- Earnings (loss)
before interest and income taxes (132.1) 35.9 NM Interest expense
(18.2) (11.5) -58% Interest income 0.5 1.4 -64% --- --- Earnings
(loss) before income taxes (149.8) 25.8 NM Income tax provision
34.4 12.5 ---- ---- Net earnings (loss) $(184.2) $13.3 NM =======
===== Earnings (loss) per common share: Basic $(2.08) $0.15 Diluted
$(2.08) $0.15 Weighted average shares used for computation of:
Basic earnings (loss) per common share 88.4 88.2 Diluted earnings
(loss) per common share 88.4 88.3 Effective tax rate (1) -23.0%
48.4% Supplemental Information ------------------------ Diluted net
earnings (loss) $(2.08) $0.15 Restructuring, exit and impairment
charges (2) 0.45 0.16 Investment sale gain, net of tax - (0.10)
Special tax items 0.40 - ---- --- Diluted net earnings (loss), as
adjusted $(1.23) $0.21 ====== ===== (1) The change in the effective
tax rate in the first quarter of 2009 was primarily due to
increases in state and foreign deferred tax valuation allowances
resulting from cumulative losses reported by the company. (2) The
2009 Restructuring, exit and impairment charges assume no tax
benefit, while the 2008 Restructuring, exit and impairment charges
include a tax benefit. Brunswick Corporation Selected Financial
Information (in millions) (unaudited) Segment Information (1) Three
Months Ended ------------------ Net Operating Operating Sales
Earnings (2) Margin ----- ------------ ---------- April 4, March
29, % April 4, March 29, % April 4, March 29, 2009 2008 Change 2009
2008 Change 2009 2008 ---- ---- ------ ---- ---- ------ ---- ----
Marine Engine $343.9 $628.6 -45% $(50.6) $33.6 NM -14.7% 5.3% Boat
205.3 565.6 -64% (72.3) (17.4) NM -35.2% -3.1% Marine Elimi-
nations (33.0) (110.2) - - ----- ------ --- --- Total Marine 516.2
1,084.0 -52% (122.9) 16.2 NM -23.8% 1.5% Fitness 118.6 149.2 -21%
0.3 8.1 -96% 0.3% 5.4% Bowling & Billiards 99.9 113.6 -12% 10.6
0.9 NM 10.6% 0.8% Corp/Other - - (15.5) (14.9) -4% --- --- -----
----- Total $734.7 $1,346.8 -45% $(127.5) $10.3 NM -17.4% 0.8%
====== ======== ======= ===== (1) During the first quarter of 2009,
the company realigned the management of its marine service, parts
and accessories businesses. The Boat segment's parts and
accessories businesses of Attwood, Land 'N' Sea, Benrock, Inc.,
Kellog Marine, Inc. and Diversified Marine Products, L.P. are now
being managed by the Marine Engine segment's service and parts
business leaders. As a result, the parts and accessories businesses
operating results previously reported in the Boat segment are now
being reported in the Marine Engine segment. Segment results have
been restated for all periods presented to reflect the change in
Brunswick's reported segments. (2) Operating earnings in the first
quarter of 2009 include $39.6 million of pretax restructuring, exit
and impairment charges. The $39.6 million charge consists of $11.7
million in the Marine Engine segment, $25.0 million in the Boat
segment, $1.0 million in the Fitness segment, $0.8 million in the
Bowling & Billiards segment and $1.1 million in Corp/Other.
Operating earnings in the first quarter of 2008 include $22.2
million of pretax restructuring, exit and impairment charges. The
$22.2 million charge consists of $1.5 million in the Marine Engine
segment, $13.8 million in the Boat segment, $5.6 million in the
Bowling & Billiards segment and $1.3 million in Corp/Other.
Brunswick Corporation Comparative Condensed Consolidated Balance
Sheets (in millions) April 4, December 31, March 29, 2009 2008 2008
---- ---- ---- (unaudited) (unaudited) Assets Current assets Cash
and cash equivalents $359.1 $317.5 $267.3 Accounts and notes
receivables, net 381.9 444.8 648.8 Inventories Finished goods 371.7
457.7 494.3 Work-in-process 232.6 248.2 346.0 Raw materials 97.0
105.8 143.9 ---- ----- ----- Net inventories 701.3 811.7 984.2
Deferred income taxes 13.3 103.2 241.9 Prepaid expenses and other
48.8 59.7 57.5 ---- ---- ---- Current assets 1,504.4 1,736.9
2,199.7 ------- ------- ------- Net property 875.8 917.6 1,034.4
----- ----- ------- Other assets Goodwill, net 287.8 290.9 678.4
Other intangibles, net 83.4 86.6 242.6 Investments 70.9 75.4 118.3
Other long-term assets 114.3 116.5 138.0 ----- ----- ----- Other
assets 556.4 569.4 1,177.3 ----- ----- ------- Total assets
$2,936.6 $3,223.9 $4,411.4 ======== ======== ======== Liabilities
and shareholders' equity Current liabilities Short-term debt $2.4
$3.2 $0.9 Accounts payable 238.2 301.3 488.0 Accrued expenses 653.7
696.7 832.2 ----- ----- ----- Current liabilities 894.3 1,001.2
1,321.1 Long-term debt 728.1 728.5 729.1 Other long-term
liabilities 766.9 764.3 444.2 Common shareholders' equity 547.3
729.9 1,917.0 ----- ----- ------- Total liabilities and
shareholders' equity $2,936.6 $3,223.9 $4,411.4 ======== ========
======== Supplemental Information ------------------------
Debt-to-capitalization rate 57.2% 50.1% 27.6% Brunswick Corporation
Comparative Condensed Consolidated Statements of Cash Flows (in
millions) (unaudited) Three Months Ended ------------------ April
4, March 29, 2009 2008 ---- ---- Cash flows from operating
activities Net earnings (loss) $(184.2) $13.3 Depreciation and
amortization 41.6 44.3 Deferred income taxes 35.0 9.4 Changes in
non-cash current assets and current liabilities 79.4 (136.6)
Impairment charges 4.0 8.4 Income taxes 69.1 (1.2) Other, net 5.6
(11.7) --- ----- Net cash provided by (used for) operating
activities 50.5 (74.1) ---- ----- Cash flows from investing
activities Capital expenditures (7.2) (28.3) Investments (1.4)
(4.1) Proceeds from investment sale - 40.4 Proceeds from sale of
property, plant and equipment 0.9 1.7 Other, net (0.2) 0.2 ---- ---
Net cash provided by (used for) investing activities (7.9) 9.9 ----
--- Cash flows from financing activities Net issuances (repayments)
of short-term debt (0.7) 0.3 Payments of long-term debt including
current maturities (0.3) (0.2) ---- ---- Net cash provided by (used
for) financing activities (1.0) 0.1 ---- --- Net increase
(decrease) in cash and cash equivalents 41.6 (64.1) Cash and cash
equivalents at beginning of period 317.5 331.4 ----- ----- Cash and
cash equivalents at end of period $359.1 $267.3 ====== ====== Free
Cash Flow Net cash provided by (used for) operating activities
$50.5 $(74.1) Net cash provided by (used for): Capital expenditures
(7.2) (28.3) Proceeds from investment sale - 40.4 Proceeds from
sale of property, plant and equipment 0.9 1.7 Other, net (0.2) 0.2
---- --- Total free cash flow $44.0 $(60.1) ===== ====== Brunswick
Corporation Appendix Segment Restatement 2007 - 2008 (in millions)
(unaudited) First Quarter - Year to Date
---------------------------- Net Sales Operating Earnings
Restructuring --------- ------------------ ------------- 2007 2008
2007 2008 2007 2008 ---- ---- ---- ---- ---- ---- Marine Engine
$635.9 $628.6 $39.4 $33.6 $3.4 $1.5 Boat 623.9 565.6 14.8 (17.4)
4.2 13.8 Marine eliminations (124.4) (110.2) - - - - ------ ------
--- --- --- --- Total Marine 1,135.4 1,084.0 54.2 16.2 7.6 15.3
Fitness 145.0 149.2 8.1 8.1 - - Bowling & Billiards 105.8 113.6
8.3 0.9 - 5.6 Eliminations (0.1) - - - - - Corporate/Other - -
(17.6) (14.9) - 1.3 -------- -------- ----- ----- --- --- Total
$1,386.1 $1,346.8 $53.0 $10.3 $7.6 $22.2 ======== ======== =====
===== ==== ===== Brunswick Corporation Appendix Segment Restatement
2007 - 2008 (in millions) (unaudited) Second Quarter - Year to Date
----------------------------- Net Sales Operating Earnings
Restructuring --------- ------------------ ------------- 2007 2008
2007 2008 2007 2008 ---- ---- ---- ---- ---- ---- Marine Engine
$1,397.6 $1,352.2 $128.2 $92.5 $3.4 $19.1 Boat 1,251.0 1,157.3 25.6
(59.6) 5.2 51.4 Marine eliminations (237.5) (207.2) - - - - ------
------ --- --- --- --- Total Marine 2,411.1 2,302.3 153.8 32.9 8.6
70.5 Fitness 289.0 306.1 15.5 16.3 - 1.3 Bowling & Billiards
209.0 224.0 5.6 (18.9) - 25.4 Eliminations (0.1) (0.2) - - - -
Corporate/Other - - (35.6) (37.2) 0.1 8.1 -------- -------- -----
----- --- --- Total $2,909.0 $2,832.2 $139.3 $(6.9) $8.7 $105.3
======== ======== ====== ===== ==== ====== Second Quarter - Quarter
to Date -------------------------------- Net Sales Operating
Earnings Restructuring --------- ------------------ -------------
2007 2008 2007 2008 2007 2008 ---- ---- ---- ---- ---- ---- Marine
Engine $761.7 $723.6 $88.8 $58.9 $- $17.6 Boat 627.1 591.7 10.8
(42.2) 1.0 37.6 Marine eliminations (113.1) (97.0) - - - - ------
----- --- --- --- --- Total Marine 1,275.7 1,218.3 99.6 16.7 1.0
55.2 Fitness 144.0 156.9 7.4 8.2 - 1.3 Bowling & Billiards
103.2 110.4 (2.7) (19.8) - 19.8 Eliminations - (0.2) - - - -
Corporate/Other - - (18.0) (22.3) 0.1 6.8 --- --- ----- ----- ---
--- Total $1,522.9 $1,485.4 $86.3 $(17.2) $1.1 $83.1 ========
======== ===== ====== ==== ===== Brunswick Corporation Appendix
Segment Restatement 2007 - 2008 (in millions) (unaudited) Third
Quarter - Year to Date ---------------------------- Net Sales
Operating Earnings Restructuring --------- ------------------
------------- 2007 2008 2007 2008 2007 2008 ---- ---- ---- ----
---- ---- Marine Engine $2,040.2 $1,867.4 $177.4 $82.8 $4.8 $37.7
Boat 1,780.2 1,471.5 (66.4) (595.9) 74.9 543.0 Marine eliminations
(347.8) (270.6) - - - - ------ ------ --- --- --- --- Total Marine
3,472.6 3,068.3 111.0 (513.1) 79.7 580.7 Fitness 439.2 467.7 27.3
26.6 - 2.1 Bowling & Billiards 323.6 335.1 5.4 (29.3) - 40.8
Eliminations (0.2) (0.1) - - - - Corporate/Other - - (50.7) (57.4)
0.1 15.9 -------- -------- ----- ----- --- ---- Total $4,235.2
$3,871.0 $93.0 $(573.2) $79.8 $639.5 ======== ======== =====
======= ===== ====== Third Quarter - Quarter to Date
------------------------------- Net Sales Operating Earnings
Restructuring --------- ------------------ ------------- 2007 2008
2007 2008 2007 2008 ---- ---- ---- ---- ---- ---- Marine Engine
$642.6 $515.2 $49.2 $(9.7) $1.4 $18.6 Boat 529.2 314.2 (92.0)
(536.3) 69.7 491.6 Marine eliminations (110.3) (63.4) - - - -
------ ----- --- --- --- --- Total Marine 1,061.5 766.0 (42.8)
(546.0) 71.1 510.2 Fitness 150.2 161.6 11.8 10.3 - 0.8 Bowling
& Billiards 114.6 111.1 (0.2) (10.4) - 15.4 Eliminations (0.1)
0.1 - - - - Corporate/Other - - (15.1) (20.2) - 7.8 --- --- -----
----- --- --- Total $1,326.2 $1,038.8 $(46.3) $(566.3) $71.1 $534.2
======== ======== ====== ======= ===== ====== Brunswick Corporation
Appendix Segment Restatement 2007 - 2008 (in millions) (unaudited)
Fourth Quarter - Year to Date ----------------------------- Net
Sales Operating Earnings Restructuring --------- ------------------
------------- 2007 2008 2007 2008 2007 2008 ---- ---- ---- ----
---- ---- Marine Engine $2,639.5 $2,207.6 $195.8 $69.9 $4.8 $36.9
Boat 2,367.5 1,719.5 (93.5) (655.3) 80.9 582.4 Marine eliminations
(436.2) (306.0) - - - - ----- ----- --- --- --- --- Total Marine
4,570.8 3,621.1 102.3 (585.4) 85.7 619.3 Fitness 653.7 639.5 59.7
52.2 - 3.3 Bowling & Billiards 446.9 448.3 16.5 (12.7) 2.8 44.6
Eliminations (0.2) (0.2) - - - - Corporate/Other - - (71.3) (65.7)
0.1 21.2 --- --- ---- ---- --- ---- Total $5,671.2 $4,708.7 $107.2
$(611.6) $88.6 $688.4 ======= ======= ===== ===== ==== ===== Fourth
Quarter - Quarter to Date -------------------------------- Net
Sales Operating Earnings Restructuring --------- ------------------
------------- 2007 2008 2007 2008 2007 2008 ---- ---- ---- ----
---- ---- Marine Engine $599.3 $340.2 $18.4 $(12.9) $- $(0.8) Boat
587.3 248.0 (27.1) (59.4) 6.0 39.4 Marine eliminations (88.4)
(35.4) - - - - ---- ---- --- --- --- --- Total Marine 1,098.2 552.8
(8.7) (72.3) 6.0 38.6 Fitness 214.5 171.8 32.4 25.6 - 1.2 Bowling
& Billiards 123.3 113.2 11.1 16.6 2.8 3.8 Eliminations - (0.1)
- - - - Corporate/Other - - (20.6) (8.3) - 5.3 --- --- ---- --- ---
--- Total $1,436.0 $837.7 $14.2 $(38.4) $8.8 $48.9 ======= =====
==== ==== === ==== DATASOURCE: Brunswick Corporation CONTACT: Bruce
Byots, Vice President - Corporate and Investor Relations,
+1-847-735-4612, or Daniel Kubera, Director - Media Relations and
Corporate Communications, +1-847-735-4617, Web Site:
http://www.brunswick.com/
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