CASH POSITION and LIQUIDITY INCREASED; PIPELINE and COMPANY
INVENTORY REDUCED LAKE FOREST, Ill., Oct. 29 /PRNewswire-FirstCall/
-- Brunswick Corporation (NYSE:BC) reported today results for the
third quarter of 2009: -- Total sales of $665.8 million were down
36 percent versus 2008, primarily the result of marine sales that
dropped by 40 percent from year-ago levels. -- A net loss of $114.3
million, or $1.29 per diluted share, which includes $0.32 per
diluted share of restructuring charges, and $0.24 per diluted share
of benefits from special tax items. -- Cash totaled $624.1 million,
up from the 2008 year-end balance of $317.5 million. -- Pipeline
reduction and inventory management strategies led to lower dealer
inventory levels and company cash flow benefits, while having a
negative impact on the company's revenue and earnings. "We continue
to make great strides in improving our overall liquidity position,
reducing our marine dealer pipeline and executing our cost
reduction program," said Brunswick's Chairman and Chief Executive
Officer Dustan E. McCoy. "These significant accomplishments have
been achieved against a global marine market that has experienced
its lowest level of demand in more than 45 years. "Our overall
liquidity at the end of the third quarter was $740 million, $222
million higher than existed at the end of 2008. During the quarter,
we retired notes maturing in 2011, which eliminates any material
debt maturities over the next three years. "As we entered 2009, we
established as one of our top priorities an inventory management
and pipeline reduction strategy that was intended to assist our
dealers through this very difficult period. By producing fewer
units than we sold at wholesale, and selling lower amounts at
wholesale than our dealers are retailing, we have been able to
reduce the number of boats on dealers' showrooms as well as in our
factory yards to extremely low levels. This strategy of taking all
reasonable actions to maintain the health of our dealers has thus
far led to very manageable levels of dealer exits, and any related
Brunswick boat repurchase obligations. "The factors that affected
our revenues and earnings in the previous two quarters of 2009
continued into the third, including lower overall unit sales levels
across our entire company, combined with higher discounts and
incentives to facilitate retail boat sales, particularly of older
boat models. During the third quarter, the company continued to
experience reduced fixed-cost absorption and higher pension and bad
debt expenses. Offsetting these factors were cost savings generated
from our successful and ongoing fixed-cost reduction activities and
lower restructuring charges, along with the absence of large
impairment and tax charges incurred in the third quarter of last
year," McCoy said. Third Quarter Results For the third quarter of
2009, the company reported net sales of $665.8 million, down from
$1,038.8 million a year earlier. For the quarter, the company
reported an operating loss of $109.4 million, which included $28.8
million of restructuring charges. In the third quarter of 2008, the
company had an operating loss of $566.3 million, which included
$534.2 million of impairment and restructuring charges. For the
quarter, Brunswick reported a net loss of $114.3 million, or $1.29
per diluted share, as compared with a net loss of $729.1 million,
or $8.26 per diluted share, for the third quarter of 2008. The
diluted loss per share for the third quarter of 2009 included
restructuring charges of $0.32 per diluted share and a $0.24 per
diluted share benefit from special tax items. Diluted earnings per
share for the third quarter of 2008 included $4.59 per diluted
share of impairment and restructuring charges, and $3.34 per
diluted share of non-cash charges for special tax items. Review of
Cash Flow and Balance Sheet During the quarter, the company issued
$350 million of senior secured notes due in 2016. The net proceeds
from this financing of approximately $330 million were used to
retire $149 million of senior notes due in 2011, and $12 million of
senior notes due in 2013. Also in the quarter, the company reduced
its borrowings under the Mercury Marine ABL facility by $74
million, and ended the period with no borrowings under this
facility. Cash and cash equivalents were $624 million at the end of
the third quarter, up $307 million from year-end 2008 levels. The
company's increased cash position resulted primarily from a change
in certain current assets and current liabilities, net financing
activities and net tax refunds, partially offset by net losses
experienced in the nine-month period and pension contributions. The
change in certain current assets and current liabilities was
largely the result of reductions of the company's inventory and
accounts and notes receivable, partially offset by decreased
accounts payable and lower accrued expenses. Net debt (defined as
total debt, less cash and cash equivalents) was $292 million, down
$122 million from year-end 2008 levels. The company's total
liquidity (defined as cash and cash equivalents, plus amounts
available under its asset-backed lending facilities) totaled $740
million, up $222 million from year-end 2008 levels. 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 $363.5 million in the third
quarter of 2009, down 29 percent from $515.2 million in the
year-ago third quarter. International sales, which represented 41
percent of total segment sales in the quarter, declined by 27
percent. For the quarter, the Marine Engine segment reported an
operating loss of $13.4 million, including restructuring charges of
$18.8 million. This compares with an operating loss of $9.7 million
in the year-ago quarter, which included $18.6 million of impairment
and restructuring charges. Sales were off across all Marine Engine
operations, with sterndrive engines experiencing a greater sales
decline than outboard engines. Sales from the segment's domestic
marine service, parts and accessories businesses, which represented
35 percent of total segment sales in the quarter, were down
mid-single digits, as boat usage and the purchase of parts and
accessories remained relatively stable. 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, reduced fixed-cost
absorption on lower production and higher bad debt expense had an
adverse effect on operating earnings, which were partially offset
by Mercury Marine's expense reductions. 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 third
quarter of 2009 of $118.2 million, down 62 percent compared with
$314.2 million in the third quarter of 2008. International sales,
which represented 43 percent of total segment sales in the quarter,
decreased by 60 percent during the period. For the third quarter of
2009, the Boat segment reported an operating loss of $86.7 million,
including restructuring charges of $6.6 million. This compares with
an operating loss of $536.3 million, including impairment and
restructuring charges of $491.6 million, in the third 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 by the company and its dealers. Lower
sales, reduced fixed-cost absorption on lower production volumes
and higher discounts and incentives to support retail sales by
dealers had an adverse effect on operating earnings, which were
partially offset by the Boat Group's expense reductions and the
absence of impairment charges incurred in the third quarter of
2008. 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
third quarter of 2009 totaled $126.8 million, down 22 percent from
$161.6 million in the year-ago quarter. International sales, which
represented 55 percent of total segment sales in the quarter,
declined by 15 percent. For the quarter, the Fitness segment
reported operating earnings of $12.5 million, including $0.4
million of restructuring charges. This compares with operating
earnings of $10.3 million, including restructuring charges of $0.8
million, in the third quarter of 2008. 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 also down, although at lower rates than sales of
commercial equipment. Higher operating earnings in the third
quarter of 2009, when compared with 2008, reflect actions taken by
Life Fitness to reduce expenses, which were partially offset by the
unfavorable effect of lower sales. Bowling & Billiards Segment
The Bowling & Billiards segment is comprised of Brunswick
retail bowling centers; bowling equipment and products; and
billiards tables and accessories. Segment sales in the third
quarter of 2009 totaled $77.5 million, down 30 percent compared
with $111.1 million in the year-ago quarter. For the quarter, the
segment reported an operating loss of $3.8 million, including
restructuring charges of $0.8 million. This compares with an
operating loss of $10.4 million, including impairment and
restructuring charges of $15.4 million in the third quarter of
2008. For the quarter, retail bowling equivalent-center sales
declined by a high single-digit percentage. The bowling products
and billiards businesses experienced greater sales declines, as
bowling center operators and retail billiards customers remained
cautious about purchases. Operating losses reflected the
unfavorable effect of the reduced sales, which was partially offset
by Bowling & Billiards' cost reduction activities and the
absence of impairment charges incurred in the third quarter of
2008. Outlook "As we enter the fourth quarter of 2009 and begin
planning for 2010, our near-term operating and financial strategies
will continue to be focused on maintaining strong liquidity without
additional borrowing, taking all reasonable actions to protect our
dealer network, and positioning ourselves to take advantage of
improvements in economic conditions as they occur," McCoy said.
"Strategic actions pertaining to our inventory management and
pipeline reduction strategy will continue during the fourth
quarter, with a target to further reduce the number of boats in our
backyard and to minimize the seasonal growth in pipeline
inventories. These actions should continue to negatively affect our
sales and earnings as they have in the previous three quarters. "As
we enter 2010, the majority of our boat and engine manufacturing
facilities will begin to ramp up production. This is primarily the
result of dealer inventories being at historically low levels,
which means we will need to increase our wholesale shipments of
boats and engines to meet retail demand. Increased production
combined with higher wholesale shipments should provide improved
revenue and reduced losses throughout 2010. "In addition, the cash
generated from improving EBITDA, combined with continued tight
working capital management as well as a continued focus on our cost
management programs, should enable us to maintain strong levels of
liquidity throughout 2010. "During the third quarter, in our
continuing efforts to evaluate our manufacturing footprint, brands,
models, and cost and operating structures, we made a strategic
decision to consolidate Mercury Marine's two largest U.S.
manufacturing operations. The consolidation of manufacturing
operations in Fond du Lac, Wis., is expected to generate the
highest returns with the lowest execution risk. "As a result of
this decision, we will transition during the next 24 months our
manufacturing operations from Stillwater, Okla., to our facility in
Wisconsin. This consolidation, combined with the net fixed-cost
reductions achieved over the past two years, should help uniquely
position Brunswick for continued market leadership in our marine
and recreation businesses," McCoy concluded. 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) 369-2064 (passcode: Brunswick Q3). Callers outside North
America should call +1 (517) 308-9313 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 10:59 p.m. CST Thursday, Nov. 5, 2009, by calling
(800) 926-8540 or (203) 369-3852. 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. Such
statements are based on current expectations, estimates and
projections about Brunswick's business. These statements are not
guarantees of future performance and 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 the amount of
disposable income available to consumers for discretionary
purchases, and 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 and Quarterly Report on Form 10-Q for the
quarter ended July 4, 2009. Such forward-looking statements speak
only as of the date on which they are made and Brunswick does not
undertake any obligation to update any forward-looking statements
to reflect events or circumstances after the date of this news
release, or for changes made to this document by wire services or
Internet service providers. 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;
Attwood marine parts and accessories; Land 'N' Sea, Kellogg Marine,
Diversified Marine and Benrock parts and accessories distributors;
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; Life Fitness and Hammer
Strength fitness equipment; Brunswick bowling centers, equipment
and consumer products; Brunswick billiards 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
------------------ Oct. 3, Sept. 27, 2009 2008 % Change ---- ----
-------- Net sales $665.8 $1,038.8 -36% Cost of sales 590.2 862.3
-32% Selling, general and administrative expense 136.7 177.4 -23%
Research and development expense 19.5 31.2 -38% Goodwill impairment
charges - 374.0 NM Trade name impairment charges - 121.1 NM
Restructuring, exit and impairment charges 28.8 39.1 -26% ---- ----
Operating loss (109.4) (566.3) 81% Equity loss (3.8) (1.0) NM
Investment sale gain - 2.1 NM Other income (expense), net 0.3 (0.3)
NM --- ---- Loss before interest and income taxes (112.9) (565.5)
80% Interest expense (23.7) (12.7) -87% Interest income 0.7 2.5
-72% --- --- Loss before income taxes (135.9) (575.7) 76% Income
tax (benefit) provision (21.6) 153.4 ----- ----- Net loss $(114.3)
$(729.1) 84% ======= ======= Loss per common share: Basic $(1.29)
$(8.26) Diluted $(1.29) $(8.26) Weighted average shares used for
computation of: Basic loss per common share 88.4 88.3 Diluted loss
per common share 88.4 88.3 Effective tax rate 15.9% -26.7%
Supplemental Information ------------------------ Diluted net loss
$(1.29) $(8.26) Restructuring, exit and impairment charges (1) 0.32
0.28 Goodwill impairment - 3.37 Trade name impairment - 0.94
Special tax items (0.24) 3.34 ----- ---- Diluted net loss, as
adjusted $(1.21) $(0.33) ====== ====== (1) 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 Comparative Consolidated Statements of
Operations (in millions, except per share data) (unaudited) Nine
Months Ended ----------------- Oct. 3, Sept. 27, 2009 2008 % Change
---- ---- -------- Net sales $2,118.8 $3,871.0 -45% Cost of sales
1,878.0 3,121.5 -40% Selling, general and administrative expense
454.5 586.1 -22% Research and development expense 64.7 97.1 -33%
Goodwill impairment charges - 377.2 NM Trade name impairment
charges - 133.9 NM Restructuring, exit and impairment charges 103.9
128.4 -19% ----- ----- Operating loss (382.3) (573.2) 33% Equity
earnings (loss) (11.1) 10.1 NM Investment sale gain - 23.0 NM Other
income (expense), net (1.3) 1.6 NM ---- --- Loss before interest
and income taxes (394.7) (538.5) 27% Interest expense (60.2) (35.6)
-69% Interest income 2.2 5.4 -59% --- --- Loss before income taxes
(452.7) (568.7) 20% Income tax expense 9.5 153.1 --- ----- Net loss
$(462.2) $(721.8) 36% ======= ======= Loss per common share: Basic
$(5.23) $(8.18) Diluted $(5.23) $(8.18) Weighted average shares
used for computation of: Basic loss per common share 88.4 88.3
Diluted loss per common share 88.4 88.3 Effective tax rate -2.1%
-26.9% Supplemental Information ------------------------ Diluted
net loss $(5.23) $(8.18) Restructuring, exit and impairment charges
(1) 1.17 0.91 Goodwill impairment - 3.40 Trade name impairment -
1.03 Investment sale gain, net of tax - (0.11) Special tax items
0.12 3.31 ---- ---- Diluted net earnings (loss), as adjusted
$(3.94) $0.36 ====== ===== (1) 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
------------------ Operating Earnings Net Sales (Loss)(2) Operating
Margin ------------------------------------------------------- Oct.
3, Sept. 27, % Oct. 3, Sept. 27, % Oct. 3, Sept. 27, 2009 2008
Change 2009 2008 Change 2009 2008 ---- ---- ------ ---- ---- ------
---- ---- Marine Engine $363.5 $515.2 -29% $(13.4) $(9.7) -38%
-3.7% -1.9% Boat 118.2 314.2 -62% (86.7) (536.3) 84% -73.4% NM
Marine eliminations (20.1) (63.4) - - ----- ----- --- --- Total
Marine 461.6 766.0 -40% (100.1) (546.0) 82% -21.7% -71.3% Fitness
126.8 161.6 -22% 12.5 10.3 21% 9.9% 6.4% Bowling & Billiards
77.5 111.1 -30% (3.8) (10.4) 63% -4.9% -9.4% Eliminations (0.1) 0.1
- - Corp/Other - - (18.0) (20.2) 11% --- --- ----- ----- Total
$665.8 $1,038.8 -36% $(109.4) $(566.3) 81% -16.4% -54.5% ======
======== ======= ======= Nine Months Ended -----------------
Operating Earnings Net Sales (Loss) (3) Operating Margin
------------------------------------------------------- Oct. 3,
Sept. 27, % Oct. 3, Sept. 27, % Oct. 3, Sept. 27, 2009 2008 Change
2009 2008 Change 2009 2008 ---- ---- ------ ---- ---- ------ ----
---- Marine Engine $1,122.6 $1,867.4 -40% $(71.8) $82.8 NM -6.4%
4.4% Boat 462.3 1,471.5 -69% (266.9) (595.9) 55% -57.7% -40.5%
Marine eliminations (71.2) (270.6) - - ----- ------ --- --- Total
Marine 1,513.7 3,068.3 -51% (338.7) (513.1) 34% -22.4% -16.7%
Fitness 350.4 467.7 -25% 13.0 26.6 -51% 3.7% 5.7% Bowling &
Billiards 254.8 335.1 -24% 0.9 (29.3) NM 0.4% -8.7% Eliminations
(0.1) (0.1) - - Corp/Other - - (57.5) (57.4) 0% --- --- ----- -----
Total $2,118.8 $3,871.0 -45% $(382.3) $(573.2) 33% -18.0% -14.8%
======== ======== ======= ======= (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.,
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 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 (loss) in the
third quarter of 2009 includes $28.8 million of pretax
restructuring, exit and impairment charges. The $28.8 million
charge consists of $18.8 million in the Marine Engine segment, $6.6
million in the Boat segment, $0.4 million in the Fitness segment,
$0.8 million in the Bowling & Billiards segment and $2.2
million in Corp/Other. Operating earnings (loss) in the third
quarter of 2008 includes $534.2 million of pretax restructuring,
exit and impairment charges. The $534.2 million charge consists of
$18.6 million in the Marine Engine segment, $491.6 million in the
Boat segment, $0.8 million in the Fitness segment, $15.4 million in
the Bowling & Billiards segment and $7.8 million in Corp/Other.
(3) Operating earnings (loss) in the first nine months of 2009
includes $103.9 million of pretax restructuring, exit and
impairment charges. The $103.9 million consists of $40.1 million in
the Marine Engine segment, $49.5 million in the Boat segment, $1.6
million in the Fitness segment, $4.8 million in the Bowling &
Billiards segment and $7.9 million in Corp/Other. Operating
earnings (loss) in the first nine months of 2008 includes $639.5
million of restructuring, exit and impairment charges. The $639.5
million consists of $37.7 million in the Marine Engine segment,
$543.0 million in the Boat segment, $2.1 million in the Fitness
segment, $40.8 million in the Bowling & Billiards segment and
$15.9 million in Corp/Other. Brunswick Corporation Comparative
Condensed Consolidated Balance Sheets (in millions) Oct. 3,
December 31, Sept. 27, 2009 2008 2008 ---- ---- ---- (unaudited)
(unaudited) Assets Current assets Cash and cash equivalents $624.1
$317.5 $342.9 Accounts and notes receivables, net 368.2 444.8 518.3
Inventories Finished goods 238.8 457.7 475.9 Work-in-process 182.9
248.2 291.1 Raw materials 81.5 105.8 131.1 ---- ----- ----- Net
inventories 503.2 811.7 898.1 Deferred income taxes 13.1 103.2 39.2
Prepaid expenses and other 34.6 59.7 75.2 ---- ---- ---- Current
assets 1,543.2 1,736.9 1,873.7 ------- ------- ------- Net property
798.4 917.6 970.3 ----- ----- ----- Other assets Goodwill, net
292.6 290.9 294.8 Other intangibles, net 78.5 86.6 89.9 Investments
57.8 75.4 81.6 Non-current deferred tax asset - - 14.8 Other
long-term assets 109.9 116.5 140.8 ----- ----- ----- Other assets
538.8 569.4 621.9 ----- ----- ----- Total assets $2,880.4 $3,223.9
$3,465.9 ======== ======== ======== Liabilities and shareholders'
equity Current liabilities Short-term debt $11.5 $3.2 $0.3 Accounts
payable 232.6 301.3 346.8 Accrued expenses 628.4 696.7 791.7 -----
----- ----- Current liabilities 872.5 1,001.2 1,138.8 Long-term
debt 904.8 728.5 726.4 Other long-term liabilities 767.3 764.3
422.1 Shareholders' equity 335.8 729.9 1,178.6 ----- ----- -------
Total liabilities and shareholders' equity $2,880.4 $3,223.9
$3,465.9 ======== ======== ======== Supplemental Information
------------------------ Debt-to-capitalization rate 73.2% 50.1%
38.1% Brunswick Corporation Comparative Condensed Consolidated
Statements of Cash Flows (in millions) (unaudited) Nine Months
Ended ----------------- October 3, September 27, 2009 2008 ----
---- Cash flows from operating activities Net loss $(462.2)
$(721.8) Depreciation and amortization 119.8 133.1 Pension 58.7 4.8
Deferred income taxes 9.9 0.1 Provision for doubtful accounts 33.1
18.8 Goodwill, trade name, and other long-lived asset impairment
charges 18.0 561.1 Changes in non-cash current assets and current
liabilities 314.3 (113.9) Change due to repurchase of accounts
receivable (84.2) - Income taxes 90.6 159.9 Other, net 32.1 (21.9)
---- ----- Net cash provided by operating activities 130.1 20.2
----- ---- Cash flows from investing activities Capital
expenditures (20.2) (84.8) Investments 7.5 21.1 Proceeds from
investment sale - 45.5 Proceeds from sale of property, plant and
equipment 11.7 9.6 Other, net 1.9 0.2 --- --- Net cash provided by
(used for) investing activities 0.9 (8.4) --- ---- Cash flows from
financing activities Net issuances of short-term debt 8.3 -
Proceeds from asset-based lending facility 81.1 - Payments of
asset-based lending facility (81.1) - Net proceeds from issuance of
long-term debt 329.9 250.4 Payments of long-term debt including
current maturities (162.6) (250.7) ------ ------ Net cash provided
by (used for) financing activities 175.6 (0.3) ----- ---- Net
increase in cash and cash equivalents 306.6 11.5 Cash and cash
equivalents at beginning of period 317.5 331.4 ----- ----- Cash and
cash equivalents at end of period $624.1 $342.9 ====== ====== Free
Cash Flow Net cash provided by operating activities $130.1 $20.2
Net cash provided by (used for): Capital expenditures (20.2) (84.8)
Proceeds from investment sale - 45.5 Proceeds from sale of
property, plant and equipment 11.7 9.6 Other, net 1.9 0.2 --- ---
Total free cash flow $123.5 $(9.3) ====== ===== 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, , both of Brunswick Corporation Web Site:
http://www.brunswick.com/
Copyright
Brunswick (NYSE:BC)
Historical Stock Chart
From May 2024 to Jun 2024
Brunswick (NYSE:BC)
Historical Stock Chart
From Jun 2023 to Jun 2024