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Archive for April, 2009

WEAK MARKET CONDITIONS CONTINUE; COMPANY MAINTAINS FOCUS ON CASH FLOW

LAKE FOREST, Ill., April 30 /PRNewswire-FirstCall/ — Brunswick Corporation 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.

Brunswick Reports First Quarter Results: PRNewswire Business News – MSN Money

Tags: baylinerboats, bayliner parts,

With boat sales down and repossessions on the rise, hundreds of recreational watercraft are stacking up at an Oshkosh business.

It’s called the Midwest Marine Repo Center, a Skipper Bud’s boat dealership, on the south shore of Lake Butte des Morts.

Boats from across the nation, some costing more than $100,000, have been sent there for liquidation at discount prices.

Some were repossessed by banks and other lenders. Others are new boats from dealerships that have fallen on hard times.

Some are from outdoor enthusiasts, stuck with a hobby they couldn’t afford, now selling their boats on consignment.

“There’s a little bit of everything,” from aluminum fishing boats to big cruisers, said Mike Pretasky Jr., Skipper Bud’s president.

Wisconsin’s marine manufacturers also are feeling the recession as they throttle back production and cut jobs.

Sales of pleasure boats have been shaky for several years and took a severe nosedive late last year as the economy worsened.

The fallout deeply affected Brunswick Corp., the world’s largest boat builder who manufacturers Bayliner Boats and parent of Mercury Marine Inc.

Bayliner Boats and Brunswick closed eight factories and eliminated hundreds of marine-industry jobs last year, including jobs in Fond du Lac.

“Demand is down. And there are no factors on the near horizon which will improve demand,” Brunswick CEO Dustan McCoy recently told analysts.

Perhaps a glimmer of hope, Viestenz said he’s seen more sales activity in the last four weeks than he has seen in the last six months.

Most of the buyers are bargain hunters, leaving little profit for the manufacturers, but the increased sales will help clear out inventories of unsold boats. “At some point, supply and demand will get back in balance,” Viestenz said. Bayliner Boats-Bayliner Parts thanks; Boats take a hit during the recession – JSOnline

Here is where to go to get the BEST deals and prices on seized boats and repo boats at Boat Auctions

PORT ORCHARD — An 48-foot Bayliner yacht was destroyed by fire Tuesday morning at the Sinclair Inlet Marina, according to police and fire officials.

Crews were called to the 500 block of Bay Street at about 7:45 a.m. and found the boat on fire. Others at the marina had smelled the fire and called 911.

Kitsap County Deputy Fire Marshal Greg Hanson, on his way to work, saw smoke from the top of the hill and was the first to reach the scene, Fire Marshal David Lynam said. South Kitsap Fire and Rescue crews soon followed.

Crews couldn’t get the marina’s standpipe, which provides water for firefighting, to work. So a Port Orchard police officer invited two firefighters aboard the department’s 31-foot police boat and they towed the burning boat away from the marina, Police Chief Al Townsend said. Marina officials said the standpipe was being repaired, Lynam said.

The boat had been tied alongside the covered marina. It was moved a few hundred feet to the end of another pier, allowing firefighters to run their hoses to it from the street. Until then, the fire had been contained inside of the boat, but flames soon burst through the windows.

There were no injuries and no other boats or property was damaged. Lynam said hundreds of gallons of diesel were on board, but none leaked.

Lynam said the fire started in the pilot house from a failure of the boat’s electrical system.

The owner came from Seattle to check on the Bayliner Boat. A damage estimate hasn’t been completed, but the owner said the boat was worth about $250,000, Lynam said. Bayliner Boats – Bayliner Parts thanks; Boat Burns in Port Orchard Marina : South Kitsap : Kitsap Sun