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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

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