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Brunswick Corp. who manufacture Bayliner Boats today reported a 22-percent drop in net sales for the fourth quarter of 2009, including a 38-percent decrease in net sales in the boat segment.

Pipeline reduction and inventory management strategies led to significantly lower dealer inventory levels and company cash flow benefits, while having a negative impact on revenue and earnings, the company said.

Brunswick exited 2009 with more cash on hand, a stronger dealer network with lower inventory levels and “a leaner company with a significantly lower cost structure,” chairman and CEO Dustan McCoy said this morning in a conference call with analysts.

Brunswick reported net sales of $657.3 million for the quarter, down from $837.7 million in the year-ago quarter: a net loss of $124.0 million, or $1.40 per diluted share, compared with a net loss of $66.3 million, or 75 cents per diluted share for the fourth quarter of 2008.

Cash totaled $526.6 million, up from the 2008 year-end balance of $317.5 million.

At midday, Brunswick stock was trading at $11.31 per share, down from an open of $12.31 per share. Its 52-week high and low are $13.90 and $2.06 respectively.

“The factors that negatively affected our revenues and earnings in the fourth quarter of 2009, compared to the previous year, included: lower overall unit sales levels across the company; higher discounts to facilitate retail boat sales, particularly of older boat models; and a reversal of variable compensation and defined contribution retirement accruals that benefited the fourth quarter of 2008,” McCoy said.

For the year ended Dec. 31, 2009, the company reported net sales of approximately $2.77 billion, down from approximately $4.70 billion a year earlier.

For 2009 the company reported a net loss of $586.2 million, or $6.63 per diluted share, as compared with a net loss of $788.1 million, or $8.93 per diluted share, for 2008.

The boat segment, which includes 17 boat brands, reported net sales of $153.4 million for the fourth quarter of 2009, down 38 percent compared with $248.0 million in the fourth quarter of 2008. For the fourth quarter of 2009, the boat segment reported an operating loss of $131.6 million.

The marine engine segment reported net sales of $302.4 million in the fourth quarter of 2009, down 11 percent from $340.2 million in the year-ago fourth quarter. For the quarter, the marine engine segment reported an operating loss of $59.4 million, including restructuring charges of $8.2 million. This compares with an operating loss of $12.9 million in the year-ago quarter.

Boat manufacturing facilities began to ramp up production during the quarter to address inventory requirements of dealers, although production levels remained below the prior year quarter.

“Although our plans reflect a modest reduction in retail marine demand, our boat facilities will gradually increase wholesale shipments throughout the year because dealer inventories are at historically low levels,” McCoy said. “The increase in wholesale boat shipments will require us to raise production rates throughout the year.

Brunswick reduced the number of units sold to dealers by 20 percent in the fourth quarter versus last year, and by nearly 55 percent for the year, McCoy said. The quarter ended with 26 weeks of product in the pipeline, compared to 34 weeks in the previous quarter.

Also, he noted, while the demand fell, the decline was not as sharp as in previous quarters.

McCoy said the company’s dealer network is healthy, with the number of dealers down less than 1 percent at the end of 2009.

“We’re comfortable with our dealer network,” he said. “We think it’s becoming a competitive advantage.”

Plenty of boat shows this month, here is another boat show update.  The 105th New York Boat Show is taking over the Javits Center through Sunday. It’s the perfect destination for buyers and dreamers alike, featuring more than 1,000 of the newest and best boats.

The boat show usually takes place over nine days in December, but the show shifted to January this year in the hopes of attracting more buyers. The show is only being held for five days this time around, so the pressure is on to sell.

An interesting tidbit – 76 percent of the boats out there are owned by families with a household income under $100,000. So while you might think of boating as an activity for the wealthy, it is more affordable than that.

Tickets are $12 for adults. Kids 15 and under are free.

Click here to visit NYBoatShow.com for details about the boat show.

Another great site for those who are just getting started in boating and need expert tips is DiscoverBoating.com.

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Here is an update for the 43rd Annual Central Florida Boat Show runs March 5-7 at the Orange County Convention Center in Orlando, Fla.

“Over the last 18 months, marine dealers have survived some of the most challenging times the recreational marine industry has ever seen,” said Roy Parker, president of the Central Florida Marine Trades Association and owner of Parker Boats, in a statement.

“With the economy now expanding, dealers in Central Florida can’t afford not to exhibit at this year’s Central Florida Boat Show. With more than 187,000 square feet of exhibit space, there’s no better area venue to meet with thousands of boating enthusiasts and prospective customers,” he added.

The Central Florida Boat Show annually attracts thousands of boating enthusiasts. This year’s show will feature the latest in 2010 model-year boats, accessories, marine electronics and more.

The Central Florida Marine Trades Association plans to promote the show through a comprehensive marketing and public relations effort promoting the fact that for anyone interested in buying a boat, this year’s show offers a historic opportunity to make a great deal. Don’t miss the Central Florida Boat Show, for more information; Click here for the full release.

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