Brunswick sales down 45%

30th April 2009

Brunswick Corporation, the global company that owns many of the marine brands on the Irish market, inlcuding Sea Ray and Maxum boats, 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.

Published in News From the Afloat.ie Archive

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