Corporate and Financial
Brunswick Declares Common Stock Dividend
LAKE FOREST, Ill., Oct. 29 /PRNewswire-FirstCall/ -- The board of
directors of Brunswick Corporation (NYSE: BC) today declared an annual
dividend on its common stock of $.05 cents per share payable Dec. 15, 2008, to
shareholders of record on Nov. 24, 2008. Brunswick currently has
approximately 87.7 million shares of common stock outstanding. The annual
dividend declared in 2007 was $.60 per share.
"Given the unprecedented downturn in the marine industry, we believe
reducing the dividend is consistent with our objective of conserving cash and
maintaining a healthy balance sheet during these uncertain times," explained
Brunswick Chairman and Chief Executive Officer Dustan E. McCoy.
"As previously announced, Brunswick has been following through on a number
of measures to reduce expenses and resize the company to compete in a
challenging global marine market," McCoy added. "In the past two years, we
have closed 12 North American boat plants; continually reduced production
rates throughout our marine businesses, including extended production
furloughs; divested under-utilized assets; exited or divested certain
businesses; and reduced headcount in our marine businesses and corporate staff
in the United States during 2008 alone by some 5,300 positions, or 35 percent
of that hourly and salaried work force."
"Our actions have been deliberate and appropriate to events and changes in
the marketplace. We will continue to monitor developments closely and react
swiftly and aggressively to market conditions. We believe these actions are
in the best interest of the company and its shareholders and will better
position us to benefit when the markets improve," McCoy concluded.
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; Teignbridge propellers;
Albemarle, Arvor, Bayliner, Bermuda, Boston Whaler, Cabo Yachts, Crestliner,
Cypress Cay, Harris, Hatteras, Kayot, Lowe, Lund, Maxum, Meridian, Ornvik,
Princecraft, Quicksilver, Rayglass, Savage, Sea Ray, Sealine, Triton, Trophy,
Uttern and Valiant boats; Attwood marine parts and accessories; Land 'N' Sea,
Kellogg Marine, Diversified Marine and Benrock parts and accessories
distributors; IDS dealer management systems; Life Fitness, Hammer Strength and
ParaBody fitness equipment; Brunswick bowling centers, equipment and consumer
products; Brunswick billiards tables; and Dynamo, Tornado and Valley pool
tables, Air Hockey and foosball tables. For more information, visit
http://www.brunswick.com.
SOURCE: Brunswick Corporation
CONTACT: Dan Kubera, Director - Media Relations and Corporate
Communications of Brunswick Corporation, +1-847-735-4617
Web site: http://www.brunswick.com
