Corporate and Financial
Brunswick Reports Second Quarter Results
Cash Position Increased and Pipeline Inventory Reduced as Weak Market
Conditions Continue
LAKE FOREST, Ill., July 30 /PRNewswire-FirstCall/ -- Brunswick Corporation
(NYSE: BC) reported today results for the second quarter of 2009:
- Total sales of $718.3 million were down 52 percent versus 2008,
primarily the result of marine sales that dropped by 56 percent from
year-ago levels.
- A net loss of $163.7 million, or $1.85 per diluted share, which
includes $0.40 per diluted share of restructuring charges and $0.05
per diluted share of non-cash benefits from special tax items.
- Cash on hand at quarter's end was $461.2 million, up from 2008
year-end balance of $317.5 million.
- Pipeline reduction and inventory management strategy leads to improved
dealer inventory levels and company cash flow benefits, while
resulting in a negative impact on the company's revenue and earnings.
"Global demand for our products continues to be constrained across all of
our businesses and is consistent with the trends experienced in the previous
two quarters," said Brunswick's Chairman and Chief Executive Officer Dustan E.
McCoy. "We continue to successfully manage our operations for cash and
maintain excellent levels of liquidity. At the end of the second quarter, we
had more than $460 million of cash, a $144 million and $102 million increase
from year-end and previous quarter levels, respectively.
"Our ongoing inventory management and pipeline reduction strategy is to
produce fewer units than we are wholesaling, and sell at wholesale at lower
levels than our dealers are retailing. This strategy has enabled us to reduce
overall marine inventories and has assisted our dealers in reducing the number
of boats and engines on their showroom floors. Additionally these efforts have
supported our strategy of maintaining the health of our dealers, which was
reflected in our second quarter boat repurchase obligations, which remain at
manageable levels.
"Our focus of reducing overall inventory levels combined with difficult
marine market conditions, has resulted in higher discounts and sales
incentives to facilitate retail boat sales, leading to increased losses during
the quarter. Lower sales levels, reduced fixed-cost absorption and higher
pension and bad debt expense were also factors in our reduced earnings.
Partially offsetting these factors were cost savings generated from our
successful and ongoing fixed-cost reduction activities and lower
restructuring, exit and impairment charges," McCoy said.
Second Quarter Results
For the second quarter of 2009, the company reported net sales of $718.3
million, down from $1,485.4 million a year earlier. For the quarter, the
company reported an operating loss of $145.4 million, which included $35.5
million of restructuring charges. In the second quarter of 2008, the company
had an operating loss of $17.2 million, which included $83.1 million of
restructuring charges.
For the second quarter of 2009, Brunswick reported a net loss of $163.7
million, or $1.85 per diluted share, as compared with a net loss of $6.0
million, or $0.07 per diluted share, for the second quarter of 2008. The
diluted loss per share for the second quarter of 2009 included restructuring
charges of $0.40 per diluted share and a $0.05 per diluted share benefit from
special tax items. Diluted earnings per share for the second quarter of 2008
included $0.59 per diluted share of restructuring charges, as well as special
tax benefits and a gain on an investment sale totaling $0.04 per diluted
share.
Review of Cash Flow and Balance Sheet
On May 29, 2009, the company entered into a new asset-based loan, secured
by domestic Mercury Marine trade receivables. Prior to the second quarter of
2009, these specific receivables had been sold to Brunswick Acceptance
Company, the company's financial services joint venture with CDF Ventures,
LLC, a subsidiary of GE Capital Corporation, and consequently these trade
receivables were not reflected on Brunswick's balance sheet. This transaction
did not have a material impact on cash, but resulted in an increase in working
capital of approximately $84 million and an increase in short-term debt of
approximately $81 million. After adjusting for this transaction, debt balances
were flat compared with year-end 2008.
Cash and cash equivalents were $461 million at the end of the second
quarter, up $144 million from year-end 2008 levels. The company's increased
cash position resulted primarily from a change in certain current assets and
current liabilities of $214 million and net tax refunds of approximately $78
million, partially offset by net losses experienced in the first half. This
change was primarily the result of reductions of the company's inventory and
accounts and notes receivable, partially offset by decreased accounts payable
and lower accrued expenses.
Marine Engine Segment
The Marine Engine segment, consisting of the Mercury Marine Group,
including the marine service, parts and accessories businesses, reported net
sales of $415.2 million in the second quarter of 2009, down 43 percent from
$723.6 million in the year-ago second quarter. International sales, which
represented 42 percent of total segment sales in the quarter, declined by 45
percent. For the quarter, the Marine Engine segment reported an operating loss
of $7.8 million, including restructuring charges of $9.6 million. This
compares with operating earnings of $58.9 million in the year-ago quarter,
including $17.6 million of restructuring charges.
Sales were off across all Marine Engine operations, with sterndrive
engines experiencing a greater sales decline than outboard engines. Sales
from the segment's marine service, parts and accessories businesses, which
represented 35 percent of total segment sales in the quarter, were down low
single-digits, as boat usage and the purchase of parts and accessories
remained relatively stable.
Mercury's manufacturing facilities continued to cut production rates and
take plant furloughs during the quarter in response to lower retail demand and
to reduce pipeline levels. Lower sales, reduced fixed-cost absorption on
lower production and higher bad debt expense had an adverse effect on
operating earnings, which were partially offset by Mercury Marine's expense
reductions.
Boat Segment
The Boat segment is comprised of the Brunswick Boat Group and includes 17
boat brands. The Boat segment reported net sales for the second quarter of
2009 of $138.8 million, down 77 percent compared with $591.7 million in the
second quarter of 2008. International sales, which represented 49 percent of
total segment sales in the quarter, decreased by 75 percent during the period.
For the second quarter of 2009, the Boat segment reported an operating loss of
$107.9 million, including restructuring charges of $17.9 million. This
compares with an operating loss of $42.2 million, including restructuring
charges of $37.6 million, in the second quarter of 2008.
Boat manufacturing facilities also continued to significantly cut
production rates and take plant furloughs during the quarter to address
inventory levels held by the company and its dealers. Lower sales, reduced
fixed-cost absorption on lower production and higher discounts and sales
incentives on retail sales by dealers had an adverse effect on operating
earnings, which were partially offset by the Boat Group's expense reductions.
Fitness Segment
The Fitness segment is comprised of the Life Fitness Division, which
manufactures and sells Life Fitness and Hammer Strength fitness equipment.
Fitness segment sales in the second quarter of 2009 totaled $105.0 million,
down 33 percent from $156.9 million in the year-ago quarter. International
sales, which represented 45 percent of total segment sales in the quarter,
declined by 40 percent. For the quarter, the Fitness segment reported
operating earnings of $0.2 million, including $0.2 million of restructuring
charges. This compares with operating earnings of $8.2 million, including
restructuring charges of $1.3 million in the second quarter of 2008.
Commercial equipment sales, which account for the largest percentage of
Fitness segment sales, declined in the quarter as gym and fitness club
operators remained cautious about ordering equipment. Sales of consumer
exercise equipment were also down, although at lower rates than sales of
commercial equipment. Operating earnings reflected the unfavorable effect of
lower sales, which was partially mitigated by actions taken by Life Fitness to
reduce expenses.
Bowling & Billiards Segment
The Bowling & Billiards segment is comprised of Brunswick retail bowling
centers; bowling equipment and products; and billiards tables and accessories.
Segment sales in the second quarter of 2009 totaled $77.4 million, down 30
percent compared with $110.4 million in the year-ago quarter. For the
quarter, the segment reported an operating loss of $5.9 million, including
restructuring charges of $3.2 million. This compares with an operating loss
of $19.8 million, including restructuring charges of $19.8 million in the
second quarter of 2008.
Retail bowling equivalent-center sales declined by a low double-digit
percentage during the quarter. The bowling products and billiards businesses
experienced greater sales declines, as bowling center operators and retail
billiards customers remained cautious about purchases. Operating losses
reflected the unfavorable effect of the reduced sales, which was partially
offset by Bowling & Billiards' cost reduction activities.
Outlook
"We continue to successfully execute our strategy to maintain liquidity
without borrowing, take all reasonable actions to protect our dealer network,
and position ourselves to take advantage of improvements in economic
conditions as they occur," McCoy said. "While the actions undertaken to
execute our strategy have negatively affected our sales and earnings in the
first half of this year, as they will in the second half, they are purposeful
and necessary to position Brunswick for success. Our $100 million of cash
generation in the quarter and $461 million of cash at quarter end, declining
inventory in the field and weeks-on-hand in the pipeline, and cost reductions
ensure our health and ability to significantly improve sales and margins when
the economy and marine markets stabilize.
"We plan to end the year with cash in excess of $400 million, dealer
pipelines at levels lower than at any time in the past 10 years, a reduction
in net fixed costs of $260 million in 2009 alone, and new low-cost products in
our marine markets. In addition, we continue to analyze our manufacturing
footprint, brands, models, and cost and operating structure. Our success in
navigating through these very difficult market conditions places us in a
strong competitive position when economic conditions improve. As such, we are
uniquely positioned for continued market leadership in our marine and
recreation businesses," McCoy concluded.
Conference Call Scheduled
Brunswick will host a conference call today at 10 a.m. CDT, hosted by
Dustan E. McCoy, chairman and chief executive officer, Peter B. Hamilton,
senior vice president and chief financial officer, and Bruce J. Byots, vice
president - corporate and investor relations.
The call will be broadcast over the Internet at www.brunswick.com. To
listen to the call, go to the Web site at least 15 minutes before the call to
register, download and install any needed audio software.
Security analysts and investors wishing to participate via telephone
should call (800) 369-2064 (passcode: Brunswick Q2). Callers outside North
America should call +1 (517) 308-9313 to be connected. These numbers can be
accessed 15 minutes before the call begins, as well as during the call. A
replay of the conference call will be available through midnight CDTThursday,
Aug. 6, 2009, by calling (800) 891-8253 or (203) 369-3378. The replay will
also be available at www.brunswick.com.
Forward-Looking Statements
Certain statements in this news release are forward looking as defined in
the Private Securities Litigation Reform Act of 1995. Such statements are
based on current expectations, estimates and projections about Brunswick's
business. These statements are not guarantees of future performance and
involve certain risks and uncertainties that may cause actual results to
differ materially from expectations as of the date of this news release.
These risks include, but are not limited to: the effect of the amount of
disposable income available to consumers for discretionary purchases, and the
level of consumer confidence on the demand for marine, fitness, billiards and
bowling equipment, products and services; the ability to successfully complete
restructuring efforts in the timeframe and cost anticipated; the ability to
successfully complete the disposition of non-core assets; the effect of higher
product prices due to technology changes and added product features and
components on consumer demand; the effect of competition from other leisure
pursuits on the level of participation in boating, fitness, bowling and
billiards activities; the effect of interest rates and fuel prices on demand
for marine products; the ability to successfully manage pipeline inventories;
the financial strength of dealers, distributors and independent boat builders;
the ability to maintain mutually beneficial relationships with dealers,
distributors and independent boat builders; the ability to maintain effective
distribution and to develop alternative distribution channels without
disrupting incumbent distribution partners; the ability to maintain market
share, particularly in high-margin products; the success of new product
introductions; the ability to maintain product quality and service standards
expected by customers; competitive pricing pressures; the ability to develop
cost-effective product technologies that comply with regulatory requirements;
the ability to transition and ramp up certain manufacturing operations within
time and budgets allowed; the ability to successfully develop and distribute
products differentiated for the global marketplace; shifts in currency
exchange rates; adverse foreign economic conditions; the success of global
sourcing and supply chain initiatives; the ability to obtain components and
raw materials from suppliers; increased competition from Asian competitors;
competition from new technologies; the ability to complete environmental
remediation efforts and resolve claims and litigation at the cost estimated;
and the effect of weather conditions on demand for marine products and retail
bowling center revenues. Additional factors are included in the company's
Annual Report on Form 10-K for 2008 and Quarterly Report on Form 10-Q for the
quarter ended April 4, 2009. Such forward-looking statements speak only as of
the date on which they are made and Brunswick does not undertake any
obligation to update any forward-looking statements to reflect events or
circumstances after the date of this news release, or for changes made to this
document by wire services or Internet service providers.
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; Attwood marine parts and
accessories; Land 'N' Sea, Kellogg Marine, Diversified Marine and Benrock
parts and accessories distributors; Arvor, Bayliner, Bermuda, Boston Whaler,
Cabo Yachts, Crestliner, Cypress Cay, Harris, Hatteras, Kayot, Lowe, Lund,
Maxum, Meridian, Ornvik, Princecraft, Quicksilver, Rayglass, Sea Ray, Sealine,
Triton, Trophy, Uttern and Valiant boats; Life Fitness and Hammer Strength
fitness equipment; Brunswick bowling centers, equipment and consumer products;
Brunswick billiards tables. For more information, visit
http://www.brunswick.com.
Brunswick Corporation
Comparative Consolidated Statements of Operations
(in millions, except per share data)
(unaudited)
Three Months Ended
------------------
July 4, June 28,
2009 2008 % Change
---- ---- --------
Net sales $718.3 $1,485.4 -52%
Cost of sales 644.3 1,182.0 -45%
Selling, general and administrative expense 162.6 205.5 -21%
Research and development expense 21.3 32.0 -33%
Restructuring, exit and impairment charges 35.5 83.1 -57%
---- ----
Operating loss (145.4) (17.2) NM
Equity earnings (loss) (4.1) 6.3 NM
Investment sale gain - 1.2 NM
Other income (expense), net (0.2) 0.8 NM
---- ---
Loss before interest and income taxes (149.7) (8.9) NM
Interest expense (18.3) (11.4) -61%
Interest income 1.0 1.5 -33%
--- ---
Loss before income taxes (167.0) (18.8) NM
Income tax benefit (3.3) (12.8)
---- -----
Net loss $(163.7) $(6.0) NM
======= =====
Loss per common share:
Basic $(1.85) $(0.07)
Diluted $(1.85) $(0.07)
Weighted average shares used for
computation of:
Basic loss per common share 88.4 88.3
Diluted loss per common share 88.4 88.3
Effective tax rate 2.0% 68.2%
Supplemental Information
------------------------
Diluted net loss $(1.85) $(0.07)
Restructuring, exit and impairment
charges (1) 0.40 0.59
Investment sale gain, net of tax - (0.01)
Special tax items (0.05) (0.03)
----- -----
Diluted net earnings (loss), as adjusted $(1.50) $0.48
====== =====
(1) The 2009 Restructuring, exit and impairment charges assume no tax
benefit, while the 2008 Restructuring, exit and impairment charges
include a tax benefit.
Brunswick Corporation
Comparative Consolidated Statements of Operations
(in millions, except per share data)
(unaudited)
Six Months Ended
----------------
July 4, June 28,
2009 2008 % Change
---- ---- --------
Net sales $1,453.0 $2,832.2 -49%
Cost of sales 1,287.8 2,259.2 -43%
Selling, general and administrative expense 317.8 408.7 -22%
Research and development expense 45.2 65.9 -31%
Restructuring, exit and impairment charges 75.1 105.3 -29%
---- -----
Operating loss (272.9) (6.9) NM
Equity earnings (loss) (7.3) 11.1 NM
Investment sale gain - 20.9 NM
Other income (expense), net (1.6) 1.9 NM
---- ---
Earnings (loss) before interest and income
taxes (281.8) 27.0 NM
Interest expense (36.5) (22.9) -59%
Interest income 1.5 2.9 -48%
--- ---
Earnings (loss) before income taxes (316.8) 7.0 NM
Income tax (benefit) expense 31.1 (0.3)
---- ----
Net earnings (loss) $(347.9) $7.3 NM
======= ====
Earnings (loss) per common share:
Basic $(3.94) $0.08
Diluted $(3.94) $0.08
Weighted average shares used for
computation of:
Basic earnings (loss) per common share 88.4 88.3
Diluted earnings (loss) per common share 88.4 88.4
Effective tax rate (1) -9.8% -5.0%
Supplemental Information
------------------------
Diluted net earnings (loss) $(3.94) $0.08
Restructuring, exit and impairment
charges (1) 0.85 0.74
Investment sale gain, net of tax - (0.11)
Special tax items 0.36 (0.02)
---- -----
Diluted net earnings (loss), as adjusted $(2.73) $0.69
====== =====
(1) The 2009 Restructuring, exit and impairment charges assume no tax
benefit, while the 2008 Restructuring, exit and impairment charges include
a tax benefit.
Brunswick Corporation
Selected Financial Information
(in millions)
(unaudited)
Segment Information (1)
Three Months Ended
-----------------------------------------------------------
Operating Earnings Operating
Net Sales (Loss) (2) Margin
---------------------- -------------------- -----------
July June July June July June
4, 28, % 4, 28, % 4, 28,
2009 2008 Change 2009 2008 Change 2009 2008
---- ---- ------ ---- ---- ------ ---- ----
Marine
Engine $415.2 $723.6 -43% $(7.8) $58.9 NM -1.9% 8.1%
Boat 138.8 591.7 -77% (107.9) (42.2) NM -77.7% -7.1%
Marine
eliminations (18.1) (97.0) - -
----- ----- --- ---
Total
Marine 535.9 1,218.3 -56% (115.7) 16.7 NM -21.6% 1.4%
Fitness 105.0 156.9 -33% 0.2 8.2 -98% 0.2% 5.2%
Bowling &
Billiards 77.4 110.4 -30% (5.9) (19.8) 70% -7.6% -17.9%
Eliminations - (0.2) - -
Corp/Other - - (24.0) (22.3) -8%
--- --- ----- -----
Total $718.3 $1,485.4 -52% $(145.4) $(17.2) NM -20.2% -1.2%
====== ======== ======= ======
Six Months Ended
-----------------------------------------------------------
Operating Earnings Operating
Net Sales (Loss) (3) Margin
---------------------- -------------------- -----------
July June July June July June
4, 28, % 4, 28, % 4, 28,
2009 2008 Change 2009 2008 Change 2009 2008
---- ---- ------ ---- ---- ------ ---- ----
Marine
Engine $759.1 $1,352.2 -44% $(58.4) $92.5 NM -7.7% 6.8%
Boat 344.1 1,157.3 -70% (180.2) (59.6) NM -52.4% -5.1%
Marine
eliminations (51.1) (207.2) - -
----- ------ --- ---
Total
Marine 1,052.1 2,302.3 -54% (238.6) 32.9 NM -22.7% 1.4%
Fitness 223.6 306.1 -27% 0.5 16.3 -97% 0.2% 5.3%
Bowling &
Billiards 177.3 224.0 -21% 4.7 (18.9) NM 2.7% -8.4%
Eliminations - (0.2) - -
Corp/Other - - (39.5) (37.2) -6%
--- --- ----- -----
Total $1,453.0 $2,832.2 -49% $(272.9) $(6.9) NM -18.8% -0.2%
======== ======== ======= =====
(1) During the first quarter of 2009, the company realigned the
management of its marine service, parts and accessories businesses. The
Boat segment's parts and accessories businesses of Attwood, Land 'N' Sea,
Benrock, Inc., Kellog Marine, Inc. and Diversified Marine Products, L.P.
are now being managed by the Marine Engine segment's service and parts
business leaders. As a result, the parts and accessories businesses
operating results previously reported in the Boat segment are now being
reported in the Marine Engine segment. Segment results have been restated
for all periods presented to reflect the change in Brunswick's reported
segments.
(2) Operating earnings (loss) in the second quarter of 2009 includes
$35.5 million of pretax restructuring, exit and impairment charges. The
$35.5 million charge consists of $9.6 million in the Marine Engine
segment, $17.9 million in the Boat segment, $0.2 million in the Fitness
segment, $3.2 million in the Bowling & Billiards segment and $4.6 million
in Corp/Other. Operating earnings (loss) in the second quarter of 2008
includes $83.1 million of pretax restructuring, exit and impairment
charges. The $83.1 million charge consists of $17.6 million in the Marine
Engine segment, $37.6 million in the Boat segment, $1.3 million in the
Fitness segment, $19.8 million in the Bowling & Billiards segment and
$6.8 million in Corp/Other.
(3) Operating earnings (loss) in the first six months of 2009 includes
$75.1 million of pretax restructuring, exit and impairment charges. The
$75.1 million consists of $21.3 million in the Marine Engine segment,
$42.9 million in the Boat segment, $1.2 million in the Fitness segment,
$4.0 million in the Bowling & Billiards segment and $5.7 million in
Corp/Other. Operating earnings (loss) in the first six months of 2008
includes $105.3 million of restructuring, exit and impairment charges.
The $105.3 million consists of $19.1 million in the Marine Engine segment,
$51.4 million in the Boat segment, $1.3 million in the Fitness segment,
$25.4 million in the Bowling & Billiards segment and $8.1 million in
Corp/Other.
Brunswick Corporation
Comparative Condensed Consolidated Balance Sheets
(in millions)
July 4, December 31, June 28,
2009 2008 2008
---- ---- ----
(unaudited) (unaudited)
Assets
Current assets
Cash and cash equivalents $461.2 $317.5 $392.8
Accounts and notes receivables, net 405.5 444.8 604.8
Inventories
Finished goods 299.0 457.7 471.0
Work-in-process 201.1 248.2 311.6
Raw materials 79.9 105.8 139.7
---- ----- -----
Net inventories 580.0 811.7 922.3
Deferred income taxes 16.4 103.2 242.6
Prepaid expenses and other 33.5 59.7 44.8
---- ---- ----
Current assets 1,496.6 1,736.9 2,207.3
------- ------- -------
Net property 836.6 917.6 1,001.9
----- ----- -------
Other assets
Goodwill, net 291.1 290.9 677.3
Other intangibles, net 81.5 86.6 213.1
Investments 62.2 75.4 103.1
Other long-term assets 106.4 116.5 142.4
----- ----- -----
Other assets 541.2 569.4 1,135.9
----- ----- -------
Total assets $2,874.4 $3,223.9 $4,345.1
======== ======== ========
Liabilities and shareholders' equity
Current liabilities
Short-term debt $82.4 $3.2 $0.8
Accounts payable 222.7 301.3 421.6
Accrued expenses 652.4 696.7 836.8
----- ----- -----
Current liabilities 957.5 1,001.2 1,259.2
Long-term debt 727.8 728.5 726.9
Other long-term liabilities 768.3 764.3 433.8
Common shareholders' equity 420.8 729.9 1,925.2
----- ----- -------
Total liabilities and shareholders'
equity $2,874.4 $3,223.9 $4,345.1
======== ======== ========
Supplemental Information
------------------------
Debt-to-capitalization rate 65.8% 50.1% 27.4%
Brunswick Corporation
Comparative Condensed Consolidated Statements of Cash Flows
(in millions)
(unaudited)
Six Months Ended
----------------
July 4, June 28,
2009 2008
---- ----
Cash flows from operating activities
Net earnings (loss) $(347.9) $7.3
Depreciation and amortization 80.6 90.5
Pension expense 42.3 3.3
Deferred income taxes 31.4 (22.5)
Provision for doubtful accounts 26.9 13.0
Impairment charges 14.4 52.8
Changes in certain current assets and current
liabilities 214.4 (104.5)
Repurchase of accounts receivable (1) (84.2) -
Income taxes 78.5 23.7
Other, net 11.7 (1.0)
---- ----
Net cash provided by operating activities 68.1 62.6
---- ----
Cash flows from investing activities
Capital expenditures (13.7) (58.0)
Investments 5.4 13.0
Proceeds from investment sale - 40.4
Proceeds from sale of property, plant and equipment 5.4 3.4
Other, net (0.2) 0.2
---- ---
Net cash used for investing activities (3.1) (1.0)
---- ----
Cash flows from financing activities
Net issuances of short-term debt 5.5 0.3
Net proceeds from asset-based lending facility (1) 73.9 -
Payments of long-term debt including current
maturities (0.7) (0.5)
---- ----
Net cash provided by (used for) financing
activities 78.7 (0.2)
---- ----
Net increase in cash and cash equivalents 143.7 61.4
Cash and cash equivalents at beginning of period 317.5 331.4
----- -----
Cash and cash equivalents at end of period $461.2 $392.8
====== ======
Free Cash Flow
Net cash provided by operating activities $68.1 $62.6
Net cash provided by (used for):
Capital expenditures (13.7) (58.0)
Proceeds from investment sale - 40.4
Proceeds from sale of property, plant and
equipment 5.4 3.4
Other, net (0.2) 0.2
---- ---
Total free cash flow $59.6 $48.6
===== =====
(1) On May 29, 2009, the Company repurchased $84.2 million of accounts
receivable from Brunswick Acceptance Company, LLC, the Company's financial
services joint venture with CDF Ventures, LLC, a subsidiary of GE Capital
Corporation. Additionally on May 29, 2009, the Company borrowed
$81.1 million under a new asset-based lending (ABL) facility with GE
Commercial Distribution Finance Corporation. As of July 4, 2009, the
amount of borrowings outstanding under the ABL facility was $73.9 million.
SOURCE: Brunswick Corporation
CONTACT: Bruce Byots, Vice President - Corporate and Investor Relations,
+1-847-735-4612, or Daniel Kubera, Director - Media Relations and Corporate
Communications, +1-847-735-4617,
daniel.kubera@brunswick.com,
both of
Brunswick Corporation
Web Site: http://www.brunswick.com
