Corporate and Financial
Brunswick Completes Sale of MarineMax Stock
LAKE FOREST, Ill., Feb 23, 2005 /PRNewswire-FirstCall via COMTEX/ -- Brunswick Corporation
(NYSE: BC) said today that it had completed the previously announced sale of
its 1,861,200 shares of MarineMax, Inc. (NYSE: HZO) common stock. The sale
was made pursuant to a registered public offering by MarineMax.
Proceeds from the stock sale totaled approximately $57.6 million pre tax,
net of $3.4 million of selling expenses. The company said it would record a
pre-tax gain on the sale estimated at $39 million in the first quarter of
2005. The after-tax gain of approximately $32 million, or $0.32 per diluted
share, reflects the benefit from applying tax loss carry forwards to the
transaction. The company added that it currently intends to use the estimated
$52 million of net cash proceeds for general corporate purposes, including
possible acquisitions.
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; MotoTron
electronic controls; Northstar marine electronics; Navman marine and GPS-based
products; IDS dealer management systems; Sea Ray, Bayliner, Maxum, Hatteras,
Meridian, Sealine, Bermuda, Ornvik, Quicksilver, Savage and Uttern pleasure
boats; Baja high-performance boats; Arvor, Boston Whaler, Palmetto, Sea Boss,
Sea Pro and Trophy offshore fishing boats; Crestliner, Lowe, Lund and
Princecraft aluminum fishing, deck and pontoon boats; Attwood marine parts and
accessories; Land 'N' Sea marine parts and accessories distributor; Life
Fitness, Hammer Strength and ParaBody fitness equipment; Brunswick bowling
centers, equipment and consumer products; Brunswick billiards tables; and
Valley-Dynamo pool, Air Hockey and foosball tables. For more information,
visit http://www.brunswick.com .
SOURCE Brunswick Corporation
Kathryn J. Chieger, Vice President - Corporate and Investor Relations of Brunswick
Corporation, 1-847-735-4612
