Brunswick Corporation 1 N. Field Court Lake Forest, IL 60045 |
Telephone 847.735.4700 Fascimile 847.735.4750 |
www.brunswick.com |
Release: | IMMEDIATE |
Contact: | Kathryn Chieger |
Vice President - Corporate and Investor Relations | |
Phone: | 847-735-4612 |
Brunswick
Corporation
|
||||||||||
Comparative
Consolidated Statements of Income
|
||||||||||
(in
millions, except per share data)
|
||||||||||
(unaudited)
|
||||||||||
|
Three
Months Ended March 31
|
|||||||||
2006
|
2005
|
%
Change
|
||||||||
Net
sales
|
$
|
1,458.0
|
$
|
1,401.1
|
4
|
%
|
||||
Cost
of sales
|
1,132.5
|
1,059.2
|
7
|
%
|
||||||
Selling,
general and administrative expense
|
202.4
|
208.6
|
-3
|
%
|
||||||
Research
and development expense
|
35.9
|
34.2
|
5
|
%
|
||||||
Operating
earnings
|
87.2
|
99.1
|
-12
|
%
|
||||||
Equity
earnings
|
5.2
|
5.0
|
4
|
%
|
||||||
Investment
sale gain (1)
|
-
|
38.7
|
||||||||
Other
expense, net
|
(0.1
|
)
|
(0.9
|
)
|
89
|
%
|
||||
Earnings
before interest and income taxes
|
92.3
|
141.9
|
-35
|
%
|
||||||
Interest
expense
|
(13.6
|
)
|
(13.0
|
)
|
-5
|
%
|
||||
Interest
income
|
2.9
|
2.7
|
7
|
%
|
||||||
Earnings
before income taxes
|
81.6
|
131.6
|
-38
|
%
|
||||||
Income
tax provision
|
14.2
|
37.0
|
||||||||
Net
earnings
|
$
|
67.4
|
$
|
94.6
|
-29
|
%
|
||||
Earnings
per common share:
|
||||||||||
Basic
|
$
|
0.71
|
$
|
0.97
|
-27
|
%
|
||||
Diluted
|
$
|
0.70
|
$
|
0.96
|
-27
|
%
|
||||
Weighted
average number of shares used for computation of:
|
||||||||||
Basic
earnings per share
|
95.6
|
97.7
|
-2
|
%
|
||||||
Diluted
earnings per share
|
96.6
|
99.0
|
-2
|
%
|
||||||
Effective
tax rate (2)
|
17.4
|
%
|
28.1
|
%
|
||||||
(1)
|
The
Company sold its investment in MarineMax, Inc., pursuant to registered
public offering by MarineMax.
|
|||||
|
||||||
(2)
|
The
decrease in the effective tax rate for the first quarter of 2006
was
primarily due to a tax reserve reassessment of $12.4 million.
|
|||||
|
Brunswick
Corporation
|
|||||||||||||||||||||||||
Selected
Financial Information
|
|||||||||||||||||||||||||
(in
millions)
|
|||||||||||||||||||||||||
(unaudited)
|
|||||||||||||||||||||||||
Segment
Information
|
|||||||||||||||||||||||||
Three
Months Ended March 31
|
|||||||||||||||||||||||||
Net
Sales
|
Operating
Earnings
|
Operating
Margin
|
|||||||||||||||||||||||
%
|
%
|
||||||||||||||||||||||||
2006
|
2005
|
Change
|
2006
|
2005
|
Change
|
2006
|
2005
|
||||||||||||||||||
Boat
|
$
|
747.7
|
$
|
677.5
|
10
|
%
|
$
|
48.0
|
$
|
49.5
|
-3
|
%
|
6.4
|
%
|
7.3
|
%
|
|||||||||
Marine
Engine
|
606.0
|
605.6
|
0
|
%
|
34.2
|
52.0
|
-34
|
%
|
5.6
|
%
|
8.6
|
%
|
|||||||||||||
Marine
eliminations
|
(143.7
|
)
|
(119.5
|
)
|
-
|
-
|
|||||||||||||||||||
Total
Marine
|
1,210.0
|
1,163.6
|
4
|
%
|
82.2
|
101.5
|
-19
|
%
|
6.8
|
%
|
8.7
|
%
|
|||||||||||||
Fitness
|
133.9
|
127.5
|
5
|
%
|
9.0
|
6.4
|
41
|
%
|
6.7
|
%
|
5.0
|
%
|
|||||||||||||
Bowling
& Billiards
|
114.7
|
111.5
|
3
|
%
|
12.8
|
11.1
|
15
|
%
|
11.2
|
%
|
10.0
|
%
|
|||||||||||||
Eliminations
|
(0.6
|
)
|
(1.5
|
)
|
-
|
-
|
|||||||||||||||||||
Corp/Other
|
-
|
-
|
(16.8
|
)
|
(19.9
|
)
|
16
|
%
|
|||||||||||||||||
Total
|
$
|
1,458.0
|
$
|
1,401.1
|
4
|
%
|
$
|
87.2
|
$
|
99.1
|
-12
|
%
|
6.0
|
%
|
7.1
|
%
|
|||||||||
Brunswick
Corporation
|
||||||||||
Comparative
Consolidated Balance Sheets
|
||||||||||
(in
millions)
|
||||||||||
March
31,
|
December
31,
|
March
31,
|
||||||||
2006
|
2005
|
2005
|
||||||||
(unaudited)
|
(unaudited)
|
|||||||||
Assets
|
||||||||||
Current
assets
|
||||||||||
Cash
and cash equivalents
|
$
|
216.5
|
$
|
487.7
|
$
|
439.7
|
||||
Accounts
and notes receivables, net
|
578.2
|
522.4
|
505.1
|
|||||||
Inventories
|
||||||||||
Finished
goods
|
457.7
|
426.2
|
436.6
|
|||||||
Work-in-process
|
336.0
|
298.5
|
283.6
|
|||||||
Raw
materials
|
161.8
|
149.9
|
146.8
|
|||||||
Net
inventories
|
955.5
|
874.6
|
867.0
|
|||||||
Deferred
income taxes
|
273.6
|
274.8
|
292.0
|
|||||||
Prepaid
expenses and other
|
64.6
|
75.5
|
43.7
|
|||||||
Current
assets
|
2,088.4
|
2,235.0
|
2,147.5
|
|||||||
Net
property
|
999.4
|
970.2
|
871.4
|
|||||||
Other
assets
|
||||||||||
Goodwill
and other intangibles
|
1,065.2
|
1,023.1
|
952.4
|
|||||||
Investments
and other long-term assets
|
401.7
|
393.2
|
371.1
|
|||||||
Other
assets
|
1,466.9
|
1,416.3
|
1,323.5
|
|||||||
Total
assets
|
$
|
4,554.7
|
$
|
4,621.5
|
$
|
4,342.4
|
||||
Liabilities
and shareholders' equity
|
||||||||||
Current
liabilities
|
||||||||||
Short-term
debt
|
$
|
0.9
|
$
|
1.1
|
$
|
6.1
|
||||
Accounts
payable
|
439.7
|
472.2
|
389.9
|
|||||||
Accrued
expenses and accrued income taxes
|
779.2
|
831.9
|
776.2
|
|||||||
Current
liabilities
|
1,219.8
|
1,305.2
|
1,172.2
|
|||||||
Long-term
debt
|
723.5
|
723.7
|
723.2
|
|||||||
Other
long-term liabilities
|
616.5
|
613.8
|
654.0
|
|||||||
Common
shareholders' equity
|
1,994.9
|
1,978.8
|
1,793.0
|
|||||||
Total
liabilities and shareholders' equity
|
$
|
4,554.7
|
$
|
4,621.5
|
$
|
4,342.4
|
||||
Supplemental
Information
|
||||||||||
Debt-to-capitalization
rate
|
26.6
|
%
|
26.8
|
%
|
28.9
|
%
|
||||
Brunswick
Corporation
|
|||||||
Comparative
Consolidated Condensed Statements of Cash Flows
|
|||||||
(in
millions)
|
|||||||
(unaudited) | |||||||
|
Three
Months
Ended
March 31
|
||||||
2006
|
2005
|
||||||
Cash
flows from operating activities
|
|||||||
Net
earnings
|
$
|
67.4
|
$
|
94.6
|
|||
Depreciation
and amortization
|
42.4
|
38.4
|
|||||
Changes
in noncash current assets and current liabilities
|
(232.9
|
)
|
(213.1
|
)
|
|||
Income
taxes and other, net
|
31.5
|
10.8
|
|||||
Net
cash provided by (used for) operating
activities
|
(91.6
|
)
|
(69.3
|
)
|
|||
Cash
flows from investing activities
|
|||||||
Capital
expenditures
|
(56.3
|
)
|
(32.5
|
)
|
|||
Acquisitions
of businesses, net of cash and debt acquired
|
(62.9
|
)
|
(13.7
|
)
|
|||
Investments
|
(7.1
|
)
|
(8.1
|
)
|
|||
Proceeds
from sale of property, plant and equipment
|
5.1
|
6.0
|
|||||
Proceeds
from investment sale (1)
|
-
|
57.9
|
|||||
Net
cash provided by (used for) investing
activities
|
(121.2
|
)
|
9.6
|
||||
Cash
flows from financing activities
|
|||||||
Net
issuances (repayments) of commercial paper and
|
|||||||
other
short-term debt
|
-
|
(4.0
|
)
|
||||
Payments
of long-term debt including current maturities
|
(0.3
|
)
|
(1.3
|
)
|
|||
Stock
repurchases
|
(61.8
|
)
|
-
|
||||
Stock
options exercised
|
3.7
|
4.9
|
|||||
Net
cash provided by (used for) financing
activities
|
(58.4
|
)
|
(0.4
|
)
|
|||
Net
increase (decrease) in cash and cash equivalents
|
(271.2
|
)
|
(60.1
|
)
|
|||
Cash
and cash equivalents at January 1
|
487.7
|
499.8
|
|||||
Cash
and cash equivalents at March 31
|
$
|
216.5
|
$
|
439.7
|
|||
Free
Cash Flow
|
|||||||
Net
cash provided by (used for) operating
activities
|
$
|
(91.6
|
)
|
$
|
(69.3
|
)
|
|
Net
cash provided by (used for):
|
|||||||
Capital
expenditures
|
(56.3
|
)
|
(32.5
|
)
|
|||
Proceeds
from investment sale (1)
|
-
|
57.9
|
|||||
Other,
net
|
5.1
|
63.9
|
|||||
Total
Free Cash Flow
|
$
|
(142.8
|
)
|
$
|
20.0
|
||
(1)
|
Pre-tax
proceeds from the sale of the Company's investment in MarineMax,
Inc., net
of selling costs.
|
Brunswick
Corporation
|
||||||||||
Non-GAAP
Financial Information
|
||||||||||
Comparative
Consolidated Statements of Income
|
||||||||||
(in
millions, except per share data)
|
||||||||||
(unaudited) | ||||||||||
|
Pro
Forma Three Months
Ended
March 31 (1)
|
|||||||||
2006
|
2005
|
%
Change
|
||||||||
Net
sales
|
$
|
1,413.3
|
$
|
1,342.5
|
5
|
%
|
||||
Cost
of sales
|
1,099.9
|
1,021.3
|
8
|
%
|
||||||
Selling,
general and administrative expense
|
184.7
|
192.5
|
-4
|
%
|
||||||
Research
and development expense
|
30.5
|
29.9
|
2
|
%
|
||||||
Operating
earnings
|
98.2
|
98.8
|
-1
|
%
|
||||||
Equity
earnings
|
5.2
|
5.0
|
4
|
%
|
||||||
Investment
sale gain (2)
|
-
|
38.7
|
||||||||
Other
expense, net
|
(0.2
|
)
|
(0.9
|
)
|
78
|
%
|
||||
Earnings
before interest and income taxes
|
103.2
|
141.6
|
-27
|
%
|
||||||
Interest
expense
|
(13.6
|
)
|
(13.0
|
)
|
-5
|
%
|
||||
Interest
income
|
3.0
|
2.7
|
11
|
%
|
||||||
Earnings
before income taxes
|
92.6
|
131.3
|
-29
|
%
|
||||||
Income
tax provision
|
18.5
|
37.3
|
||||||||
Earnings
from continuing operations
|
74.1
|
94.0
|
-21
|
%
|
||||||
Earnings
(loss) from discontinued operations, net of tax
|
(6.7
|
)
|
0.6
|
NM
|
||||||
Net
earnings
|
$
|
67.4
|
$
|
94.6
|
-29
|
%
|
||||
Earnings
per common share:
|
||||||||||
Basic
|
||||||||||
Earnings
from continuing operations
|
$
|
0.78
|
$
|
0.96
|
-19
|
%
|
||||
Earnings
(loss) from discontinued operations
|
(0.07
|
)
|
0.01
|
NM
|
||||||
Net
earnings
|
$
|
0.71
|
$
|
0.97
|
-27
|
%
|
||||
Diluted
|
||||||||||
Earnings
from continuing operations
|
$
|
0.77
|
$
|
0.95
|
-19
|
%
|
||||
Earnings
(loss) from discontinued operations
|
(0.07
|
)
|
0.01
|
NM
|
||||||
Net
earnings
|
$
|
0.70
|
$
|
0.96
|
-27
|
%
|
||||
Weighted
average number of shares used for computation of:
|
||||||||||
Basic
earnings per share
|
95.6
|
97.7
|
-2
|
%
|
||||||
Diluted
earnings per share
|
96.6
|
99.0
|
-2
|
%
|
||||||
Effective
tax rate (3)
|
17.4
|
%
|
28.1
|
%
|
||||||
Supplemental
Information
|
||||||||||
Diluted
earnings from continuing operations
|
$
|
0.77
|
$
|
0.95
|
-19
|
%
|
||||
Tax
reserve reassessment (3)
|
(0.13
|
)
|
-
|
NM
|
||||||
Investment
sale gain (2)
|
-
|
(0.32
|
)
|
NM
|
||||||
Earnings
from continuing operations, as adjusted
|
$
|
0.64
|
$
|
0.63
|
2
|
%
|
||||
(1)
|
On
April 27, 2006, the Company announced its intention to dispose
of
substantially all of the assets of Brunswick New Technologies.
Accordingly, these financial statements have been prepared utilizing
non-GAAP financial information to illustrate how the first quarter
2006
financial statements would have appeared had the decision been
made prior
to March 31, 2006. The Company believes that presenting its first
quarter
results excluding these businesses is more representative of the
financial
performance of its ongoing operations. The Company will formally
disaggregate its financial statements in its Quarterly Report on
Form 10-Q
for the second quarter of 2006.
|
|||||
(2)
|
The
Company sold its investment in MarineMax, Inc., pursuant to registered
public offering by MarineMax.
|
|||||
(3)
|
The
decrease in the effective tax rate for the first quarter of 2006
was
primarily due to a tax reserve reassessment of $12.4
million.
|
|||||
|
||||||
|
NM
= not meaningful
|
Brunswick
Corporation
|
|||||||||||||||||||||||||
Non-GAAP
Financial Information
|
|||||||||||||||||||||||||
Selected
Financial Information
|
|||||||||||||||||||||||||
(in
millions)
|
|||||||||||||||||||||||||
(unaudited)
|
|||||||||||||||||||||||||
Segment
Information
|
|||||||||||||||||||||||||
Pro
Forma Three Months Ended March 31(1)
|
|||||||||||||||||||||||||
Net
Sales
|
Operating
Earnings
|
Operating
Margin
|
|||||||||||||||||||||||
%
|
%
|
||||||||||||||||||||||||
2006
|
2005
|
Change
|
2006
|
2005
|
Change
|
2006
|
2005
|
||||||||||||||||||
Boat
|
$
|
751.0
|
$
|
680.7
|
10
|
%
|
$
|
48.4
|
$
|
49.1
|
-1
|
%
|
6.4
|
%
|
7.2
|
%
|
|||||||||
Marine
Engine
|
557.2
|
543.2
|
3
|
%
|
44.9
|
52.0
|
-14
|
%
|
8.1
|
%
|
9.6
|
%
|
|||||||||||||
Marine
eliminations
|
(143.5
|
)
|
(119.5
|
)
|
-
|
-
|
|||||||||||||||||||
Total
Marine
|
1,164.7
|
1,104.4
|
5
|
%
|
93.3
|
101.1
|
-8
|
%
|
8.0
|
%
|
9.2
|
%
|
|||||||||||||
Fitness
|
134.5
|
128.1
|
5
|
%
|
8.9
|
6.4
|
39
|
%
|
6.6
|
%
|
5.0
|
%
|
|||||||||||||
Bowling
& Billiards
|
114.7
|
111.5
|
3
|
%
|
12.8
|
11.1
|
15
|
%
|
11.2
|
%
|
10.0
|
%
|
|||||||||||||
Eliminations
|
(0.6
|
)
|
(1.5
|
)
|
-
|
-
|
|||||||||||||||||||
Corp/Other
|
-
|
-
|
(16.8
|
)
|
(19.8
|
)
|
16
|
%
|
|||||||||||||||||
Total
|
$
|
1,413.3
|
$
|
1,342.5
|
5
|
%
|
$
|
98.2
|
$
|
98.8
|
-1
|
%
|
7.0
|
%
|
7.4
|
%
|
|||||||||
(1)
|
On
April 27, 2006, the Company announced its intention to dispose
of
substantially all of the assets of Brunswick New Technologies.
Accordingly, these financial statements have been prepared utilizing
non-GAAP financial information to illustrate how the first quarter
2006
financial statements would have appeared had the decision been
made prior
to March 31, 2006. The Company believes that presenting its first
quarter
results excluding these businesses is more representative of the
financial
performance of its ongoing operations. The Company will formally
disaggregate its financial statements in its Quarterly Report on
Form 10-Q
for the second quarter of
2006.
|
Brunswick
Corporation
|
||||||||||
Non-GAAP
Financial Information
|
||||||||||
Comparative
Consolidated Balance Sheets
|
||||||||||
(in
millions)
|
||||||||||
(unaudited)
|
||||||||||
Pro
Forma(1)
|
||||||||||
March
31,
|
December
31,
|
March
31,
|
||||||||
2006
|
2005
|
2005
|
||||||||
Assets
|
||||||||||
Current
assets
|
||||||||||
Cash
and cash equivalents
|
$
|
216.5
|
$
|
487.7
|
$
|
439.7
|
||||
Accounts
and notes receivables, net
|
540.5
|
471.5
|
480.2
|
|||||||
Inventories
|
||||||||||
Finished
goods
|
418.3
|
384.3
|
421.0
|
|||||||
Work-in-process
|
335.8
|
298.5
|
282.4
|
|||||||
Raw
materials
|
143.5
|
134.1
|
128.5
|
|||||||
Net
inventories
|
897.6
|
816.9
|
831.9
|
|||||||
Deferred
income taxes
|
273.6
|
274.8
|
292.0
|
|||||||
Prepaid
expenses and other
|
60.8
|
70.4
|
41.5
|
|||||||
Current
assets held for sale
|
99.4
|
113.7
|
62.2
|
|||||||
Current
assets
|
2,088.4
|
2,235.0
|
2,147.5
|
|||||||
Net
property
|
982.0
|
953.3
|
858.5
|
|||||||
Other
assets
|
||||||||||
Goodwill
and other intangibles
|
991.5
|
949.1
|
878.8
|
|||||||
Investments
and other long-term assets
|
399.5
|
391.1
|
370.8
|
|||||||
Long-term
assets held for sale
|
93.3
|
93.0
|
86.8
|
|||||||
Other
assets
|
1,484.3
|
1,433.2
|
1,336.4
|
|||||||
Total
assets
|
$
|
4,554.7
|
$
|
4,621.5
|
$
|
4,342.4
|
||||
Liabilities
and shareholders' equity
|
||||||||||
Current
liabilities
|
||||||||||
Short-term
debt
|
$
|
0.9
|
$
|
1.1
|
$
|
6.1
|
||||
Accounts
payable
|
418.6
|
431.7
|
372.2
|
|||||||
Accrued
expenses and accrued income taxes
|
757.9
|
803.8
|
757.8
|
|||||||
Current
liabilities held for sale
|
42.4
|
68.6
|
36.1
|
|||||||
Current
liabilities
|
1,219.8
|
1,305.2
|
1,172.2
|
|||||||
Long-term
debt
|
723.5
|
723.7
|
723.2
|
|||||||
Other
long-term liabilities
|
610.7
|
608.1
|
649.8
|
|||||||
Long-term
liabilities held for sale
|
5.8
|
5.7
|
4.2
|
|||||||
Common
shareholders' equity
|
1,994.9
|
1,978.8
|
1,793.0
|
|||||||
Total
liabilities and shareholders' equity
|
$
|
4,554.7
|
$
|
4,621.5
|
$
|
4,342.4
|
||||
Supplemental
Information
|
||||||||||
Debt-to-capitalization
rate
|
26.6
|
%
|
26.8
|
%
|
28.9
|
%
|
||||
(1)
|
On
April 27, 2006, the Company announced its intention to dispose
of
substantially all of the assets of Brunswick New Technologies.
Accordingly, these financial statements have been prepared utilizing
non-GAAP financial information to illustrate how the first quarter
2006
financial statements would have appeared had the decision been
made prior
to March 31, 2006. The Company believes that presenting its first
quarter
results excluding these businesses is more representative of the
financial
performance of its ongoing operations. The Company will formally
disaggregate its financial statements in its Quarterly Report on
Form 10-Q
for the second quarter of
2006.
|
Brunswick
Corporation
|
|||||||
Non-GAAP
Financial Information
|
|||||||
Comparative
Consolidated Condensed Statements of Cash Flows
|
|||||||
(in
millions)
|
|||||||
(unaudited)
|
|||||||
Pro
Forma Three Months
Ended
March 31(1)
|
|||||||
2006
|
2005
|
||||||
Cash
flows from operating activities
|
|||||||
Net
earnings
|
$
|
74.1
|
$
|
94.0
|
|||
Depreciation
and amortization
|
40.7
|
37.2
|
|||||
Changes
in noncash current assets and current liabilities
|
(220.9
|
)
|
(217.4
|
)
|
|||
Income
taxes and other, net
|
31.4
|
10.1
|
|||||
Net
cash (used for) provided by operating activities of continuing
operations
|
(74.7
|
)
|
(76.1
|
)
|
|||
Net
cash (used for) provided by operating activities of discontinued
operations
|
(16.9
|
)
|
6.8
|
||||
Net
cash (used for) provided by operating
activities
|
(91.6
|
)
|
(69.3
|
)
|
|||
Cash
flows from investing activities
|
|||||||
Capital
expenditures
|
(54.4
|
)
|
(29.6
|
)
|
|||
Acquisitions
of businesses, net of cash and debt acquired
|
(62.9
|
)
|
(13.4
|
)
|
|||
Investments
|
(7.1
|
)
|
(8.1
|
)
|
|||
Proceeds
from sale of property, plant and equipment
|
5.1
|
6.0
|
|||||
Proceeds
from investment sale (2)
|
-
|
57.9
|
|||||
Net
cash (used for) provided by investing activities of continuing
operations
|
(119.3
|
)
|
12.8
|
||||
Net
cash (used for) provided by investing activities of discontinued
operations
|
(1.9
|
)
|
(3.2
|
)
|
|||
Net
cash (used for) provided by investing
activities
|
(121.2
|
)
|
9.6
|
||||
Cash
flows from financing activities
|
|||||||
Net
repayments of commercial paper and other short-term
debt
|
-
|
(4.0
|
)
|
||||
Payments
of long-term debt including current maturities
|
(0.3
|
)
|
(1.3
|
)
|
|||
Stock
repurchases
|
(61.8
|
)
|
-
|
||||
Stock
options exercised
|
3.7
|
4.9
|
|||||
Net
cash (used for) provided by financing activities of continuing
operations
|
(58.4
|
)
|
(0.4
|
)
|
|||
Net
cash (used for) provided by financing activities of discontinued
operations
|
-
|
-
|
|||||
Net
cash (used for) provided by financing
activities
|
(58.4
|
)
|
(0.4
|
)
|
|||
Net
decrease in cash and cash equivalents
|
(271.2
|
)
|
(60.1
|
)
|
|||
Cash
and cash equivalents at January 1
|
487.7
|
499.8
|
|||||
Cash
and cash equivalents at March 31
|
$
|
216.5
|
$
|
439.7
|
|||
Free
Cash Flow
|
|||||||
Net
cash (used for) provided by operating activities of continuing
operations
|
$
|
(74.7
|
)
|
$
|
(76.1
|
)
|
|
Net
cash (used for) provided by continuing
operations:
|
|||||||
Capital
expenditures
|
(54.4
|
)
|
(29.6
|
)
|
|||
Proceeds
from investment sale (2)
|
-
|
57.9
|
|||||
Other
continuing operations, net
|
5.1
|
6.0
|
|||||
Total
Free Cash Flow - Continuing
|
$
|
(124.0
|
)
|
$
|
(41.8
|
)
|
|
(1)
|
On
April 27, 2006, the Company announced its intention to dispose
of
substantially all of the assets of Brunswick New Technologies.
Accordingly, these financial statements have been prepared utilizing
non-GAAP financial information to illustrate how the first quarter
2006
financial statements would have appeared had the decision been
made prior
to March 31, 2006. The Company believes that presenting its first
quarter
results excluding these businesses is more representative of the
financial
performance of its ongoing operations. The Company will formally
disaggregate its financial statements in its Quarterly Report on
Form 10-Q
for the second quarter of 2006.
|
||||
(2)
|
Pre-tax
proceeds from the sale of the Company's investment in MarineMax,
Inc., net
of selling costs.
|