|
Brunswick
Corporation
|
||||||||||||||||||||||||||||||||||||||||
|
Non-GAAP
Financial Information
|
||||||||||||||||||||||||||||||||||||||||
|
Quarterly
Consolidated Statements of Income
|
||||||||||||||||||||||||||||||||||||||||
|
(in
millions, except per share data)
|
||||||||||||||||||||||||||||||||||||||||
|
(unaudited)
|
||||||||||||||||||||||||||||||||||||||||
|
2006
|
2005
|
2004
|
2003
|
|||||||||||||||||||||||||||||||||||||
|
Q1
|
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
||||||||||||||||||||||||||||
|
Net
sales
|
$
|
1,413.3
|
$
|
1,342.5
|
$
|
1,531.6
|
$
|
1,351.1
|
$
|
1,381.7
|
$
|
1,166.5
|
$
|
1,382.9
|
$
|
1,229.7
|
$
|
1,279.0
|
$
|
930.4
|
$
|
1,067.5
|
$
|
1,010.1
|
$
|
1,055.6
|
||||||||||||||
|
Cost
of sales
|
1,099.9
|
1,021.3
|
1,145.0
|
1,045.6
|
1,073.4
|
881.9
|
1,030.0
|
928.6
|
969.1
|
722.9
|
804.8
|
764.3
|
797.8
|
|||||||||||||||||||||||||||
|
Selling,
general and administrative expense
|
184.7
|
192.5
|
187.9
|
173.3
|
175.7
|
176.1
|
188.8
|
176.1
|
195.9
|
141.6
|
147.8
|
155.9
|
168.3
|
|||||||||||||||||||||||||||
|
Research
and development expense
|
30.5
|
29.9
|
30.5
|
30.1
|
33.0
|
29.9
|
26.5
|
27.4
|
33.0
|
27.0
|
26.8
|
27.5
|
30.3
|
|||||||||||||||||||||||||||
|
Litigation
charge
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
25.0
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
|
Operating
earnings
|
98.2
|
98.8
|
168.2
|
102.1
|
99.6
|
78.6
|
137.6
|
97.6
|
81.0
|
13.9
|
88.1
|
62.4
|
59.2
|
|||||||||||||||||||||||||||
|
Equity
earnings
|
5.2
|
5.0
|
5.6
|
3.3
|
4.2
|
3.3
|
5.5
|
3.5
|
5.8
|
2.2
|
0.8
|
3.9
|
3.0
|
|||||||||||||||||||||||||||
|
Investment
sale gain
|
-
|
38.7
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
|
Other
income (expense), net
|
(0.2
|
)
|
(0.9
|
)
|
0.1
|
(0.2
|
)
|
(0.5
|
)
|
(2.5
|
)
|
(1.2
|
)
|
(0.9
|
)
|
0.1
|
(1.2
|
)
|
1.5
|
(1.7
|
)
|
1.5
|
||||||||||||||||||
|
Earnings
before interest and income taxes
|
103.2
|
141.6
|
173.9
|
105.2
|
103.3
|
79.4
|
141.9
|
100.2
|
86.9
|
14.9
|
90.4
|
64.6
|
63.7
|
|||||||||||||||||||||||||||
|
Interest
expense
|
(13.6
|
)
|
(13.0
|
)
|
(13.1
|
)
|
(13.5
|
)
|
(13.6
|
)
|
(10.1
|
)
|
(10.4
|
)
|
(12.1
|
)
|
(12.6
|
)
|
(10.7
|
)
|
(10.1
|
)
|
(10.1
|
)
|
(10.1
|
)
|
||||||||||||||
|
Interest
income
|
3.0
|
2.7
|
3.5
|
3.9
|
4.9
|
2.5
|
1.7
|
1.9
|
4.0
|
2.5
|
3.1
|
3.8
|
2.0
|
|||||||||||||||||||||||||||
|
Earnings
before income taxes
|
92.6
|
131.3
|
164.3
|
95.6
|
94.6
|
71.8
|
133.2
|
90.0
|
78.3
|
6.7
|
83.4
|
58.3
|
55.6
|
|||||||||||||||||||||||||||
|
Income
tax provision
|
18.5
|
37.3
|
53.3
|
13.1
|
11.0
|
23.9
|
44.7
|
19.2
|
21.7
|
2.4
|
29.3
|
20.8
|
14.5
|
|||||||||||||||||||||||||||
|
Earnings
from continuing operations
|
74.1
|
94.0
|
111.0
|
82.5
|
83.6
|
47.9
|
88.5
|
70.8
|
56.6
|
4.3
|
54.1
|
37.5
|
41.1
|
|||||||||||||||||||||||||||
|
Earnings
(loss) from discontinued operations, net of tax
|
(6.7
|
)
|
0.6
|
3.1
|
5.9
|
4.7
|
0.1
|
1.6
|
2.1
|
2.2
|
(0.5
|
)
|
(0.5
|
)
|
0.4
|
(1.2
|
)
|
|||||||||||||||||||||||
|
Net
earnings
|
$
|
67.4
|
$ |
94.6
|
$ |
114.1
|
$ |
88.4
|
$ |
88.3
|
$
|
48.0
|
$ |
90.1
|
$ |
72.9
|
$ |
58.8
|
$ |
3.8
|
$
|
53.6
|
$ |
37.9
|
$
|
39.9
|
||||||||||||||
| Earnings per common share | ||||||||||||||||||||||||||||||||||||||||
|
Basic
|
||||||||||||||||||||||||||||||||||||||||
|
Earnings
from continuing operations
|
$
|
0.78
|
$
|
0.96
|
$
|
1.13
|
$
|
0.84
|
$
|
0.86
|
$
|
0.51
|
$
|
0.92
|
$
|
0.74
|
$
|
0.58
|
$
|
0.05
|
$
|
0.60
|
$
|
0.42
|
$
|
0.44
|
||||||||||||||
|
Earnings
(loss) from discontinued operations
|
(0.07
|
)
|
0.01
|
0.03
|
0.06
|
0.05
|
-
|
0.02
|
0.02
|
0.02
|
(0.01
|
)
|
(0.01
|
)
|
-
|
(0.01
|
)
|
|||||||||||||||||||||||
|
Net
earnings
|
$
|
0.71
|
$
|
0.97
|
$
|
1.16
|
$
|
0.90
|
$
|
0.91
|
$
|
0.51
|
$
|
0.94
|
$
|
0.76
|
$
|
0.60
|
$
|
0.04
|
$
|
0.59
|
$
|
0.42
|
$
|
0.43
|
||||||||||||||
|
Diluted
|
||||||||||||||||||||||||||||||||||||||||
|
Earnings
from continuing operations
|
$
|
0.77
|
$
|
0.95
|
$
|
1.12
|
$
|
0.83
|
$
|
0.85
|
$
|
0.50
|
$
|
0.91
|
$
|
0.73
|
$
|
0.57
|
$
|
0.05
|
$
|
0.60
|
$
|
0.41
|
$
|
0.44
|
||||||||||||||
|
Earnings
(loss) from discontinued operations
|
(0.07
|
)
|
0.01
|
0.03
|
0.06
|
0.05
|
-
|
0.02
|
0.02
|
0.02
|
(0.01
|
)
|
(0.01
|
)
|
-
|
(0.01
|
)
|
|||||||||||||||||||||||
|
Net
earnings
|
$
|
0.70
|
$
|
0.96
|
$
|
1.15
|
$
|
0.89
|
$
|
0.90
|
$
|
0.50
|
$
|
0.93
|
$
|
0.75
|
$
|
0.59
|
$
|
0.04
|
$
|
0.59
|
$
|
0.41
|
$
|
0.43
|
||||||||||||||
|
Weighted
average number of shares used for computation of:
|
||||||||||||||||||||||||||||||||||||||||
|
Basic
earnings per share
|
95.6
|
97.7
|
98.0
|
98.1
|
96.7
|
93.7
|
95.4
|
96.2
|
97.2
|
90.6
|
90.8
|
91.2
|
92.2
|
|||||||||||||||||||||||||||
|
Diluted
earnings per share
|
96.6
|
99.0
|
99.2
|
99.3
|
97.8
|
95.6
|
97.2
|
97.7
|
98.8
|
90.6
|
91.3
|
92.3
|
93.5
|
|||||||||||||||||||||||||||
|
Effective
tax rate
|
17.4
|
%
|
28.1
|
%
|
32.0
|
%
|
11.2
|
%
|
8.9
|
%
|
33.0
|
%
|
33.0
|
%
|
20.5
|
%
|
27.2
|
%
|
35.8
|
%
|
34.9
|
%
|
35.0
|
%
|
26.7
|
%
|
||||||||||||||
|
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 financial
statements
would have appeared had the decision been made prior to March 31,
2006.
The Company believes that presenting these 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
|
||||||||||||||||||||||||||||||||||||||||
|
Year-To-Date
Consolidated Statements of Income
|
||||||||||||||||||||||||||||||||||||||||
|
(in
millions, except per share data)
|
||||||||||||||||||||||||||||||||||||||||
|
(unaudited)
|
||||||||||||||||||||||||||||||||||||||||
|
2006
|
2005
|
2004
|
2003
|
|||||||||||||||||||||||||||||||||||||
|
Mar
31
|
Mar
31
|
Jun
30
|
Sep
30
|
Dec
31
|
Mar
31
|
Jun
30
|
Sep
30
|
Dec
31
|
Mar
31
|
Jun
30
|
Sep
30
|
Dec
31
|
||||||||||||||||||||||||||||
|
Net
sales
|
$
|
1,413.3
|
$
|
1,342.5
|
$
|
2,874.1
|
$
|
4,225.2
|
$
|
5,606.9
|
$
|
1,166.5
|
$
|
2,549.4
|
$
|
3,779.1
|
$
|
5,058.1
|
$
|
930.4
|
$
|
1,997.9
|
$
|
3,008.0
|
$
|
4,063.6
|
||||||||||||||
|
Cost
of sales
|
1,099.9
|
1,021.3
|
2,166.3
|
3,211.9
|
4,285.3
|
881.9
|
1,911.9
|
2,840.5
|
3,809.6
|
722.9
|
1,527.7
|
2,292.0
|
3,089.8
|
|||||||||||||||||||||||||||
|
Selling,
general and administrative expense
|
184.7
|
192.5
|
380.4
|
553.7
|
729.4
|
176.1
|
364.9
|
541.0
|
736.9
|
141.6
|
289.4
|
445.3
|
613.6
|
|||||||||||||||||||||||||||
|
Research
and development expense
|
30.5
|
29.9
|
60.4
|
90.5
|
123.5
|
29.9
|
56.4
|
83.8
|
116.8
|
27.0
|
53.8
|
81.3
|
111.6
|
|||||||||||||||||||||||||||
|
Litigation
charge
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
25.0
|
25.0
|
25.0
|
25.0
|
|||||||||||||||||||||||||||
|
Operating
earnings
|
98.2
|
98.8
|
267.0
|
369.1
|
468.7
|
78.6
|
216.2
|
313.8
|
394.8
|
13.9
|
102.0
|
164.4
|
223.6
|
|||||||||||||||||||||||||||
|
Equity
earnings
|
5.2
|
5.0
|
10.6
|
13.9
|
18.1
|
3.3
|
8.8
|
12.3
|
18.1
|
2.2
|
3.0
|
6.9
|
9.9
|
|||||||||||||||||||||||||||
|
Investment
sale gain
|
-
|
38.7
|
38.7
|
38.7
|
38.7
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
|
Other
income (expense), net
|
(0.2
|
)
|
(0.9
|
)
|
(0.8
|
)
|
(1.0
|
)
|
(1.5
|
)
|
(2.5
|
)
|
(3.7
|
)
|
(4.6
|
)
|
(4.5
|
)
|
(1.2
|
)
|
0.3
|
(1.4
|
)
|
0.1
|
||||||||||||||||
|
Earnings
before interest and income taxes
|
103.2
|
141.6
|
315.5
|
420.7
|
524.0
|
79.4
|
221.3
|
321.5
|
408.4
|
14.9
|
105.3
|
169.9
|
233.6
|
|||||||||||||||||||||||||||
|
Interest
expense
|
(13.6
|
)
|
(13.0
|
)
|
(26.1
|
)
|
(39.6
|
)
|
(53.2
|
)
|
(10.1
|
)
|
(20.5
|
)
|
(32.6
|
)
|
(45.2
|
)
|
(10.7
|
)
|
(20.8
|
)
|
(30.9
|
)
|
(41.0
|
)
|
||||||||||||||
|
Interest
income
|
3.0
|
2.7
|
6.2
|
10.1
|
15.0
|
2.5
|
4.2
|
6.1
|
10.1
|
2.5
|
5.6
|
9.4
|
11.4
|
|||||||||||||||||||||||||||
|
Earnings
before income taxes
|
92.6
|
131.3
|
295.6
|
391.2
|
485.8
|
71.8
|
205.0
|
295.0
|
373.3
|
6.7
|
90.1
|
148.4
|
204.0
|
|||||||||||||||||||||||||||
|
Income
tax provision
|
18.5
|
37.3
|
90.6
|
103.7
|
114.7
|
23.9
|
68.6
|
87.8
|
109.5
|
2.4
|
31.7
|
52.5
|
67.0
|
|||||||||||||||||||||||||||
|
Earnings
from continuing operations
|
74.1
|
94.0
|
205.0
|
287.5
|
371.1
|
47.9
|
136.4
|
207.2
|
263.8
|
4.3
|
58.4
|
95.9
|
137.0
|
|||||||||||||||||||||||||||
|
Earnings
(loss) from discontinued operations, net of tax
|
(6.7
|
)
|
0.6
|
3.7
|
9.6
|
14.3
|
0.1
|
1.7
|
3.8
|
6.0
|
(0.5
|
)
|
(1.0
|
)
|
(0.6
|
)
|
(1.8
|
)
|
||||||||||||||||||||||
|
Net
earnings
|
$ |
67.4
|
$ |
94.6
|
$ |
208.7
|
$ |
297.1
|
$ |
385.4
|
$ |
48.0
|
$ |
138.1
|
$ |
211.0
|
$ |
269.8
|
$ |
3.8
|
$ |
57.4
|
$ |
95.3
|
$ |
135.2
|
||||||||||||||
| Earnings per common share | ||||||||||||||||||||||||||||||||||||||||
|
Basic
|
||||||||||||||||||||||||||||||||||||||||
|
Earnings
from continuing operations
|
$
|
0.78
|
$
|
0.96
|
$
|
2.09
|
$
|
2.93
|
$
|
3.80
|
$
|
0.51
|
$
|
1.44
|
$
|
2.18
|
$
|
2.76
|
$
|
0.05
|
$
|
0.64
|
$
|
1.06
|
$
|
1.50
|
||||||||||||||
|
Earnings
(loss) from discontinued operations
|
(0.07
|
)
|
0.01
|
0.04
|
0.10
|
0.15
|
-
|
0.02
|
0.04
|
0.06
|
(0.01
|
)
|
(0.01
|
)
|
(0.01
|
)
|
(0.02
|
)
|
||||||||||||||||||||||
|
Net
earnings
|
$
|
0.71
|
$
|
0.97
|
$
|
2.13
|
$
|
3.03
|
$
|
3.95
|
$
|
0.51
|
$
|
1.46
|
$
|
2.22
|
$
|
2.82
|
$
|
0.04
|
$
|
0.63
|
$
|
1.05
|
$
|
1.48
|
||||||||||||||
|
Diluted
|
||||||||||||||||||||||||||||||||||||||||
|
Earnings
from continuing operations
|
$
|
0.77
|
$
|
0.95
|
$
|
2.07
|
$
|
2.90
|
$
|
3.76
|
$
|
0.50
|
$
|
1.41
|
$
|
2.14
|
$
|
2.71
|
$
|
0.05
|
$
|
0.64
|
$
|
1.05
|
$
|
1.49
|
||||||||||||||
|
Earnings
(loss) from discontinued operations
|
(0.07
|
)
|
0.01
|
0.04
|
0.10
|
0.14
|
-
|
0.02
|
0.04
|
0.06
|
(0.01
|
)
|
(0.01
|
)
|
(0.01
|
)
|
(0.02
|
)
|
||||||||||||||||||||||
|
Net
earnings
|
$
|
0.70
|
$
|
0.96
|
$
|
2.11
|
$
|
3.00
|
$
|
3.90
|
$
|
0.50
|
$
|
1.43
|
$
|
2.18
|
$
|
2.77
|
$
|
0.04
|
$
|
0.63
|
$
|
1.04
|
$
|
1.47
|
||||||||||||||
|
Weighted
average number of shares used for computation of:
|
||||||||||||||||||||||||||||||||||||||||
|
Basic
earnings per share
|
95.6
|
97.7
|
97.8
|
97.9
|
97.6
|
93.7
|
94.5
|
95.1
|
95.6
|
90.6
|
90.7
|
90.9
|
91.2
|
|||||||||||||||||||||||||||
|
Diluted
earnings per share
|
96.6
|
99.0
|
99.1
|
99.2
|
98.8
|
95.6
|
96.4
|
96.8
|
97.3
|
90.6
|
91.0
|
91.4
|
91.9
|
|||||||||||||||||||||||||||
|
Effective
tax rate
|
17.4
|
%
|
28.1
|
%
|
30.3
|
%
|
25.5
|
%
|
22.3
|
%
|
33.0
|
%
|
33.2
|
%
|
29.1
|
%
|
28.7
|
%
|
35.8
|
%
|
35.0
|
%
|
35.0
|
%
|
32.8
|
%
|
||||||||||||||
|
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 financial
statements
would have appeared had the decision been made prior to March 31,
2006.
The Company believes that presenting these 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
|
||||||||||||||||||||||||||||||||||||||||
|
Selected
Financial Information
|
||||||||||||||||||||||||||||||||||||||||
|
(in
millions)
|
||||||||||||||||||||||||||||||||||||||||
|
(unaudited)
|
||||||||||||||||||||||||||||||||||||||||
|
2006
|
2005
|
2004
|
2003
|
|||||||||||||||||||||||||||||||||||||
|
Year-To-Date
|
Mar
31
|
Mar
31
|
Jun
30
|
Sep
30
|
Dec
31
|
Mar
31
|
Jun
30
|
Sep
30
|
Dec
31
|
Mar
31
|
Jun
30
|
Sep
30
|
Dec
31
|
|||||||||||||||||||||||||||
|
Net
Sales
|
||||||||||||||||||||||||||||||||||||||||
|
Boat
|
$
|
751.0
|
$
|
680.7
|
$
|
1,426.2
|
$
|
2,111.7
|
$
|
2,783.4
|
$
|
515.2
|
$
|
1,147.9
|
$
|
1,718.1
|
$
|
2,285.0
|
$
|
381.9
|
$
|
803.3
|
$
|
1,210.3
|
$
|
1,629.3
|
||||||||||||||
|
Marine
Engine
|
557.2
|
543.2
|
1,228.0
|
1,784.6
|
2,305.6
|
491.4
|
1,114.1
|
1,643.0
|
2,167.6
|
405.6
|
921.7
|
1,393.9
|
1,832.1
|
|||||||||||||||||||||||||||
|
Marine
eliminations
|
(143.5
|
)
|
(119.5
|
)
|
(253.1
|
)
|
(383.4
|
)
|
(494.2
|
)
|
(80.2
|
)
|
(180.3
|
)
|
(287.8
|
)
|
(392.2
|
)
|
(61.4
|
)
|
(130.6
|
)
|
(202.4
|
)
|
(276.4
|
)
|
||||||||||||||
|
Total
Marine
|
1,164.7
|
1,104.4
|
2,401.1
|
3,512.9
|
4,594.8
|
926.4
|
2,081.7
|
3,073.3
|
4,060.4
|
726.1
|
1,594.4
|
2,401.8
|
3,185.0
|
|||||||||||||||||||||||||||
|
Fitness
|
134.5
|
128.1
|
249.1
|
377.2
|
553.8
|
130.8
|
253.1
|
385.9
|
559.6
|
119.4
|
224.6
|
329.9
|
487.2
|
|||||||||||||||||||||||||||
|
Bowling
& Billiards
|
114.7
|
111.5
|
226.4
|
338.3
|
464.5
|
110.2
|
216.0
|
322.7
|
442.4
|
85.1
|
179.2
|
276.7
|
392.4
|
|||||||||||||||||||||||||||
|
Eliminations
|
(0.6
|
)
|
(1.5
|
)
|
(2.5
|
)
|
(3.2
|
)
|
(6.2
|
)
|
(0.9
|
)
|
(1.4
|
)
|
(2.8
|
)
|
(4.3
|
)
|
(0.2
|
)
|
(0.3
|
)
|
(0.4
|
)
|
(1.0
|
)
|
||||||||||||||
|
Total
|
$
|
1,413.3
|
$
|
1,342.5
|
$
|
2,874.1
|
$
|
4,225.2
|
$
|
5,606.9
|
$
|
1,166.5
|
$
|
2,549.4
|
$
|
3,779.1
|
$
|
5,058.1
|
$
|
930.4
|
$
|
1,997.9
|
$
|
3,008.0
|
$
|
4,063.6
|
||||||||||||||
|
Operating
Earnings
|
||||||||||||||||||||||||||||||||||||||||
|
Boat
|
$
|
48.4
|
$
|
49.1
|
$
|
123.9
|
$
|
161.9
|
$
|
192.5
|
$
|
32.2
|
$
|
89.2
|
$
|
125.2
|
$
|
150.4
|
$
|
14.6
|
$
|
46.8
|
$
|
54.9
|
$
|
65.2
|
||||||||||||||
|
Marine
Engine
|
44.9
|
52.0
|
155.5
|
216.7
|
250.5
|
42.9
|
137.1
|
206.0
|
237.2
|
20.2
|
85.9
|
147.1
|
173.6
|
|||||||||||||||||||||||||||
|
Marine
eliminations
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
|
Total
Marine
|
93.3
|
101.1
|
279.4
|
378.6
|
443.0
|
75.1
|
226.3
|
331.2
|
387.6
|
34.8
|
132.7
|
202.0
|
238.8
|
|||||||||||||||||||||||||||
|
Fitness
|
8.9
|
6.4
|
11.5
|
25.8
|
56.1
|
8.8
|
11.3
|
19.7
|
44.3
|
(13.0
|
)
|
(8.2
|
)
|
0.2
|
28.1
|
|||||||||||||||||||||||||
|
Bowling
& Billiards
|
12.8
|
11.1
|
16.3
|
22.0
|
37.2
|
13.5
|
17.7
|
21.7
|
41.7
|
8.5
|
10.3
|
10.3
|
25.6
|
|||||||||||||||||||||||||||
|
Corporate/Other
|
(16.8
|
)
|
(19.8
|
)
|
(40.2
|
)
|
(57.3
|
)
|
(67.6
|
)
|
(18.8
|
)
|
(39.1
|
)
|
(58.8
|
)
|
(78.8
|
)
|
(16.4
|
)
|
(32.8
|
)
|
(48.1
|
)
|
(68.9
|
)
|
||||||||||||||
|
Total
|
$
|
98.2
|
$
|
98.8
|
$
|
267.0
|
$
|
369.1
|
$
|
468.7
|
$
|
78.6
|
$
|
216.2
|
$
|
313.8
|
$
|
394.8
|
$
|
13.9
|
$
|
102.0
|
$
|
164.4
|
$
|
223.6
|
||||||||||||||
|
Quarterly
|
2006
|
2005
|
2004
|
2003
|
||||||||||||||||||||||||||||||||||||
|
|
Q1
|
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
|||||||||||||||||||||||||||
|
Net
Sales
|
||||||||||||||||||||||||||||||||||||||||
|
Boat
|
$
|
751.0
|
$
|
680.7
|
$
|
745.5
|
$
|
685.5
|
$
|
671.7
|
$
|
515.2
|
$
|
632.7
|
$
|
570.2
|
$
|
566.9
|
$
|
381.9
|
$
|
421.4
|
$
|
407.0
|
$
|
419.0
|
||||||||||||||
|
Marine
Engine
|
557.2
|
543.2
|
684.8
|
556.6
|
521.0
|
491.4
|
622.7
|
528.9
|
524.6
|
405.6
|
516.1
|
472.2
|
438.2
|
|||||||||||||||||||||||||||
|
Marine
eliminations
|
(143.5
|
)
|
(119.5
|
)
|
(133.6
|
)
|
(130.3
|
)
|
(110.8
|
)
|
(80.2
|
)
|
(100.1
|
)
|
(107.5
|
)
|
(104.4
|
)
|
(61.4
|
)
|
(69.2
|
)
|
(71.8
|
)
|
(74.0
|
)
|
||||||||||||||
|
Total
Marine
|
1,164.7
|
1,104.4
|
1,296.7
|
1,111.8
|
1,081.9
|
926.4
|
1,155.3
|
991.6
|
987.1
|
726.1
|
868.3
|
807.4
|
783.2
|
|||||||||||||||||||||||||||
|
Fitness
|
134.5
|
128.1
|
121.0
|
128.1
|
176.6
|
130.8
|
122.3
|
132.8
|
173.7
|
119.4
|
105.2
|
105.3
|
157.3
|
|||||||||||||||||||||||||||
|
Bowling
& Billiards
|
114.7
|
111.5
|
114.9
|
111.9
|
126.2
|
110.2
|
105.8
|
106.7
|
119.7
|
85.1
|
94.1
|
97.5
|
115.7
|
|||||||||||||||||||||||||||
|
Eliminations
|
(0.6
|
)
|
(1.5
|
)
|
(1.0
|
)
|
(0.7
|
)
|
(3.0
|
)
|
(0.9
|
)
|
(0.5
|
)
|
(1.4
|
)
|
(1.5
|
)
|
(0.2
|
)
|
(0.1
|
)
|
(0.1
|
)
|
(0.6
|
)
|
||||||||||||||
|
Total
|
$
|
1,413.3
|
$
|
1,342.5
|
$
|
1,531.6
|
$
|
1,351.1
|
$
|
1,381.7
|
$
|
1,166.5
|
$
|
1,382.9
|
$
|
1,229.7
|
$
|
1,279.0
|
$
|
930.4
|
$
|
1,067.5
|
$
|
1,010.1
|
$
|
1,055.6
|
||||||||||||||
|
Operating
Earnings
|
||||||||||||||||||||||||||||||||||||||||
|
Boat
|
$
|
48.4
|
$
|
49.1
|
$
|
74.8
|
$
|
38.0
|
$
|
30.6
|
$
|
32.2
|
$
|
57.0
|
$
|
36.0
|
$
|
25.2
|
$
|
14.6
|
$
|
32.2
|
$
|
8.1
|
$
|
10.3
|
||||||||||||||
|
Marine
Engine
|
44.9
|
52.0
|
103.5
|
61.2
|
33.8
|
42.9
|
94.2
|
68.9
|
31.2
|
20.2
|
65.6
|
61.3
|
26.5
|
|||||||||||||||||||||||||||
|
Marine
eliminations
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
|
Total
Marine
|
93.3
|
101.1
|
178.3
|
99.2
|
64.4
|
75.1
|
151.2
|
104.9
|
56.4
|
34.8
|
97.8
|
69.4
|
36.8
|
|||||||||||||||||||||||||||
|
Fitness
|
8.9
|
6.4
|
5.1
|
14.3
|
30.3
|
8.8
|
2.5
|
8.4
|
24.6
|
(13.0
|
)
|
4.9
|
8.3
|
27.9
|
||||||||||||||||||||||||||
|
Bowling
& Billiards
|
12.8
|
11.1
|
5.2
|
5.7
|
15.2
|
13.5
|
4.2
|
4.0
|
20.0
|
8.5
|
1.8
|
-
|
15.3
|
|||||||||||||||||||||||||||
|
Corporate/Other
|
(16.8
|
)
|
(19.8
|
)
|
(20.4
|
)
|
(17.1
|
)
|
(10.3
|
)
|
(18.8
|
)
|
(20.3
|
)
|
(19.7
|
)
|
(20.0
|
)
|
(16.4
|
)
|
(16.4
|
)
|
(15.3
|
)
|
(20.8
|
)
|
||||||||||||||
|
Total
|
$
|
98.2
|
$
|
98.8
|
$
|
168.2
|
$
|
102.1
|
$
|
99.6
|
$
|
78.6
|
$
|
137.6
|
$
|
97.6
|
$
|
81.0
|
$
|
13.9
|
$
|
88.1
|
$
|
62.4
|
$
|
59.2
|
||||||||||||||
|
|
Dec
31
|
Dec
31
|
Dec
31
|
|||||||||||||||||||||||||||||||||||||
|
2005
|
2004
|
2003
|
||||||||||||||||||||||||||||||||||||||
|
Total
Assets
|
||||||||||||||||||||||||||||||||||||||||
|
Boat
|
$
|
1,358.9
|
$
|
1,214.9
|
$
|
871.3
|
||||||||||||||||||||||||||||||||||
|
Marine
Engine
|
981.8
|
887.0
|
758.0
|
|||||||||||||||||||||||||||||||||||||
|
Total
Marine
|
2,340.7
|
2,101.9
|
1,629.3
|
|||||||||||||||||||||||||||||||||||||
|
Fitness
|
678.5
|
668.4
|
636.3
|
|||||||||||||||||||||||||||||||||||||
|
Bowling
& Billiards
|
390.2
|
373.8
|
349.0
|
|||||||||||||||||||||||||||||||||||||
|
Corporate/Other
|
1,005.4
|
1,054.8
|
908.8
|
|||||||||||||||||||||||||||||||||||||
|
Total
|
$
|
4,414.8
|
$
|
4,198.9
|
$
|
3,523.4
|
||||||||||||||||||||||||||||||||||
|
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 financial
statements
would have appeared had the decision been made prior to March
31, 2006.
The Company believes that presenting these 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 Balance Sheets
|
||||||||||||||||||||||||||||||||||||||||
|
(in
millions)
|
||||||||||||||||||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||||||||||||||||||
|
2006
|
2005
|
2004
|
2003
|
|||||||||||||||||||||||||||||||||||||
|
Mar
31
|
Mar
31
|
Jun
30
|
Sep
30
|
Dec
31
|
Mar
31
|
Jun
30
|
Sep
30
|
Dec
31
|
Mar
31
|
Jun
30
|
Sep
30
|
Dec
31
|
||||||||||||||||||||||||||||
|
Assets
|
||||||||||||||||||||||||||||||||||||||||
|
Current
assets
|
||||||||||||||||||||||||||||||||||||||||
|
Cash
and cash equivalents
|
$
|
216.5
|
$
|
439.7
|
$
|
508.6
|
$
|
535.9
|
$
|
487.7
|
$
|
173.8
|
$
|
438.2
|
$
|
493.1
|
$
|
499.8
|
$
|
280.0
|
$
|
254.1
|
$
|
353.9
|
$
|
345.9
|
||||||||||||||
|
Accounts
and notes receivable, net
|
540.5
|
480.2
|
481.1
|
449.7
|
471.5
|
438.5
|
438.0
|
408.5
|
439.0
|
439.2
|
486.2
|
337.4
|
357.9
|
|||||||||||||||||||||||||||
|
Inventories
|
||||||||||||||||||||||||||||||||||||||||
|
Finished
goods
|
418.3
|
421.0
|
397.3
|
406.0
|
384.3
|
389.6
|
356.7
|
371.9
|
374.2
|
292.8
|
301.2
|
294.0
|
322.1
|
|||||||||||||||||||||||||||
|
Work-in-process
|
335.8
|
282.4
|
305.9
|
314.4
|
298.5
|
222.5
|
240.4
|
258.9
|
258.9
|
209.8
|
203.5
|
210.1
|
205.3
|
|||||||||||||||||||||||||||
|
Raw
materials
|
143.5
|
128.5
|
140.5
|
149.4
|
134.1
|
91.1
|
95.0
|
112.0
|
116.3
|
63.0
|
69.5
|
79.2
|
78.0
|
|||||||||||||||||||||||||||
|
Net
inventories
|
897.6
|
831.9
|
843.7
|
869.8
|
816.9
|
703.2
|
692.1
|
742.8
|
749.4
|
565.6
|
574.2
|
583.3
|
605.4
|
|||||||||||||||||||||||||||
|
Deferred
income taxes
|
273.6
|
292.0
|
298.3
|
293.7
|
274.8
|
297.5
|
311.5
|
314.9
|
292.7
|
302.6
|
313.0
|
321.8
|
302.3
|
|||||||||||||||||||||||||||
|
Prepaid
expenses and other
|
60.8
|
41.5
|
54.6
|
48.8
|
70.4
|
49.2
|
50.2
|
51.5
|
55.1
|
43.4
|
41.9
|
44.5
|
67.1
|
|||||||||||||||||||||||||||
|
Current
assets held for sale
|
99.4
|
62.2
|
80.6
|
100.5
|
113.7
|
38.6
|
46.0
|
61.9
|
62.7
|
4.6
|
22.3
|
26.3
|
36.5
|
|||||||||||||||||||||||||||
|
Current
assets
|
2,088.4
|
2,147.5
|
2,266.9
|
2,298.4
|
2,235.0
|
1,700.8
|
1,976.0
|
2,072.7
|
2,098.7
|
1,635.4
|
1,691.7
|
1,667.2
|
1,715.1
|
|||||||||||||||||||||||||||
|
Net
property
|
982.0
|
858.5
|
879.3
|
919.0
|
953.3
|
841.6
|
840.3
|
844.7
|
865.4
|
777.5
|
783.4
|
792.7
|
821.4
|
|||||||||||||||||||||||||||
|
Other
assets
|
||||||||||||||||||||||||||||||||||||||||
|
Goodwill
and other intangibles
|
991.5
|
878.8
|
931.5
|
952.3
|
949.1
|
820.4
|
828.1
|
828.0
|
879.1
|
574.8
|
625.5
|
658.2
|
662.7
|
|||||||||||||||||||||||||||
|
Investments
and other long-term assets
|
399.5
|
370.8
|
369.3
|
357.5
|
391.1
|
384.3
|
380.0
|
382.0
|
418.4
|
298.8
|
306.8
|
329.7
|
360.7
|
|||||||||||||||||||||||||||
|
Long-term
assets held for sale
|
93.3
|
86.8
|
89.8
|
91.3
|
93.0
|
43.1
|
70.5
|
74.6
|
84.8
|
3.5
|
32.3
|
36.2
|
42.6
|
|||||||||||||||||||||||||||
|
Total
assets
|
$
|
4,554.7
|
$
|
4,342.4
|
$
|
4,536.8
|
$
|
4,618.5
|
$
|
4,621.5
|
$
|
3,790.2
|
$
|
4,094.9
|
$
|
4,202.0
|
$
|
4,346.4
|
$
|
3,290.0
|
$
|
3,439.7
|
$
|
3,484.0
|
$
|
3,602.5
|
||||||||||||||
|
Liabilities
and shareholders' equity
|
||||||||||||||||||||||||||||||||||||||||
|
Current
liabilities
|
||||||||||||||||||||||||||||||||||||||||
|
Short-term
debt
|
$
|
0.9
|
$
|
6.1
|
$
|
3.1
|
$
|
5.8
|
$
|
1.1
|
$
|
48.8
|
$
|
13.4
|
$
|
13.5
|
$
|
10.7
|
$
|
30.7
|
$
|
43.6
|
$
|
30.5
|
$
|
23.8
|
||||||||||||||
|
Accounts
payable
|
418.6
|
372.2
|
408.9
|
406.8
|
431.7
|
320.6
|
332.7
|
317.2
|
371.2
|
279.9
|
298.5
|
301.5
|
306.7
|
|||||||||||||||||||||||||||
|
Accrued
expenses and accrued income taxes
|
757.9
|
757.8
|
791.9
|
778.3
|
803.8
|
748.4
|
799.8
|
824.9
|
839.6
|
648.7
|
726.3
|
718.6
|
749.8
|
|||||||||||||||||||||||||||
|
Current
liabilities held for sale
|
42.4
|
36.1
|
45.5
|
65.4
|
68.6
|
28.9
|
29.8
|
37.6
|
32.3
|
2.9
|
16.1
|
24.6
|
26.3
|
|||||||||||||||||||||||||||
|
Current
liabilities
|
1,219.8
|
1,172.2
|
1,249.4
|
1,256.3
|
1,305.2
|
1,146.7
|
1,175.7
|
1,193.2
|
1,253.8
|
962.2
|
1,084.5
|
1,075.2
|
1,106.6
|
|||||||||||||||||||||||||||
|
Long-term
debt
|
723.5
|
723.2
|
729.4
|
726.8
|
723.7
|
585.8
|
726.5
|
729.8
|
728.4
|
588.1
|
588.5
|
584.5
|
583.8
|
|||||||||||||||||||||||||||
|
Other
long-term liabilities
|
610.7
|
649.8
|
642.2
|
636.2
|
608.1
|
604.4
|
609.7
|
603.3
|
648.4
|
633.9
|
590.1
|
591.4
|
589.1
|
|||||||||||||||||||||||||||
|
Long-term
liabilities held for sale
|
5.8
|
4.2
|
5.0
|
5.4
|
5.7
|
-
|
0.4
|
0.4
|
3.5
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
|
Shareholders'
equity
|
1,994.9
|
1,793.0
|
1,910.8
|
1,993.8
|
1,978.8
|
1,453.3
|
1,582.6
|
1,675.3
|
1,712.3
|
1,105.8
|
1,176.6
|
1,232.9
|
1,323.0
|
|||||||||||||||||||||||||||
|
Total
liabilities and shareholders' equity
|
$
|
4,554.7
|
$
|
4,342.4
|
$
|
4,536.8
|
$
|
4,618.5
|
$
|
4,621.5
|
$
|
3,790.2
|
$
|
4,094.9
|
$
|
4,202.0
|
$
|
4,346.4
|
$
|
3,290.0
|
$
|
3,439.7
|
$
|
3,484.0
|
$
|
3,602.5
|
||||||||||||||
|
Supplemental
Information
|
||||||||||||||||||||||||||||||||||||||||
|
Debt-to-capitalization
rate
|
26.6
|
%
|
28.9
|
%
|
27.7
|
%
|
26.9
|
%
|
26.8
|
%
|
30.4
|
%
|
31.9
|
%
|
30.7
|
%
|
30.2
|
%
|
35.9
|
%
|
34.9
|
%
|
33.3
|
%
|
31.5
|
%
|
||||||||||||||
|
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 financial
statements
would have appeared had the decision been made prior to March 31,
2006.
The Company believes that presenting these 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
|
||||||||||||||||||||||||||||||||||||||||
|
Year-To-Date
Condensed Consolidated Statements of Cash Flows
|
||||||||||||||||||||||||||||||||||||||||
|
(in
millions)
|
||||||||||||||||||||||||||||||||||||||||
|
(unaudited)
|
||||||||||||||||||||||||||||||||||||||||
|
2006
|
2005
|
2004
|
2003
|
|||||||||||||||||||||||||||||||||||||
|
Mar
31
|
Mar
31
|
Jun
30
|
Sep
30
|
Dec
31
|
Mar
31
|
Jun
30
|
Sep
30
|
Dec
31
|
Mar
31
|
Jun
30
|
Sep
30
|
Dec
31
|
||||||||||||||||||||||||||||
|
Cash
flows from operating activities
|
||||||||||||||||||||||||||||||||||||||||
|
Net
earnings from continuing operations
|
$
|
74.1
|
$
|
94.0
|
$
|
205.0
|
$
|
287.5
|
$
|
371.1
|
$
|
47.9
|
$
|
136.4
|
$
|
207.2
|
$
|
263.8
|
$
|
4.3
|
$
|
58.4
|
$
|
95.9
|
$
|
137.0
|
||||||||||||||
|
Depreciation
and amortization
|
40.7
|
37.2
|
75.9
|
114.3
|
156.3
|
37.5
|
75.2
|
114.8
|
153.6
|
35.5
|
72.8
|
110.7
|
149.4
|
|||||||||||||||||||||||||||
|
Changes
in noncash current assets and current liabilities
|
(220.9
|
)
|
(217.4
|
)
|
(153.4
|
)
|
(132.4
|
)
|
(53.6
|
)
|
(155.7
|
)
|
(90.3
|
)
|
(112.7
|
)
|
(53.4
|
)
|
(109.9
|
)
|
(62.2
|
)
|
93.2
|
107.0
|
||||||||||||||||
|
Income
taxes and other, net
|
31.4
|
10.1
|
(21.0
|
)
|
(29.8
|
)
|
(52.2
|
)
|
53.9
|
45.5
|
45.8
|
60.4
|
29.0
|
(5.8
|
)
|
4.9
|
12.3
|
|||||||||||||||||||||||
|
Net
cash (used for) provided by operating activities of continuing
operations
|
(74.7
|
)
|
(76.1
|
)
|
106.5
|
239.6
|
421.6
|
(16.4
|
)
|
166.8
|
255.1
|
424.4
|
(41.1
|
)
|
63.2
|
304.7
|
405.7
|
|||||||||||||||||||||||
|
Net
cash (used for) provided by operating activities of discontinued
operations
|
(16.9
|
)
|
6.8
|
4.9
|
13.1
|
11.3
|
1.2
|
3.2
|
(5.0
|
)
|
(9.2
|
)
|
(1.1
|
)
|
(1.8
|
)
|
0.4
|
(10.6
|
)
|
|||||||||||||||||||||
|
Net
cash (used for) provided by operating activities
|
(91.6
|
)
|
(69.3
|
)
|
111.4
|
252.7
|
432.9
|
(15.2
|
)
|
170.0
|
250.1
|
415.2
|
(42.2
|
)
|
61.4
|
305.1
|
395.1
|
|||||||||||||||||||||||
|
Cash
flows from investing activities
|
||||||||||||||||||||||||||||||||||||||||
|
Capital
expenditures
|
(54.4
|
)
|
(29.6
|
)
|
(79.9
|
)
|
(150.4
|
)
|
(223.8
|
)
|
(31.5
|
)
|
(70.7
|
)
|
(110.2
|
)
|
(163.8
|
)
|
(19.8
|
)
|
(51.9
|
)
|
(92.2
|
)
|
(157.7
|
)
|
||||||||||||||
|
Acquisitions
of businesses, net of cash and debt acquired
|
(62.9
|
)
|
(13.4
|
)
|
(86.9
|
)
|
(127.5
|
)
|
(130.3
|
)
|
(196.2
|
)
|
(197.6
|
)
|
(197.5
|
)
|
(248.2
|
)
|
-
|
(64.6
|
)
|
(139.8
|
)
|
(140.0
|
)
|
|||||||||||||||
|
Investments
|
(7.1
|
)
|
(8.1
|
)
|
(4.7
|
)
|
4.7
|
(21.1
|
)
|
(4.9
|
)
|
(2.3
|
)
|
(2.6
|
)
|
(16.2
|
)
|
(11.9
|
)
|
(11.7
|
)
|
(35.6
|
)
|
(39.3
|
)
|
|||||||||||||||
|
Proceeds
from sale of property, plant and equipment
|
5.1
|
6.0
|
11.8
|
13.4
|
13.4
|
0.5
|
6.0
|
6.8
|
13.4
|
-
|
3.8
|
3.9
|
7.5
|
|||||||||||||||||||||||||||
|
Proceeds
from investment sale
|
-
|
57.9
|
57.9
|
57.9
|
57.9
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
|
Other,
net
|
-
|
-
|
-
|
(1.2
|
)
|
(1.2
|
)
|
(1.4
|
)
|
(2.1
|
)
|
(2.1
|
)
|
2.0
|
-
|
(0.5
|
)
|
(0.5
|
)
|
(3.0
|
)
|
|||||||||||||||||||
|
Net
cash (used for) provided by investing activities of continuing
operations
|
(119.3
|
)
|
12.8
|
(101.8
|
)
|
(203.1
|
)
|
(305.1
|
)
|
(233.5
|
)
|
(266.7
|
)
|
(305.6
|
)
|
(412.8
|
)
|
(31.7
|
)
|
(124.9
|
)
|
(264.2
|
)
|
(332.5
|
)
|
|||||||||||||||
|
Net
cash (used for) provided by investing activities of discontinued
operations
|
(1.9
|
)
|
(3.2
|
)
|
(9.4
|
)
|
(12.8
|
)
|
(17.7
|
)
|
(1.0
|
)
|
(18.4
|
)
|
(20.2
|
)
|
(27.1
|
)
|
(0.1
|
)
|
(33.1
|
)
|
(34.3
|
)
|
(39.4
|
)
|
||||||||||||||
|
Net
cash (used for) provided by investing activities
|
(121.2
|
)
|
9.6
|
(111.2
|
)
|
(215.9
|
)
|
(322.8
|
)
|
(234.5
|
)
|
(285.1
|
)
|
(325.8
|
)
|
(439.9
|
)
|
(31.8
|
)
|
(158.0
|
)
|
(298.5
|
)
|
(371.9
|
)
|
|||||||||||||||
|
Cash
flows from financing activities
|
||||||||||||||||||||||||||||||||||||||||
|
Net
repayments of commercial paper and
|
||||||||||||||||||||||||||||||||||||||||
|
other
short-term debt
|
-
|
(4.0
|
)
|
1.1
|
4.4
|
(0.6
|
)
|
24.2
|
(5.5
|
)
|
(5.1
|
)
|
(8.8
|
)
|
2.2
|
1.5
|
3.1
|
1.8
|
||||||||||||||||||||||
|
Net
proceeds from issuances of long-term debt
|
-
|
-
|
-
|
-
|
1.3
|
-
|
149.1
|
150.1
|
152.3
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
|
Payments
of long-term debt including current maturities
|
(0.3
|
)
|
(1.3
|
)
|
(1.9
|
)
|
(3.8
|
)
|
(6.7
|
)
|
-
|
(5.6
|
)
|
(6.0
|
)
|
(6.3
|
)
|
-
|
(5.0
|
)
|
(19.3
|
)
|
(24.5
|
)
|
||||||||||||||||
|
Stock
repurchases
|
(61.8
|
)
|
-
|
-
|
(15.7
|
)
|
(76.0
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
|
Cash
dividends paid
|
-
|
-
|
-
|
-
|
(57.3
|
)
|
-
|
-
|
-
|
(58.1
|
)
|
-
|
-
|
-
|
(45.9
|
)
|
||||||||||||||||||||||||
|
Stock
options exercised
|
3.7
|
4.9
|
9.4
|
14.4
|
17.1
|
53.4
|
69.4
|
83.9
|
99.5
|
0.4
|
2.8
|
12.1
|
39.9
|
|||||||||||||||||||||||||||
|
Net
cash (used for) provided by financing activities of continuing
operations
|
(58.4
|
)
|
(0.4
|
)
|
8.6
|
(0.7
|
)
|
(122.2
|
)
|
77.6
|
207.4
|
222.9
|
178.6
|
2.6
|
(0.7
|
)
|
(4.1
|
)
|
(28.7
|
)
|
||||||||||||||||||||
|
Net
cash (used for) provided by financing activities of discontinued
operations
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
|
Net
cash (used for) provided by financing activities
|
(58.4
|
)
|
(0.4
|
)
|
8.6
|
(0.7
|
)
|
(122.2
|
)
|
77.6
|
207.4
|
222.9
|
178.6
|
2.6
|
(0.7
|
)
|
(4.1
|
)
|
(28.7
|
)
|
||||||||||||||||||||
|
Net
(decrease) increase in cash and cash equivalents
|
(271.2
|
)
|
(60.1
|
)
|
8.8
|
36.1
|
(12.1
|
)
|
(172.1
|
)
|
92.3
|
147.2
|
153.9
|
(71.4
|
)
|
(97.3
|
)
|
2.5
|
(5.5
|
)
|
||||||||||||||||||||
|
Cash
and cash equivalents at Beginning of Period
|
487.7
|
499.8
|
499.8
|
499.8
|
499.8
|
345.9
|
345.9
|
345.9
|
345.9
|
351.4
|
351.4
|
351.4
|
351.4
|
|||||||||||||||||||||||||||
|
Cash
and cash equivalents at End of Period
|
$
|
216.5
|
$
|
439.7
|
$
|
508.6
|
$
|
535.9
|
$
|
487.7
|
$
|
173.8
|
$
|
438.2
|
$
|
493.1
|
$
|
499.8
|
$
|
280.0
|
$
|
254.1
|
$
|
353.9
|
$
|
345.9
|
||||||||||||||
|
Free
Cash Flow
|
||||||||||||||||||||||||||||||||||||||||
|
Net
cash provided by (used for) operating activities of continuing
operations
|
$
|
(74.7
|
)
|
$
|
(76.1
|
)
|
$
|
106.5
|
$
|
239.6
|
$
|
421.6
|
$
|
(16.4
|
)
|
$
|
166.8
|
$
|
255.1
|
$
|
424.4
|
$
|
(41.1
|
)
|
$
|
63.2
|
$
|
304.7
|
$
|
405.7
|
||||||||||
|
Net
cash provided by (used for) continuing
operations:
|
||||||||||||||||||||||||||||||||||||||||
|
Capital
expenditures
|
(54.4
|
)
|
(29.6
|
)
|
(79.9
|
)
|
(150.4
|
)
|
(223.8
|
)
|
(31.5
|
)
|
(70.7
|
)
|
(110.2
|
)
|
(163.8
|
)
|
(19.8
|
)
|
(51.9
|
)
|
(92.2
|
)
|
(157.7
|
)
|
||||||||||||||
|
Proceeds
from investment sale
|
-
|
57.9
|
57.9
|
57.9
|
57.9
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
|
Other
continuing operations, net
|
5.1
|
6.0
|
11.8
|
12.2
|
12.2
|
(0.9
|
)
|
3.9
|
4.7
|
15.4
|
-
|
3.3
|
3.4
|
4.5
|
||||||||||||||||||||||||||
|
Total
Free Cash Flow
|
$
|
(124.0
|
)
|
$
|
(41.8
|
)
|
$
|
96.3
|
$
|
159.3
|
$
|
267.9
|
$
|
(48.8
|
)
|
$
|
100.0
|
$
|
149.6
|
$
|
276.0
|
$
|
(60.9
|
)
|
$
|
14.6
|
$
|
215.9
|
$
|
252.5
|
||||||||||
|
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 financial
statements
would have appeared had the decision been made prior to March 31,
2006.
The Company believes that presenting these 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.
|