[X]
Quarterly
report pursuant to Section 13 or 15(d) of the
Securities
|
Exchange
Act of 1934
|
For
the quarterly period ended March 31, 2006
|
or
|
[ ]
Transition Report Pursuant to Section 13 or 15(d) of the
Securities
|
Exchange
Act of 1934
|
|
Commission
file number 1-1043
|
Delaware
|
36-0848180
|
(State
or other jurisdiction of incorporation or
organization)
|
(I.R.S.
Employer Identification No.)
|
1
N. Field Court, Lake Forest, Illinois
|
60045-4811
|
(Address
of principal executive offices)
|
(Zip
Code)
|
(847)
735-4700
|
|
(Registrant’s
telephone number, including area
code)
|
Page
|
||
PART
I -
|
FINANCIAL
INFORMATION
|
|
Item
1.
|
Consolidated
Financial Statements
|
|
Consolidated
Statements of Income for the three months ended March 31, 2006
and 2005
(unaudited)
|
1
|
|
Consolidated
Balance Sheets as of March 31, 2006 (unaudited), December 31,
2005 and
March 31, 2005 (unaudited)
|
2
|
|
Condensed
Consolidated Statements of Cash Flows for the three months ended
March 31,
2006 and 2005 (unaudited)
|
4
|
|
Notes
to Consolidated Financial Statements (unaudited)
|
5
|
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
18
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
27
|
Item
4.
|
Controls
and Procedures
|
28
|
PART
II -
|
OTHER
INFORMATION
|
|
Item
1.
|
Legal
Proceedings
|
29
|
Item
1A.
|
Risk
Factors
|
29
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
30
|
Item
6.
|
Exhibits
|
30
|
BRUNSWICK
CORPORATION
|
Consolidated
Statements of Income
|
for
the three months ended March 31
|
(in
millions, except per share data)
|
(unaudited)
|
2006
|
2005
|
||||||
Net
sales
|
$
|
1,458.0
|
$
|
1,401.1
|
|||
Cost
of sales
|
1,132.5
|
1,059.2
|
|||||
Selling,
general and administrative expense
|
202.4
|
208.6
|
|||||
Research
and development expense
|
35.9
|
34.2
|
|||||
Operating
earnings
|
87.2
|
99.1
|
|||||
Equity
earnings
|
5.2
|
5.0
|
|||||
Investment
sale gain
|
-
|
38.7
|
|||||
Other
expense, net
|
(0.1
|
)
|
(0.9
|
)
|
|||
Earnings
before interest and income taxes
|
92.3
|
141.9
|
|||||
Interest
expense
|
(13.6
|
)
|
(13.0
|
)
|
|||
Interest
income
|
2.9
|
2.7
|
|||||
Earnings
before income taxes
|
81.6
|
131.6
|
|||||
Income
tax provision
|
14.2
|
37.0
|
|||||
Net
earnings
|
$
|
67.4
|
$
|
94.6
|
|||
Earnings
per common share:
|
|||||||
Basic
|
$
|
0.71
|
$
|
0.97
|
|||
Diluted
|
$
|
0.70
|
$
|
0.96
|
|||
Weighted
average shares used for computation of:
|
|||||||
Basic
earnings per share
|
95.6
|
97.7
|
|||||
Diluted
earnings per share
|
96.6
|
99.0
|
BRUNSWICK
CORPORATION
|
Consolidated
Balance Sheets
|
as
of March 31, 2006, December 31, 2005, and March 31,
2005
|
(in
millions)
|
March
31,
|
December
31,
|
March
31,
|
||||||||
2006
|
2005
|
2005
|
||||||||
(unaudited)
|
(unaudited)
|
|||||||||
Assets
|
||||||||||
Current
assets
|
||||||||||
Cash
and cash equivalents, at cost, which
approximates
market
|
$
|
216.5
|
$
|
487.7
|
$
|
439.7
|
||||
Accounts
and notes receivable, less
allowances
of $23.9, $22.7 and $29.6
|
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
|
|||||||
Property
|
||||||||||
Land
|
86.2
|
76.7
|
68.7
|
|||||||
Buildings
and improvements
|
606.9
|
609.2
|
550.5
|
|||||||
Equipment
|
1,158.2
|
1,125.3
|
1,075.2
|
|||||||
Total
land, buildings and improvements and
equipment
|
1,851.3
|
1,811.2
|
1,694.4
|
|||||||
Accumulated
depreciation
|
(1,010.8
|
)
|
(994.2
|
)
|
(954.5
|
)
|
||||
Net
land, buildings and improvements and
equipment
|
840.5
|
817.0
|
739.9
|
|||||||
Unamortized
product tooling costs
|
158.9
|
153.2
|
131.5
|
|||||||
Net
property
|
999.4
|
970.2
|
871.4
|
|||||||
Other
assets
|
||||||||||
Goodwill
|
691.5
|
661.8
|
623.8
|
|||||||
Other
intangibles
|
373.7
|
361.3
|
328.6
|
|||||||
Investments
|
155.9
|
143.6
|
139.0
|
|||||||
Other
long-term assets
|
245.8
|
249.6
|
232.1
|
|||||||
Other
assets
|
1,466.9
|
1,416.3
|
1,323.5
|
|||||||
Total
assets
|
$
|
4,554.7
|
$
|
4,621.5
|
$
|
4,342.4
|
BRUNSWICK
CORPORATION
|
Consolidated
Balance Sheets
|
as
of March 31, 2006, December 31, 2005, and March 31,
2005
|
(in
millions, except per share
data)
|
March
31,
|
December
31,
|
March
31,
|
||||||||
2006
|
2005
|
2005
|
||||||||
(unaudited)
|
(unaudited)
|
|||||||||
Liabilities
and shareholders’ equity
|
||||||||||
Current
liabilities
|
||||||||||
Short-term
debt, including current maturities
of
long-term debt
|
$
|
0.9
|
$
|
1.1
|
$
|
6.1
|
||||
Accounts
payable
|
439.7
|
472.2
|
389.9
|
|||||||
Accrued
expenses
|
779.2
|
831.9
|
776.2
|
|||||||
Current
liabilities
|
1,219.8
|
1,305.2
|
1,172.2
|
|||||||
Long-term
liabilities
|
||||||||||
Debt
|
723.5
|
723.7
|
723.2
|
|||||||
Deferred
income taxes
|
136.0
|
147.5
|
159.8
|
|||||||
Postretirement
and postemployment benefits
|
219.1
|
215.6
|
241.5
|
|||||||
Other
|
261.4
|
250.7
|
252.7
|
|||||||
Long-term
liabilities
|
1,340.0
|
1,337.5
|
1,377.2
|
|||||||
Shareholders’
equity
|
||||||||||
Common
stock; authorized: 200,000,000 shares,
$0.75
par value; issued: 102,538,000 shares
|
76.9
|
76.9
|
76.9
|
|||||||
Additional
paid-in capital
|
371.1
|
368.3
|
363.0
|
|||||||
Retained
earnings
|
1,809.3
|
1,741.9
|
1,508.3
|
|||||||
Treasury
stock, at cost:
|
||||||||||
8,294,000,
6,881,000 and 5,563,000 shares
|
(193.4
|
)
|
(136.0
|
)
|
(74.0
|
)
|
||||
Unearned
compensation and other
|
(4.7
|
)
|
(6.2
|
)
|
(6.4
|
)
|
||||
Accumulated
other comprehensive loss, net of tax
|
(64.3
|
)
|
(66.1
|
)
|
(74.8
|
)
|
||||
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
|
BRUNSWICK
CORPORATION
|
Condensed
Consolidated Statements of Cash Flows
|
for
the three months ended March 31
|
(in
millions)
|
(unaudited)
|
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
|
17.2
|
31.3
|
|||||
Other,
net
|
14.3
|
(20.5
|
)
|
||||
Net
cash 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 acquired
|
(62.9
|
)
|
(13.7
|
)
|
|||
Investments
|
(7.1
|
)
|
(8.1
|
)
|
|||
Proceeds
from investment sale
|
-
|
57.9
|
|||||
Proceeds
from the sale of property, plant and equipment
|
5.1
|
6.0
|
|||||
Net
cash (used for) provided by 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 used for 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
|
2005
|
||||
(In
millions, except per share data)
|
||||
Net
earnings, as reported
|
$
|
94.6
|
||
Add:
Share-based employee compensation
included
in reported earnings, net of tax
|
1.0
|
|||
Less:
Total share-based employee compensation
expense
under fair value-based method for
all
awards, net of tax
|
1.9
|
|||
Net
earnings, pro forma
|
$
|
93.7
|
||
Basic
earnings per common share:
|
||||
As
reported
|
$
|
0.97
|
||
Pro
forma
|
0.96
|
|||
Diluted
earnings per common share:
|
||||
As
reported
|
$
|
0.96
|
||
Pro
forma
|
0.95
|
Stock
Options
Outstanding
(in
thousands)
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term
|
Aggregate
Intrinsic
Value
(in
thousands)
|
||||||||||
|
|||||||||||||
Outstanding
on January 1
|
3,844
|
$
|
29.91
|
||||||||||
Granted
|
875
|
$
|
39.15
|
||||||||||
Exercised
|
(121
|
)
|
$
|
22.29
|
$ | 2,083 | |||||||
Forfeited
|
(57
|
)
|
$
|
38.66
|
|||||||||
Outstanding
on March 31
|
4,541
|
$
|
31.79
|
6.8
years
|
$
|
38,825
|
|||||||
Exercisable
on March 31
|
2,641
|
$
|
25.90
|
5.3
years
|
$
|
35,867
|
Range
of Exercise
Price
|
Number
Outstanding
(in
thousands)
|
Weighted
Average
Contractual
Life
|
Weighted
Average
Exercise
Price
|
Number
Exercisable
(in
thousands)
|
Weighted
Average
Exercise
Price
|
|||||
|
|
|||||||||
$16.97
to $20.00
|
829
|
4.4
years
|
$
19.62
|
822
|
$
19.63
|
|||||
$20.01
to $30.00
|
1,370
|
5.5
years
|
$
23.25
|
1,198
|
$
23.22
|
|||||
$30.01
to $40.00
|
1,435
|
8.2
years
|
$
37.99
|
394
|
$
35.48
|
|||||
$40.01
to $49.27
|
907
|
8.8
years
|
$
45.98
|
228
|
$
46.01
|
|
2006
|
2005
|
|||||
Risk-free
interest rate
|
4.35%
- 4.36
|
%
|
3.7
|
%
|
|||
Dividend
yield
|
1.53
|
%
|
1.4
|
%
|
|||
Volatility
factor
|
31.22
|
%
|
34.1
|
%
|
|||
Weighted
average expected life
|
4.79
- 6.09 years
|
5
years
|
Nonvested
Stock
Outstanding
|
||||
(In
thousands)
|
||||
Outstanding
at January 1
|
519
|
|||
Granted
|
293
|
|||
Released
|
(9
|
)
|
||
Forfeited
|
(29
|
)
|
||
Outstanding
at March 31
|
774
|
2006
|
2005
|
||||||
(In
millions, except per share data)
|
|||||||
Net
earnings
|
$
|
67.4
|
$
|
94.6
|
|||
Average
outstanding shares -
basic
|
95.6
|
97.7
|
|||||
Dilutive
effect of common stock equivalents
|
1.0
|
1.3
|
|||||
Average
outstanding shares -
diluted
|
96.6
|
99.0
|
|||||
Basic
earnings per share
|
$
|
0.71
|
$
|
0.97
|
|||
Diluted
earnings per share
|
$
|
0.70
|
$
|
0.96
|
2006
|
||||
(In
millions)
|
||||
Balance
at January 1
|
$
|
158.4
|
||
Payments
made
|
(24.7
|
)
|
||
Provisions/additions
for contracts issued/sold
|
27.9
|
|||
Aggregate
changes for preexisting warranties
|
0.4
|
|
||
Balance
at March 31
|
$
|
162.0
|
Net
Sales
|
Operating
Earnings
|
||||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
(In
millions)
|
|||||||||||||
Boat
|
$
|
747.7
|
$
|
677.5
|
$
|
48.0
|
$
|
49.5
|
|||||
Marine
Engine
|
606.0
|
605.6
|
34.2
|
52.0
|
|||||||||
Marine
eliminations
|
(143.7
|
)
|
(119.5
|
)
|
-
|
-
|
|||||||
Total
Marine
|
1,210.0
|
1,163.6
|
82.2
|
101.5
|
|||||||||
Fitness
|
133.9
|
127.5
|
9.0
|
6.4
|
|||||||||
Bowling
& Billiards
|
114.7
|
111.5
|
12.8
|
11.1
|
|||||||||
Eliminations
|
(0.6
|
)
|
(1.5
|
)
|
-
|
-
|
|||||||
Corporate/Other
|
-
|
-
|
(16.8
|
)
|
(19.9
|
)
|
|||||||
Total
|
$
|
1,458.0
|
$
|
1,401.1
|
$
|
87.2
|
$
|
99.1
|
(In
millions)
|
|||||||
Date
|
Description
|
Net
Cash
Consideration
|
|||||
2/16/06
|
Cabo
Yachts, Inc.
|
$
|
60.6
|
||||
3/24/06
|
Marine
Innovations Warranty Corporation
|
2.3
|
|||||
$
|
62.9
|
(In
millions)
|
|||||||
Date
|
Description
|
Net
Cash
Consideration
|
|||||
2/7/05
|
|
Benrock,
Inc.
|
$
|
4.2
|
|||
2/28/05
|
Albemarle
Boats, Inc.
|
9.2
|
|||||
Miscellaneous
|
0.3
|
||||||
$
|
13.7
|
2006
|
2005
|
||||||
(In
millions)
|
|||||||
Net
earnings
|
$
|
67.4
|
$
|
94.6
|
|||
Other
comprehensive income:
|
|||||||
Foreign
currency cumulative translation
adjustment
|
-
|
(4.2
|
)
|
||||
Net
change in unrealized gains (losses) on
investments
|
1.6
|
(22.9
|
)
|
||||
Net
change in accumulated unrealized
derivative
gains (losses)
|
0.2
|
6.6
|
|||||
Total
other comprehensive income (loss)
|
1.8
|
(20.5
|
)
|
||||
Comprehensive
income
|
$
|
69.2
|
$
|
74.1
|
2006
|
2005
|
||||||
(In
millions)
|
|||||||
Receivables
sold
|
$
|
199.7
|
$
|
202.2
|
|||
Discounts
|
1.7
|
1.6
|
|||||
Cash
received
|
$
|
198.0
|
$
|
200.6
|
Pension
Benefits
|
Other
Postretirement
Benefits
|
||||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
(In
millions)
|
|||||||||||||
Service
cost
|
$
|
4.6
|
$
|
4.7
|
$
|
0.7
|
$
|
0.7
|
|||||
Interest
cost
|
14.7
|
14.6
|
1.5
|
1.4
|
|||||||||
Expected
return on plan assets
|
(19.7
|
)
|
(18.2
|
)
|
-
|
-
|
|||||||
Amortization
of prior service costs
|
1.7
|
1.9
|
(0.5
|
)
|
(0.5
|
)
|
|||||||
Amortization
of net actuarial loss
|
2.6
|
3.3
|
0.3
|
0.2
|
|||||||||
Net
pension and other benefit costs
|
$
|
3.9
|
$
|
6.3
|
$
|
2.0
|
$
|
1.8
|
Date
|
Description
|
Segment
|
||
2/28/05
|
Albemarle
Boats, Inc. (Albemarle)
|
Boat
|
||
5/27/05
|
Triton
Boat Company, L.P. (Triton)
|
Boat
|
||
6/20/05
|
Supra-Industria
Textil, Lda. (Valiant) - 51 percent
|
Marine
Engine
|
||
7/07/05
|
Kellogg
Marine, Inc. (Kellogg)
|
Boat
|
||
9/16/05
|
Harris
Kayot Marine, LLC (Harris Kayot)
|
Boat
|
||
2/16/06
|
Cabo
Yachts, Inc. (Cabo)
|
Boat
|
|
2006
|
2005
|
|||||
(In
millions)
|
|||||||
Net
earnings per diluted share — as reported
|
$
|
0.70
|
$
|
0.96
|
|||
Investment
sale gain
|
-
|
(0.32
|
)
|
||||
Tax
items
|
(0.13
|
)
|
-
|
||||
Net
earnings per diluted share — as adjusted
|
$
|
0.57
|
$
|
0.64
|
•
|
Investment
Sale Gain:
On
February 23, 2005, the Company sold its investment of 1,861,200 shares
in
MarineMax, Inc. (MarineMax), its largest boat dealer, for $56.8 million,
net of $4.1 million of selling costs, which included $1.1 million
of
accrued expenses. The sale was made pursuant to a registered public
offering by MarineMax. As a result of this sale, the Company recorded
an
after-tax gain of $31.5 million ($0.32 per diluted share) after utilizing
previously unrecognized capital loss carryforwards.
|
•
|
Tax
Items:
In
2006, the Company reduced its tax provision due primarily to tax
benefits
from a $12.4 million tax reserve reassessment of underlying exposures.
Refer to Note
4 - Commitments and Contingencies
in
the Notes to Consolidated Financial Statements for further
detail.
|
Increase/(Decrease)
|
|||||||||||||
vs.
2005
|
|||||||||||||
2006
|
2005
|
$
|
%
|
||||||||||
(In
millions)
|
|||||||||||||
Net
sales
|
$
|
1,458.0
|
$
|
1,401.1
|
$
|
56.9
|
4.1
|
%
|
|||||
Gross
margin (A)
|
$
|
325.5
|
$
|
341.9
|
$
|
(16.4
|
)
|
(4.8
|
)%
|
||||
Operating
earnings
|
$
|
87.2
|
$
|
99.1
|
$
|
(11.9
|
)
|
(12.0
|
)%
|
||||
Net
earnings
|
$
|
67.4
|
$
|
94.6
|
$
|
(27.2
|
)
|
(28.8
|
)%
|
||||
Diluted
earnings per share
|
$
|
0.70
|
$
|
0.96
|
$
|
(0.26
|
)
|
(27.1
|
)%
|
||||
Expressed
as a percentage of net sales (B):
|
|||||||||||||
Gross
margin
|
22.3
|
%
|
24.4
|
%
|
(210)
bpts
|
||||||||
Selling,
general and administrative expense
|
13.9
|
%
|
14.9
|
%
|
(100)
bpts
|
||||||||
Operating
margin
|
6.0
|
%
|
7.1
|
%
|
(110)
bpts
|
(A)
|
Gross
margin is defined as Net sales less Cost of sales as presented in
the
Consolidated Statements of Income.
|
(B)
|
Percentages
are determined by using the following numerators expressed as a percentage
of Net sales: Gross margin as defined in (A), Selling, general and
administrative expense and Operating earnings as presented in the
Consolidated Statements of Income.
|
Increase/(Decrease)
|
|||||||||||||
vs.
2005
|
|||||||||||||
2006
|
2005
|
$
|
%
|
||||||||||
(In
millions)
|
|||||||||||||
Net
sales
|
$
|
747.7
|
$
|
677.5
|
$
|
70.2
|
10.4
|
%
|
|||||
Operating
earnings
|
$
|
48.0
|
$
|
49.5
|
$
|
(1.5
|
)
|
(3.0
|
)%
|
||||
Operating
margin
|
6.4
|
%
|
7.3
|
%
|
(90)
bpts
|
||||||||
Capital
expenditures
|
$
|
24.5
|
$
|
12.4
|
$
|
12.1
|
97.6
|
%
|
Increase/(Decrease)
|
|||||||||||||
vs.
2005
|
|||||||||||||
2006
|
2005
|
$
|
%
|
||||||||||
(In
millions)
|
|||||||||||||
Net
sales
|
$
|
606.0
|
$
|
605.6
|
$
|
0.4
|
0.1
|
%
|
|||||
Operating
earnings
|
$
|
34.2
|
$
|
52.0
|
$
|
(17.8
|
)
|
(34.2
|
)%
|
||||
Operating
margin
|
5.6
|
%
|
8.6
|
%
|
(300)
bpts
|
||||||||
Capital
expenditures
|
$
|
22.2
|
$
|
14.2
|
$
|
8.0
|
56.3
|
%
|
Increase/(Decrease)
|
|||||||||||||
vs.
2005
|
|||||||||||||
2006
|
2005
|
$
|
%
|
||||||||||
(In
millions)
|
|||||||||||||
Net
sales
|
$
|
133.9
|
$
|
127.5
|
$
|
6.4
|
5.0
|
%
|
|||||
Operating
earnings
|
$
|
9.0
|
$
|
6.4
|
$
|
2.6
|
40.6
|
%
|
|||||
Operating
margin
|
6.7
|
%
|
5.0
|
%
|
170
bpts
|
||||||||
Capital
expenditures
|
$
|
3.6
|
$
|
3.6
|
$
|
-
|
-
|
Increase/(Decrease)
|
|||||||||||||
vs.
2005
|
|||||||||||||
2006
|
2005
|
$
|
%
|
||||||||||
(In
millions)
|
|||||||||||||
Net
sales
|
$
|
114.7
|
$
|
111.5
|
$
|
3.2
|
2.9
|
%
|
|||||
Operating
earnings
|
$
|
12.8
|
$
|
11.1
|
$
|
1.7
|
15.3
|
%
|
|||||
Operating
margin
|
11.2
|
%
|
10.0
|
%
|
120
bpts
|
||||||||
Capital
expenditures
|
$
|
5.7
|
$
|
1.6
|
$
|
4.1
|
NM
|
2006
|
2005
|
||||||
(In
millions)
|
|||||||
Net
cash used for operating activities
|
$
|
(91.6
|
)
|
$
|
(69.3
|
)
|
|
Net
cash provided by (used for):
|
|||||||
Capital
expenditures
|
(56.3
|
)
|
(32.5
|
)
|
|||
Proceeds
from investment sale
|
-
|
57.9
|
|||||
Proceeds
from the sale of property, plant and equipment
|
5.1
|
6.0
|
|||||
Free
cash flow *
|
$
|
(142.8
|
)
|
$
|
(37.9
|
)
|
Issuer
Purchases of Equity Securities
|
|||||||||||||
Period
|
Total
Number
of
Shares
(or
Units)
Purchased
|
Average
Price
Paid
per
Share
(or
Unit)
|
Total
Number of
Shares
(or Units)
Purchased
as Part
of
Publicly
Announced
Plans
or
Programs
|
Maximum
Number (or
Approximate
Dollar
Value)
that May Yet
Be
Purchased Under
the
Plans or Programs (A)
(amounts
in thousands)
|
|||||||||
1/1/06
- 1/31/06
|
50,000
|
$
|
36.11
|
50,000
|
$
|
122,208
|
|||||||
2/1/06
- 2/28/06
|
1,588,797
|
$
|
37.79
|
1,588,000
|
$
|
62,200
|
|||||||
3/1/06
- 3/31/06
|
-
|
$
|
-
|
-
|
$
|
62,200
|
|||||||
Total
Stock Repurchases
|
1,638,797
|
$
|
37.74
|
1,638,000
|
$
|
62,200
|
|||||||
(A)
|
On May
4, 2005, the Company’s Board of Directors authorized a $200 million share
repurchase program, to be funded with available cash. The Company
expects
to repurchase shares on the open market or in private transactions
from
time to time, depending on market conditions. The Company repurchased
approximately 1.6 million shares under this program during the
first
quarter of 2006 for $61.8 million. Additionally, on April 27, 2006,
the
Company announced that the Board of Directors had increased the
Company’s
remaining share repurchase authorization from $62 million to $500
million.
Refer to Note 12 - Share Repurchase Program in the Notes
to Consolidated Financial Statements for further details.
|
(a) |
Exhibits.
|
10.1 |
2006
Performance Share Grant Terms and Conditions Pursuant to the Brunswick
Corporation 2003 Stock Incentive Plan
|
10.2 |
2006
Restricted Stock Unit Grant Terms and Conditions Pursuant to the
Brunswick
Corporation 2003 Stock Incentive Plan
|
10.3 |
2004
- 2005 Strategic Incentive Plan Excess Restricted Stock Unit Grant
Terms
and Conditions Pursuant to the Brunswick Corporation 2003 Stock Incentive
Plan
|
10.4 |
2006
Retention Based Restricted Stock Unit Grant Terms and Conditions
Pursuant
to the Brunswick Corporation 2003 Stock Incentive Plan
|
10.5 |
2006
Stock-Settled Stock Appreciation Right Grant Terms and Conditions
Pursuant
to the Brunswick Corporation 2003 Stock Incentive Plan
|
31.1 |
Certification
of CEO Pursuant to 15 U.S.C. Section 7241, as adopted pursuant
to Section
302 of the Sarbanes-Oxley Act of 2002
|
31.2 |
Certification
of CFO Pursuant to 15 U.S.C. Section 7241, as adopted pursuant to
Section
302 of the Sarbanes-Oxley Act of
2002
|
32.1 | Certification of CEO Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
32.2 |
Certification
of CFO Pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section
906 of the Sarbanes-Oxley Act of
2002
|
BRUNSWICK
CORPORATION
(Registrant)
|
||
|
|
|
Date: May 4, 2006 | By: | /s/ ALAN L. LOWE |
Alan L. Lowe | ||
Vice President and Controller |