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Hi gang, Rick Ostler here bringing you Bayliner Boats along with news and views from the boating industry. The jury might still be out on how higher gasoline prices affect summer travel.
Clinton and Perry Lakes, Kansas - gas prices nearing $4.00 a gallon
Officials at Clinton and Perry lakes reported typically busy Memorial Day boating and camping traffic this weekend. But with gasoline nearing $4 per gallon, several holiday boaters and campers said higher pump prices were still on their minds. Sherry Reed, James Brewton and their friends pooled their money to put gas in Brewton’s 1998 Bayliner to spend Monday afternoon on Clinton Lake. They spent $70 total to fill up the tank before they left Lawrence.
Gas, an Issue now for boaters
“We used to be able to say, ‘Hey, let’s go boating,’ and now we have to make sure we have enough people to cover the gas money,” Reed said. She said the afternoon sunshine made Monday look more like a typical Memorial Day at the lake, compared with a gray and cloudy morning earlier, because more boaters hit the water. Park rangers said campsites at Clinton and Perry lakes were full for the weekend. Last year, high waters forced them to close some flooded camps and beaches.
Boat Traffic during long weekend
Officials at Clinton Lake said traditionally 40,000 to 50,000 people spend some time on the federal land every Memorial Day weekend. “I would say it would probably be within that mark,” said Jon Carlisle, a park ranger at Clinton Lake with the U.S. Army Corps of Engineers. At both lakes, boating traffic seemed to be off-and-on at certain times, but they suspected it was due to the storms that moved in throughout the weekend. “I think we probably had more effect from weather than we did fuel prices,” said Kenneth Wade, operations project manager at Perry Lake with the Corps of Engineers.
Spending only one tank of gas
Carlisle, at Clinton Lake, said higher fuel prices might not hit the two area lakes as hard during summer holidays because they serve a local population in northeastern Kansas and the Kansas City area. Matt Jones, who owns a Tonganoxie plumbing company, spent the weekend with family from the area camping at Clinton State Park. It makes for a good family atmosphere, and the campground was full most of the weekend, he said. But they also decided ahead of time to use only one tank of gas in their boat the entire weekend. They still had fuel to go back on the water Monday afternoon, but for the first time the thought was there, he said.
Clinton Marina, Kansas, drop in boat traffic
Megan Hiebert, president of the Clinton Marina, said she had not noticed a drop in boating traffic in the lake. “If it hits 5, 6 or 7 (dollars), but again, we were saying the same thing when it hit 3 and 4,” she said. Some boaters Monday said they made small changes to try to consume less fuel, but at the same time they still wanted to find a way to have fun on Memorial Day weekend. “Somehow, we’ll work a little harder, make a little more money to afford our favorite thing to do,” said Jim Fender, of Lawrence. Thanks to 6News anchor/reporter Mark Boyle for this story.
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Rick Ostler, North American Waterway
Friday, May 30, 2008
Tuesday, May 27, 2008
Bayliner Boats - Tips on buying a Bayliner Boat
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Hi gang, Rick Ostler here from North American Waterway bringing you Bayliner Boats along with news and views from the boating industry. Owning your own boat is something that appeals to many people however it isn't the cheapest of hobbies that you can choose. However if you are looking for a boat that you can enjoy with the whole family then you will notice that there are many different brands of boat to choose from, these include Bayliner, SunWay and Sea Ray amongst others.
Tips on buying a Bayliner Boat
Although buying a boat from any of these companies will probably make you perfectly happy, if you are thinking of buying a Bayliner boat, you should read up as much as you can on all the different models. You don't want to end up buying a boat that simply isn't suitable for your needs. It could of course end up being a very costly mistake. Whether you want a boat for skiing, fishing or cruising then you will want to ensure that the boat you are buying is the correct type and size. The size of boat will depend on how many people you will want to go boating with. If it's just you and a partner then buying a smaller boat will be adequate. However if you like to go boating with plenty of friends then a larger boat that carries 13 people will be a better choice for you.
Bayliner 175 - Best Selling Bayliner boat worldwide
If you are new to buying Bayliner boats then you will notice that you can buy them in three main types; deck boats, bowriders and cruisers. If you are looking for a boat that is easy to use then bowriders are considered the best. You can use this boat for fishing, day trips as well as water sports. The size of a bowrider can vary from 17' to 24' and includes loads of space to store any items you want to take with you. Models that can be chosen are 175, 185, 195, 205, 225, and 245.
Bayliner Deck Boats
If you prefer to buy a deck boat then you will be able to enjoy water sports as well as cruising and you can buy them in sizes between 18' and 23' in length. They offer a great amount of storage space and if you wish, you can buy one with a bathroom in it. They can also be purchased with either an inboard or outboard engine and come in the following models; 197 Outboard, 197 Deck Boat, 217 Outboard, 217 Deck Boat, and 237 Deck Boat.
Bayliner Cruisers - spacious, versatile and fully equipped
For overnight stays you might want to buy a Cruiser as they are very spacious as well as versatile and very well equipped. You will be able to enjoy a bathroom, galley and cabin and this boat will be able to take you pretty much anywhere you desire. The sizes you can buy are between 24' and 35' and you can also buy them with a single or twin engine.
Bayliner Boats - great family boat for on the water enjoyment
These boats are also ideal if you have children and they will allow you to carry out all sorts of activities on the water such as fishing and skiing. They're also pretty simple and easy to operate so this shouldn't be something to hold you back from making your purchase. Thanks to April Kerr for this. April owns website Buy Bayliner Boats which has details of where to buy Bayliner Capri boats and Bayliner Trophy boats. Article Source: http://EzineArticles.com/?expert=April_Kerr
Be sure to check out This Weeks Bayliner Video Update Here......
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Another great video website for viewing Bayliner Boat Videos Here:
Also we value your comments, if you can add more info in regards to this article please do so. Thank you.
Rick Ostler, Bayliner Boats.
Hi gang, Rick Ostler here from North American Waterway bringing you Bayliner Boats along with news and views from the boating industry. Owning your own boat is something that appeals to many people however it isn't the cheapest of hobbies that you can choose. However if you are looking for a boat that you can enjoy with the whole family then you will notice that there are many different brands of boat to choose from, these include Bayliner, SunWay and Sea Ray amongst others.
Tips on buying a Bayliner Boat
Although buying a boat from any of these companies will probably make you perfectly happy, if you are thinking of buying a Bayliner boat, you should read up as much as you can on all the different models. You don't want to end up buying a boat that simply isn't suitable for your needs. It could of course end up being a very costly mistake. Whether you want a boat for skiing, fishing or cruising then you will want to ensure that the boat you are buying is the correct type and size. The size of boat will depend on how many people you will want to go boating with. If it's just you and a partner then buying a smaller boat will be adequate. However if you like to go boating with plenty of friends then a larger boat that carries 13 people will be a better choice for you.
Bayliner 175 - Best Selling Bayliner boat worldwide
If you are new to buying Bayliner boats then you will notice that you can buy them in three main types; deck boats, bowriders and cruisers. If you are looking for a boat that is easy to use then bowriders are considered the best. You can use this boat for fishing, day trips as well as water sports. The size of a bowrider can vary from 17' to 24' and includes loads of space to store any items you want to take with you. Models that can be chosen are 175, 185, 195, 205, 225, and 245.
Bayliner Deck Boats
If you prefer to buy a deck boat then you will be able to enjoy water sports as well as cruising and you can buy them in sizes between 18' and 23' in length. They offer a great amount of storage space and if you wish, you can buy one with a bathroom in it. They can also be purchased with either an inboard or outboard engine and come in the following models; 197 Outboard, 197 Deck Boat, 217 Outboard, 217 Deck Boat, and 237 Deck Boat.
Bayliner Cruisers - spacious, versatile and fully equipped
For overnight stays you might want to buy a Cruiser as they are very spacious as well as versatile and very well equipped. You will be able to enjoy a bathroom, galley and cabin and this boat will be able to take you pretty much anywhere you desire. The sizes you can buy are between 24' and 35' and you can also buy them with a single or twin engine.
Bayliner Boats - great family boat for on the water enjoyment
These boats are also ideal if you have children and they will allow you to carry out all sorts of activities on the water such as fishing and skiing. They're also pretty simple and easy to operate so this shouldn't be something to hold you back from making your purchase. Thanks to April Kerr for this. April owns website Buy Bayliner Boats which has details of where to buy Bayliner Capri boats and Bayliner Trophy boats. Article Source: http://EzineArticles.com/?expert=April_Kerr
Be sure to check out This Weeks Bayliner Video Update Here......
Find out more information on Bayliner boat canvas, Do-it-Yourself bayliner cover kits and subscribe to our FREE newsletter.
Another great video website for viewing Bayliner Boat Videos Here:
Also we value your comments, if you can add more info in regards to this article please do so. Thank you.
Rick Ostler, Bayliner Boats.
Monday, May 26, 2008
Bayliner Boats - Korea International Boat Show
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Hi gang, Rick Ostler here from North American Waterway, bringing you Bayliner Boats along with news and views from the boating industry.
Korea International Boat Show
There is still time to take advantage of the support – both financial and marketing – offered to exhibitors by organizers of the first Korea International Boat Show in June and get your brand to the many hundreds of thousands of people expected to attend.
CEO of AIMEX, Mary-Anne Edwards, says the organization will head up a 14-strong Australian group. Austrade too will have a presence there and host an information event to promote Australian industry. 'Korean Trade is organizing the accommodation and we are offering interested companies all manner of support. All you need to do is call us and turn up for the flights. The rest is arranged for you.'
Trade Mission to Korea for boating industry
The Queensland government is organizing a trade mission to Korea for interested companies to inspect infrastructure throughout the Gyeonggi Province and observe the Korea Boat Show. Trade Queensland in Brisbane is supported by an office in Seoul and can arrange a company profile in Korean, interpreter services and cultural assistance for interested businesses. It will also assist with TV interviews, seminars and business meetings.
Global interest in the Korea International Boat Show has exceeded the expectations of Gyeonggi Province Governor Kim Moon-So, who has been traveling the world actively promoting the show and the development of the marine industry. Gyeonggi, is home to Samsung, LG Philips and Hyundai-Kia Motors, and is benefiting from millions of dollars in government money invested in marine infrastructure.
Korea International Boat Show already signed up 231 exhibitors
According to show director Choi Hyung Gun, the show has already signed up 231 exhibitors for the event including 121 overseas companies from a total of 21 countries and 110 domestic exhibitors from Korea.
Bayliner among leading brands at Korea International Boat Show
Leading brands exhibiting include Azimut, Bavaria Yachts, Bayliner, Beneteau, Fairline, Ferretti Yachts, Riva, Riviera and Sunseeker.
'We are very pleased with the response to the show, which indicates the strength of interest in the developing boating market in Korea,' says Choi Hyung Gun. 'We have had good support from overseas marine trade associations who are exhibiting, including AIMEX Group and Queensland State from Australia, British Marine Federation, FIN from France and UCINA from Italy.'
The Korea International Boat Show is owned by the Gyeonggi Provincial Government and managed by KOTRA, a government-owned trade promotion agency. The show opens with a VIP and press day on June 10 and concludes 15 June. The venue is Jeongok Marina, a marina being developed by Gyeonggi Province on the west coast, south of Inchon Airport.
South Korea potential growth for boating industry
South Korea is one of the most affluent countries in Asia, with much potential to grow as a leisure boating market. The country is now number 13 in the world ranking for gross domestic product with GDP per head at US$24,000. With the rise in the economy and more leisure time with a five day working week, boating has become a much more attractive activity.
The Governor stresses that the population of the region, affluent, educated and increasingly interested in the outdoor lifestyle, numbers around 11 million, which is a huge catchment area for the launch of the Korea Boat Show. In fact there are around 24 million people within 150km of the venue. Boat Show organizers anticipate around 40,000 visitors to the four day event, which coincides with the Korea Match Cup yachting tournament.
North Korea coastline now available for boating
Reduction in tension between North Korea has meant that much of the coastline is now available for boating. Rules and regulations for the use of a leisure boat are also very transparent, giving a green light for the development of boating. This is in distinct contrast to some other Asian countries such as China where the development of boating is being held back by outdated rules and regulations geared to commercial shipping.
Development in marinas is also being actively promoted by the Provincial Governments in Korea. Currently three marinas exist in Korea with at least 12 other projects actively under way, including four in Gyeonggi Province that are being directly funded by the province and will be completed over the next four years with a total of 1,000 berths.
Leisure Boats numbers over 5,000
The current number of leisure boats, excluding dinghies, is 5,000, which puts the market size similar to Hong Kong and Singapore in terms of total boats. However, with a much larger population of 46 million people and an extensive coastline, South Korea has excellent potential for growth to become one of the key leisure boating markets in Asia.
Gyeonggi Province is also ideally placed to grow a manufacturing cluster with a skilled and efficient workforce and a strong manufacturing culture that receives government support for foreign direct investment.
Korea Stats & Facts:
• World’s 11th largest economy
• World’s largest ship building nation
• Leading producer of LCD products
• World’s 4th largest electronics manufacturer
• World’s 5th largest automotive manufacturer
• 24% of the world’s population
More at http://www.koreaboatshow.org/ and http://english.kotra.or.kr/
or http://www.aimex.asn.au/ Thanks to marinebusinessnews.com for this.
Be sure to check out This Weeks Bayliner Video Update Here......
Find out more information on Bayliner boat canvas, Do-it-Yourself bayliner cover kits and subscribe to our FREE newsletter.
Another great video website for viewing Bayliner Boat Videos Here:
Also we value your comments, if you can add more info in regards to this article please do so. Thank you.
Rick Ostler, Bayliner Boats.
Hi gang, Rick Ostler here from North American Waterway, bringing you Bayliner Boats along with news and views from the boating industry.
Korea International Boat Show
There is still time to take advantage of the support – both financial and marketing – offered to exhibitors by organizers of the first Korea International Boat Show in June and get your brand to the many hundreds of thousands of people expected to attend.
CEO of AIMEX, Mary-Anne Edwards, says the organization will head up a 14-strong Australian group. Austrade too will have a presence there and host an information event to promote Australian industry. 'Korean Trade is organizing the accommodation and we are offering interested companies all manner of support. All you need to do is call us and turn up for the flights. The rest is arranged for you.'
Trade Mission to Korea for boating industry
The Queensland government is organizing a trade mission to Korea for interested companies to inspect infrastructure throughout the Gyeonggi Province and observe the Korea Boat Show. Trade Queensland in Brisbane is supported by an office in Seoul and can arrange a company profile in Korean, interpreter services and cultural assistance for interested businesses. It will also assist with TV interviews, seminars and business meetings.
Global interest in the Korea International Boat Show has exceeded the expectations of Gyeonggi Province Governor Kim Moon-So, who has been traveling the world actively promoting the show and the development of the marine industry. Gyeonggi, is home to Samsung, LG Philips and Hyundai-Kia Motors, and is benefiting from millions of dollars in government money invested in marine infrastructure.
Korea International Boat Show already signed up 231 exhibitors
According to show director Choi Hyung Gun, the show has already signed up 231 exhibitors for the event including 121 overseas companies from a total of 21 countries and 110 domestic exhibitors from Korea.
Bayliner among leading brands at Korea International Boat Show
Leading brands exhibiting include Azimut, Bavaria Yachts, Bayliner, Beneteau, Fairline, Ferretti Yachts, Riva, Riviera and Sunseeker.
'We are very pleased with the response to the show, which indicates the strength of interest in the developing boating market in Korea,' says Choi Hyung Gun. 'We have had good support from overseas marine trade associations who are exhibiting, including AIMEX Group and Queensland State from Australia, British Marine Federation, FIN from France and UCINA from Italy.'
The Korea International Boat Show is owned by the Gyeonggi Provincial Government and managed by KOTRA, a government-owned trade promotion agency. The show opens with a VIP and press day on June 10 and concludes 15 June. The venue is Jeongok Marina, a marina being developed by Gyeonggi Province on the west coast, south of Inchon Airport.
South Korea potential growth for boating industry
South Korea is one of the most affluent countries in Asia, with much potential to grow as a leisure boating market. The country is now number 13 in the world ranking for gross domestic product with GDP per head at US$24,000. With the rise in the economy and more leisure time with a five day working week, boating has become a much more attractive activity.
The Governor stresses that the population of the region, affluent, educated and increasingly interested in the outdoor lifestyle, numbers around 11 million, which is a huge catchment area for the launch of the Korea Boat Show. In fact there are around 24 million people within 150km of the venue. Boat Show organizers anticipate around 40,000 visitors to the four day event, which coincides with the Korea Match Cup yachting tournament.
North Korea coastline now available for boating
Reduction in tension between North Korea has meant that much of the coastline is now available for boating. Rules and regulations for the use of a leisure boat are also very transparent, giving a green light for the development of boating. This is in distinct contrast to some other Asian countries such as China where the development of boating is being held back by outdated rules and regulations geared to commercial shipping.
Development in marinas is also being actively promoted by the Provincial Governments in Korea. Currently three marinas exist in Korea with at least 12 other projects actively under way, including four in Gyeonggi Province that are being directly funded by the province and will be completed over the next four years with a total of 1,000 berths.
Leisure Boats numbers over 5,000
The current number of leisure boats, excluding dinghies, is 5,000, which puts the market size similar to Hong Kong and Singapore in terms of total boats. However, with a much larger population of 46 million people and an extensive coastline, South Korea has excellent potential for growth to become one of the key leisure boating markets in Asia.
Gyeonggi Province is also ideally placed to grow a manufacturing cluster with a skilled and efficient workforce and a strong manufacturing culture that receives government support for foreign direct investment.
Korea Stats & Facts:
• World’s 11th largest economy
• World’s largest ship building nation
• Leading producer of LCD products
• World’s 4th largest electronics manufacturer
• World’s 5th largest automotive manufacturer
• 24% of the world’s population
More at http://www.koreaboatshow.org/ and http://english.kotra.or.kr/
or http://www.aimex.asn.au/ Thanks to marinebusinessnews.com for this.
Be sure to check out This Weeks Bayliner Video Update Here......
Find out more information on Bayliner boat canvas, Do-it-Yourself bayliner cover kits and subscribe to our FREE newsletter.
Another great video website for viewing Bayliner Boat Videos Here:
Also we value your comments, if you can add more info in regards to this article please do so. Thank you.
Rick Ostler, Bayliner Boats.
Thursday, May 22, 2008
Bayliner Boats - Internet News
Sponsored by Seized Boat Auctions
Hi gang, Rick Ostler here at North American Waterway bringing you Bayliner Boats along with news and views from the boating industry.
iboats.com launches monthly e-publication
SALT LAKE CITY – iboats.com has launched a free monthly boating e-publication, the iboats.com Review, which is being emailed to an established list of 116,000 opted-in boating and water sports subscribers who had previously been receiving the iboats.com monthly e-newsletter, the company reported in a recent release.
“Several years ago we started an e-newsletter to the boating public,” said iboats.com chairman and CEO Bruno Vassel III. “It grew and gained popularity as people shared it with their boating friends. Over time we also received many good suggestions on how to make that newsletter better. So that’s what we have done…a complete face-lift. We have changed its name to the iboats.com Review, and dramatically changed its format by using state-of-the-art digital publication technology built specifically for the Internet.”
The iboats.com Review
The iboats.com Review offers monthly features including new and used boat tests and reviews, boating destinations, boating news, how-to articles for do-it-yourselfers, nautical humor, ask-the-expert tips, boat buying and selling tips, and other popular sections such as new product introductions, photo contests and the sharing of favorite seafood recipes. Boat builders, and parts and accessories manufacturers are encouraged to submit new product information. This new format increases the amount of advertising space that this new e-monthly will be able to accommodate in each issue.
The PowerBoat Guide
“Bill Prince, publisher of award winning ClassicYachtMag.com is our new editor and design director and Ed McKnew, publisher of The PowerBoat Guide is our chief contributor along with a group of talented staff writers plus various guest writers,” said Vassel III. “New editorial content will be supplemented with relevant, popular articles previously featured in print magazines. Contributing magazines will receive bylines and credits, plus the iboats.com Review readers will have the ability to also subscribe to those contributing magazines.”
Find out more information on Bayliner boat canvas, Do-it-Yourself bayliner cover kits and subscribe to our FREE newsletter.
Be sure to check out this weeks latest Bayliner Boat Videos Here:
Also we value your comments, if you can add more info in regards to this article please do so. Thank you.
Rick Ostler, North American Waterway
Hi gang, Rick Ostler here at North American Waterway bringing you Bayliner Boats along with news and views from the boating industry.
iboats.com launches monthly e-publication
SALT LAKE CITY – iboats.com has launched a free monthly boating e-publication, the iboats.com Review, which is being emailed to an established list of 116,000 opted-in boating and water sports subscribers who had previously been receiving the iboats.com monthly e-newsletter, the company reported in a recent release.
“Several years ago we started an e-newsletter to the boating public,” said iboats.com chairman and CEO Bruno Vassel III. “It grew and gained popularity as people shared it with their boating friends. Over time we also received many good suggestions on how to make that newsletter better. So that’s what we have done…a complete face-lift. We have changed its name to the iboats.com Review, and dramatically changed its format by using state-of-the-art digital publication technology built specifically for the Internet.”
The iboats.com Review
The iboats.com Review offers monthly features including new and used boat tests and reviews, boating destinations, boating news, how-to articles for do-it-yourselfers, nautical humor, ask-the-expert tips, boat buying and selling tips, and other popular sections such as new product introductions, photo contests and the sharing of favorite seafood recipes. Boat builders, and parts and accessories manufacturers are encouraged to submit new product information. This new format increases the amount of advertising space that this new e-monthly will be able to accommodate in each issue.
The PowerBoat Guide
“Bill Prince, publisher of award winning ClassicYachtMag.com is our new editor and design director and Ed McKnew, publisher of The PowerBoat Guide is our chief contributor along with a group of talented staff writers plus various guest writers,” said Vassel III. “New editorial content will be supplemented with relevant, popular articles previously featured in print magazines. Contributing magazines will receive bylines and credits, plus the iboats.com Review readers will have the ability to also subscribe to those contributing magazines.”
Find out more information on Bayliner boat canvas, Do-it-Yourself bayliner cover kits and subscribe to our FREE newsletter.
Be sure to check out this weeks latest Bayliner Boat Videos Here:
Also we value your comments, if you can add more info in regards to this article please do so. Thank you.
Rick Ostler, North American Waterway
Wednesday, May 21, 2008
Bayliner Boats - Brunswick stops Bluewater Boats Production
Sponsored by Seized Boat Auctions
Hi gang, Rick Ostler here bringing you Bayliner Boats along with news and views in the boating industry. LAKE FOREST, Ill. – Brunswick Corporation will cease production of its Bluewater Marine brands.
Bluewater Marine brands includes
– including Sea Pro, Sea Boss, Palmetto and Laguna – with the up coming 2009 model year, which commences July 1, the company said in a press release yesterday. As a result of this action, Brunswick will close its production facility in Newberry, S.C., by the end of June.
The boat lines were some of Brunswick’s most recent additions to the U.S. market. The company acquired Sea Pro, Sea Boss and Palmetto in early 2005 and launched the Laguna brand in mid-2006.
U.S. Boat Industry slowdown since 2005
“The U.S. marine industry has been in a prolonged slowdown since late 2005, driven by an uncertain economy, high fuel prices, the housing slump and other economic factors that have affected consumers’ confidence and eroded their discretionary spending,” said Dustan E. McCoy, Brunswick chairman and chief executive officer, reiterating reasons Brunswick gave for job reductions at its Albemarle plant, which were announced earlier this month.
“As a result, we are assessing the recovery potential for all marine segments in which we participate, their fragmented nature, the costs of our continued presence in certain of them, and the position of our brands,” McCoy continued. “Our work is ongoing and is focused on developing profitable brand positioning in all segments. With this action, we believe we will solidify our presence in the highly fragmented saltwater segment by concentrating our efforts and leveraging our resources on such brands as Boston Whaler, Triton, Trophy, and our sportfishing offerings from Hatteras, Cabo and Albemarle, while sharpening our market focus and providing necessary cost reductions.”
Brunswick Newberry Facility Closing
Brunswick plans to cease production at the Newberry facility by the end of June 2008. Approximately 175 positions will be affected. Qualifying employees will receive assistance aimed at helping them transition to other employment.
“This market-driven action should not be viewed as a reflection on the performance of our employees,” McCoy said. “As always, we will work hard with all affected – employees, dealers, suppliers, communities and consumers – to minimize the disruption that this decision may cause.”
As a result of these actions, the company said it will record a pretax charge of approximately $25 million to $30 million in the 2008 second quarter to cover asset write-downs and other costs associated with the plant closure. Of that total, approximately 75 percent of the charge is non-cash and the remainder is cash. The company estimates it will realize annualized pretax savings of approximately $9 million stemming from this decision.
Find out more information on Bayliner boat canvas, Do-it-Yourself bayliner cover kits and subscribe to our FREE newsletter.
Be sure to check out this weeks latest Bayliner Boat Videos Here:
Also we value your comments, if you can add more info in regards to this article please do so. Thank you.
Rick Ostler
Hi gang, Rick Ostler here bringing you Bayliner Boats along with news and views in the boating industry. LAKE FOREST, Ill. – Brunswick Corporation will cease production of its Bluewater Marine brands.
Bluewater Marine brands includes
– including Sea Pro, Sea Boss, Palmetto and Laguna – with the up coming 2009 model year, which commences July 1, the company said in a press release yesterday. As a result of this action, Brunswick will close its production facility in Newberry, S.C., by the end of June.
The boat lines were some of Brunswick’s most recent additions to the U.S. market. The company acquired Sea Pro, Sea Boss and Palmetto in early 2005 and launched the Laguna brand in mid-2006.
U.S. Boat Industry slowdown since 2005
“The U.S. marine industry has been in a prolonged slowdown since late 2005, driven by an uncertain economy, high fuel prices, the housing slump and other economic factors that have affected consumers’ confidence and eroded their discretionary spending,” said Dustan E. McCoy, Brunswick chairman and chief executive officer, reiterating reasons Brunswick gave for job reductions at its Albemarle plant, which were announced earlier this month.
“As a result, we are assessing the recovery potential for all marine segments in which we participate, their fragmented nature, the costs of our continued presence in certain of them, and the position of our brands,” McCoy continued. “Our work is ongoing and is focused on developing profitable brand positioning in all segments. With this action, we believe we will solidify our presence in the highly fragmented saltwater segment by concentrating our efforts and leveraging our resources on such brands as Boston Whaler, Triton, Trophy, and our sportfishing offerings from Hatteras, Cabo and Albemarle, while sharpening our market focus and providing necessary cost reductions.”
Brunswick Newberry Facility Closing
Brunswick plans to cease production at the Newberry facility by the end of June 2008. Approximately 175 positions will be affected. Qualifying employees will receive assistance aimed at helping them transition to other employment.
“This market-driven action should not be viewed as a reflection on the performance of our employees,” McCoy said. “As always, we will work hard with all affected – employees, dealers, suppliers, communities and consumers – to minimize the disruption that this decision may cause.”
As a result of these actions, the company said it will record a pretax charge of approximately $25 million to $30 million in the 2008 second quarter to cover asset write-downs and other costs associated with the plant closure. Of that total, approximately 75 percent of the charge is non-cash and the remainder is cash. The company estimates it will realize annualized pretax savings of approximately $9 million stemming from this decision.
Find out more information on Bayliner boat canvas, Do-it-Yourself bayliner cover kits and subscribe to our FREE newsletter.
Be sure to check out this weeks latest Bayliner Boat Videos Here:
Also we value your comments, if you can add more info in regards to this article please do so. Thank you.
Rick Ostler
Bayliner Boats - Boating deaths fell in 2007
Sponsored by: Take Digital Boat Photos for Income
Hi gang, Rick Ostler here bringing you Bayliner Boats along with news and views from the boating industry. WASHINGTON, D.C. – Deaths resulting from recreational boating accidents fell in 2007, according to figures just announced by the United States Coast Guard’s Boating Safety Division, the Coast Guard Auxiliary reported in a statement today.
Coast Guard’s Boating Safety Division
The count dropped from 710 in 2006 to 688 in 2007, the lowest figure since 2004 and third lowest since the Coast Guard began collecting statistics specifically related to recreational boating.
"It's gratifying to see the number of deaths going down," commented Rear Admiral James Watson, Director of Prevention Policy. "We hope that this is a result of more boaters adopting responsible boating behaviors, such as making sure that everyone on board is wearing properly-fitting Coast Guard-approved life jackets at all times."
Recreational Boating Accidents
The Coast Guard Boating Safety Division also released figures that revealed while fatalities decreased, other measures – including injuries, number of accidents, and property damage – rose significantly. Injuries rose from 3,474 in 2006 to 3,686 in 2007. Reported recreational boating accidents, which reached 4,967 in 2006, climbed to 5,223. Property damage, which was a record $43,670,424 in 2006, rose further to $53,288,858 last year.
Top causes for all accidents revealed by 2007 statistics remain fairly consistent with previous years, according to the Coast Guard Auxiliary. Operator inattention, careless/reckless operation, passenger/skier behavior, excessive speed, and alcohol use rank as the top five contributing factors. Alcohol use is the leading contributing factor in fatal boating accidents; it was listed as the leading factor in 21 percent of the deaths, the organization reported.
Boating Safety Instruction
Where instruction data was submitted, three fourths of the deaths occurred on boats where the operator had not received boating safety instruction. Over two-thirds of those killed in boating accidents drowned, and of those, 90 percent were not wearing life jackets.
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Hi gang, Rick Ostler here bringing you Bayliner Boats along with news and views from the boating industry. WASHINGTON, D.C. – Deaths resulting from recreational boating accidents fell in 2007, according to figures just announced by the United States Coast Guard’s Boating Safety Division, the Coast Guard Auxiliary reported in a statement today.
Coast Guard’s Boating Safety Division
The count dropped from 710 in 2006 to 688 in 2007, the lowest figure since 2004 and third lowest since the Coast Guard began collecting statistics specifically related to recreational boating.
"It's gratifying to see the number of deaths going down," commented Rear Admiral James Watson, Director of Prevention Policy. "We hope that this is a result of more boaters adopting responsible boating behaviors, such as making sure that everyone on board is wearing properly-fitting Coast Guard-approved life jackets at all times."
Recreational Boating Accidents
The Coast Guard Boating Safety Division also released figures that revealed while fatalities decreased, other measures – including injuries, number of accidents, and property damage – rose significantly. Injuries rose from 3,474 in 2006 to 3,686 in 2007. Reported recreational boating accidents, which reached 4,967 in 2006, climbed to 5,223. Property damage, which was a record $43,670,424 in 2006, rose further to $53,288,858 last year.
Top causes for all accidents revealed by 2007 statistics remain fairly consistent with previous years, according to the Coast Guard Auxiliary. Operator inattention, careless/reckless operation, passenger/skier behavior, excessive speed, and alcohol use rank as the top five contributing factors. Alcohol use is the leading contributing factor in fatal boating accidents; it was listed as the leading factor in 21 percent of the deaths, the organization reported.
Boating Safety Instruction
Where instruction data was submitted, three fourths of the deaths occurred on boats where the operator had not received boating safety instruction. Over two-thirds of those killed in boating accidents drowned, and of those, 90 percent were not wearing life jackets.
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Rick Ostler, Bayliner Boats.
Bayliner Boats - Employment Opportunity
Sponsored by: do-it-yourself Banker Dory boat building plans
Hi gang, Rick Ostler here bringing you Bayliner Boats along with news and views from the boating industry.
North National Outdoor Group - Employment Opportunity
North National Outdoor Group, a distributor of premium marine & surf products, is expanding its customer service and inside sales department and is seeking a highly motivated candidate to fill this position. This position is based in our Mississauga, Ontario location.
The successful candidate will implement call strategies to the current account base to maintain stock levels while also building relationships with new vendors. The candidate must have good people skills, communication skills, be organized, have a good understanding of selling and servicing accounts and have the ability to work with the customer service and sales departments.
Qualifications:
• Fluent in French an asset
• 2+ years of sales and or customer service experience
• Exceptional verbal and written communication skills
• Working knowledge of Word, Excel and Outlook. Illustrator and Photoshop a plus
• Experience with order entry
• Ability to handle multiple projects and work in an autonomous environment with minimal direction or supervision
• Ability to prioritize daily, weekly and monthly workload
• Knowledge of the Action Sports and or Marine industry a plus
Interested applicants who’s qualifications meet these requirements are invited to e-mail their resumes along with a cover letter, in strict confidence to: sales@northnational.com
Thanks to Boating Industry Canada for this.
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Rick Ostler, Bayliner Boats.
Hi gang, Rick Ostler here bringing you Bayliner Boats along with news and views from the boating industry.
North National Outdoor Group - Employment Opportunity
North National Outdoor Group, a distributor of premium marine & surf products, is expanding its customer service and inside sales department and is seeking a highly motivated candidate to fill this position. This position is based in our Mississauga, Ontario location.
The successful candidate will implement call strategies to the current account base to maintain stock levels while also building relationships with new vendors. The candidate must have good people skills, communication skills, be organized, have a good understanding of selling and servicing accounts and have the ability to work with the customer service and sales departments.
Qualifications:
• Fluent in French an asset
• 2+ years of sales and or customer service experience
• Exceptional verbal and written communication skills
• Working knowledge of Word, Excel and Outlook. Illustrator and Photoshop a plus
• Experience with order entry
• Ability to handle multiple projects and work in an autonomous environment with minimal direction or supervision
• Ability to prioritize daily, weekly and monthly workload
• Knowledge of the Action Sports and or Marine industry a plus
Interested applicants who’s qualifications meet these requirements are invited to e-mail their resumes along with a cover letter, in strict confidence to: sales@northnational.com
Thanks to Boating Industry Canada for this.
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Rick Ostler, Bayliner Boats.
Monday, May 19, 2008
Bayliner Boats - Trailer Boating Canada Magazine Now on Radio
Sponsored by: Build Your Own Wooden Houseboat
Hi gang, Rick Ostler here again bringing you Bayliner Boats along with news and views from the boating industry. Canada’s newest recreational boating magazine Trailer Boating Canada Magazine will be “making waves” with a summer-long promotion to promote the magazine in the boating heartland of Central Ontario.
Throughout the months of May, June, July and August, Trailer Boating Canada will be an on-air sponsor/advertiser on 104.1 The Dock FM, a Larche Communications radio station. 104.1 The Dock FM is Central Ontario’s newest FM radio station.
Published by Kerrwil Publications Limited, Trailer Boating Canada Magazine aims to increase awareness of the magazine, and of the recreational boating lifestyle among cottage-country listeners. Throughout the summer Trailer Boating Canada Magazine will sponsor on-air segments like the weather, and run a rotating series of 30 second spots.
The on-air messaging will continually reinforce that Trailer Boating Canada Magazine will:
1. Guide consumers in their selection and acquisition of their first/next boat.
2. Help maximize fun and safety on the water in familiar and newly discovered destinations.
3. Provide readers with hints and expertise on towing boats and gear.
Listen live at 104.1 FM, or listen on-line via http://www.thedockfm.com/.
Visit Trailer Boating Canada Magazine on the web at http://www.trailerboating.ca/
Thanks to Boating Industry Canada for this.
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Rick Ostler, Bayliner Boats.
Hi gang, Rick Ostler here again bringing you Bayliner Boats along with news and views from the boating industry. Canada’s newest recreational boating magazine Trailer Boating Canada Magazine will be “making waves” with a summer-long promotion to promote the magazine in the boating heartland of Central Ontario.
Throughout the months of May, June, July and August, Trailer Boating Canada will be an on-air sponsor/advertiser on 104.1 The Dock FM, a Larche Communications radio station. 104.1 The Dock FM is Central Ontario’s newest FM radio station.
Published by Kerrwil Publications Limited, Trailer Boating Canada Magazine aims to increase awareness of the magazine, and of the recreational boating lifestyle among cottage-country listeners. Throughout the summer Trailer Boating Canada Magazine will sponsor on-air segments like the weather, and run a rotating series of 30 second spots.
The on-air messaging will continually reinforce that Trailer Boating Canada Magazine will:
1. Guide consumers in their selection and acquisition of their first/next boat.
2. Help maximize fun and safety on the water in familiar and newly discovered destinations.
3. Provide readers with hints and expertise on towing boats and gear.
Listen live at 104.1 FM, or listen on-line via http://www.thedockfm.com/.
Visit Trailer Boating Canada Magazine on the web at http://www.trailerboating.ca/
Thanks to Boating Industry Canada for this.
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Rick Ostler, Bayliner Boats.
Bayliner Boats - Boat Repos Up in the Midwest
Sponsored by Seized Boat Auctions
Hi gang, Rick Ostler again bringing you Bayliner Boats along with news and views from the boating industry. CHICAGO – Florida-based National Liquidators saw a 47 percent increase in boat repossessions in the Midwest from 2006 to 2007 and expects those numbers to keep rising, the company said in a story on the Crain’s Chicago Business Web site this week.
"In the past, boat repossessions typically occurred because people lost their jobs. Now it's people with jobs who are realizing they don't have the financial stability and net worth to make payments on an asset with negative equity," Matt Amata, National Liquidators’ VP who heads the company's Midwest office in Cleveland told Crain’s.
Amata says boat repos have increased significantly in the suburbs of Detroit, Cleveland, St. Louis, Minneapolis and anywhere with an increase in home foreclosures.
"As home values appreciate, and you think you have $100,000 in equity in a home, people may be apt to get a $200,000 boat,” Amata said. “They buy that on the premise that they have equity built into the property. As home prices fall off, they're saddled with a boat loan, and the boat isn't worth what the loan balance is. And they no longer have the equity in their house to cover the difference."
Jeff Henderson, president of Harrison Marine Inc. in eastern Michigan, which conducts boat repos nationally, repossessed 15 boats in Illinois last year, primarily in the southern part of the state. It has already doubled that number in the first three months of 2008.
Skipper Bud's, which sells and maintains new and used boats at North Point Marina on the Illinois-Wisconsin border, has seen a significant increase in its brokerage business, while new-boat sales are down about 10 percent, Mike Pretasky, CEO of the company, told Crain’s.
"I wouldn't say it's worse than any other downturn. It's not like it was during 9/11," he said. "But there's no question that the market is soft. We're definitely in a downturn."
The economic squeeze doesn't seem to be having a noticeable impact on marinas. Westrec Marina Management Inc., which runs Chicago's harbors, has 700 people waiting for slips to open up — up from 600 last year.
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Rick Ostler, Bayliner Boats.
Hi gang, Rick Ostler again bringing you Bayliner Boats along with news and views from the boating industry. CHICAGO – Florida-based National Liquidators saw a 47 percent increase in boat repossessions in the Midwest from 2006 to 2007 and expects those numbers to keep rising, the company said in a story on the Crain’s Chicago Business Web site this week.
"In the past, boat repossessions typically occurred because people lost their jobs. Now it's people with jobs who are realizing they don't have the financial stability and net worth to make payments on an asset with negative equity," Matt Amata, National Liquidators’ VP who heads the company's Midwest office in Cleveland told Crain’s.
Amata says boat repos have increased significantly in the suburbs of Detroit, Cleveland, St. Louis, Minneapolis and anywhere with an increase in home foreclosures.
"As home values appreciate, and you think you have $100,000 in equity in a home, people may be apt to get a $200,000 boat,” Amata said. “They buy that on the premise that they have equity built into the property. As home prices fall off, they're saddled with a boat loan, and the boat isn't worth what the loan balance is. And they no longer have the equity in their house to cover the difference."
Jeff Henderson, president of Harrison Marine Inc. in eastern Michigan, which conducts boat repos nationally, repossessed 15 boats in Illinois last year, primarily in the southern part of the state. It has already doubled that number in the first three months of 2008.
Skipper Bud's, which sells and maintains new and used boats at North Point Marina on the Illinois-Wisconsin border, has seen a significant increase in its brokerage business, while new-boat sales are down about 10 percent, Mike Pretasky, CEO of the company, told Crain’s.
"I wouldn't say it's worse than any other downturn. It's not like it was during 9/11," he said. "But there's no question that the market is soft. We're definitely in a downturn."
The economic squeeze doesn't seem to be having a noticeable impact on marinas. Westrec Marina Management Inc., which runs Chicago's harbors, has 700 people waiting for slips to open up — up from 600 last year.
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Rick Ostler, Bayliner Boats.
Bayliner Boats - Industry Dates to Note
Hi gang, Rick Ostler here bringing you Bayliner Boats along with news and views from the boating industry. The following lists a series of industry related conferences and events that will be of interest to marine professionals.
North American Safe Boating Awareness Week (Canada-U.S.A.)
May 17 to 23, 2008
Environmental Day, The Store (Mason’s Chandlery)
June 7, 2008
Port Credit, Mississauga, Ontario
Clipper 07-08 Round the World Yacht Race - Halifax stop
July 2008,
Leg 7 from Jamaica to Liverpool stops in Halifax.
2008 Marine Aftermarket Accessories Trade Show (MAATS)
July 16-18, 2008
Las Vegas Convention Centre, Las Vegas, Nevada
Solmar Lake Ontario 300
July 18-19, 2008
Nova Scotia In-Water Boat Show and Mahone Bay Classic Boat Festival
July 31 - August 3, 2008
Mahone Bay, Nova Scotia
Rideau Canal Festival
August 1-4, 2008
Ottawa to Kingston, Ontario
Annual Ottawa International Antique & Classic Boat Show
August 9, 2008
Rideau Waterway, Long Island Lockstation
Port Credit In Water Boat Show
Friday, August 22, 2008,
Port Credit Harbour, Ontario
2008 Toronto In-Water Boat Show
September 11 - 14, 2008
Ontario Place Harbour, Toronto
Symposium 2008 – Canadian Safe Boating Council
September 24 – 26, 2008
Viamede Conference Resort & Spa, Stoney Lake, Ontario
IBEX 2008 International Boatbuilders Exhibition and Conference
October 6–8 , 2008
Miami Beach Convention Center, Miami, Florida
Kimpex Marine Dealer Trade Show
October 14 to 16, 2008
Harrah’s Resort and Casino, Tunica, Mississippi
Mermaid Marine Products Dealer Show
October 24 - 26, 2008
Crystal Palace, Moncton, N.B.
Canadian Marine Trade Show
November 2 and 3, 2008
International Centre, Hall 5, Mississauga, Ontario
Fort Lauderdale International Boat Show
October 30 - November 3, 2008
Bahia Mar Yachting Center and Broward County Convention Center
Fort Lauderdale, Florida
Marine Retailers Association of America (MRAA) Annual Convention
November 17 - 19, 2008
Rio Hotel & Casino, Las Vegas, Nevada
METS 2008
November 18 – 20, 2008
Amsterdam RAI Convention Centre, Amsterdam, Netherlands
OMOA 2008 Conference & Trade Show
November 30 - December 3, 2008
Deerhurst Resort, Huntsville, Ontario
Toronto International Boat Show
January 10 - 18, 2009
Direct Energy Centre, Exhibition Place, Toronto
boot – Düsseldorf
January 17 – 25, 2009
Düsseldorf, Germany
Ottawa Boat, Sportsmen's & Cottage Show
February 26, 2009
Lansdowne Park, Ottawa, Ontario
Thanks to Boat Industry Canada for this.
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Rick Ostler, Bayliner Boats.
North American Safe Boating Awareness Week (Canada-U.S.A.)
May 17 to 23, 2008
Environmental Day, The Store (Mason’s Chandlery)
June 7, 2008
Port Credit, Mississauga, Ontario
Clipper 07-08 Round the World Yacht Race - Halifax stop
July 2008,
Leg 7 from Jamaica to Liverpool stops in Halifax.
2008 Marine Aftermarket Accessories Trade Show (MAATS)
July 16-18, 2008
Las Vegas Convention Centre, Las Vegas, Nevada
Solmar Lake Ontario 300
July 18-19, 2008
Nova Scotia In-Water Boat Show and Mahone Bay Classic Boat Festival
July 31 - August 3, 2008
Mahone Bay, Nova Scotia
Rideau Canal Festival
August 1-4, 2008
Ottawa to Kingston, Ontario
Annual Ottawa International Antique & Classic Boat Show
August 9, 2008
Rideau Waterway, Long Island Lockstation
Port Credit In Water Boat Show
Friday, August 22, 2008,
Port Credit Harbour, Ontario
2008 Toronto In-Water Boat Show
September 11 - 14, 2008
Ontario Place Harbour, Toronto
Symposium 2008 – Canadian Safe Boating Council
September 24 – 26, 2008
Viamede Conference Resort & Spa, Stoney Lake, Ontario
IBEX 2008 International Boatbuilders Exhibition and Conference
October 6–8 , 2008
Miami Beach Convention Center, Miami, Florida
Kimpex Marine Dealer Trade Show
October 14 to 16, 2008
Harrah’s Resort and Casino, Tunica, Mississippi
Mermaid Marine Products Dealer Show
October 24 - 26, 2008
Crystal Palace, Moncton, N.B.
Canadian Marine Trade Show
November 2 and 3, 2008
International Centre, Hall 5, Mississauga, Ontario
Fort Lauderdale International Boat Show
October 30 - November 3, 2008
Bahia Mar Yachting Center and Broward County Convention Center
Fort Lauderdale, Florida
Marine Retailers Association of America (MRAA) Annual Convention
November 17 - 19, 2008
Rio Hotel & Casino, Las Vegas, Nevada
METS 2008
November 18 – 20, 2008
Amsterdam RAI Convention Centre, Amsterdam, Netherlands
OMOA 2008 Conference & Trade Show
November 30 - December 3, 2008
Deerhurst Resort, Huntsville, Ontario
Toronto International Boat Show
January 10 - 18, 2009
Direct Energy Centre, Exhibition Place, Toronto
boot – Düsseldorf
January 17 – 25, 2009
Düsseldorf, Germany
Ottawa Boat, Sportsmen's & Cottage Show
February 26, 2009
Lansdowne Park, Ottawa, Ontario
Thanks to Boat Industry Canada for this.
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Rick Ostler, Bayliner Boats.
Monday, May 5, 2008
Bayliner Boats - Brunswick Reports EPS of $0.15 in First Quarter
Hi gang, Rick Ostler here bringing you Bayliner Boats along with news and views from the boating industry. The first quarter earnings report by Brunswick Corporation.
LAKE FOREST, Ill., April 24 /PRNewswire-FirstCall/ -- Brunswick Corporation NYSE: BC reported today net earnings from continuing operations of $0.15 per diluted share for the first quarter of 2008, compared with $0.38 per diluted share for the year-ago quarter. Results for the 2008 period include a $0.07 per diluted share loss on the planned divestiture of Baja boats, $0.09 per diluted share of restructuring and other impairment charges, and an investment sale gain of $0.10 per diluted share. Results for the first quarter of 2007 include $0.06 per diluted share of restructuring charges and $0.03 per diluted share of tax-related benefits.
Brunswick Chairman and Chief Executive Officer Dustan E. McCoy commented, "Sales for the quarter reflected lower demand for marine products, particularly in the United States where industry retail sales were down about 17 percent in units in the first quarter. This weakness was partially offset by sales growth from our bowling and fitness operations, as well as strong sales outside the United States in all business segments. While benefiting from favorable currency exchange rates, our success in regions outside of the United States is also the result of our strategic focus on better serving the unique needs of our customers in these markets. Operationally, we continue to introduce innovative new products and implement initiatives to improve quality and productivity, as well as manage pipeline inventories and reduce expenses in response to current weak market conditions for our marine products. Financially, our balance sheet remains strong with $267 million of cash and debt-to-total capital at 27.6 percent at the end of the quarter. Though difficult times and more hard work are ahead, we are pleased with our progress to date."
First Quarter Results
The company said that sales in the first quarter of 2008 totaled $1,346.8 million, down 3 percent from $1,386.1 million for the year-ago quarter. Operating earnings in the first quarter of 2008 totaled $10.3 million, compared with $53.0 million a year ago. Operating earnings in the first quarter of 2008 include an $8.9 million loss on the planned divestiture of Baja and $13.3 million of restructuring and other impairment charges. In the first quarter of 2007, operating earnings include $7.6 million of restructuring charges.
The company reported net earnings from continuing operations of $13.3 million, or $0.15 per diluted share, in the first quarter of 2008, versus $34.3 million, or $0.38 per diluted share, in the year-ago quarter. Results for the first quarter of 2008 include a pretax gain on the dissolution of a bowling joint venture in Japan of $19.7 million, or $0.10 per diluted share, as well as the loss on the planned divestiture equivalent to $0.07 per diluted share and other restructuring and impairment charges equivalent to $0.09 per diluted share. Diluted earnings per share for the first quarter of 2007 include the previously mentioned $0.06 of restructuring charges and $0.03 of tax-related benefits.
The restructuring and other impairment charges in the first quarter of 2008 include severance and plant closure costs, asset write-downs and impairment charges associated with a number of actions undertaken to shrink the company's manufacturing footprint, exit certain market segments and reduce expenses. During the quarter, the company completed the closure of its Aberdeen, Miss., boat plant and closed its bowling pin manufacturing facility in Antigo, Wis. In addition, the company announced that it will cease boat manufacturing at its facility in Merritt Island, Fla., mothball its Swansboro, N.C., boat plant and close its boat plant in Bucyrus, Ohio, in conjunction with the proposed sale of its Baja boat business.
The effective tax rate of 48.4 percent in the first quarter of 2008 was primarily due to a higher tax rate on the $19.7 million pretax gain on the dissolution of the bowling joint venture. Fully diluted common shares outstanding totaled 88.3 million in the first quarter of 2008, compared with 92.0 million shares in the same period of 2007.
Boat Segment
The Boat segment consists of the Brunswick Boat Group, which produces and distributes fiberglass and aluminum boats and marine parts and accessories, and offers dealer management systems. The Boat segment reported sales for the first quarter of 2008 of $637.8 million, down 9 percent compared with $699.0 million in the first quarter of 2007. Sales in the U.S. were down double digits reflecting the continued weak retail markets. The drop in domestic sales was partially offset by growth in sales outside of the U.S., primarily driven by higher sales in Europe. For the first quarter of 2008, the Boat segment had an operating loss of $14.7 million, down from operating earnings of $19.5 million in the year-ago quarter. The reduction in operating earnings was primarily due to lower fixed-cost absorption on lower sales, as well as $13.8 million of restructuring and impairment charges related to actions described above. The year-ago first quarter includes $4.8 million of comparable charges.
"In response to market conditions, we continued to lower production rates to reduce pipeline inventories held by our dealers," McCoy said. "At the end of the quarter, there were approximately 2,800 fewer boats in our dealers' inventories than at the same time last year. Nevertheless, we had 35 weeks of supply on hand at quarter end, up from 34 weeks of supply a year ago, and we will be making further production cuts in the months ahead. Consumers remain cautious in the face of an uncertain economy, a poor housing market and rising food and energy prices that erode their spending power for discretionary purchases such as boats."
"Against this backdrop, we continued to make progress towards transforming our global manufacturing profile to achieve a smaller, more flexible manufacturing footprint as well as rationalizing our brand portfolio," McCoy added. "We announced that we will cease making boats at several manufacturing facilities, and we will transfer that production to other plants that will make multiple models and brands to lower our overall cost position and improve capacity utilization. We will also continue to strategically refine our product portfolio, focusing on those brands and product segments where we see the greatest opportunity for profitable growth."
Marine Engine Segment
The Marine Engine segment, consisting of the Mercury Marine Group, reported sales of $566.0 million in the first quarter of 2008, down 1 percent from $572.6 million in the year-ago first quarter. Operating earnings in the first quarter were $30.9 million versus $34.7 million, and operating margins declined to 5.5 percent compared with 6.1 percent for the same quarter in 2007.
"Sales from areas outside the United States were up double digits, which helped to mitigate the U.S. sales decline. The U.S. sales shortfall was driven by lower engine sales to boat builders, as well as lower parts and accessories sales, which are tied to boat usage and engine sales," McCoy explained. "The decline in operating earnings was primarily due to lower sales of high-margin sterndrive engines as well as reduced fixed-cost absorption on lower sales."
Fitness Segment
The Fitness segment is comprised of the Life Fitness Division, which manufactures and sells Life Fitness, Hammer Strength and ParaBody fitness equipment. For the first quarter of 2008, segment sales increased 3 percent to $149.2 million, up from $145.0 million in the year-ago quarter. Segment operating earnings were $8.1 million for the first quarter of 2008, flat from the first quarter a year ago. Operating margins were 5.4 percent versus 5.6 percent in the year-earlier quarter.
"Sales growth was driven by a significant increase in commercial equipment sales, which were up nearly double digits," McCoy said. "This was offset by a steep decline in the consumer segment, as individuals continue to defer purchasing discretionary items. Operating earnings and margins were affected by a shift in commercial product mix as the growth in strength equipment sales, which carry lower margins relative to cardiovascular equipment, was disproportionately higher than the growth in cardio sales."
Bowling & Billiards Segment
The Bowling & Billiards segment is comprised of the Brunswick retail bowling centers; bowling equipment and products; and billiards, Air Hockey and foosball tables. Segment sales in the first quarter of 2008 totaled $113.6 million, up 7 percent from $105.8 million in the year-ago quarter. Operating earnings were $0.9 million in the first quarter versus $8.3 million in the year-ago quarter. Operating margins were 0.8 percent as compared with 7.8 percent in 2007.
"Sales were up in both our bowling products and retail segments, offsetting lower billiards sales," McCoy said. "Operating earnings for the segment during the quarter were affected by a $5.6 million charge for costs associated with the closing of the Antigo, Wis., bowling pin plant, as well as other restructuring and impairment costs."
"The retail segment, in particular, continues to benefit as we build additional Brunswick Zone XL bowling centers, with the most recent opening in the Chicagoland area in the first quarter," McCoy said. "Billiards sales, however, continued to face pressure due to the slowdown in the housing market and the overall weak economy."
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; Albemarle, Arvor, Baja, Bayliner, Bermuda, Boston Whaler, Cabo Yachts, Crestliner, Cypress Cay, Harris, Hatteras, Kayot, Laguna, Lowe, Lund, Maxum, Meridian, Ornvik, Palmetto, Princecraft, Quicksilver, Rayglass, Savage, Sea Boss, Sea Pro, Sea Ray, Sealine, Triton, Trophy, Uttern and Valiant boats; Attwood marine parts and accessories; Land 'N' Sea, Kellogg Marine, Diversified Marine and Benrock parts and accessories distributors; IDS dealer management systems; Life Fitness, Hammer Strength and ParaBody fitness equipment; Brunswick bowling centers, equipment and consumer products; Brunswick billiards tables; and Dynamo, Tornado and Valley pool tables, Air Hockey and foosball tables. For more information, visit http://www.brunswick.com.
Brunswick Corporation
Comparative Consolidated Statements of Income
(in millions, except per share data)
(unaudited)
Three Months Ended
March 29, March 31,
2008 2007 % Change
Net sales $1,346.8 $1,386.1 -3%
Cost of sales 1,077.3 1,085.2 -1%
Selling, general and administrative
expense 203.1 206.8 -2%
Research and development expense 33.9 33.5 1%
Restructuring, exit and impairment
charges 22.2 7.6 NM
Operating earnings 10.3 53.0 -81%
Equity earnings 4.8 6.3 -24%
Investment sale gain 19.7 - NM
Other income (expense), net 1.1 (0.4) NM
Earnings before interest and income
taxes 35.9 58.9 -39%
Interest expense (11.5) (13.6) -15%
Interest income 1.4 1.8 -22%
Earnings before income taxes 25.8 47.1 -45%
Income tax provision 12.5 12.8
Net earnings from continuing
operations 13.3 34.3 -61%
Discontinued operations:
Earnings from discontinued
operations, net of tax - 3.4 NM
Gain on disposal of discontinued
operations, net of tax - 7.9 NM
Net earnings from discontinued
operations - 11.3 NM
Net earnings $13.3 $45.6 -71%
Earnings per common share:
Basic
Net earnings from continuing
operations $0.15 $0.38 -61%
Earnings from discontinued
operations, net of tax - 0.03 NM
Gain on disposal of discontinued
operations, net of tax - 0.09 NM
Net earnings $0.15 $0.50 -70%
Diluted
Net earnings from continuing
operations (1) $0.15 $0.38 -61%
Earnings from discontinued
operations, net of tax - 0.03 NM
Gain on disposal of discontinued
operations, net of tax - 0.09 NM
Net earnings $0.15 $0.50 -70%
Weighted average number of shares
used for computation of:
Basic earnings per share 88.2 91.4 -4%
Diluted earnings per share 88.3 92.0 -4%
Effective tax rate (2) 48.4% 27.2%
(1) Net earnings from continuing operations of $0.15 per diluted share for
the first quarter of 2008 include a loss on the planned divestiture of
Baja boats of $0.07 per diluted share, other restructuring, exit and
impairment charges of $0.09 per diluted share, and an investment sale
gain of $0.10 per diluted share. Net earnings from continuing
operations of $0.38 per diluted share for the first quarter of 2007
include restructuring, exit and impairment charges of $0.06 per
diluted share and special tax-related benefits of $0.03 per diluted
share.
(2) The increase in the effective tax rate for the first quarter of 2008
was primarily due to a higher tax rate associated with the investment
sale gain.
Brunswick Corporation
Selected Financial Information
(in millions)
(unaudited)
Segment Information
Three Months Ended
Net Sales Operating Earnings (1) Operating Margin
March 29, March 31, % March 29, March 31, % March 29, March 31,
2008 2007 Change 2008 2007 Change 2008 2007
Boat $637.8 $699.0 -9% $(14.7) $19.5 NM -2.3% 2.8%
Marine
Engine 566.0 572.6 -1% 30.9 34.7 -11% 5.5% 6.1%
Marine
elimi-
nations (119.8) (136.2) - -
Total
Marine 1,084.0 1,135.4 -5% 16.2 54.2 -70% 1.5% 4.8%
Fitness 149.2 145.0 3% 8.1 8.1 0% 5.4% 5.6%
Bowling &
Billiards 113.6 105.8 7% 0.9 8.3 -89% 0.8% 7.8%
Eliminations - (0.1) - -
Corp/Other - - (14.9) (17.6) 15%
Total $1,346.8 $1,386.1 -3% $10.3 $53.0 -81% 0.8% 3.8%
(1) Operating earnings in the first quarter of 2008 include a $22.2
million pretax restructuring charge, consisting of $13.8 million in
the Boat segment, $1.5 million in the Marine Engine segment, $5.6
million in the Bowling & Billiards segment and $1.3 million in
Corp/Other. Operating earnings in the first quarter of 2007 include a
$7.6 million pretax restructuring charge, consisting of $4.8 million
in the Boat segment and $2.8 million in the Marine Engine segment.
Brunswick Corporation
Comparative Consolidated Condensed Balance Sheets
(in millions)
March 29, December 31, March 31,
2008 2007 2007
(unaudited) (unaudited)
Assets
Current assets
Cash and cash equivalents $267.3 $331.4 $204.0
Accounts and notes receivables,
net 648.8 572.4 565.5
Inventories
Finished goods 494.3 446.7 461.2
Work-in-process 346.0 323.4 338.8
Raw materials 143.9 136.6 145.2
Net inventories 984.2 906.7 945.2
Deferred income taxes 241.9 249.9 223.0
Prepaid expenses and other 57.5 53.9 80.0
Current assets held for sale - - 30.3
Current assets 2,199.7 2,114.3 2,048.0
Net property 1,034.4 1,052.8 1,016.9
Other assets
Goodwill and other intangibles 921.0 924.5 984.0
Investments and other long-term
assets 256.3 274.0 343.1
Long-term assets held for sale - - 22.6
Other assets 1,177.3 1,198.5 1,349.7
Total assets $4,411.4 $4,365.6 $4,414.6
Liabilities and shareholders' equity
Current liabilities
Short-term debt $0.9 $0.8 $0.6
Accounts payable 488.0 437.3 435.4
Accrued expenses 832.2 858.1 788.1
Current liabilities held for sale - - 23.3
Current liabilities 1,321.1 1,296.2 1,247.4
Long-term debt 729.1 727.4 725.8
Other long-term liabilities 444.2 449.1 534.0
Long-term liabilities held for sale - - 9.5
Common shareholders' equity 1,917.0 1,892.9 1,897.9
Total liabilities and shareholders'
equity $4,411.4 $4,365.6 $4,414.6
Supplemental Information
Debt-to-capitalization rate 27.6% 27.8% 27.7%
Brunswick Corporation
Comparative Condensed Consolidated Statements of Cash Flows
(in millions)
(unaudited)
Three Months Ended
Revised
March 29, March 31,
2008 2007 (1)
Cash flows from operating activities
Net earnings $13.3 $45.6
Net earnings from discontinued
operations - 11.3
Net earnings from continuing
operations 13.3 34.3
Depreciation and amortization 44.3 41.0
Changes in non-cash current assets
and current liabilities (136.6) (132.2)
Impairment charges 8.4 -
Income taxes and other, net (3.5) 31.1
Net cash used for operating activities
of continuing operations (74.1) (25.8)
Net cash used for operating activities
of discontinued operations - (22.6)
Net cash used for operating activities (74.1) (48.4)
Cash flows from investing activities
Capital expenditures (28.3) (39.8)
Acquisitions of businesses, net of
cash acquired - (0.1)
Investments (4.1) (5.5)
Proceeds from investment sale 40.4 -
Proceeds from sale of property,
plant and equipment 1.7 0.3
Other, net 0.2 12.8
Net cash provided by (used for) investing
activities of continuing operations 9.9 (32.3)
Net cash provided by investing activities
of discontinued operations - 30.4
Net cash provided by (used for) investing
activities 9.9 (1.9)
Cash flows from financing activities
Net issuances of commercial paper
and other short-term debt 0.3 -
Payments of long-term debt including
current maturities (0.2) (0.2)
Stock repurchases - (33.4)
Stock options exercised - 4.5
Net cash provided by (used for) financing
activities of continuing operations 0.1 (29.1)
Net cash used for financing activities
of discontinued operations - -
Net cash provided by (used for) financing
activities 0.1 (29.1)
Net decrease in cash and cash equivalents (64.1) (79.4)
Cash and cash equivalents at beginning
of period 331.4 283.4
Cash and cash equivalents at end of period $267.3 $204.0
Free Cash Flow from Continuing
Operations
Net cash used for operating activities
of continuing operations $(74.1) $(25.8)
Net cash provided by (used for):
Capital expenditures (28.3) (39.8)
Proceeds from sale of property,
plant and equipment 1.7 0.3
Proceeds from investment sale 40.4 -
Other, net 0.2 12.8
Total free cash flow from continuing
operations $(60.1) $(52.5)
(1) The company expanded its presentation of the consolidated statement of
cash flows to include net earnings and net earnings from discontinued
operations. Accordingly, the company revised the quarterly 2007
consolidated statement of cash flows. Net cash flows from operating,
investing and financing activities have not changed.
Website: http://www.brunswick.com/
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LAKE FOREST, Ill., April 24 /PRNewswire-FirstCall/ -- Brunswick Corporation NYSE: BC reported today net earnings from continuing operations of $0.15 per diluted share for the first quarter of 2008, compared with $0.38 per diluted share for the year-ago quarter. Results for the 2008 period include a $0.07 per diluted share loss on the planned divestiture of Baja boats, $0.09 per diluted share of restructuring and other impairment charges, and an investment sale gain of $0.10 per diluted share. Results for the first quarter of 2007 include $0.06 per diluted share of restructuring charges and $0.03 per diluted share of tax-related benefits.
Brunswick Chairman and Chief Executive Officer Dustan E. McCoy commented, "Sales for the quarter reflected lower demand for marine products, particularly in the United States where industry retail sales were down about 17 percent in units in the first quarter. This weakness was partially offset by sales growth from our bowling and fitness operations, as well as strong sales outside the United States in all business segments. While benefiting from favorable currency exchange rates, our success in regions outside of the United States is also the result of our strategic focus on better serving the unique needs of our customers in these markets. Operationally, we continue to introduce innovative new products and implement initiatives to improve quality and productivity, as well as manage pipeline inventories and reduce expenses in response to current weak market conditions for our marine products. Financially, our balance sheet remains strong with $267 million of cash and debt-to-total capital at 27.6 percent at the end of the quarter. Though difficult times and more hard work are ahead, we are pleased with our progress to date."
First Quarter Results
The company said that sales in the first quarter of 2008 totaled $1,346.8 million, down 3 percent from $1,386.1 million for the year-ago quarter. Operating earnings in the first quarter of 2008 totaled $10.3 million, compared with $53.0 million a year ago. Operating earnings in the first quarter of 2008 include an $8.9 million loss on the planned divestiture of Baja and $13.3 million of restructuring and other impairment charges. In the first quarter of 2007, operating earnings include $7.6 million of restructuring charges.
The company reported net earnings from continuing operations of $13.3 million, or $0.15 per diluted share, in the first quarter of 2008, versus $34.3 million, or $0.38 per diluted share, in the year-ago quarter. Results for the first quarter of 2008 include a pretax gain on the dissolution of a bowling joint venture in Japan of $19.7 million, or $0.10 per diluted share, as well as the loss on the planned divestiture equivalent to $0.07 per diluted share and other restructuring and impairment charges equivalent to $0.09 per diluted share. Diluted earnings per share for the first quarter of 2007 include the previously mentioned $0.06 of restructuring charges and $0.03 of tax-related benefits.
The restructuring and other impairment charges in the first quarter of 2008 include severance and plant closure costs, asset write-downs and impairment charges associated with a number of actions undertaken to shrink the company's manufacturing footprint, exit certain market segments and reduce expenses. During the quarter, the company completed the closure of its Aberdeen, Miss., boat plant and closed its bowling pin manufacturing facility in Antigo, Wis. In addition, the company announced that it will cease boat manufacturing at its facility in Merritt Island, Fla., mothball its Swansboro, N.C., boat plant and close its boat plant in Bucyrus, Ohio, in conjunction with the proposed sale of its Baja boat business.
The effective tax rate of 48.4 percent in the first quarter of 2008 was primarily due to a higher tax rate on the $19.7 million pretax gain on the dissolution of the bowling joint venture. Fully diluted common shares outstanding totaled 88.3 million in the first quarter of 2008, compared with 92.0 million shares in the same period of 2007.
Boat Segment
The Boat segment consists of the Brunswick Boat Group, which produces and distributes fiberglass and aluminum boats and marine parts and accessories, and offers dealer management systems. The Boat segment reported sales for the first quarter of 2008 of $637.8 million, down 9 percent compared with $699.0 million in the first quarter of 2007. Sales in the U.S. were down double digits reflecting the continued weak retail markets. The drop in domestic sales was partially offset by growth in sales outside of the U.S., primarily driven by higher sales in Europe. For the first quarter of 2008, the Boat segment had an operating loss of $14.7 million, down from operating earnings of $19.5 million in the year-ago quarter. The reduction in operating earnings was primarily due to lower fixed-cost absorption on lower sales, as well as $13.8 million of restructuring and impairment charges related to actions described above. The year-ago first quarter includes $4.8 million of comparable charges.
"In response to market conditions, we continued to lower production rates to reduce pipeline inventories held by our dealers," McCoy said. "At the end of the quarter, there were approximately 2,800 fewer boats in our dealers' inventories than at the same time last year. Nevertheless, we had 35 weeks of supply on hand at quarter end, up from 34 weeks of supply a year ago, and we will be making further production cuts in the months ahead. Consumers remain cautious in the face of an uncertain economy, a poor housing market and rising food and energy prices that erode their spending power for discretionary purchases such as boats."
"Against this backdrop, we continued to make progress towards transforming our global manufacturing profile to achieve a smaller, more flexible manufacturing footprint as well as rationalizing our brand portfolio," McCoy added. "We announced that we will cease making boats at several manufacturing facilities, and we will transfer that production to other plants that will make multiple models and brands to lower our overall cost position and improve capacity utilization. We will also continue to strategically refine our product portfolio, focusing on those brands and product segments where we see the greatest opportunity for profitable growth."
Marine Engine Segment
The Marine Engine segment, consisting of the Mercury Marine Group, reported sales of $566.0 million in the first quarter of 2008, down 1 percent from $572.6 million in the year-ago first quarter. Operating earnings in the first quarter were $30.9 million versus $34.7 million, and operating margins declined to 5.5 percent compared with 6.1 percent for the same quarter in 2007.
"Sales from areas outside the United States were up double digits, which helped to mitigate the U.S. sales decline. The U.S. sales shortfall was driven by lower engine sales to boat builders, as well as lower parts and accessories sales, which are tied to boat usage and engine sales," McCoy explained. "The decline in operating earnings was primarily due to lower sales of high-margin sterndrive engines as well as reduced fixed-cost absorption on lower sales."
Fitness Segment
The Fitness segment is comprised of the Life Fitness Division, which manufactures and sells Life Fitness, Hammer Strength and ParaBody fitness equipment. For the first quarter of 2008, segment sales increased 3 percent to $149.2 million, up from $145.0 million in the year-ago quarter. Segment operating earnings were $8.1 million for the first quarter of 2008, flat from the first quarter a year ago. Operating margins were 5.4 percent versus 5.6 percent in the year-earlier quarter.
"Sales growth was driven by a significant increase in commercial equipment sales, which were up nearly double digits," McCoy said. "This was offset by a steep decline in the consumer segment, as individuals continue to defer purchasing discretionary items. Operating earnings and margins were affected by a shift in commercial product mix as the growth in strength equipment sales, which carry lower margins relative to cardiovascular equipment, was disproportionately higher than the growth in cardio sales."
Bowling & Billiards Segment
The Bowling & Billiards segment is comprised of the Brunswick retail bowling centers; bowling equipment and products; and billiards, Air Hockey and foosball tables. Segment sales in the first quarter of 2008 totaled $113.6 million, up 7 percent from $105.8 million in the year-ago quarter. Operating earnings were $0.9 million in the first quarter versus $8.3 million in the year-ago quarter. Operating margins were 0.8 percent as compared with 7.8 percent in 2007.
"Sales were up in both our bowling products and retail segments, offsetting lower billiards sales," McCoy said. "Operating earnings for the segment during the quarter were affected by a $5.6 million charge for costs associated with the closing of the Antigo, Wis., bowling pin plant, as well as other restructuring and impairment costs."
"The retail segment, in particular, continues to benefit as we build additional Brunswick Zone XL bowling centers, with the most recent opening in the Chicagoland area in the first quarter," McCoy said. "Billiards sales, however, continued to face pressure due to the slowdown in the housing market and the overall weak economy."
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; Albemarle, Arvor, Baja, Bayliner, Bermuda, Boston Whaler, Cabo Yachts, Crestliner, Cypress Cay, Harris, Hatteras, Kayot, Laguna, Lowe, Lund, Maxum, Meridian, Ornvik, Palmetto, Princecraft, Quicksilver, Rayglass, Savage, Sea Boss, Sea Pro, Sea Ray, Sealine, Triton, Trophy, Uttern and Valiant boats; Attwood marine parts and accessories; Land 'N' Sea, Kellogg Marine, Diversified Marine and Benrock parts and accessories distributors; IDS dealer management systems; Life Fitness, Hammer Strength and ParaBody fitness equipment; Brunswick bowling centers, equipment and consumer products; Brunswick billiards tables; and Dynamo, Tornado and Valley pool tables, Air Hockey and foosball tables. For more information, visit http://www.brunswick.com.
Brunswick Corporation
Comparative Consolidated Statements of Income
(in millions, except per share data)
(unaudited)
Three Months Ended
March 29, March 31,
2008 2007 % Change
Net sales $1,346.8 $1,386.1 -3%
Cost of sales 1,077.3 1,085.2 -1%
Selling, general and administrative
expense 203.1 206.8 -2%
Research and development expense 33.9 33.5 1%
Restructuring, exit and impairment
charges 22.2 7.6 NM
Operating earnings 10.3 53.0 -81%
Equity earnings 4.8 6.3 -24%
Investment sale gain 19.7 - NM
Other income (expense), net 1.1 (0.4) NM
Earnings before interest and income
taxes 35.9 58.9 -39%
Interest expense (11.5) (13.6) -15%
Interest income 1.4 1.8 -22%
Earnings before income taxes 25.8 47.1 -45%
Income tax provision 12.5 12.8
Net earnings from continuing
operations 13.3 34.3 -61%
Discontinued operations:
Earnings from discontinued
operations, net of tax - 3.4 NM
Gain on disposal of discontinued
operations, net of tax - 7.9 NM
Net earnings from discontinued
operations - 11.3 NM
Net earnings $13.3 $45.6 -71%
Earnings per common share:
Basic
Net earnings from continuing
operations $0.15 $0.38 -61%
Earnings from discontinued
operations, net of tax - 0.03 NM
Gain on disposal of discontinued
operations, net of tax - 0.09 NM
Net earnings $0.15 $0.50 -70%
Diluted
Net earnings from continuing
operations (1) $0.15 $0.38 -61%
Earnings from discontinued
operations, net of tax - 0.03 NM
Gain on disposal of discontinued
operations, net of tax - 0.09 NM
Net earnings $0.15 $0.50 -70%
Weighted average number of shares
used for computation of:
Basic earnings per share 88.2 91.4 -4%
Diluted earnings per share 88.3 92.0 -4%
Effective tax rate (2) 48.4% 27.2%
(1) Net earnings from continuing operations of $0.15 per diluted share for
the first quarter of 2008 include a loss on the planned divestiture of
Baja boats of $0.07 per diluted share, other restructuring, exit and
impairment charges of $0.09 per diluted share, and an investment sale
gain of $0.10 per diluted share. Net earnings from continuing
operations of $0.38 per diluted share for the first quarter of 2007
include restructuring, exit and impairment charges of $0.06 per
diluted share and special tax-related benefits of $0.03 per diluted
share.
(2) The increase in the effective tax rate for the first quarter of 2008
was primarily due to a higher tax rate associated with the investment
sale gain.
Brunswick Corporation
Selected Financial Information
(in millions)
(unaudited)
Segment Information
Three Months Ended
Net Sales Operating Earnings (1) Operating Margin
March 29, March 31, % March 29, March 31, % March 29, March 31,
2008 2007 Change 2008 2007 Change 2008 2007
Boat $637.8 $699.0 -9% $(14.7) $19.5 NM -2.3% 2.8%
Marine
Engine 566.0 572.6 -1% 30.9 34.7 -11% 5.5% 6.1%
Marine
elimi-
nations (119.8) (136.2) - -
Total
Marine 1,084.0 1,135.4 -5% 16.2 54.2 -70% 1.5% 4.8%
Fitness 149.2 145.0 3% 8.1 8.1 0% 5.4% 5.6%
Bowling &
Billiards 113.6 105.8 7% 0.9 8.3 -89% 0.8% 7.8%
Eliminations - (0.1) - -
Corp/Other - - (14.9) (17.6) 15%
Total $1,346.8 $1,386.1 -3% $10.3 $53.0 -81% 0.8% 3.8%
(1) Operating earnings in the first quarter of 2008 include a $22.2
million pretax restructuring charge, consisting of $13.8 million in
the Boat segment, $1.5 million in the Marine Engine segment, $5.6
million in the Bowling & Billiards segment and $1.3 million in
Corp/Other. Operating earnings in the first quarter of 2007 include a
$7.6 million pretax restructuring charge, consisting of $4.8 million
in the Boat segment and $2.8 million in the Marine Engine segment.
Brunswick Corporation
Comparative Consolidated Condensed Balance Sheets
(in millions)
March 29, December 31, March 31,
2008 2007 2007
(unaudited) (unaudited)
Assets
Current assets
Cash and cash equivalents $267.3 $331.4 $204.0
Accounts and notes receivables,
net 648.8 572.4 565.5
Inventories
Finished goods 494.3 446.7 461.2
Work-in-process 346.0 323.4 338.8
Raw materials 143.9 136.6 145.2
Net inventories 984.2 906.7 945.2
Deferred income taxes 241.9 249.9 223.0
Prepaid expenses and other 57.5 53.9 80.0
Current assets held for sale - - 30.3
Current assets 2,199.7 2,114.3 2,048.0
Net property 1,034.4 1,052.8 1,016.9
Other assets
Goodwill and other intangibles 921.0 924.5 984.0
Investments and other long-term
assets 256.3 274.0 343.1
Long-term assets held for sale - - 22.6
Other assets 1,177.3 1,198.5 1,349.7
Total assets $4,411.4 $4,365.6 $4,414.6
Liabilities and shareholders' equity
Current liabilities
Short-term debt $0.9 $0.8 $0.6
Accounts payable 488.0 437.3 435.4
Accrued expenses 832.2 858.1 788.1
Current liabilities held for sale - - 23.3
Current liabilities 1,321.1 1,296.2 1,247.4
Long-term debt 729.1 727.4 725.8
Other long-term liabilities 444.2 449.1 534.0
Long-term liabilities held for sale - - 9.5
Common shareholders' equity 1,917.0 1,892.9 1,897.9
Total liabilities and shareholders'
equity $4,411.4 $4,365.6 $4,414.6
Supplemental Information
Debt-to-capitalization rate 27.6% 27.8% 27.7%
Brunswick Corporation
Comparative Condensed Consolidated Statements of Cash Flows
(in millions)
(unaudited)
Three Months Ended
Revised
March 29, March 31,
2008 2007 (1)
Cash flows from operating activities
Net earnings $13.3 $45.6
Net earnings from discontinued
operations - 11.3
Net earnings from continuing
operations 13.3 34.3
Depreciation and amortization 44.3 41.0
Changes in non-cash current assets
and current liabilities (136.6) (132.2)
Impairment charges 8.4 -
Income taxes and other, net (3.5) 31.1
Net cash used for operating activities
of continuing operations (74.1) (25.8)
Net cash used for operating activities
of discontinued operations - (22.6)
Net cash used for operating activities (74.1) (48.4)
Cash flows from investing activities
Capital expenditures (28.3) (39.8)
Acquisitions of businesses, net of
cash acquired - (0.1)
Investments (4.1) (5.5)
Proceeds from investment sale 40.4 -
Proceeds from sale of property,
plant and equipment 1.7 0.3
Other, net 0.2 12.8
Net cash provided by (used for) investing
activities of continuing operations 9.9 (32.3)
Net cash provided by investing activities
of discontinued operations - 30.4
Net cash provided by (used for) investing
activities 9.9 (1.9)
Cash flows from financing activities
Net issuances of commercial paper
and other short-term debt 0.3 -
Payments of long-term debt including
current maturities (0.2) (0.2)
Stock repurchases - (33.4)
Stock options exercised - 4.5
Net cash provided by (used for) financing
activities of continuing operations 0.1 (29.1)
Net cash used for financing activities
of discontinued operations - -
Net cash provided by (used for) financing
activities 0.1 (29.1)
Net decrease in cash and cash equivalents (64.1) (79.4)
Cash and cash equivalents at beginning
of period 331.4 283.4
Cash and cash equivalents at end of period $267.3 $204.0
Free Cash Flow from Continuing
Operations
Net cash used for operating activities
of continuing operations $(74.1) $(25.8)
Net cash provided by (used for):
Capital expenditures (28.3) (39.8)
Proceeds from sale of property,
plant and equipment 1.7 0.3
Proceeds from investment sale 40.4 -
Other, net 0.2 12.8
Total free cash flow from continuing
operations $(60.1) $(52.5)
(1) The company expanded its presentation of the consolidated statement of
cash flows to include net earnings and net earnings from discontinued
operations. Accordingly, the company revised the quarterly 2007
consolidated statement of cash flows. Net cash flows from operating,
investing and financing activities have not changed.
Website: http://www.brunswick.com/
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