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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Monday, May 5, 2008
Friday, April 25, 2008
Bayliner Boats - Police looking for Owner of Destroyed Boat
Hi gang, Rick Ostler here again bringing you Bayliner Boats and news and views from the boating industry.
The 23 foot power boat had an inboard motor but no mark or markings and water police are baffled as to owns the vessel.
Another boat, a nine metre Bayliner that went missing around the same time from a mooring in the Canning River, Bullcreek, was also found on a sand bar at Point Walter at 8.00am.
Anyone with any information on either of these boat thefts is asked to call Crime Stoppers on 1800 333 000. Thanks to news.com.au/perthnow for this.
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POLICE are looking for the owner of a power boat destroyed by fire, one of two such boats stolen recently in Perth.
Police were called to the burning boat, estimated to be worth $100,000, washed up on a river bank near Hillcrest Crescent in Maylands at 4.15am.The 23 foot power boat had an inboard motor but no mark or markings and water police are baffled as to owns the vessel.
Another boat, a nine metre Bayliner that went missing around the same time from a mooring in the Canning River, Bullcreek, was also found on a sand bar at Point Walter at 8.00am.
Anyone with any information on either of these boat thefts is asked to call Crime Stoppers on 1800 333 000. Thanks to news.com.au/perthnow for this.
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Bayliner Boats - Tim Hortons Rolls Up Another Winner
Hi gang, Rick Ostler here bringing you Bayliner Boats and news and views from the boating industry. Andrew Hyzy of Kenmore is the proud owner of a Bayliner Bowrider thanks to the coffee chain’s “Roll Up the Rim to Win” promotion.
Andrew won one of the 100 available Bayliner Bowrider boats. Hyzy was unable to be reached for comment. Thanks to Dave Hill, Niagara Gazette for this.
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Andrew won one of the 100 available Bayliner Bowrider boats. Hyzy was unable to be reached for comment. Thanks to Dave Hill, Niagara Gazette for this.
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Friday, March 28, 2008
Bayliner Boats - Earnings decline at Coast Distribution System
Hi gang, Rick Ostler here bringing you Bayliner Boats and boating industry news. More doom and gloom due to the economy slowdown in the United States. MORGAN HILL, Calif. – Marine, RV and outdoor aftermarket parts and accessories supplier Coast Distribution System, Inc. (Amex: CRV) saw its 2007 earnings decline due to economic conditions, it reported in a statement earlier this week.
Coast reported a net loss of $1.5 million, or $0.34 per diluted share, on net sales of $26.7 million for the fourth quarter of 2007. For the same period of 2006, Coast reported a net loss of $1.9 million, or $0.42 per diluted share, on net sales of $26.5 million.
The company reported that the fourth quarter net loss was not unexpected. There is a traditional seasonal slowdown in the fourth quarter every year, as customers typically wait until the first quarter to place orders for the upcoming buying season and it has not been uncommon for Coast to sustain a loss in the fourth quarter in prior years as well, it stated.
“Industry associations for the RV and boating industries reported double-digit declines in industry-wide shipments of recreational vehicles and boats in the 2007 fourth quarter. By contrast, Coast's sales increased slightly year-over-year during the quarter,” said the company.
For the year ended Dec. 31, Coast reported net earnings of $215,000, or $0.05 per diluted share, on net sales of $164.3 million, compared with net earnings of $3.0 million, or $0.64 per diluted share, on net sales of $179.1 million in 2006.
"Fiscal 2007 was a difficult year due to challenging industry conditions, as higher gasoline prices, a slowing economy and a decline in consumer confidence led consumers to curtail discretionary expenditures and, therefore, to reduce their purchases and usage of RVs and boats, causing a decline in the demand for and in purchases of the products we sell. However, during 2007, we made important investments that we believe will put us in a better position for the future," said Coast Chairman and CEO Thomas R. McGuire.
"We made investments in leadership with the promotion of Stephan Lussier and the hiring of Bryan Fletcher. We made investments in new facilities and product development, such as our new Elkhart product-testing center. We expect that these investments will help us continue to add new products and improve our margins. We are especially focused on our outdoor power generation and towing product lines and our imported and branded products," he added.
"Industry analysts are predicting a 4.8 percent decline in recreational vehicle shipments and similar reductions in recreational boat volume in 2008. As a result, we are expecting another difficult year in 2008. Our focus remains on improving margins and increasing our market share primarily through increased sales of foreign sourced and proprietary products," stated McGuire.
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Coast reported a net loss of $1.5 million, or $0.34 per diluted share, on net sales of $26.7 million for the fourth quarter of 2007. For the same period of 2006, Coast reported a net loss of $1.9 million, or $0.42 per diluted share, on net sales of $26.5 million.
The company reported that the fourth quarter net loss was not unexpected. There is a traditional seasonal slowdown in the fourth quarter every year, as customers typically wait until the first quarter to place orders for the upcoming buying season and it has not been uncommon for Coast to sustain a loss in the fourth quarter in prior years as well, it stated.
“Industry associations for the RV and boating industries reported double-digit declines in industry-wide shipments of recreational vehicles and boats in the 2007 fourth quarter. By contrast, Coast's sales increased slightly year-over-year during the quarter,” said the company.
For the year ended Dec. 31, Coast reported net earnings of $215,000, or $0.05 per diluted share, on net sales of $164.3 million, compared with net earnings of $3.0 million, or $0.64 per diluted share, on net sales of $179.1 million in 2006.
"Fiscal 2007 was a difficult year due to challenging industry conditions, as higher gasoline prices, a slowing economy and a decline in consumer confidence led consumers to curtail discretionary expenditures and, therefore, to reduce their purchases and usage of RVs and boats, causing a decline in the demand for and in purchases of the products we sell. However, during 2007, we made important investments that we believe will put us in a better position for the future," said Coast Chairman and CEO Thomas R. McGuire.
"We made investments in leadership with the promotion of Stephan Lussier and the hiring of Bryan Fletcher. We made investments in new facilities and product development, such as our new Elkhart product-testing center. We expect that these investments will help us continue to add new products and improve our margins. We are especially focused on our outdoor power generation and towing product lines and our imported and branded products," he added.
"Industry analysts are predicting a 4.8 percent decline in recreational vehicle shipments and similar reductions in recreational boat volume in 2008. As a result, we are expecting another difficult year in 2008. Our focus remains on improving margins and increasing our market share primarily through increased sales of foreign sourced and proprietary products," stated McGuire.
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Bayliner Boats - Disppointing Year-End for West Marine
Hi gang, Rick Ostler here bringing you Bayliner Boats and boating industry news. WATSONVILLE, Calif. – Boating supplies retailer West Marine, Inc.’s (Nasdaq:WMAR) preliminary results for the fourth quarter and fiscal year ended Dec. 29 are a reflection of market conditions, the company suggested in a statement Wednesday.
Not only were the company’s net losses up dramatically, its revenues declined further than expected. Analysts also noted that the company’s earnings estimates for 2008 were “disappointing.”
Excluding the impact of certain events outlined below, West Marine’s adjusted pre-tax income for the fifty-two weeks ended Dec. 29 was $6.9 million, compared to $3.6 million last year, the company reported in a statement Wednesday.
Net loss for the year was $50.2 million, or $2.31 per share, compared to a restated net loss of $7.7 million, or $0.36 per share, a year ago.
The company suggested the following “significant events” greatly impacted fourth quarter and full year results:
An updated assessment of goodwill in the fourth quarter which resulted in a non-cash impairment charge of $56.9 million pre-tax, or $2.25 per share after-tax. The after-tax, per share equivalent of this impairment charge reflects the non-deductibility for tax purposes of certain goodwill components;
Continued cooperation with the previously-announced SEC investigation resulted in expenditures of $2.7 million pre-tax, or $0.08 per share after-tax;
The departure of our former chief executive officer resulted in related severance costs in the fourth quarter of $1.3 million pre-tax, or $0.04 per share after-tax; and
Management's ongoing evaluation of individual store performance resulted in a non-cash asset impairment charge of $0.9 million pre-tax, or $0.02 per share after-tax.
An additional factor impacting comparison to prior year was: costs relating to West Marine’s store closure and restructuring in 2006, which affected both years, the company added.
“The previously-reported pre-tax expense impact was $14.5 million in 2006, or $0.46 per share, and there was an additional $0.6 million, or $0.02 per share, in 2007 as we adjusted store closure reserves to reflect revised market information,” the company said.
Net sales for the year were $679.5 million, compared to net sales of $716.6 million in 2006. Comparable store sales decreased 1.9 percent compared to the same period a year ago.
“West Marine’s financial results for 2007 reflected a challenging year in our industry,” said Geoff Eisenberg, West Marine CEO. “Within this climate, we have focused on managing the business to weather this downturn and emerge as an even stronger company. We will continue to pursue initiatives and strategies that we expect to drive growth and profitability in the medium and long term.”
Net loss for the fourth quarter ended Dec. 29 was $65.7 million, or $3.00 per share, including the impact of the significant events. This compares to a net loss of $12.8 million, or $0.60 per share for the fourth quarter last year, which reflected $9.4 million, or $0.30 per share in store closure and other restructuring charges. Comparable store sales decreased 3 percent for the quarter. Net sales were $118.3 million, a decrease of 4.6 percent from net sales of $124.0 million for the same period a year ago. West Marine operated 372 stores during the fourth quarter of 2007, compared to 377 stores during the fourth quarter of 2006.
For fiscal year 2008, West Marine currently estimates earnings ranging from $0.02 to $0.09 per share and a decrease in comparable store sales ranging from (5.0 percent) to (3.5 percent). Net sales are expected to range from $660.0 million to $670.0 million for fiscal year 2008. This earnings estimate does not reflect expense relating to the ongoing SEC investigation, according to the company.
That compares to analysts’ expectations of 24 cents a share, excluding exceptional items, on revenue of $678.9 million, Reuters reported on Wednesday. It noted that shares of the company had lost more than 55 percent of their market value in the last 52 weeks. Since then, the stock has dipped even lower.
Thanks to Boating Industry U.S. for this.
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Not only were the company’s net losses up dramatically, its revenues declined further than expected. Analysts also noted that the company’s earnings estimates for 2008 were “disappointing.”
Excluding the impact of certain events outlined below, West Marine’s adjusted pre-tax income for the fifty-two weeks ended Dec. 29 was $6.9 million, compared to $3.6 million last year, the company reported in a statement Wednesday.
Net loss for the year was $50.2 million, or $2.31 per share, compared to a restated net loss of $7.7 million, or $0.36 per share, a year ago.
The company suggested the following “significant events” greatly impacted fourth quarter and full year results:
An updated assessment of goodwill in the fourth quarter which resulted in a non-cash impairment charge of $56.9 million pre-tax, or $2.25 per share after-tax. The after-tax, per share equivalent of this impairment charge reflects the non-deductibility for tax purposes of certain goodwill components;
Continued cooperation with the previously-announced SEC investigation resulted in expenditures of $2.7 million pre-tax, or $0.08 per share after-tax;
The departure of our former chief executive officer resulted in related severance costs in the fourth quarter of $1.3 million pre-tax, or $0.04 per share after-tax; and
Management's ongoing evaluation of individual store performance resulted in a non-cash asset impairment charge of $0.9 million pre-tax, or $0.02 per share after-tax.
An additional factor impacting comparison to prior year was: costs relating to West Marine’s store closure and restructuring in 2006, which affected both years, the company added.
“The previously-reported pre-tax expense impact was $14.5 million in 2006, or $0.46 per share, and there was an additional $0.6 million, or $0.02 per share, in 2007 as we adjusted store closure reserves to reflect revised market information,” the company said.
Net sales for the year were $679.5 million, compared to net sales of $716.6 million in 2006. Comparable store sales decreased 1.9 percent compared to the same period a year ago.
“West Marine’s financial results for 2007 reflected a challenging year in our industry,” said Geoff Eisenberg, West Marine CEO. “Within this climate, we have focused on managing the business to weather this downturn and emerge as an even stronger company. We will continue to pursue initiatives and strategies that we expect to drive growth and profitability in the medium and long term.”
Net loss for the fourth quarter ended Dec. 29 was $65.7 million, or $3.00 per share, including the impact of the significant events. This compares to a net loss of $12.8 million, or $0.60 per share for the fourth quarter last year, which reflected $9.4 million, or $0.30 per share in store closure and other restructuring charges. Comparable store sales decreased 3 percent for the quarter. Net sales were $118.3 million, a decrease of 4.6 percent from net sales of $124.0 million for the same period a year ago. West Marine operated 372 stores during the fourth quarter of 2007, compared to 377 stores during the fourth quarter of 2006.
For fiscal year 2008, West Marine currently estimates earnings ranging from $0.02 to $0.09 per share and a decrease in comparable store sales ranging from (5.0 percent) to (3.5 percent). Net sales are expected to range from $660.0 million to $670.0 million for fiscal year 2008. This earnings estimate does not reflect expense relating to the ongoing SEC investigation, according to the company.
That compares to analysts’ expectations of 24 cents a share, excluding exceptional items, on revenue of $678.9 million, Reuters reported on Wednesday. It noted that shares of the company had lost more than 55 percent of their market value in the last 52 weeks. Since then, the stock has dipped even lower.
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Bayliner Boats - Fire at Port of Kimberling Marina
Hi gang, Rick Ostler here again bringing you Bayliner Boats and news from the boating industry. KIMBERLING CITY, Mo. -- Instead of preparing their boats for spring, some owners spent Saturday preparing claims for their insurance companies. Gordon Weathers, a spokesman for Southern Stone County Fire Protection District, said "This is the first lightning to a boat I've heard of."
Shortly before midnight Friday, fire department officials believe, lightning hit the Port of Kimberling Marina, sending an electric surge throughout the dock. That surge shorted out a pontoon in one of the bays, sparking the fire.
Weathers says a big ball of fire was visible from Reeds Spring, 10 miles away. When firefighters arrived at dock 72 the metal structure and nine boats were on fire.
Weathers says their first job is to preserve life and property so, instead of battling flames, firefighters cut the untouched boats free from the dock. Eight boats were saved but nine boats were destroyed. A neighboring dock was also saved from an errant burning boat that broke away from dock 72.
The fire was under control in less than an hour. The dock still afloat on Saturday is ruled a total loss.
The dock owner says the marina will be back up and running, good as new, by Memorial Day. Thanks to Chad Plein, KY3 News for this.
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Bayliner Boats - Boat Plant Closing
Hi gang, Rick Ostler here bringing you Bayliner Boats and news from the boating industry. Disturbing news coming out of of Bucyrus, Ohio.
Brunswick Corp., the parent of Mercury Marine in Fond du Lac, said Thursday that it plans to close a Baja boat plant in Bucyrus, Ohio, eliminating 285 jobs, and sell some of the assets of the Baja business.
Brunswick said it signed a letter of intent to sell certain assets relating to the Baja boat business to Fountain Powerboat Industries Inc., of Washington, N.C. Terms of the agreement were not disclosed, and completion of the sale is subject to certain conditions.
In preparation for the transition, Brunswick will close the plant by the end of May. Pre-tax costs associated with the plant closure are estimated at $10 million to $15 million.
"This was a strategic decision to further refine our product portfolio and best focus our resources on brands and marine segments that we believe are core to our success going forward," said Brunswick chairman and CEO Dustan McCoy.
Brunswick said it will work to transfer as many of the affected employees to other Brunswick plants or to Fountain's facilities. Employees who are not transferred will receive severance pay.
In addition, it was also disclosed this week that Brunswick's Sea Ray boat subsidiary in Merritt Island, Fla., will lay off 400 employees at its plant, 50 more than previously reported.
In February, the company reported it would lay off 350 employees at the facility because of the sagging economy and slower demand for boats. However, the Florida Agency for Workforce Innovation reported Wednesday the company plans to layoff 400 employees between May and July.
The company says in a statement it will be able to move some of those employees to other plants as it relocates the production of some of its boat models. Two of Sea Ray's other Merritt Island facilities -- a product development and engineering facility and a manufacturing plant -- will not be affected by the layoffs. In February, the company reported the net job loss would be 80.
Lake Forest, Ill.-based Brunswick (NYSE: BC) is a manufacturer of recreational products, including Mercury and MerCruiser marine engines; Bayliner, Boston Whaler, Crestliner, and Sea Boss boats; and Brunswick bowling equipment and billiards tables. Its Mercury Marine marine engines business is based in Fond du Lac and its Brunswick billiards business is based in Bristol.
Thanks to The Orlando (Fla.) Business Journal, a sister publication of The Business Journal Serving Greater Milwaukee, contributing to this report.
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Brunswick Corp., the parent of Mercury Marine in Fond du Lac, said Thursday that it plans to close a Baja boat plant in Bucyrus, Ohio, eliminating 285 jobs, and sell some of the assets of the Baja business.
Brunswick said it signed a letter of intent to sell certain assets relating to the Baja boat business to Fountain Powerboat Industries Inc., of Washington, N.C. Terms of the agreement were not disclosed, and completion of the sale is subject to certain conditions.
In preparation for the transition, Brunswick will close the plant by the end of May. Pre-tax costs associated with the plant closure are estimated at $10 million to $15 million.
"This was a strategic decision to further refine our product portfolio and best focus our resources on brands and marine segments that we believe are core to our success going forward," said Brunswick chairman and CEO Dustan McCoy.
Brunswick said it will work to transfer as many of the affected employees to other Brunswick plants or to Fountain's facilities. Employees who are not transferred will receive severance pay.
In addition, it was also disclosed this week that Brunswick's Sea Ray boat subsidiary in Merritt Island, Fla., will lay off 400 employees at its plant, 50 more than previously reported.
In February, the company reported it would lay off 350 employees at the facility because of the sagging economy and slower demand for boats. However, the Florida Agency for Workforce Innovation reported Wednesday the company plans to layoff 400 employees between May and July.
The company says in a statement it will be able to move some of those employees to other plants as it relocates the production of some of its boat models. Two of Sea Ray's other Merritt Island facilities -- a product development and engineering facility and a manufacturing plant -- will not be affected by the layoffs. In February, the company reported the net job loss would be 80.
Lake Forest, Ill.-based Brunswick (NYSE: BC) is a manufacturer of recreational products, including Mercury and MerCruiser marine engines; Bayliner, Boston Whaler, Crestliner, and Sea Boss boats; and Brunswick bowling equipment and billiards tables. Its Mercury Marine marine engines business is based in Fond du Lac and its Brunswick billiards business is based in Bristol.
Thanks to The Orlando (Fla.) Business Journal, a sister publication of The Business Journal Serving Greater Milwaukee, contributing to this report.
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Thursday, March 27, 2008
Bayliner Boats - Weak Economy Hurting Boating Industry
Hi gang, Rick Ostler bringing you Bayliner Boats and boating industry news. Since 1973, Hunter Scott had made sailboats, powerboats and custom-made lobster boats.
But he decided to close his Pocasset, Mass. shop in December, lay off half his staff and switch to cabinetry work as orders for the $300,000 vessels all but dried up.
"I had a lot of fun in the marine industry," he said. "But the economy has taken its toll."
Across the country, the $40 billion boating industry is struggling to weather a season of gloomy news.
A triple threat of falling consumer confidence, rising gas prices and the nation's economic downturn has pummeled the industry, changing the boating habits of recreational skippers while forcing layoffs, plant closures and corporate reorganizations the likes of which haven't been seen in nearly two decades.
"It's a challenging time," said Bill McGill, chairman and president of Clearwater, Fla.-based MarineMax Inc. The nation's largest recreational boat and yacht retailer recently laid off 10 percent of its work force as profit fell nearly 50 percent during the last fiscal year.
Industrywide, sales of new boats have been slipping virtually every month since mid-2004, when the nation's consumer confidence began to dip. Sales closed out the year down nearly 15 percent compared to last December, according to market research data.
Even more troubling: souring sales, which began with smaller and cheaper boats and progressed to 30-foot mid-sized models, are beginning to infiltrate the yacht market, where yearslong waiting lists for the 50-foot-plus multimillion dollar vessels are evaporating, said Marisa Thompson, an analyst at Morningstar.
That's a sign that even the wealthy are beginning to watch their pennies.
"A lot of people are holding out hope that things will turn around, that in another six to eight months they'll get a glimmer of a turnaround," Thompson said. "But that's up in the air right now. I don't see the catalyst on the horizon."
Since the beginning of 2007, Lake Forest, Ill.-based Brunswick Corp. -- which manufactures more than a dozen boat brands including Bayliner, Sea Ray and Hatteras -- closed or announced plans to mothball seven factories and laid off more than 1,300 workers as it realigns its business and cuts boat production by more than 10 percent.
The company's boat segment lost $81.4 million in 2007, weighed down by a hefty one-time charge and anemic sales.
"We're running our company as if 2008 is going to be down and when we get to midyear, we'll begin to look at 2009 and we'll do what we have to do," said Chief Executive Dustan McCoy.
The industry's downturn became particularly pronounced more than two years ago as the nation's housing sector began to falter and grew as each month progressed.
"We thought last fall that what was being experienced by the industry was as bad as it was going to get," said MarineMax's McGill. "(It) has actually gotten worse."
Until consumer confidence returns, industry executives said they're making an effort to reach out to customers, offering classes and excursions, focusing on overseas sales buoyed by the weak dollar, and developing fancy-featured new models in an effort to win back U.S. shoppers when consumer confidence grows.
"When a recession first hits, the boating industry -- like many of the other leisure industries -- is the first to get hit and the last to bounce back," said Scott, 57. "Until that happens, it's going to be a little slow around the marinas."
Brian Tinkler, general manager Sunset Marina in West Ocean City, Md., is preparing for a slow summer -- especially if the mid-Atlantic's fishing business is anything less than robust.
Already, Tinkler's seen customers ration boat trips and share expenses for a single boat, rather than taking trips with several boats at a time.
"If people know the fish are there, they'll pay the money for the fuel to go catch them. But they aren't going to pay the money to go on a wild goose chase for fish," he said.
Meanwhile, Tinkler's seeing his charter business ebb as fuel prices climb. Three years ago, his marina on Maryland's Eastern Shore chartered boats for between $800 and $1,500 a day. Now, a daylong rental for the same fleet costs $1,200 to $2,500.
Alex Laidlaw, a corporate vice president of Encino, Calif.-based Westrec Marinas, said he expects to see fewer smaller boats out on the water and fewer medium-sized boats, which can cost between $75,000 to several hundred thousand dollars -- departing from his company's 26 marinas.
"We're clearly going to see a slower summer," he said. "They're going to the boat, but the boat is staying at the dock."
With twin 75-gallon gas tanks -- and a fuel efficiency of just few miles per gallon -- Hixson, Tenn. insurance agent Gary Brown has no plans to keep his 32-foot cruiser "Gentle Persuasion" in its slip.
Instead, he's making plans to economize fuel as gas prices for marine fuel soar above $4 a gallon.
"I'll throttle back, consume gas a little better, and just take a little longer to get there," he said.
Al Ehrlich, a 67-year-old boater from Chicago is already scaling back what he spends on movies and other shows so he can afford to spend as much time as possible aboard his 45-foot boat "Adrenaline" when the ice on Lake Michigan thaws.
"I'm almost thinking of putting a sail on my boat to let the wind help me along," he joked.
But like most die-harder boaters who've invested as much in their boats as some people have in their houses, Ehrlich says he no plans to be landlocked.
"I have a large investment in mine, so I'm going to use it one way or another," he said. "I'm not going to let it sit."
Thanks to ASHLEY M. HEHER, The Associated Press for this.
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Rick Ostler, Bayliner Boats.
But he decided to close his Pocasset, Mass. shop in December, lay off half his staff and switch to cabinetry work as orders for the $300,000 vessels all but dried up.
"I had a lot of fun in the marine industry," he said. "But the economy has taken its toll."
Across the country, the $40 billion boating industry is struggling to weather a season of gloomy news.
A triple threat of falling consumer confidence, rising gas prices and the nation's economic downturn has pummeled the industry, changing the boating habits of recreational skippers while forcing layoffs, plant closures and corporate reorganizations the likes of which haven't been seen in nearly two decades.
"It's a challenging time," said Bill McGill, chairman and president of Clearwater, Fla.-based MarineMax Inc. The nation's largest recreational boat and yacht retailer recently laid off 10 percent of its work force as profit fell nearly 50 percent during the last fiscal year.
Industrywide, sales of new boats have been slipping virtually every month since mid-2004, when the nation's consumer confidence began to dip. Sales closed out the year down nearly 15 percent compared to last December, according to market research data.
Even more troubling: souring sales, which began with smaller and cheaper boats and progressed to 30-foot mid-sized models, are beginning to infiltrate the yacht market, where yearslong waiting lists for the 50-foot-plus multimillion dollar vessels are evaporating, said Marisa Thompson, an analyst at Morningstar.
That's a sign that even the wealthy are beginning to watch their pennies.
"A lot of people are holding out hope that things will turn around, that in another six to eight months they'll get a glimmer of a turnaround," Thompson said. "But that's up in the air right now. I don't see the catalyst on the horizon."
Since the beginning of 2007, Lake Forest, Ill.-based Brunswick Corp. -- which manufactures more than a dozen boat brands including Bayliner, Sea Ray and Hatteras -- closed or announced plans to mothball seven factories and laid off more than 1,300 workers as it realigns its business and cuts boat production by more than 10 percent.
The company's boat segment lost $81.4 million in 2007, weighed down by a hefty one-time charge and anemic sales.
"We're running our company as if 2008 is going to be down and when we get to midyear, we'll begin to look at 2009 and we'll do what we have to do," said Chief Executive Dustan McCoy.
The industry's downturn became particularly pronounced more than two years ago as the nation's housing sector began to falter and grew as each month progressed.
"We thought last fall that what was being experienced by the industry was as bad as it was going to get," said MarineMax's McGill. "(It) has actually gotten worse."
Until consumer confidence returns, industry executives said they're making an effort to reach out to customers, offering classes and excursions, focusing on overseas sales buoyed by the weak dollar, and developing fancy-featured new models in an effort to win back U.S. shoppers when consumer confidence grows.
"When a recession first hits, the boating industry -- like many of the other leisure industries -- is the first to get hit and the last to bounce back," said Scott, 57. "Until that happens, it's going to be a little slow around the marinas."
Brian Tinkler, general manager Sunset Marina in West Ocean City, Md., is preparing for a slow summer -- especially if the mid-Atlantic's fishing business is anything less than robust.
Already, Tinkler's seen customers ration boat trips and share expenses for a single boat, rather than taking trips with several boats at a time.
"If people know the fish are there, they'll pay the money for the fuel to go catch them. But they aren't going to pay the money to go on a wild goose chase for fish," he said.
Meanwhile, Tinkler's seeing his charter business ebb as fuel prices climb. Three years ago, his marina on Maryland's Eastern Shore chartered boats for between $800 and $1,500 a day. Now, a daylong rental for the same fleet costs $1,200 to $2,500.
Alex Laidlaw, a corporate vice president of Encino, Calif.-based Westrec Marinas, said he expects to see fewer smaller boats out on the water and fewer medium-sized boats, which can cost between $75,000 to several hundred thousand dollars -- departing from his company's 26 marinas.
"We're clearly going to see a slower summer," he said. "They're going to the boat, but the boat is staying at the dock."
With twin 75-gallon gas tanks -- and a fuel efficiency of just few miles per gallon -- Hixson, Tenn. insurance agent Gary Brown has no plans to keep his 32-foot cruiser "Gentle Persuasion" in its slip.
Instead, he's making plans to economize fuel as gas prices for marine fuel soar above $4 a gallon.
"I'll throttle back, consume gas a little better, and just take a little longer to get there," he said.
Al Ehrlich, a 67-year-old boater from Chicago is already scaling back what he spends on movies and other shows so he can afford to spend as much time as possible aboard his 45-foot boat "Adrenaline" when the ice on Lake Michigan thaws.
"I'm almost thinking of putting a sail on my boat to let the wind help me along," he joked.
But like most die-harder boaters who've invested as much in their boats as some people have in their houses, Ehrlich says he no plans to be landlocked.
"I have a large investment in mine, so I'm going to use it one way or another," he said. "I'm not going to let it sit."
Thanks to ASHLEY M. HEHER, The Associated Press for this.
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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.
Bayliner Boats - Discover Boating News
Hi gang, Rick Ostler here bringing you Bayliner Boats with news from Discover Boating. New additions to campaign make it easier for potential buyers to get started
The 2008 Discover Boating advertising campaign kicks into high gear this month with new components specifically designed to make it easier for interested boat owners to order the Discover Boating DVD and ultimately, drive these potential buyers to manufacturers and dealers.
These new campaign additions include an enhanced call-to-action within the TV advertising, new online creative and search engine marketing. The campaign starts the last week of March and will run through the end of May for a total of 9 weeks.
“Our primary objective with this year’s advertising campaign is to continue to build brand awareness while sealing our lead generation results,” says Lindsay Rennie, Marketing Director of the Discover Boating program. “Our advertising has been a crucial part of the success of the Discover Boating initiative, as it’s a major driver of leads. It is exciting that we’re able to add these new targeted, lead-generating elements this year.”
The campaign is again national in scope, meaning it reaches every home across Canada via specialty cable television, online advertising and search engine results derived through Google. A total of approximately 1,800 occasions of the successful “Wave” and “Dogs” spots will air from March through May on several major cable TV networks throughout the country, including: TSN, Discover Channel, History Channel and RDS. “1,800 spots that run nationally translates to 1,800 spots running in every city, big and small, across the country, with no skew to any particular region,” explains Rennie. Graphic enhancements to this year’s versions of the spots include an image of the DVD and the text “Free DVD” appearing on-screen, both to provide a greater push for the offer.
Internet advertising is ramping up again in 2008, with ad placements on a wide variety of websites, including MSN/Sympatico, Yahoo and Canoe. The new online creative includes eye-catching Flash video embedded into the ads. New keyword advertising on Google.ca will also run throughout the campaign period which will drive increased traffic to DiscoverBoating.ca through highly ranked results of online searches around boating topics.
Discover Boating is a public awareness effort managed by NMMA Canada on behalf of the Canadian recreational boating industry. Discover Boating programs focus on increasing participation and creating interest in recreational boating by demonstrating the benefits, affordability and accessibility of the boating lifestyle while helping to educate potential boaters and offering opportunities to experience the fun and togetherness of being on the water in a boat.
Each year more than 6 million people in Canada enjoy boating, the recreational activity that "connects like no other.” To find out more, visit DiscoverBoating.ca.
Thanks to Boat Industry Canada for this.
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Rick Ostler, Bayliner Boats.
The 2008 Discover Boating advertising campaign kicks into high gear this month with new components specifically designed to make it easier for interested boat owners to order the Discover Boating DVD and ultimately, drive these potential buyers to manufacturers and dealers.
These new campaign additions include an enhanced call-to-action within the TV advertising, new online creative and search engine marketing. The campaign starts the last week of March and will run through the end of May for a total of 9 weeks.
“Our primary objective with this year’s advertising campaign is to continue to build brand awareness while sealing our lead generation results,” says Lindsay Rennie, Marketing Director of the Discover Boating program. “Our advertising has been a crucial part of the success of the Discover Boating initiative, as it’s a major driver of leads. It is exciting that we’re able to add these new targeted, lead-generating elements this year.”
The campaign is again national in scope, meaning it reaches every home across Canada via specialty cable television, online advertising and search engine results derived through Google. A total of approximately 1,800 occasions of the successful “Wave” and “Dogs” spots will air from March through May on several major cable TV networks throughout the country, including: TSN, Discover Channel, History Channel and RDS. “1,800 spots that run nationally translates to 1,800 spots running in every city, big and small, across the country, with no skew to any particular region,” explains Rennie. Graphic enhancements to this year’s versions of the spots include an image of the DVD and the text “Free DVD” appearing on-screen, both to provide a greater push for the offer.
Internet advertising is ramping up again in 2008, with ad placements on a wide variety of websites, including MSN/Sympatico, Yahoo and Canoe. The new online creative includes eye-catching Flash video embedded into the ads. New keyword advertising on Google.ca will also run throughout the campaign period which will drive increased traffic to DiscoverBoating.ca through highly ranked results of online searches around boating topics.
Discover Boating is a public awareness effort managed by NMMA Canada on behalf of the Canadian recreational boating industry. Discover Boating programs focus on increasing participation and creating interest in recreational boating by demonstrating the benefits, affordability and accessibility of the boating lifestyle while helping to educate potential boaters and offering opportunities to experience the fun and togetherness of being on the water in a boat.
Each year more than 6 million people in Canada enjoy boating, the recreational activity that "connects like no other.” To find out more, visit DiscoverBoating.ca.
Thanks to Boat Industry Canada for this.
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Rick Ostler, Bayliner Boats.
Wednesday, March 19, 2008
Bayliner Boats - Upcoming Events
Hi gang, Rick here again bringing you Bayliner boats and news from the boating Industry. The following lists a series of industry related conferences and events that will be of interest to marine professionals.
Moncton Boat Show
March 28 - 30, 2008
Moncton Coliseum Complex, New Brunswick
Victoria Floating Boat Show
April 24 to 27, 2008
Victoria Harbour, Victoria BC
IBEX 2008 International Boatbuilders Exhibition and Conference
October 6–8 , 2008
Miami Beach Convention Center, Miami, Florida
Fort Lauderdale International Boat Show
October 30 to 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
Thanks to Boating Industry Canada for this.
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Rick Ostler, Bayliner Boats.
Moncton Boat Show
March 28 - 30, 2008
Moncton Coliseum Complex, New Brunswick
Victoria Floating Boat Show
April 24 to 27, 2008
Victoria Harbour, Victoria BC
IBEX 2008 International Boatbuilders Exhibition and Conference
October 6–8 , 2008
Miami Beach Convention Center, Miami, Florida
Fort Lauderdale International Boat Show
October 30 to 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
Thanks to Boating Industry Canada for this.
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Rick Ostler, Bayliner Boats.
Bayliner Boats - Doral International up for Sale
Hi gang, Rick here again bringing you Bayliner Boats and news from the boating industry. It was recently reported in the Quebec newspaper Nouvelliste, that Doral International is for sale. In the article, the newspaper noted that Doral owner Erwin Zecha had decided to sell the company in December. Doral Executive Vice President Denis Jutras was interviewed and he said that 225 jobs are at stake.
Jutras added that a local group is looking to buy the factory in order to keep it in the region. "That's looking good," he told the paper. Jutras said that a slowing US economy and the strength of the Canadian dollar has hurt the company. "We have lost market share in the United States, with 20 per cent of our sales this year against 50 per cent previously," he said. "We are less competitive and even if the international market accounts for 60 per cent of our turnover, we cannot afford to lose the American market."
Jutras said that if the company remains in Grand-Mere, the labour unions must make concessions. "We are in negotiation and the employees have to understand that their jobs are in danger," he told the paper.
Boating Industry Canada spoke to Sandra Vigneux at Doral International. She corrected some information that had been reported elsewhere. “Our main goal is to save the 225 jobs here in the Grand-Mere facility,” she told us, “there was talk of American interests looking at the company but I am not aware of that. We are hoping that a local group can buy the company out and keep the plant and the jobs in Grand-Mere.”
“Also, we are talking about the cruiser division. This situation does not affect the sport boat facility in Midland, Ontario. I would like to add that Denis Jutra has been traveling and will return from the Dubai Show next week. He may have more to add at that time. I will tell you, our international sales remain strong. The Shawinigan area board and chambers of commerce are looking closely at this because there were many important jobs lost from another industry back at Christmas. None of us want to see more closures in this area, so we are really hopeful. At present, it is still business as usual with boats being built now but spring is coming and we need to resolve this quickly,” Vigneux stated. Thanks to Boating Industry Canada for this.
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Jutras added that a local group is looking to buy the factory in order to keep it in the region. "That's looking good," he told the paper. Jutras said that a slowing US economy and the strength of the Canadian dollar has hurt the company. "We have lost market share in the United States, with 20 per cent of our sales this year against 50 per cent previously," he said. "We are less competitive and even if the international market accounts for 60 per cent of our turnover, we cannot afford to lose the American market."
Jutras said that if the company remains in Grand-Mere, the labour unions must make concessions. "We are in negotiation and the employees have to understand that their jobs are in danger," he told the paper.
Boating Industry Canada spoke to Sandra Vigneux at Doral International. She corrected some information that had been reported elsewhere. “Our main goal is to save the 225 jobs here in the Grand-Mere facility,” she told us, “there was talk of American interests looking at the company but I am not aware of that. We are hoping that a local group can buy the company out and keep the plant and the jobs in Grand-Mere.”
“Also, we are talking about the cruiser division. This situation does not affect the sport boat facility in Midland, Ontario. I would like to add that Denis Jutra has been traveling and will return from the Dubai Show next week. He may have more to add at that time. I will tell you, our international sales remain strong. The Shawinigan area board and chambers of commerce are looking closely at this because there were many important jobs lost from another industry back at Christmas. None of us want to see more closures in this area, so we are really hopeful. At present, it is still business as usual with boats being built now but spring is coming and we need to resolve this quickly,” Vigneux stated. Thanks to Boating Industry Canada for this.
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Bayliner Boats - Savannah International Boat Show
Hi gang, Rick here bringing you Bayliner Boats and news from the boating industry. GREENVILLE, S.C. – More than 9,000 people attended this year’s Savannah International Boat Show, organizers said in a statement yesterday. JBM & Associates produced the show, which was held Feb. 29 to March 2 at the Savannah International Trade & Convention Center. Attendance was up more than 25 percent from the 2006 show, JBM & Associates said.
“Feedback from the dealers has been overwhelmingly positive, with very strong sales made at the show, as well as later sales resulting from leads made during the show,” said Jacqui Bomar, JBM & Associates president.
Organizers attributed increased attendance to a strong marketing campaign, exceptional weather, a variety of marine related products and services, representation from the area’s leading boat dealers and an extensive assortment of special features and exhibits.
The 7th annual Savannah International Boat Show is scheduled for March 6-8, 2009, at the Savannah International Trade and Convention Center.
Thanks to Boating Industry U.S. for this.
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“Feedback from the dealers has been overwhelmingly positive, with very strong sales made at the show, as well as later sales resulting from leads made during the show,” said Jacqui Bomar, JBM & Associates president.
Organizers attributed increased attendance to a strong marketing campaign, exceptional weather, a variety of marine related products and services, representation from the area’s leading boat dealers and an extensive assortment of special features and exhibits.
The 7th annual Savannah International Boat Show is scheduled for March 6-8, 2009, at the Savannah International Trade and Convention Center.
Thanks to Boating Industry U.S. for this.
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Bayliner Boats - BoatU.S. launches fishing magazine
Hi gang, Rick here bringing you Bayliner Boats and news from the boating industry. BALEXANDRIA, Va. – BoatU.S. Angler magazine premieres this month, the first of three issues delivered each year to members of the BoatU.S. Angler program, select fishing clubs and West Marine locations across the United States, the association reported in a recent statement.
The new magazine’s goal is to provide fishing information to boat owning anglers among the 650,000 members of the association and to spread the word of its specialty services for fishermen, BoatU.S. stated.
Mike Pellerin, director of the BoatU.S. Angler program, is editor-in-chief, and Taylor Wilson is managing editor. BoatU.S. Angler features will include fishing and boating information from experts, and the latest on bass, walleye and crappie as well as near-shore saltwater angling, according to the association. Writers will include Bill Dance on bass, Wally Marshall on crappie, Gary Roach on walleye, and Nick Honachefsky on stripers and near-shore species. In addition, readers can get answers to angling questions from pro angler and guide Steve Chaconas and fishing legend Bill Dance in the magazine’s Angling Answers column.
Each issue will offer something for the entire family, including recipes, young angler stories and tips, quizzes and crossword puzzles, the association stated. Other regular topics will include technical tips and advice, trailering information, boating safety, conservation and do-it-yourself articles from other BoatU.S. publications. The magazine will also promote the association’s various benefits such as specialized fishing boat insurance, on-the-water and on-the-road towing assistance programs, discounts at BoatU.S. Cooperating Marinas and member rebates on equipment purchased at West Marine stores. Thanks to Boating Industry U.S. for this.
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The new magazine’s goal is to provide fishing information to boat owning anglers among the 650,000 members of the association and to spread the word of its specialty services for fishermen, BoatU.S. stated.
Mike Pellerin, director of the BoatU.S. Angler program, is editor-in-chief, and Taylor Wilson is managing editor. BoatU.S. Angler features will include fishing and boating information from experts, and the latest on bass, walleye and crappie as well as near-shore saltwater angling, according to the association. Writers will include Bill Dance on bass, Wally Marshall on crappie, Gary Roach on walleye, and Nick Honachefsky on stripers and near-shore species. In addition, readers can get answers to angling questions from pro angler and guide Steve Chaconas and fishing legend Bill Dance in the magazine’s Angling Answers column.
Each issue will offer something for the entire family, including recipes, young angler stories and tips, quizzes and crossword puzzles, the association stated. Other regular topics will include technical tips and advice, trailering information, boating safety, conservation and do-it-yourself articles from other BoatU.S. publications. The magazine will also promote the association’s various benefits such as specialized fishing boat insurance, on-the-water and on-the-road towing assistance programs, discounts at BoatU.S. Cooperating Marinas and member rebates on equipment purchased at West Marine stores. Thanks to Boating Industry U.S. for this.
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Bayliner Boats - Boat Acident on Route to Cat Cay
Hi gang, Rick here again providing Bayliner Boats and news from the boating industry. Interesting article about three rescued from burning boat. Chief Superintendent of Police for the Northern Bahamas, Basil Rahming said the three were residents of Miami, Florida.
Mr. Rahming said Robbie Smith, a local boat captain, contacted the dock master at the Bimini Big Game Resort Cat Cay around 11:30am Saturday, and informed him that he had just rescued three Cuban-American men from aboard a burning 26-foot Bayliner boat, about two miles south of Cat Cay.
Mr. Smith also reportedly told the dock master that he was en route to North Bimini with the three men – Justo Bitan, 35-years-old, Hernando Camera, 30-years-old and Jorge Martinez, 46-years-old – who were all suffering from first-degree burns about their bodies.
Mr. Rahming said local police officers met Mr. Smith’s vessel at the government dock in North Bimini, and took the three men to the local clinic, where they were treated and later discharged.
Mr. Bitan – the captain – told police that they were en route to Cat Cay from Miami around 9:00am on Saturday, when there was a loud explosion. Next, he said, the engine room of the vessel went up in flames.
According to police reports, this all happened about 10 miles southwest of the cay.
Mr. Bitan is reported to have said that Mr. Smith rescued him and his shipmates and brought them safely into North Bimini shortly after the explosion.
The vessel was completely destroyed by that fire, according to Supt. Rahming.
The incident is currently under investigation.
Mr. Rahming also reported the discovery of a significant amount of ammunition on Bimini over the weekend.
He said around 7:00pm Saturday, a South Bimini resident handed over 50 live rounds of .357 ammunition, 12 12-gauge shotgun cartridges and 1 gun lock to officers at the Airport Police Station, which he stated that he found while salvaging a vessel off South Bimini.
The 38-foot vessel had run aground and was wrecked off South Bimini sometime during the night of Friday 7 March.
Officers thanked the resident for his diligence and have begun an investigation into the matter, according to Mr. Rahming. Thanks to Juan McCartney, The Bahama Journal for this.
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Mr. Rahming said Robbie Smith, a local boat captain, contacted the dock master at the Bimini Big Game Resort Cat Cay around 11:30am Saturday, and informed him that he had just rescued three Cuban-American men from aboard a burning 26-foot Bayliner boat, about two miles south of Cat Cay.
Mr. Smith also reportedly told the dock master that he was en route to North Bimini with the three men – Justo Bitan, 35-years-old, Hernando Camera, 30-years-old and Jorge Martinez, 46-years-old – who were all suffering from first-degree burns about their bodies.
Mr. Rahming said local police officers met Mr. Smith’s vessel at the government dock in North Bimini, and took the three men to the local clinic, where they were treated and later discharged.
Mr. Bitan – the captain – told police that they were en route to Cat Cay from Miami around 9:00am on Saturday, when there was a loud explosion. Next, he said, the engine room of the vessel went up in flames.
According to police reports, this all happened about 10 miles southwest of the cay.
Mr. Bitan is reported to have said that Mr. Smith rescued him and his shipmates and brought them safely into North Bimini shortly after the explosion.
The vessel was completely destroyed by that fire, according to Supt. Rahming.
The incident is currently under investigation.
Mr. Rahming also reported the discovery of a significant amount of ammunition on Bimini over the weekend.
He said around 7:00pm Saturday, a South Bimini resident handed over 50 live rounds of .357 ammunition, 12 12-gauge shotgun cartridges and 1 gun lock to officers at the Airport Police Station, which he stated that he found while salvaging a vessel off South Bimini.
The 38-foot vessel had run aground and was wrecked off South Bimini sometime during the night of Friday 7 March.
Officers thanked the resident for his diligence and have begun an investigation into the matter, according to Mr. Rahming. Thanks to Juan McCartney, The Bahama Journal for this.
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Rick Ostler, Bayliner Boats.
Bayliner Boats - Gulf Marine to Distribute Brunswick in Mexico
Hi gang, Rick bringing you Bayliner Boats news. USA. Gulf Marine joins Brunswick Latin America Group (BLAG), a unit of Brunswick Corporation (NYSE: BC), has announced that Gulf Marine located in Veracruz, Mexico, will join its emerging distribution network in the region when the new dealership celebrates its grand opening today. Gulf Marine is owned by the Gregorio Chedraui family, and the Veracruz site is the first of four locations that they plan on opening along the Gulf of Mexico within the next year. Gulf Marine will carry several Brunswick boat brands, including Bayliner and Trophy. The new 3,900-square-foot facility will also offer a full service center.
Gulf Marine is also the first to be certified by Brunswick as a “PRO DEALER” in Latin America. PRO DEALER is a process that certifies and recognizes a dealer who has met or exceeded a number of criteria, including standards for operations and numerous topics and performance characteristics all aimed at increasing customer satisfaction and business efficiencies. Chedraui, president of Gulf Marine, will be awarded the certification plaque by Brunswick Chairman and Chief Executive Officer Dustan E. McCoy at the official opening ceremony today. Other special guests planning to attend the event include Fidel Herrera, governor of the state of Veracruz, as well as other local authorities and business leaders within the community.
“We are very excited to become part of the Brunswick Latin America family and to be the first dealer certified under the PRO DEALER process outside the United States,” commented Chedraui. “We anticipate a large customer response, and look forward to providing them with the best marine product, with premiere service.”
Brunswick, as part of its efforts to increase its global presence, has tapped local management talent, and established offices and operations in various regions of the world. Latin America is one of those strategic areas, with great future potential. Mexico, for example, has numerous lakes as well as nearly 6,300 miles of coastline along the Gulfs of Mexico and California and the Pacific Ocean. It offers access to both saltwater and freshwater boating, and a growing middle class demanding more recreational products and services.
“We are very excited to partner with Gulf Marine. Their aggressive growth strategy in Mexico mirrors our approach to developing the potential of Latin America's marine market,” commented William J. Gress, president of the Brunswick Latin America Group. “We are confident that they will become one of our world-class dealers
Thanks to bymnews.com for this.
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Rick Ostler, Bayliner Boats.
Gulf Marine is also the first to be certified by Brunswick as a “PRO DEALER” in Latin America. PRO DEALER is a process that certifies and recognizes a dealer who has met or exceeded a number of criteria, including standards for operations and numerous topics and performance characteristics all aimed at increasing customer satisfaction and business efficiencies. Chedraui, president of Gulf Marine, will be awarded the certification plaque by Brunswick Chairman and Chief Executive Officer Dustan E. McCoy at the official opening ceremony today. Other special guests planning to attend the event include Fidel Herrera, governor of the state of Veracruz, as well as other local authorities and business leaders within the community.
“We are very excited to become part of the Brunswick Latin America family and to be the first dealer certified under the PRO DEALER process outside the United States,” commented Chedraui. “We anticipate a large customer response, and look forward to providing them with the best marine product, with premiere service.”
Brunswick, as part of its efforts to increase its global presence, has tapped local management talent, and established offices and operations in various regions of the world. Latin America is one of those strategic areas, with great future potential. Mexico, for example, has numerous lakes as well as nearly 6,300 miles of coastline along the Gulfs of Mexico and California and the Pacific Ocean. It offers access to both saltwater and freshwater boating, and a growing middle class demanding more recreational products and services.
“We are very excited to partner with Gulf Marine. Their aggressive growth strategy in Mexico mirrors our approach to developing the potential of Latin America's marine market,” commented William J. Gress, president of the Brunswick Latin America Group. “We are confident that they will become one of our world-class dealers
Thanks to bymnews.com for this.
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Rick Ostler, Bayliner Boats.
Friday, March 14, 2008
Bayliner Boats - Brunswick Announces New Organizational Structure At Mercury
Hi gang, Rick here bringing you Bayliner Boats and news from the boating industry. Brunswick Corporation (NYSE: BC) has announced a new organizational structure for its Mercury Marine division designed to better align and streamline Mercury’s business units.
Kevin S. Grodzki, president – MerCruiser, will now add Mercury Racing and MotoTron, to his current responsibilities for sterndrive, inboards, Teignbridge Propellers and Cummins MerCruiser Diesel. Mark D. Schwabero, president – Mercury Outboards, will now head up Mercury Focused Businesses, service and parts, and research and development, in addition to his current outboard responsibilities. Both Grodzki, 52, and Schwabero, 55, are vice presidents of Brunswick Corporation, and will report directly to Brunswick Chairman and Chief Executive Officer Dustan E. McCoy.
“We believe this new structure will not only result in increased efficiency and accountability, but will also ensure that advances in product innovation and quality aimed at better serving our customers will continue,” said McCoy.
Additionally, Stephen M. Cramer, 44, has been named to the newly created position of vice president and chief financial and administrative officer for Mercury Marine. Cramer most recently was chief financial officer for Mercury. Cramer will be responsible for all finance functions throughout Mercury as well as human resources, information technology, legal, and strategic planning and business development. Cramer will also report to McCoy.
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Rick Ostler, Bayliner Boats.
Kevin S. Grodzki, president – MerCruiser, will now add Mercury Racing and MotoTron, to his current responsibilities for sterndrive, inboards, Teignbridge Propellers and Cummins MerCruiser Diesel. Mark D. Schwabero, president – Mercury Outboards, will now head up Mercury Focused Businesses, service and parts, and research and development, in addition to his current outboard responsibilities. Both Grodzki, 52, and Schwabero, 55, are vice presidents of Brunswick Corporation, and will report directly to Brunswick Chairman and Chief Executive Officer Dustan E. McCoy.
“We believe this new structure will not only result in increased efficiency and accountability, but will also ensure that advances in product innovation and quality aimed at better serving our customers will continue,” said McCoy.
Additionally, Stephen M. Cramer, 44, has been named to the newly created position of vice president and chief financial and administrative officer for Mercury Marine. Cramer most recently was chief financial officer for Mercury. Cramer will be responsible for all finance functions throughout Mercury as well as human resources, information technology, legal, and strategic planning and business development. Cramer will also report to McCoy.
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