“Brunswick Corporation (NYSE: BC) today reported results for the fourth quarter of 2009:
· Total net sales of $657.3 million were down 22 percent versus 2008.
· A net loss of $124.0 million, or $1.40 per diluted share, which includes $0.78 per diluted share of impairment and restructuring charges, and $1.20 per diluted share of benefits from special tax items.
· Cash totaled $526.6 million, up from 2008 year-end balance of $317.5 million.
· Pipeline reduction and inventory management strategies implemented throughout the year led to significantly lower dealer inventory levels and company cash flow benefits, while having a negative impact on revenue and earnings.
‘During the fourth quarter we continued to successfully execute against our key strategic objectives, which has allowed us not only to remain stable during the worst marine market in decades, but also to position ourselves to take advantage of market opportunities as they evolve,’ said Brunswick's Chairman and Chief Executive Officer Dustan E. McCoy. ‘We exited 2009 with $527 million in cash, a stronger dealer network with low inventories, and a leaner company with a significantly reduced cost structure.’”