Printer Friendly

BRUNSWICK REPORTS FIRST QUARTER RESULTS

 LAKE FOREST, Ill., April 28 /PRNewswire/ -- Brunswick Corp. (NYSE: BC) today reported that for the quarter ended March 31, 1993, sales from continuing operations of $542.8 million were virtually flat with sales of $544.7 million in the first quarter of last year. Earnings from continuing operations declined to $9.8 million, or 10 cents per share, compared with $11.3 million, or 13 cents per share, in the first quarter of the prior year.
 First quarter net earnings in 1993 include a net loss of $0.8 million from discontinued operations versus a break even in the first quarter of 1992. The first quarter of 1992 also includes the cumulative effect of an accounting change for employees' postretirement benefits of $38.3 million after-tax. Net earnings in the first quarter of 1993 were $9.0 million, or 9 cents per share, compared with a net loss of $27.0 million, or 30 cents per share, in last year's first quarter.
 "Operating results for the quarter were mixed with the Recreation segment's $8 million increase in operating earnings offsetting the Marine segment decline. Marine segment sales decreased by 6 percent to $372.5 million from $396.5 million and operating earnings declined to $0.9 million from $8.9 million. The Recreation segment recorded a 15 percent sales gain to $170.3 million from $148.2 million and operating earnings rose to $29.4 million from $21.4 million," stated Brunswick Chairman, President and Chief Executive Officer Jack F. Reichert.
 "Our Marine businesses continue to be negatively affected by the global recession that has impacted the domestic marketplace for the past five years and the international business the past two years. Despite low consumer confidence levels and poor spring weather in the United States, domestic sales grew about 3 percent from 1992s depressed levels. International sales, which had grown through 1991, fell off almost 25 percent as the economies in Canada, Europe and Japan remain mired in recessions.
 "The improved results in the Recreation segment were due to sharply increased sales and significantly improved operating earnings reported by the Brunswick Division. This division continued to expand its international sales of bowling capital equipment. Zebco, which produces fishing tackle and electric trolling motors, reported slightly increased sales with operating earnings down slightly from last year's record levels. The Brunswick Recreation Centers Division, while still operating at near record levels of sales and operating earnings, reported modest declines in both areas," he explained.
 Headquartered in Lake Forest, Ill., Brunswick Corp. is a multinational company with leadership positions in marine power, pleasure boating and recreation. Its stock is traded on the New York, Tokyo, London, Pacific and Midwest Stock Exchanges.
 BRUNSWICK CORP.
 Comparative Condensed Consolidated Results of Operations
 (Unaudited -- In millions, except per share data)
 Quarters Ended March 31 1993 1992
 Net sales $542.8 $544.7
 Earnings from continuing operations before
 income taxes 17.6 18.3
 Income tax provision 7.8 7.0
 Earnings(loss) from continuing operations
 before cumulative effect of accounting change 9.8 11.3
 Earnings(loss) from discontinued operations (0.8) 0.0
 Cumulative effect of accounting change -- (38.3)
 Net earnings(loss) $ 9.0 $(27.0)
 Earnings(loss) per common share
 Continuing operations $ 0.10 $ 0.13
 Discontinued operations (0.01) 0.00
 Cumulative effect of accounting change -- (0.43)
 Net earnings(loss) per common share 0.09 (0.30)
 Average shares used for computation
 of earnings per common share 95.2 88.6
 Effective tax rate on continuing
 operations (percent) 44.3 38.3
 Results from continuing operations for the quarter ended March 31, 1992, have been restated to include an after-tax provision of $0.7 million ($1.1 million pretax) as a result of the adoption of SFAS No. 106, which required a change in accounting for employees' postretirement benefits effective Jan. 1, 1992. The 1992 results have also been restated to segregate the results of operations of the company's discontinued Technical segment.
 BRUNSWICK CORP.
 Comparative Condensed Segment Information
 (Unaudited, in millions)
 Marine Recreation Corporate Total
 Quarter Ended March 31, 1993
 Net sales $372.5 170.3 -- $542.8
 Operating earnings $ 0.9 29.4 (8.8) $ 21.5
 Quarter ended March 31, 1992
 Net sales $396.5 148.2 -- $544.7
 Operating earnings $ 8.9 21.4 (5.9) $ 24.4
 Results for the quarter ended March 31, 1992, have been restated to include a provision of $1.1 million ($0.8 million for Marine; $0.3 million for Recreation) for the adoption of SFAS No. 106 which required changes in accounting for employees' postretirement benefits.
 -0- 4/28/93
 /CONTACT: William R. McManaman, vice president finance, 708-735-4840, Ross H. Stemer, director-investor relations, 708-735-4851, or Adrian W. Sakowicz, director-public relations, 708-735-4131, all of Brunswick Corp./
 (BC)


CO: Brunswick Corp. ST: Illinois IN: LEI SU: ERN

PS -- NY026 -- 1850 04/28/93 09:41 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 28, 1993
Words:812
Previous Article:PROPERTY TRUST OF AMERICA ANNOUNCES EIGHT MULTIFAMILY ACQUISITIONS AND DEVELOPMENTS TOTALING $89.5 MILLION AND DECLARATION OF DIVIDEND
Next Article:DEL LABORATORIES, INC., REPORTS FIRST QUARTER RESULTS
Topics:


Related Articles
BRUNSWICK REPORTS SALES INCREASES; TURNAROUND IN MARINE EARNINGS
BRUNSWICK REPORTS IMPROVED QUARTERLY, SIX-MONTH RESULTS
BRUNSWICK REPORTS IMPROVED QUARTERLY, NINE-MONTH RESULTS
BRUNSWICK REPORTS IMPROVED THIRD QUARTER RESULTS
BRUNSWICK REPORTS SHARPLY IMPROVED SALES, EARNINGS
BRUNSWICK REPORTS BEST THIRD QUARTER IN SIX YEARS
SALES AND EARNINGS INCREASE AT BRUNSWICK CORPORATION
REPAP NEW BRUNSWICK INC. ANNOUNCES FIRST QUARTER RESULTS
New Brunswick Scientific Co., Inc. Reports First Quarter 1997 Results
Brunswick Reports First Quarter Results.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters