Brunswick Declares Common Stock Dividend
LAKE FOREST, Ill., Oct. 29 /PRNewswire-FirstCall/ -- The board of directors of Brunswick Corporation (NYSE: BC) today declared an annual dividend on its common stock of $.05 cents per share payable Dec. 15, 2008, to shareholders of record on Nov. 24, 2008. Brunswick currently has approximately 87.7 million shares of common stock outstanding. The annual dividend declared in 2007 was $.60 per share.
"Given the unprecedented downturn in the marine industry, we believe reducing the dividend is consistent with our objective of conserving cash and maintaining a healthy balance sheet during these uncertain times," explained Brunswick Chairman and Chief Executive Officer Dustan E. McCoy.
"As previously announced, Brunswick has been following through on a number of measures to reduce expenses and resize the company to compete in a challenging global marine market," McCoy added. "In the past two years, we have closed 12 North American boat plants; continually reduced production rates throughout our marine businesses, including extended production furloughs; divested under-utilized assets; exited or divested certain businesses; and reduced headcount in our marine businesses and corporate staff in the United States during 2008 alone by some 5,300 positions, or 35 percent of that hourly and salaried work force."
"Our actions have been deliberate and appropriate to events and changes in the marketplace. We will continue to monitor developments closely and react swiftly and aggressively to market conditions. We believe these actions are in the best interest of the company and its shareholders and will better position us to benefit when the markets improve," McCoy concluded.
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; Albemarle, Arvor, Bayliner, Bermuda, Boston Whaler, Cabo Yachts, Crestliner, Cypress Cay, Harris, Hatteras, Kayot, Lowe, Lund, Maxum, Meridian, Ornvik, Princecraft, Quicksilver, Rayglass, Savage, 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.
SOURCE Brunswick Corporation
Released October 29, 2008