Brunswick Corporation (BC) 2008年年度报告「NYSE」.pdf

1、March 25,2009DEARFELLOWSHAREHOLDERS:Roughly a year ago when I composed my last letter to you,I noted a murky outlook for 2008 citing“consumeruneasiness,the housing market,tightening credit availability,and regional economic variances in many of thekey boating markets”as areas of concern.Ultimately,t

2、hose concerns,along with other economic factors thatdeveloped during the year,yielded another difficult year for Brunswick Corporation,our employees,our dealers,our suppliers and you,our shareholders.The crisis that eventually engulfed the worlds economies did have an effect on every segment of our

3、entireenterprise,with our marine businesses,which account for 77 percent of our total revenues,hit the hardest.Asmeasured by industry retail powerboat sales,marine demand in the United States,the worlds largest market,decreased by approximately 27 percent during 2008,reaching its lowest levels in mo

4、re than 40 years.Total revenues for 2008 were down 17 percent to$4,708.7 million,compared with$5,671.2 million in 2007.Sales outside the United States,which accounted for 44 percent of total revenue,were up 2 percent for the year,but were not enough to fully mitigate the effect of a 27 percent reduc

5、tion in sales in the United States.For the year,we reported a loss of$8.93 per diluted share from continuing operations.These results reflect theextremely difficult marketplace and its effect on our businesses as well as the actions that were necessary tomaintain prudent levels of liquidity,resize o

6、ur businesses and ultimately position ourselves to prosper whenmarket conditions stabilize and inevitably improve.This amount includes substantial non-cash charges for suchitems as trade name impairments and the write-down of goodwill and special tax items,as well as restructuringcharges.These items