Brunswick Corporation (BC) 2009年年度报告「NYSE」.pdf

1、March 25,2010DEARFELLOWSHAREHOLDERS:As we had anticipated,2009 was another difficult year for the recreational marine industry as the downturn thatbegan in late 2007 continued.In fact,the U.S.boat market exited 2009 about half the size that it was just twoyears ago.The economic climate also challeng

2、ed our Fitness and Bowling&Billiards businesses.For 2009,Brunswick Corporation reported annual net sales of approximately$2.8 billion,down fromapproximately$4.7 billion a year earlier.Our deliberate pipeline reduction and inventory management strategiesimplemented throughout 2009 led to significantl

3、y lower dealer inventory levels and company cash flow benefits,while having a negative effect on revenue and earnings.The Company reported a net loss of$586 million,or$6.63 per diluted share.Our results reflect the actions that were necessary to maintain prudent levels of liquidity,resize our busine

4、sses and ultimately position the Company to prosper when market conditions stabilize andinevitably improve.Our loss includes such items as restructuring,exit and impairment charges as well as specialtax items.These items are further explained in the accompanying Annual Report on Form 10-K.Although o

5、ur overall financial results reflect the difficult global market conditions in which we operated,wenevertheless made remarkable strides in executing against our key strategic objectives.We exited the year withover$525 million in cash,a stronger dealer network with extremely low levels of inventories

6、,and a leanercompany with a significantly lower cost structure entering 2010.Prepared to Emerge StrongerWe went into 2009 understanding clearly what we had to do:maintain strong liquidity,while positioning theCompany for the ultimate recovery in our market segments.As we had done in 2008,when the cu