Brunswick reduces annual stock dividend

Posted on

Brunswick Corp. has declared an annual dividend on its common stock of 5 cents per share, payable Dec. 15 to shareholders of record on Nov. 24.

Brunswick currently has approximately 87.7 million shares of common stock outstanding. The annual dividend declared in 2007 was 60 cents 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,” said chairman and CEO Dustan E. McCoy in a statement.

McCoy outlined steps the company has taken in the last two years to reduce expenses, such as closing 12 North American boat plants, reducing production rates throughout the marine division, and reducing staff by about 5,300 positions this year.

“Our actions have been deliberate and appropriate to events and changes in the marketplace,” McCoy said. “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.”

Welcome to TradeOnlyToday’s premium content! To continue reading, please register now, for access to 10 free stories per month. Or subscribe, for unlimited access to all TradeOnlyToday content!

Click here to Register ... it's free!

Basic subscription: Registered members get free access to 10 premium content stories each month!

Not a member yet? Click here to Register!

Already a member? Click here to Login!

Subscribe ... for unlimited access!

Individual subscription: $29 for unlimited site access for one year.

Small Business subscription: $140 for unlimited site access for up to 10 members of a company for one year.

Corporate subscription: $300 for unlimited site access for all members of a company for one year.

You may close this dialog after seconds.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments Policy.

Vote Today

Will you be attending IBEX and the Fort Lauderdale International Boat Show?

View Results

Loading ... Loading ...

Search Boats for Sale

Length
Year
Price

Login to Trade Only Today

Lost Password