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.”