Skip to main content

Brunswick reduces annual stock dividend

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.”

Related

FUTURE-ANGLERS

FAF Brings New Anglers into the Fold

The nonprofit organization will leverage Giving Tuesday on Nov. 29 to raise funds for its grassroots fishing and boating participation efforts.

1_NAOS.YACHTS.EXPANDS

Naos Yachts Plans New Offices

The San Francisco Bay area location will expand the dealer’s midcoast footprint and help grow its Groupe Beneteau, Lagoon, Neel, CNB Yachts, Four Winns and Wellcraft brands.

1_THANKSGIVING

Trade Only Today Returns Monday

The e-newsletter will not publish Thursday, Nov. 24, and Friday, Nov. 25, in observance of the Thanksgiving holiday.

CORRECT-CRAFT-ORPHANAGE

Correct Craft Gives Back

Employees spent a day serving at the Florida United Methodist Children’s Home, impacting more than 500 kids in need.

1_GH.ELECTRIC.HOIST

GH Motion Launches All-Electric Lift

The GH70e mobile boat lift is powered by a modular solar/battery system and has a 65-ton capacity.

1_PULSE.PING

Dealers: Are You in Compliance?

A new FTC Safeguards Rule designed to protect consumers’ personal information goes into effect Dec. 9 — are you prepared?

1_NMMA-CANADA

NMMA Canada President Steps Down

NMMA Canada president Sara Anghel is leaving the recreational boating trade group after nearly 15 years of service.

1_DEALER.OUTLOOK

Ohio Ordered To Get Serious About Algae

Many are applauding a judge’s proposed consent decree that will serve as a roadmap to address western Lake Erie’s chronic algal blooms.