Brunswick Corp. is focused on maintaining strong liquidity, taking actions to maintain dealer health and working to position itself to come out of the downturn as a strong company, according to a letter sent to Brunswick dealers last week by company chairman and CEO Dustan McCoy.
The letter, dated June 3, was sent "in light of events in our industry over the past 48 hours," McCoy said, without specifically mentioning Genmar's June 1 Chapter 11 bankruptcy filing.
At the end of 2008, the Brunswick had $317 million in cash on its balance sheet, and, by March, that figure had increased to $359 million, McCoy noted.
"Our cash performance reflects the successful execution of several operating activities, and we anticipate that we will close calendar year 2009 with cash on hand in excess of that which was available at the end of 2008," he said.
"Importantly, while we have a revolving credit facility available for use as a source of funds, we have had no borrowings under that facility and do not anticipate a need to draw against the facility at any time in 2009," McCoy added.