Genmar seeks to continue Ranger promotions

Publish date:
Social count:

Genmar Holdings is asking a court to allow it to continue its existing promotional programs for Ranger Boats, including payment of certain prepetition promotional claims, such as $500,000 in prize money for the FLW series of fishing tournaments.

Genmar filed for Chapter 11 protection June 1 in U.S. Bankruptcy Court in Minnesota. It is the parent company of Wood Manufacturing Co., the Flippin, Ark.-based company that owns and operates a manufacturing facility for and sells Ranger Boats.

"As of the filing date, Ranger Boats had the highest market share in its segment. The Ranger brand has developed a very loyal following in the recreational and professional fishing circles," according to court documents filed Tuesday. "The debtors view the Ranger brand as a very valuable asset, but one that needs to continue to be promoted in order to preserve and maintain its value."

Among the marketing and promotional programs the company is asking to continue are the issuing of sportswear certificates. As of the filing date, approximately $140,000 of certificates had been given out but remain unredeemed.

In relation to its Ranger Cup program, which provides prizes to participants in numerous Ranger-sponsored fishing tournaments, Genmar says that, as of the bankruptcy filing, there was approximately $95,000 of cash prizes payable to participants, in addition to about $150,000 in outstanding certificates.

In regard to the FLW series of fishing tournaments, Genmar says the prepetition advertising costs are about $30,000, in addition to $500,000 in prize money.

Court documents also mention Ranger's annual dealer conference, scheduled for July 11-12.

"Continuing to promote the Ranger Boat with dealers is critical to retaining market share," according to court documents.

Genmar says it has "sufficient amounts available in their budget with Wells Fargo Bank, National Association, Fifth Third Bank and GE Commercial Distribution Finance to pay the pre-petition promotional costs."

A court hearing is set for July 6 on this matter, though the court may grant the motion without a hearing.


MarineMax has strong second quarter

MarineMax grew revenue more than 10 percent to $270.6 million in the second quarter, prompting the company again to raise its annual expectations to $1.44 to $1.50 versus its prior expectations of $1.30 to $1.40 per-diluted-share.

Brunswick releases first quarter sales

Brunswick Corp. announced that consolidated net sales increased 7 percent in the first quarter, with the marine engine segment up 9 percent and the boat segment rising 7 percent over last year.

Flir posts first quarter results

First quarter revenue at Flir Systems Inc. grew 8 percent to $439.6 million, and organic revenue was up 13 percent, due in part to strong results in the Raymarine.

Connecticut Spring In-Water Boat Show announces exhibitors

The 3rd Annual Connecticut Spring Boat Show will be held May 4-6 at Brewer Essex Island Marina in Essex, Conn., and will feature boats from Albemarle, American Tug, Back Cove, Beneteau, Boston Whaler, Buzzards Bay, Catalina, Chris Craft, Cutwater, Dufour, Dyer, East Bay, Formula, Four Winns, Grand Banks, Hunt, Legacy, Mainship, Maxim, Meridian, MJM, Monterey, Nordic Tug, Ranger Tug, Rossiter, Sabre, San Juan, Scarab, Scout, Sea Born, Sea Ray, Shelter Island, Southport, Surfhunter, Tiara, Vanquish and more.