Based on “developments” in the ongoing negotiations between Life Fitness and Precor over a lawsuit related to patent rights held by Precor for its cross trainer design, Life Fitness parent Brunswick Corp. will establish a $25 million reserve related to the potential resolution of the litigation. As a result BC has reported a reduction in 2003 first quarter earnings.
Bruswick Q1 net income is now reported as $3.8 million, or four cents per diluted share, compared to the previously reported $19.8 million in net income, or 22 cents diluted EPS for the quarter. BC reported a loss of $11.9 million, or 11 cents a share, in Q1 2002.
>>> No ruling here yet, but if it looks like its going in the wrong direction, this is the quarter to put it in. Q1 2002 was the last negative quarter…
