Brunswick Corp. reduced its net loss in the third quarter to $114.3 million, or $1.29 a share, from $729.1 million, or $8.29, a year ago, although the improvement reflected a reduction in restructuring charges to $28.8 million, or 32 cents a share, from $534.2 million, or $4.59, a year ago. Revenues fell 36% to $665.8 million with sharp declines across all divisions.
In the Fitness segment, which consists of Life Fitness and Hammer Strength fitness equipment, sales dropped 22% to $126.8 million. International sales, which represented 55% of segment sales in the period, declined 15%. Commercial equipment sales, which account for the largest percentage of Fitness segment sales, declined as gym and fitness club operators remained cautious about ordering equipment. Sales of consumer exercise equipment declined to a lesser degree. Operating earnings improved to $12.5 million from $10.3 million a year ago, reflecting cost-cutting efforts.
In the Bowling & Billiards segment, sales fell 30% to $77.5 million. Sharp drops in bowling products and billiards products reflect cautious buying by bowling center operators and retail billiards customers. The operating loss was $3.8 million against an operating loss of $10.4 million a year ago, which included impairment and restructuring charges of $15.4 million.
Sales in the Marine Engine segment declined 29% to $363.5 million. The operating loss of $13.4 million reflected restructuring charges of $18.8 million.
The Boat segment saw sales tumble 62% to $314.2 million. The segment reported an operating loss of $86.7 million, including restructuring charges of $6.6 million.
The company said its overall liquidity at the end of Q3 was $740 million, $222 million higher than existed at the end of 2008, and it will remain focused on inventory and expense controls.
