The Company is a manufacturer and marketer of boats, marine parts and accessories of outboard and of bowling products, including capital equipment, aftermarket and consumer products, billiards tables and accessories; and Air Hockey and foosball tables.
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Luxury boats, bowling, billiards, busted. Brunswick Corp is another stock on a tear back from perhaps unjustified lows in March, but well above actual value in this economy after a solid year of losses that have consumed over 80% of Brunswick Corp's net tangible assets. Revenue last quarter was less than a third of that achieved 9 months ago. $350 Million of Senior notes just issued at 11.25% interest shows some stability in their debt load as they retire those coming due. However, the primary lein is on it's few remaining assets, (it's bowling centers) and is very restrictive on how Brunswick can operate. This gives Bruswick little wiggle room should another 7/10 split come along. The boat shows appear to be little help in it's luxury boating division. With such strong losses, Brunswick is another example of a stock that ran up well past it's current value in the recent rally to nearly 2X book that is highly leveraged. With some military and a great deal of government on it's order books, stimulus efforts may help Brunswick, but at the current stock price it is NOT investor grade!