Aug 1, 2008 12:00 PM
Life Fitness Is Bright Spot for Brunswick in the Second Quarter
Chicago — Life Fitness had a 9 percent sales increase in the second quarter despite difficulties in the consumer side of the business, according to earnings released last month by Brunswick Corp., owner of Life Fitness, Schiller Park, IL.
“Their new products and great efforts by the commercial businesses in Life Fitness were the foundation of this nice growth in sales and earnings,” Dustan McCoy, chairman and CEO of Brunswick, said in a call with analysts.
In addition to Life Fitness, Brunswick has a bowling/billiards division and a marine division. The marine division has faced decreased earnings due to a soft market. The company has restructured this division, including the closing of several boat-manufacturing plants. Restructuring charges were $83.1 million during the quarter, compared with $1.1 million in the second quarter of last year. The restructuring led the company as a whole to lose $6 million in the second quarter compared to a profit of $56.9 million in the same quarter last year.
Second quarter sales for Brunswick declined 2.5 percent to $1.49 billion from $1.52 billion in the same quarter last year.
McCoy noted that he expects a loss in the second half of the year for Brunswick but a profit for the full year.
Pete Leemputte, Brunswick's CFO, noted that the fourth quarter of the year is typically the strong selling season for Life Fitness.
Acceptable Use Policy blog comments powered by Disqus
Story Missing Your Link?
Is the above story missing a link? Is it missing a link to your company, or your website? If this is the case please e-mail us and we'll add the link as soon as possible. Thank you!
