2014 Q2 Form 10-Q Financial Statement

#000001493015000101 Filed on August 05, 2015

View on sec.gov

Income Statement

Concept 2014 Q2
Revenue $1.073B
YoY Change 3.84%
Cost Of Revenue $768.8M
YoY Change -3.5%
Gross Profit $304.3M
YoY Change 5.0%
Gross Profit Margin 28.36%
Selling, General & Admin $134.9M
YoY Change 2.2%
% of Gross Profit 44.33%
Research & Development $28.00M
YoY Change -3.11%
% of Gross Profit 9.2%
Depreciation & Amortization $19.50M
YoY Change -9.3%
% of Gross Profit 6.41%
Operating Expenses $162.9M
YoY Change 1.24%
Operating Profit $138.3M
YoY Change 1.17%
Interest Expense $7.900M
YoY Change -37.3%
% of Operating Profit 5.71%
Other Income/Expense, Net $1.200M
YoY Change -209.09%
Pretax Income $131.9M
YoY Change 44.63%
Income Tax $44.80M
% Of Pretax Income 33.97%
Net Earnings $88.60M
YoY Change 10.2%
Net Earnings / Revenue 8.26%
Basic Earnings Per Share $0.95
Diluted Earnings Per Share $0.93
COMMON SHARES
Basic Shares Outstanding 93.50M shares
Diluted Shares Outstanding 95.10M shares

Balance Sheet

Concept 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $335.0M
YoY Change 1.45%
Cash & Equivalents $334.2M
Short-Term Investments $800.0K
Other Short-Term Assets $226.8M
YoY Change 189.66%
Inventory $646.1M
Prepaid Expenses
Receivables $451.4M
Other Receivables $0.00
Total Short-Term Assets $1.659B
YoY Change 20.19%
LONG-TERM ASSETS
Property, Plant & Equipment $438.8M
YoY Change -26.05%
Goodwill $297.4M
YoY Change 2.45%
Intangibles $47.00M
YoY Change 28.07%
Long-Term Investments $42.20M
YoY Change 1.2%
Other Assets $35.10M
YoY Change -26.88%
Total Long-Term Assets $932.7M
YoY Change 123.83%
TOTAL ASSETS
Total Short-Term Assets $1.659B
Total Long-Term Assets $932.7M
Total Assets $3.031B
YoY Change 26.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $345.7M
YoY Change 3.81%
Accrued Expenses $489.8M
YoY Change -5.99%
Deferred Revenue
YoY Change
Short-Term Debt $5.000M
YoY Change -16.67%
Long-Term Debt Due $5.000M
YoY Change -3.85%
Total Short-Term Liabilities $883.8M
YoY Change 0.78%
LONG-TERM LIABILITIES
Long-Term Debt $448.9M
YoY Change -3.75%
Other Long-Term Liabilities $184.4M
YoY Change -6.87%
Total Long-Term Liabilities $960.3M
YoY Change -26.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $883.8M
Total Long-Term Liabilities $960.3M
Total Liabilities $1.844B
YoY Change -15.3%
SHAREHOLDERS EQUITY
Retained Earnings $1.390B
YoY Change 119.5%
Common Stock $473.6M
YoY Change -6.83%
Preferred Stock
YoY Change
Treasury Stock (at cost) $280.6M
YoY Change -23.46%
Treasury Stock Shares 9.789M shares
Shareholders Equity $1.187B
YoY Change
Total Liabilities & Shareholders Equity $3.031B
YoY Change 26.77%

Cashflow Statement

Concept 2014 Q2
OPERATING ACTIVITIES
Net Income $88.60M
YoY Change 10.2%
Depreciation, Depletion And Amortization $19.50M
YoY Change -9.3%
Cash From Operating Activities $184.4M
YoY Change -2.59%
INVESTING ACTIVITIES
Capital Expenditures -$29.40M
YoY Change -26.68%
Acquisitions
YoY Change
Other Investing Activities -$35.80M
YoY Change -156.03%
Cash From Investing Activities -$65.20M
YoY Change -373.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.80M
YoY Change -90.75%
NET CHANGE
Cash From Operating Activities 184.4M
Cash From Investing Activities -65.20M
Cash From Financing Activities -11.80M
Net Change In Cash 107.4M
YoY Change 25.61%
FREE CASH FLOW
Cash From Operating Activities $184.4M
Capital Expenditures -$29.40M
Free Cash Flow $213.8M
YoY Change -6.8%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Interim Financial Statements. </font><font style="font-family:inherit;font-size:10pt;">The unaudited interim condensed consolidated financial statements of Brunswick Corporation (Brunswick or the Company) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Therefore, certain information and disclosures normally included in financial statements and related notes prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted. Certain previously reported amounts have been reclassified to conform to the current period presentation, including reclassifying certain prior year work-in-process inventory balances to raw materials. Additionally, certain prior year LIFO reserves have been reclassified from finished goods to work-in-process and raw materials to reflect a proportional allocation between inventory categories to conform to the current period presentation. The Company has also reclassified the effect of exchange rate changes on cash and cash equivalents from Other, net in operating activities in the Condensed Consolidated Statements of Cash Flows to conform to the current period presentation. As indicated in </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Note 2 &#8211; Discontinued Operations</font><font style="font-family:inherit;font-size:10pt;">, Brunswick's results as discussed in the financial statements reflect continuing operations only, unless otherwise noted. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These financial statements should be read in conjunction with, and have been prepared in conformity with, the accounting principles reflected in the consolidated financial statements and related notes included in Brunswick&#8217;s 2014 Annual Report on Form 10-K for the year ended December 31, 2014 (the 2014 Form 10-K). These results include, in the opinion of management, all normal and recurring adjustments necessary to present fairly the financial position of Brunswick as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">July&#160;4, 2015</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;28, 2014</font><font style="font-family:inherit;font-size:10pt;">, the results of operations for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three</font><font style="font-family:inherit;font-size:10pt;"> months and </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">July&#160;4, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;28, 2014</font><font style="font-family:inherit;font-size:10pt;">, and the cash flows for the </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">July&#160;4, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;28, 2014</font><font style="font-family:inherit;font-size:10pt;">. Due to the seasonality of Brunswick&#8217;s businesses, the interim results are not necessarily indicative of the results that may be expected for the remainder of the year.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company maintains its financial records on the basis of a fiscal year ending on December 31, with the fiscal quarters spanning </font><font style="font-family:inherit;font-size:10pt;">thirteen</font><font style="font-family:inherit;font-size:10pt;"> weeks, with the first and second quarters ending on the Saturday closest to the end of the first and second </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">thirteen</font><font style="font-family:inherit;font-size:10pt;">-week periods, respectively. The first two quarters of fiscal year 2015 ended on April 4, 2015 and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">July&#160;4, 2015</font><font style="font-family:inherit;font-size:10pt;">, and the first two quarters of fiscal year 2014 ended on March 29, 2014 and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;28, 2014</font><font style="font-family:inherit;font-size:10pt;">. </font></div></div>

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