2014 Q3 Form 10-Q Financial Statement

#000001493015000123 Filed on November 04, 2015

View on sec.gov

Income Statement

Concept 2014 Q3
Revenue $932.1M
YoY Change 13.06%
Cost Of Revenue $672.9M
YoY Change 12.75%
Gross Profit $259.2M
YoY Change 13.88%
Gross Profit Margin 27.81%
Selling, General & Admin $134.9M
YoY Change -0.07%
% of Gross Profit 52.04%
Research & Development $29.70M
YoY Change 8.79%
% of Gross Profit 11.46%
Depreciation & Amortization $20.90M
YoY Change 117.71%
% of Gross Profit 8.06%
Operating Expenses $164.6M
YoY Change 1.42%
Operating Profit $93.70M
YoY Change 49.44%
Interest Expense $6.900M
YoY Change -15.85%
% of Operating Profit 7.36%
Other Income/Expense, Net $1.200M
YoY Change 140.0%
Pretax Income $88.90M
YoY Change 62.82%
Income Tax $27.90M
% Of Pretax Income 31.38%
Net Earnings $104.4M
YoY Change 80.62%
Net Earnings / Revenue 11.2%
Basic Earnings Per Share $1.11
Diluted Earnings Per Share $1.10
COMMON SHARES
Basic Shares Outstanding 93.70M shares
Diluted Shares Outstanding 95.20M shares

Balance Sheet

Concept 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $596.8M
YoY Change 71.3%
Cash & Equivalents $596.0M
Short-Term Investments $800.0K
Other Short-Term Assets $228.3M
YoY Change 131.54%
Inventory $668.8M
Prepaid Expenses
Receivables $401.3M
Other Receivables $0.00
Total Short-Term Assets $1.895B
YoY Change 35.13%
LONG-TERM ASSETS
Property, Plant & Equipment $441.2M
YoY Change 9.13%
Goodwill $299.0M
YoY Change 2.57%
Intangibles $46.80M
YoY Change 29.64%
Long-Term Investments $39.90M
YoY Change -2.92%
Other Assets $35.90M
YoY Change -3.23%
Total Long-Term Assets $728.7M
YoY Change 19.44%
TOTAL ASSETS
Total Short-Term Assets $1.895B
Total Long-Term Assets $728.7M
Total Assets $3.065B
YoY Change 26.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $326.1M
YoY Change 4.96%
Accrued Expenses $515.0M
YoY Change 4.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $4.300M
YoY Change -6.52%
Total Short-Term Liabilities $863.5M
YoY Change 0.63%
LONG-TERM LIABILITIES
Long-Term Debt $448.3M
YoY Change -2.52%
Other Long-Term Liabilities $203.8M
YoY Change 5.54%
Total Long-Term Liabilities $922.4M
YoY Change -27.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $863.5M
Total Long-Term Liabilities $922.4M
Total Liabilities $1.786B
YoY Change -16.06%
SHAREHOLDERS EQUITY
Retained Earnings $1.483B
YoY Change 114.58%
Common Stock $472.6M
YoY Change -6.06%
Preferred Stock
YoY Change
Treasury Stock (at cost) $273.3M
YoY Change -22.69%
Treasury Stock Shares 9.595M shares
Shareholders Equity $1.279B
YoY Change
Total Liabilities & Shareholders Equity $3.065B
YoY Change 26.82%

Cashflow Statement

Concept 2014 Q3
OPERATING ACTIVITIES
Net Income $104.4M
YoY Change 80.62%
Depreciation, Depletion And Amortization $20.90M
YoY Change 117.71%
Cash From Operating Activities $52.00M
YoY Change 20.65%
INVESTING ACTIVITIES
Capital Expenditures -$29.20M
YoY Change 62.22%
Acquisitions
YoY Change
Other Investing Activities $254.2M
YoY Change -1210.04%
Cash From Investing Activities $225.0M
YoY Change -650.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.10M
YoY Change 180.56%
NET CHANGE
Cash From Operating Activities 52.00M
Cash From Investing Activities 225.0M
Cash From Financing Activities -10.10M
Net Change In Cash 266.9M
YoY Change -19164.29%
FREE CASH FLOW
Cash From Operating Activities $52.00M
Capital Expenditures -$29.20M
Free Cash Flow $81.20M
YoY Change 32.9%

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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;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">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;">October&#160;3, 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;">September&#160;27, 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;">nine</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;">October&#160;3, 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;">September&#160;27, 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;">nine</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;">October&#160;3, 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;">September&#160;27, 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, second and third quarters ending on the Saturday closest to the end of the first, second and third </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 three quarters of fiscal year 2015 ended on April 4, 2015, July 4, 2015 and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">October&#160;3, 2015</font><font style="font-family:inherit;font-size:10pt;">, and the first three quarters of fiscal year 2014 ended on March 29, 2014, June 28, 2014 and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September&#160;27, 2014</font><font style="font-family:inherit;font-size:10pt;">. </font></div></div>

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