Fitness financials: Brunswick plans tender offer to buy back $75 million in debt, plus Forzani Group, Costco

Brunswick Corp., parent of Life Fitness, said it has launched a tender offer to buy back up to $75 million of its debt, Forzani swung to a Q2 loss, and Costco reported flat August sales.
Author:
Updated:
Original:

Brunswick plans tender offer to buy back $75 million in debt

Brunswick Corp. (NYSE: BC), parent of Life Fitness, said it has launched a tender offer to buy back up to $75 million of its debt. The tender offer will close Sept. 30.

It will purchase the 11.75 percent senior secured notes due in 2013 in what it called a modified "Dutch auction." The $75 million in notes represents 30 percent of its outstanding 2013 notes.

Noteholders will pick their selling price between $930 and $990 per $1,000 principal amount of 2013 notes. Brunswick will pay the lowest price in that range at which it can purchase up to $75 million in notes.

Holders who tender their notes before an early participation deadline of 5 p.m. on Sept. 17, will receive an additional payment of $30 per $1,000 in notes.



Forzani swings to Q2 loss


Forzani Group (TSX: FGL) swung to a quarterly loss as a cold and wet summer bit "deeply" into the sales of warm-weather products at Canada's biggest sporting goods retailer.

Its second-quarter net loss was CDN $4.4 million (USD $4.07 million), or CDN $0.14 a share (USD $0.12), compared to a profit of CDN $1.6 million (USD $1.48 million), or CDN $0.05 a share (USD $0.04), a year earlier.

The company said results included some sales for the key back-to-school shopping period, though the majority of those revenues will be reflected in its third-quarter numbers.

For the three months ended Aug. 2, revenue increased slightly to CDN $296.5 million (USD $274.4 million) from CDN $295.6 million (USD $273.6 million) a year earlier.

"Our results were impacted by a cautious consumer and a wet and cold summer across much of Canada that cut deeply into the sale of seasonal items. We anticipate that this cautious consumer attitude will prevail for the remainder of the fiscal year," CEO Bob Sartor said in a statement.

Also, the company said it planned to consolidate its two outdoor and lifestyle banners -- Coast Mountain and Atmosphere -- under the Atmosphere name to improve efficiencies and reduce overlap.

Forzani also said it finished a technology harmonization project over the summer, which let it cut 28 jobs at its information technology group. It expects the move will trim annual expenses by CDN $3 million (USD $2.77 million).



(Conversion of Canadian dollars into U.S. dollars is for information only, is not necessarily relative to earnings, and is based on the currency rate as of Sept. 8.)




Costco reports flat August sales


Costco Wholesale (Nasdaq: COST) said its same-store sales slipped 2 percent in August. Lower gas prices and the stronger dollar weighed on results. Excluding both items, same-store sales gained 2 percent for the month.

Total sales for the period ended Aug. 30 were flat at $5.4 billion, while fourth-quarter sales fell 3 percent to $21.9 billion.

The company said it had a slight improvement in non-food categories such as sporting goods, toys, seasonal and hardware.

--Compiled by Wendy Geister

For more information about any public company on this page or its financial reports, as well as to view stock prices updated every 15 minutes, visit the SNEWS® Stock Market Updates. Click on: www.snewsnet.com/cgi-bin/snews/stock_report.html.

Related

Fitness financials: Champion parent refinances loans to pay off some debt, plus Forzani, Sport Chalet, Costco

Champion parent refinances loans to pay off some debt Hanesbrands (NYSE: HBI), parent of Champion, said it has completed a debt refinancing that allows it more financial flexibility to consider acquisitions. The company used the proceeds of a $500 million notes offering and ...read more

Fitness financials: Brunswick prices $350 million debt offering, amends credit facility

Brunswick prices $350 million debt offering, amends credit facility Brunswick Corp. (NYSE: BC), parent of Life Fitness and Hammer Strength, reported that it has priced its offering of $350 million in debt -- increased from the previously announced $250 million -- and amended its ...read more

Fitness financials: Brunswick generates $149 million from tender offer, plus Iconix, Nike

Brunswick generates $149 million from tender offer Brunswick Corp. (NYSE: BC), parent of Life Fitness, said, pursuant to its previously announced cash tender offer and consent solicitation for its outstanding 5 percent notes due 2011, it had received tenders and consents from ...read more

Fitness financials: Hanesbrands prices $500 million debt offering, plus Costco

Hanesbrands prices $500 million debt offering Hanesbrands (NYSE: HBI), parent of Champion, said it has priced its offering of $500 million worth of 8 percent senior notes due Dec. 15, 2016, at a price of 98.686 percent of the principal amount. Hanesbrands will pay interest ...read more

Fitness financials: Forzani Group's Q2 profit rises, plus Finish Line, Crocs, Dick's, Costco, Wal-Mart

Forzani Group's Q2 profit rises Forzani Group Ltd. (TSX: FGL), Canada's largest sporting goods retailer whose banners include Sport Chek, Sports Experts and Coast Mountain Sports, reported a higher second-quarter profit. Forzani also owns specialty fitness retailer Fitness ...read more

Fitness financials: Cybex ruled liable in $66 million jury verdict, plus Forzani Group, Costco, Iconix

Cybex ruled liable in $66 million jury verdict A jury has ruled against Cybex Int’l (Nasdaq: CYBI) in a product liability lawsuit that left a New York woman paralyzed, awarding her nearly $66 million after an eight-week jury trial -- an award that could bankrupty if it stands, an ...read more

Fitness financials: Nautilus sells debt, plus Forzani

Nautilus sells debt Nautilus (NYSE: NLS) raised $5 million from a debt sale to Sherborne Investors, its largest shareholder, according to a filing with the SEC. The company said it would use the funds for working capital and general corporate purposes. Sherborne is controlled ...read more

Fitness financials: Icon records $110 million year-end loss and negative EBITDA, plus Forzani, Big 5, Bally, Finish Line, Amer, Nautilus, Costco, Wal-Mart

Icon Health & Fitness, which filed its year-end and quarterly statement a few days late after requesting a filing extension saying it needed extra time due to discontinued operations, reported net sales for the year ended May 31, 2005 were down 9.5 percent, or $94.1 million, to ...read more

Fitness financials: Cybex plans to buy back 1 million stock shares, plus Iconix, Town Sports, Big 5, The Sports Club, Puma, Costco

Cybex plans to buy back 1 million stock shares Cybex International (Nasdaq: CYBI) said its board of directors has authorized the repurchase of up to 1 million shares of its common stock. It added that the repurchases may be in the open market or through privately negotiated ...read more