Fitness financials: Brunswick's buyback proceeds add up to $165 million, plus Life Time Fitness, Amer Sports

Brunswick Corp. said that it has $165 million worth of proceeds remaining after buying back company notes due 2013, while Life Time Fitness said its shares fell on downgrade, and Amer Sports hired its first-ever chief development officer.
Author:
Updated:
Original:

Brunswick's buyback proceeds add up to $165 million

After buying back company notes due 2013 with proceeds from a debt sale, Brunswick Corp. (NYSE: BC), parent of Life Fitness and Hammer Strength, said that it has $165 million worth of proceeds remaining.

After Brunswick's tender offer for up to $75 million of its outstanding 11.75-percent notes due 2013, holders of about $12 million worth sold back their bonds.

Brunswick accepted and paid for the notes using proceeds from its recently completed offering of $350 million worth of senior secured notes due 2016.

After retiring $149 million of 2011 notes and the $12 million of 2013 notes, Brunswick has about $165 million remaining from the debt sale remaining.

The company said the remaining proceeds might fund intermediate and long-term financial obligations, including additional long-term debt retirements or pension funding, reducing short-term borrowings, or supplementing its liquidity.

Life Time Fitness shares fall on downgrade

Shares of Life Time Fitness (NYSE: LTM) dropped Oct. 2 after an analyst said near-term membership acquisition will be challenging and downgraded the stock.

Oppenheimer analyst Brian Nagel wrote in a note to investors that the company's earnings will likely be pressured because there are indications membership acquisition for the chain "might have recently turned more challenging."

He wrote, "Moderating new member sign-ups together with waning expense control opportunities are likely to weigh on the ability of Life Time Fitness to deliver meaningful earnings per share upside in coming quarters."

He downgraded the company to "perform" from "outperform."

Shares fell as much as $4.71 in day's trading and closed at $26.04 on Oct. 2 on a volume of 2.6 million shares. In the last 52 weeks, the stock has traded between $7.07 and $34.

Amer Sports hires first-ever chief development officer

To strengthen Amer Sports' management in strategic planning and execution, it said it has named Antti Jaaskelainen as the company's chief development officer. It is a newly created position and he will start on Dec. 1.



Jaaskelainen is joining Amer Sports from Stora Enso Group, where he currently works as senior vice president and head of the biorefining unit and previously served in those positions in group strategy. He has also worked at McKinsey & Company and at Nokia.



Jaaskelainen also will be a member of the company's executive board.

--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: Brunswick's Q2 fitness segment sales up 9 percent, plus Nautilus, Life Time Fitness

Life Fitness parent, Brunswick, shows Q2 fitness segment sales up 9 percent While Brunswick Corp. (NYSE: BC) swung to a second-quarter loss because it posted a hefty restructuring charge due to scaled-back production in its marine segment, its fitness segment posted a 9-percent ...read more

Fitness financials: Brunswick to lay off 1,450, close plants; stock hits 18-year low, plus Life Time Fitness

Brunswick to lay off 1,450, close plants; stock hits 18-year low Brunswick Corp. (NYSE: BC) said it would speed the closures of four boat-making plants and suspend other production amid the "extraordinary developments" in global financial markets and the approach of the marine ...read more

Fitness financials: Brunswick maintains 2007 earnings forecast, plus GSI Commerce, Amer Sports, Costco

Brunswick maintains 2007 earnings forecast Brunswick Corp. (NYSE: BC), parent of Life Fitness, Parabody and Hammer Strength, reported that it is maintaining its full-year earnings outlook. The company still anticipates 2007 net income between $1.20 and $1.30 per share. Analysts ...read more

Fitness financials: Fitness segment only bright spot in Brunswick's Q4, FY06, plus Life Time Fitness, Town Sports, adidas

Fitness segment only bright spot in Brunswick's Q4, FY06 Brunswick Corp. (NYSE: BC) swung to a loss in the fourth quarter on asset impairment charges and a hefty loss from the sale of a unit, as revenue dipped 1 percent. Additionally, a decline in its marine division was ...read more

Fitness financials: Brunswick narrows Q3 loss, plus Amer Sports

Brunswick narrows Q3 loss Brunswick Corp. (NYSE: BC), parent of Life Fitness and Hammer Strength, narrowed its third-quarter loss as restructuring charges dropped dramatically. For the quarter ended Oct. 3, net loss was $114.3 million, or $1.29 per share, compared with $729.1 ...read more

Fitness financials: Cybex fourth-quarter profit up on sales of exercise equipment, plus Amer Sports, Life Time Fitness, Copeland Sports, GSI, Brunswick, Puma, Nike

Cybex 4Q profit up on sales of exercise equipment Cybex International (Nasdaq: CYBI) fourth-quarter net income rose 14 percent on higher sales of its exercise equipment. Quarterly earnings totaled $2.8 million, or 16 cents per share, from $2.4 million, or 16 cents per share ...read more

Financials09sm.jpg

Fitness financials: Life Fitness boosts Brunswick 1Q results; plus Precor helps Amer Sports

Brunswick Corp. (NYSE:BC) reported higher revenue and swung to a profit with help from its fitness sector, including Life Fitness and Hammer Strength. The Lake Forest, Ill.-based marine, bowling, billiards and fitness company reported revenue of $985.9 million for the first ...read more

Fitness financials: Brunswick's Q3 profit slides 59 percent, plus Amer Sports, Bally, Life Time Fitness, Crocs, Wal-Mart

Brunswick's Q3 profit slides 59 percentBrunswick Corp. (NYSE: BC), parent of Life Fitness, Hammer Strength and ParaBody fitness equipment, said its third-quarter profit fell 59 percent, weighed down by a drop in sales in its marine division. Its Life Fitness Division, though, ...read more

Fitness financials: Brunswick swings to Q3 loss on charges, plus Cybex, Life Time Fitness, Hanesbrands

Brunswick swings to Q3 loss on charges Despite dismal sales in its boat and marine segments, Brunswick Corp.'s (NYSE: BC) fitness business, comprised of Life Fitness, Hammer Strength and Parabody, was the lone bright spot, posting an 8-percent increase in sales. Third-quarter ...read more