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Hi gang, Rick Ostler here bringing you Bayliner Boats along with with news and views from the boating Industry. Has been a really busy week here at NAW. Orders are coming in fast for for our Bayliner 175 and Bayliner 185 custom boat tops and cockpit/bow cover sets.

Here is a list of upcoming boat industry events to make note of:

North American Safe Boating Awareness Week (Canada-U.S.A.)
May 17 to 23, 2008

Environmental Day, The Store (Mason’s Chandlery)
June 7, 2008
Port Credit, Mississauga, Ontario

Clipper 07-08 Round the World Yacht Race - Halifax stop
July 2008,
Leg 7 from Jamaica to Liverpool stops in Halifax.

2008 Marine Aftermarket Accessories Trade Show (MAATS)
July 16-18, 2008
Las Vegas Convention Centre, Las Vegas, Nevada

Solmar Lake Ontario 300
July 18-19, 2008

Nova Scotia In-Water Boat Show and Mahone Bay Classic Boat Festival
July 31 - August 3, 2008
Mahone Bay, Nova Scotia

Rideau Canal Festival
August 1-4, 2008
Ottawa to Kingston, Ontario

Annual Ottawa International Antique & Classic Boat Show
August 9, 2008
Rideau Waterway, Long Island Lockstation

Port Credit In Water Boat Show
Friday, August 22, 2008,
Port Credit Harbour, Ontario

2008 Toronto In-Water Boat Show
September 11 - 14, 2008
Ontario Place Harbour, Toronto

Symposium 2008 – Canadian Safe Boating Council
September 24 – 26, 2008
Viamede Conference Resort & Spa, Stoney Lake, Ontario

IBEX 2008 International Boatbuilders Exhibition and Conference
October 6–8 , 2008
Miami Beach Convention Center, Miami, Florida

Kimpex Marine Dealer Trade Show
October 14 to 16, 2008
Harrah’s Resort and Casino, Tunica, Mississippi

Mermaid Marine Products Dealer Show
October 24 - 26, 2008
Crystal Palace, Moncton, N.B.

Canadian Marine Trade Show
November 2 and 3, 2008
International Centre, Hall 5, Mississauga, Ontario

Fort Lauderdale International Boat Show
October 30 - November 3, 2008

Bahia Mar Yachting Center and Broward County Convention Center
Fort Lauderdale, Florida

Marine Retailers Association of America (MRAA) Annual Convention
November 17 - 19, 2008
Rio Hotel & Casino, Las Vegas, Nevada

METS 2008
November 18 – 20, 2008
Amsterdam RAI Convention Centre, Amsterdam, Netherlands

OMOA 2008 Conference & Trade Show
November 30 - December 3, 2008
Deerhurst Resort, Huntsville, Ontario

Toronto International Boat Show
January 10 - 18, 2009
Direct Energy Centre, Exhibition Place, Toronto

boot – Düsseldorf
January 17 – 25, 2009
Düsseldorf, Germany

Ottawa Boat, Sportsmen’s & Cottage Show
February 26, 2009
Lansdowne Park, Ottawa, Ontario
Thanks to boatingindustrycanada.com for this.

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Hi gang, Rick Ostler here bringing you Bayliner Boats along with news and views from the boating industry. Brunswick Corporation NYSE: BC who manufactures Bayliner Boats reported net earnings from continuing operations of $0.15 per diluted share for the first quarter of 2008, compared with $0.38 per diluted share for the year-ago quarter. Results for the 2008 period include a $0.07 per diluted share loss on the planned divestiture of Baja boats, $0.09 per diluted share of restructuring and other impairment charges, and an investment sale gain of $0.10 per diluted share. Results for the first quarter of 2007 include $0.06 per diluted share of restructuring charges and $0.03 per diluted share of tax-related benefits.

Brunswick Chairman and Chief Executive Officer Dustan E. McCoy commented, “Sales for the quarter reflected lower demand for marine products, particularly in the United States where industry retail sales were down about 17 percent in units in the first quarter. This weakness was partially offset by sales growth from our bowling and fitness operations, as well as strong sales outside the United States in all business segments. While benefiting from favorable currency exchange rates, our success in regions outside of the United States is also the result of our strategic focus on better serving the unique needs of our customers in these markets. Operationally, we continue to introduce innovative new products and implement initiatives to improve quality and productivity, as well as manage pipeline inventories and reduce expenses in response to current weak market conditions for our marine products. Financially, our balance sheet remains strong with $267 million of cash and debt-to-total capital at 27.6 percent at the end of the quarter. Though difficult times and more hard work are ahead, we are pleased with our progress to date.”

First Quarter Results

The company said that sales in the first quarter of 2008 totaled $1,346.8 million, down 3 percent from $1,386.1 million for the year-ago quarter. Operating earnings in the first quarter of 2008 totaled $10.3 million, compared with $53.0 million a year ago. Operating earnings in the first quarter of 2008 include an $8.9 million loss on the planned divestiture of Baja and $13.3 million of restructuring and other impairment charges. In the first quarter of 2007, operating earnings include $7.6 million of restructuring charges.

The company reported net earnings from continuing operations of $13.3 million, or $0.15 per diluted share, in the first quarter of 2008, versus $34.3 million, or $0.38 per diluted share, in the year-ago quarter. Results for the first quarter of 2008 include a pretax gain on the dissolution of a bowling joint venture in Japan of $19.7 million, or $0.10 per diluted share, as well as the loss on the planned divestiture equivalent to $0.07 per diluted share and other restructuring and impairment charges equivalent to $0.09 per diluted share. Diluted earnings per share for the first quarter of 2007 include the previously mentioned $0.06 of restructuring charges and $0.03 of tax-related benefits.

The restructuring and other impairment charges in the first quarter of 2008 include severance and plant closure costs, asset write-downs and impairment charges associated with a number of actions undertaken to shrink the company’s manufacturing footprint, exit certain market segments and reduce expenses. During the quarter, the company completed the closure of its Aberdeen, Miss., boat plant and closed its bowling pin manufacturing facility in Antigo, Wis. In addition, the company announced that it will cease boat manufacturing at its facility in Merritt Island, Fla., mothball its Swansboro, N.C., boat plant and close its boat plant in Bucyrus, Ohio, in conjunction with the proposed sale of its Baja boat business.

The effective tax rate of 48.4 percent in the first quarter of 2008 was primarily due to a higher tax rate on the $19.7 million pretax gain on the dissolution of the bowling joint venture. Fully diluted common shares outstanding totaled 88.3 million in the first quarter of 2008, compared with 92.0 million shares in the same period of 2007.

Boat Segment

The Boat segment consists of the Brunswick Boat Group, which produces and distributes fiberglass and aluminum boats and marine parts and accessories, and offers dealer management systems. The Boat segment reported sales for the first quarter of 2008 of $637.8 million, down 9 percent compared with $699.0 million in the first quarter of 2007. Sales in the U.S. were down double digits reflecting the continued weak retail markets. The drop in domestic sales was partially offset by growth in sales outside of the U.S., primarily driven by higher sales in Europe. For the first quarter of 2008, the Boat segment had an operating loss of $14.7 million, down from operating earnings of $19.5 million in the year-ago quarter. The reduction in operating earnings was primarily due to lower fixed-cost absorption on lower sales, as well as $13.8 million of restructuring and impairment charges related to actions described above. The year-ago first quarter includes $4.8 million of comparable charges.

“In response to market conditions, we continued to lower production rates to reduce pipeline inventories held by our dealers,” McCoy said. “At the end of the quarter, there were approximately 2,800 fewer boats in our dealers’ inventories than at the same time last year. Nevertheless, we had 35 weeks of supply on hand at quarter end, up from 34 weeks of supply a year ago, and we will be making further production cuts in the months ahead. Consumers remain cautious in the face of an uncertain economy, a poor housing market and rising food and energy prices that erode their spending power for discretionary purchases such as boats.”

“Against this backdrop, we continued to make progress towards transforming our global manufacturing profile to achieve a smaller, more flexible manufacturing footprint as well as rationalizing our brand portfolio,” McCoy added. “We announced that we will cease making boats at several manufacturing facilities, and we will transfer that production to other plants that will make multiple models and brands to lower our overall cost position and improve capacity utilization. We will also continue to strategically refine our product portfolio, focusing on those brands and product segments where we see the greatest opportunity for profitable growth.”

Marine Engine Segment

The Marine Engine segment, consisting of the Mercury Marine Group, reported sales of $566.0 million in the first quarter of 2008, down 1 percent from $572.6 million in the year-ago first quarter. Operating earnings in the first quarter were $30.9 million versus $34.7 million, and operating margins declined to 5.5 percent compared with 6.1 percent for the same quarter in 2007.

“Sales from areas outside the United States were up double digits, which helped to mitigate the U.S. sales decline. The U.S. sales shortfall was driven by lower engine sales to boat builders, as well as lower parts and accessories sales, which are tied to boat usage and engine sales,” McCoy explained. “The decline in operating earnings was primarily due to lower sales of high-margin sterndrive engines as well as reduced fixed-cost absorption on lower sales.”

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Hi gang, Rick Ostler here bringing you Bayliner Boats and news and views from the boating industry. If it wasn’t always Serge Trottier’s favourite place to stop for a coffee before, the Tim Horton’s on Laurier Street is now.His last visit there won him a brand-new boat.

The Rockland man is one of the first local big prize winners in the annual Rrroll Up the Rim to Win contest at Tim Horton’s.

The Canadian international restaurant chain features 100 Bayliner Bowrider boats as part of the grand prize collection in this year’s contest and Trottier is now the proud owner of one of those boats.

Yves and Nathalie Paris, Rockland franchise owners, stated in a press release that having a local grand prize winner “creates a lot of excitement” at the Laurier Street operation.

“People are happy when they win a donut or a coffee, so you can imagine how thrilling it is when a customer becomes the proud owner of a boat or other grand prize.”

The annual Rrroll Up the Rim to Win contest continues until all of the special contest cups are gone at all the franchise outlets or until the May 25 deadline for claiming all prizes. Thanks to visionrockland.ca for this.

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Hi gang, Rick Ostler here bringing you Bayliner Boats and news and views from the boating industry. In the USA the economy is falling. People are losing jobs. Consumer confidence is reaching historic lows. Still, Jimmy Hill expects thousands of shoppers congregating in Downtown in two weeks to spend millions of dollars on items, frankly, they really don’t need boats.

Hill has organized the Jacksonville International Boat Show since its inception 11 years ago, and he said he expects plenty of commerce at this year’s event scheduled for April 18-20 at Metropolitan Park.

Ironically, for whatever reason the show continues to grow, said Hill. Even as the economy is faltering, we haven’t felt it in the boat show world.

But money is tight, and gas prices are at all-time highs. Hill has a theory.

Even the average blue-collar guy has some investment money, and if your money’s not working for you (in the market), it might as well be playing for you, he said. What’s the point if not to live your life and enjoy it. And Boating is a benefactor of that, especially on the high end.

But across the $40 million boating industry, sales are slipping about 15 percent compared to last year in some reports as consumers divert less of their money to luxury items and toys. And that has further translated to job cuts.

According to a report on FloridaToday.com, Illinois-based Brunswick Corp., which manufactures more than a dozen boat brands including Bayliner, Sea Ray and Hatteras, closed or planned to close seven factories and laid off more than 1,300 workers as it realigns its business and cuts boat production by more than 10 percent. Some of those facilities are in Florida.

But as Hill pointed out, there is one specific segment of the market that is actually experiencing unprecedented growth sales of yachts.

Every year, we gain about 10 foot in the length of the longest boat sold at the show, said Hill. Last year we sold one about 70 foot, so the larger yachts are right behind it.

A recent ABC News report showed that waiting lists for large, super luxurious mega-yachts is approaching four-six years at some companies. Reasons include an emergence of superwealthy buyers in Eastern Europe, Russia and the Middle East, as well as a weak American dollar.

It’s not that significant to them whether we’re in recession or not, because they’re so wealthy, the report quoted Tork Buckly, editor of London trade magazine The Yacht Report. The business appears to be recession proof.

And since manufacturers have such a long wait time for delivery of a new boat, used models are selling for more than double their original price ironically making them a smart business investment.

However, Hill doesn’t expect many of the patrons at the Jacksonville show to leave in yachts, although he does think many local buyers aren’t turned off by the economy and even high gas prices.

Within 25 to 30 miles around Jacksonville is a host of micro-vacation destinations that doesn’t cost that much to go to, he said. It’s really a fun and cheap way to vacation if you aren’t trying to get to Europe.

Hill said the key to his shows success is having vendors that offer a versatile array of products, from inshore and flats boats to offshore fishing machines and everything in between. The Jacksonville International Boat Show is also the only in-water show in the area, and it allows larger and unique products to be showcased.

We have something else in our show that no one else has for quite a distance, and that’s sailboats, said Hill. With increase in gas prices, I think we’ll follow Europe and see a huge upswing in that market.

Plus, the environment of the boat show seems to be conducive to better sales.

At the show, you can actually see what you’re getting and compare it to what else is out there, said Hill. And if the whole family is there, all the decision makers are sitting in boat, and sales go up.

Hill said he spends hundreds of thousands to put on the event and hundreds of thousands to promote it, although it’s worth it to bring in the close to 20,000 people he expects to tour the more than 250 vendors. Plus, he said those that aren’t there for the boats but simply for a nice day on the river may walk away a future boater.

You don’t have to be a boater to make this a really great day, although you’ll probably leave a boater, he said. One thing we do that’s different is we don’t charge for kids under 16. The whole idea is to develop the activity of boating, and the only way to do that is to get the kids to come.

Entry for adults cost $10. For more information on the Jacksonville International Boat Show, call 673-0093 or visit www.jaxboatshow.com.

Thanks to David Ball, Staff Writer for the Daiiy Record for this.

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 Hi gang, Rick Ostler bring you Bayliner Boats and news from the boating industry. Despite the economic slump, boat dealers remained buoyant Thursday on opening day at the Palm Beach Boat Show. But the plethora of discounts was a sure sign many were making adjustments.

High gas prices, a dismal housing market and rising unemployment have withered consumer confidence, resulting in less spending on big-ticket items like automobiles and boats.

“It’s [economy] tightened up the market,” said Daniel Hunt of Boat World of Florida Inc. of Pompano Beach.

Hunt said people with money were still spending, and avid boaters were trading up for newer models, but first-time buyers weren’t ready to seal the deal.

The show, in its 23rd year, runs through Sunday at three sites in West Palm Beach, including the Palm Beach County Convention Center.

Boating enthusiasts will find more than 1,000 watercraft on display, ranging from inflatables to megayachts and seafaring accessories and electronics, valued at more than $350 million.

Show divas include the 145-foot megayacht Lady Kathryn III displayed by Moran Yacht & Ship, going for $25 million, and the 147-foot Tooth Fairy, by International Yacht Collection, for $15.5 million.

Nationwide, the $40 billion boating industry has been hit, forcing many builders into layoffs, plant closures or restructuring.

Earlier this month, Sea Ray Boats Inc of Knoxville, Tenn., which operates at three sites in Merritt Island, said it was laying off 400 employees at one site between May and July.

For the boat show dealers, the slump’s effects have been mixed.

Foot traffic at the convention center was quieter than previous years for Howard Garolsky of West Palm Beach’s The Boat Connection.

“It’s always very busy, and usually I sell one to three boats,” said the longtime exhibitor.

While the last two weeks were busy, the year was shaping up to be the worst for Garolsky’s marine business since 1988.

Sales have been steady for Gilman Yachts of North Palm Beach, a family-owned business since 1968.

“We’re still selling as many boats as we used to,” Don Gilman said.

At last year’s show they sold a $10 million yacht. This year, they’re showcasing 25 boats, including the 107-foot Adriana II Horizon megayacht.

Trade-ins and used-boat exports to Europe and Central America have been strong, boosted by the weak dollar, said Mark Lassila of West Palm Beach’s Marine Connection.

He sells six brands of fishing and pleasure boats priced from $20,000 to $100,000.

“We’re not setting new sales records, but business is good,” he said.

With interest rates at all-time lows, marine lenders have gotten creative with financing, some even offering “no-money-down” options. And many were on hand to assist showgoers with new buys or refinancing.

Jack and Sharon Holland of Pompano Beach were looking at a 22-foot, 2008 Hurricane sailboat at Lassila’s exhibit Thursday. Originally priced at $48,625, the show deal on the sailboat was $38,900.

The 30-year boating veterans own a 34-foot sailboat, but want a smaller one for exploring Florida’s canals, lakes and rivers.

“We’re hoping to make a decision today,” Jack Holland said.

Thanks to Arlene Satchell |South Florida Sun-Sentinel for this report.

Arlene Satchell can be reached at asatchell@sun-sentinel.com or 954-356-4209.

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Hi gang, Rick Ostler here bringing you Bayliner Boats and boating industry news. More doom and gloom due to the economy slowdown in the United States. MORGAN HILL, Calif. – Marine, RV and outdoor aftermarket parts and accessories supplier Coast Distribution System, Inc. (Amex: CRV) saw its 2007 earnings decline due to economic conditions, it reported in a statement earlier this week.

Coast reported a net loss of $1.5 million, or $0.34 per diluted share, on net sales of $26.7 million for the fourth quarter of 2007. For the same period of 2006, Coast reported a net loss of $1.9 million, or $0.42 per diluted share, on net sales of $26.5 million.

The company reported that the fourth quarter net loss was not unexpected. There is a traditional seasonal slowdown in the fourth quarter every year, as customers typically wait until the first quarter to place orders for the upcoming buying season and it has not been uncommon for Coast to sustain a loss in the fourth quarter in prior years as well, it stated.

“Industry associations for the RV and boating industries reported double-digit declines in industry-wide shipments of recreational vehicles and boats in the 2007 fourth quarter. By contrast, Coast’s sales increased slightly year-over-year during the quarter,” said the company.

For the year ended Dec. 31, Coast reported net earnings of $215,000, or $0.05 per diluted share, on net sales of $164.3 million, compared with net earnings of $3.0 million, or $0.64 per diluted share, on net sales of $179.1 million in 2006.

“Fiscal 2007 was a difficult year due to challenging industry conditions, as higher gasoline prices, a slowing economy and a decline in consumer confidence led consumers to curtail discretionary expenditures and, therefore, to reduce their purchases and usage of RVs and boats, causing a decline in the demand for and in purchases of the products we sell. However, during 2007, we made important investments that we believe will put us in a better position for the future,” said Coast Chairman and CEO Thomas R. McGuire.

“We made investments in leadership with the promotion of Stephan Lussier and the hiring of Bryan Fletcher. We made investments in new facilities and product development, such as our new Elkhart product-testing center. We expect that these investments will help us continue to add new products and improve our margins. We are especially focused on our outdoor power generation and towing product lines and our imported and branded products,” he added.

“Industry analysts are predicting a 4.8 percent decline in recreational vehicle shipments and similar reductions in recreational boat volume in 2008. As a result, we are expecting another difficult year in 2008. Our focus remains on improving margins and increasing our market share primarily through increased sales of foreign sourced and proprietary products,” stated McGuire.
Thanks to Boating Industry U.S. for this.

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Hi gang, Rick Ostler here bringing you Bayliner Boats and boating industry news. WATSONVILLE, Calif. – Boating supplies retailer West Marine, Inc.’s (Nasdaq:WMAR) preliminary results for the fourth quarter and fiscal year ended Dec. 29 are a reflection of market conditions, the company suggested in a statement Wednesday.

Not only were the company’s net losses up dramatically, its revenues declined further than expected. Analysts also noted that the company’s earnings estimates for 2008 were “disappointing.”

Excluding the impact of certain events outlined below, West Marine’s adjusted pre-tax income for the fifty-two weeks ended Dec. 29 was $6.9 million, compared to $3.6 million last year, the company reported in a statement Wednesday.

Net loss for the year was $50.2 million, or $2.31 per share, compared to a restated net loss of $7.7 million, or $0.36 per share, a year ago.

The company suggested the following “significant events” greatly impacted fourth quarter and full year results:

An updated assessment of goodwill in the fourth quarter which resulted in a non-cash impairment charge of $56.9 million pre-tax, or $2.25 per share after-tax. The after-tax, per share equivalent of this impairment charge reflects the non-deductibility for tax purposes of certain goodwill components;

Continued cooperation with the previously-announced SEC investigation resulted in expenditures of $2.7 million pre-tax, or $0.08 per share after-tax;

The departure of our former chief executive officer resulted in related severance costs in the fourth quarter of $1.3 million pre-tax, or $0.04 per share after-tax; and

Management’s ongoing evaluation of individual store performance resulted in a non-cash asset impairment charge of $0.9 million pre-tax, or $0.02 per share after-tax.
An additional factor impacting comparison to prior year was: costs relating to West Marine’s store closure and restructuring in 2006, which affected both years, the company added.

“The previously-reported pre-tax expense impact was $14.5 million in 2006, or $0.46 per share, and there was an additional $0.6 million, or $0.02 per share, in 2007 as we adjusted store closure reserves to reflect revised market information,” the company said.

Net sales for the year were $679.5 million, compared to net sales of $716.6 million in 2006. Comparable store sales decreased 1.9 percent compared to the same period a year ago.

“West Marine’s financial results for 2007 reflected a challenging year in our industry,” said Geoff Eisenberg, West Marine CEO. “Within this climate, we have focused on managing the business to weather this downturn and emerge as an even stronger company. We will continue to pursue initiatives and strategies that we expect to drive growth and profitability in the medium and long term.”

Net loss for the fourth quarter ended Dec. 29 was $65.7 million, or $3.00 per share, including the impact of the significant events. This compares to a net loss of $12.8 million, or $0.60 per share for the fourth quarter last year, which reflected $9.4 million, or $0.30 per share in store closure and other restructuring charges. Comparable store sales decreased 3 percent for the quarter. Net sales were $118.3 million, a decrease of 4.6 percent from net sales of $124.0 million for the same period a year ago. West Marine operated 372 stores during the fourth quarter of 2007, compared to 377 stores during the fourth quarter of 2006.

For fiscal year 2008, West Marine currently estimates earnings ranging from $0.02 to $0.09 per share and a decrease in comparable store sales ranging from (5.0 percent) to (3.5 percent). Net sales are expected to range from $660.0 million to $670.0 million for fiscal year 2008. This earnings estimate does not reflect expense relating to the ongoing SEC investigation, according to the company.

That compares to analysts’ expectations of 24 cents a share, excluding exceptional items, on revenue of $678.9 million, Reuters reported on Wednesday. It noted that shares of the company had lost more than 55 percent of their market value in the last 52 weeks. Since then, the stock has dipped even lower.
Thanks to Boating Industry U.S. for this.

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