New losses prompt a warning from OMC

Article Abstract:

Outboard Marine Corp (OMC) announced that it may have to sell some of its assets in a fire sale after the boat and engine builder reported a net loss during the quarter ending Jun 30, 2000. OMC registered net sales of $296.6 million during this period, as against $315.6 million for the same period in 1999. It also incurred a net loss of $28 million, compared with a net income of $33.8 million in 1998. Its share of the North American marine engine market also declined by 4% during the first six months of 2000.

Sales, profits & dividends, Outboard Marine Corp.

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Inventory buildup raises a red flag for some sectors

Article Abstract:

Statistical Surveys reported that the sales of new powerboats dropped by 3% during the first six months of 2000. The decline in sales should not alarm industry analysts said Jim Petru, manager of market statistics for the National Marine Manufacturers Assn (NMMA). Petru added that there is a 10-point spread between what the NMMA's control group has shipped to dealers and what has been sold to consumers. He claimed further that the downward trend does not hold up across all segments of the boating industry.

Retail sales

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Chris-Craft sale is welcome news to some

Article Abstract:

Genmar Holdings has sold Chris-Craft Boats to British investment firm Stellican Ltd. The sale was lauded by some dealers who say that Chris- Craft did not fit into Genmar's mold. Stellica executives would not say what they would do with the Chris-Craft boat line nor its manufacturing facility in Sarasota, FL. Company executives say they want to fully examine the operation before making any further decisions. Stellican is headed by British entrepreneur Stephen Julius, and owns the Italian boat brand Riva.

United Kingdom, Asset sales & divestitures, Acquisitions & mergers, Foreign operations, Chris-Craft, Stellican Ltd.

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