Brunswick sells MarineMax stock
LAKE FOREST, Ill., – Brunswick Corp. has completed the sale of its 1,861,200 shares of MarineMax, Inc. common stock, made pursuant to a registered public offering by MarineMax, Brunswick said in a release Wednesday.
Proceeds from the stock sale totaled nearly $57.6 million pre tax, net of $3.4 million of selling expenses. The company said it would record a pre-tax gain on the sale estimated at $39 million in the first quarter of 2005. The after-tax gain of approximately $32 million, or $0.32 per diluted share, reflects the benefit from applying tax loss carry forwards to the transaction. The company added that it currently intends to use the estimated $52 million of net cash proceeds for general corporate purposes, including possible acquisitions.
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