"Shortwave Sportfishing" wrote in message
...

http://tinyurl.com/rc4vf

"Our second quarter results are in line with our expectations," said
Brunswick Chairman and Chief Executive Officer Dustan E. McCoy.
"Throughout the key second quarter selling season for 2006-model-year
marine products, however, we have experienced significant declines in
retail demand, which has resulted in an increase in pipeline
inventories. As we now enter the off- season, we can't rely solely on
retail demand to rebalance the pipeline. So, we will be reducing
further our production levels, leading to a lowering of our earnings
estimate for the second half of the year. This is primarily due to
reduced sales and the impact of fixed cost absorption from production
cuts needed to adjust pipeline inventories. Although this will result
in reduced margins, we believe that managing pipeline inventories is
critical in a cyclical, as well as a seasonal, industry."

Translation: "Oh oh - things ain't lookin' so good." :)

Although his message may not have been as blunt as yours you have to admire
a CEO who tells it like it is (in corporate jargon). It is a positive
trait for any CEO to be frank with his stockholders. ;-)