Brunswick Corporation announced unaudited consolidated earnings results for the fourth quarter and fiscal year ended December 31, 2011. For the fourth quarter, the company reported net sales of $789.1 million, operating losses of $18.1 million, loss before interest, loss on early extinguishment of debt and income taxes of $23.4 million, loss before income tax of $43.0 million and net loss of $29.6 million or $0.33 diluted loss per share as compared to net sales of $728.8 million, operating losses of $74.7 million, loss before interest, loss on early extinguishment of debt and income taxes of $76.4 million, loss before income tax of $99.0 million and net loss of $104.1 million or $1.17 diluted loss per share for the same period of previous year. Net debt (defined as total debt, less cash and marketable securities) was $185.0 million, an increase of $11.5 million from year-end 2010 levels. For the year, the company reported net sales of $3,748.0 million, operating earnings of $192.4 million, earnings before interest, loss on early extinguishment of debt and income taxes of $187.0 million, earnings before income tax of $43.0 million, net earnings of $71.9 million or $0.78 diluted earnings per share, net cash provided by operating activities of $89.1 million and capital expenditures of $90.0 million as compared to net sales of $3,403.3 million, operating earnings of $16.3 million, earnings before interest, loss on early extinguishment of debt and income taxes of $11.8 million, loss before income tax of $84.7 million, net loss of $110.6 million or $1.25 basic and diluted loss per share, net cash provided by operating activities of $205.4 million and capital expenditures of $57.2 million for the same period of previous year. The company currently expects its fiscal year 2012 earnings per share to be in the range of $1.20 per share to $1.50 per diluted share. Given its currently earnings guidance range, the company expects its overall 2012 effective tax rate to be consistent with 2011 or approximately 20%. The company expects to continue to generate positive strong cash flow. As a result of continued cost reductions and improvements in operating efficiencies, its target gross margin for 2012 is approximately 24%, up 140 basis points from 2011. 2012 capital expenditures, SG&A and R&D expenses will be higher than in 2011 as its finds growth initiatives, partially offset by a modest reduction in pension expense. For fourth quarter 2011, the company reported impairment charges of $4.5 million compared to $18.5 million for the same period a year ago.