MILWAUKEE, Oct. 26, 2016 /PRNewswire/ -- Briggs &
Stratton Corporation (NYSE:BGG) today announced financial results
for its first fiscal quarter ended October
2, 2016.
- First quarter net sales were $287
million. Net sales decreased $3
million compared to last year.
- First quarter net loss was $14.1
million. Results improved from a net loss of $18.2 million or an adjusted net loss of
$15.2 million last year.
- First quarter diluted loss per share was $0.34 compared to $0.42 (GAAP) and $0.35 (adjusted) last year.
- Repurchased $8.7 million in
shares under the share repurchase program during the quarter.
- Increasing fiscal 2017 earnings outlook to $1.31 to $1.46 per diluted share from previous
guidance of $1.26 to $1.41 per
diluted share due to the impact to date of Hurricane
Matthew.
"Our first quarter results were better than we expected, largely
driven by engine shipments that occurred earlier than expected,"
said Todd J. Teske, Chairman,
President and Chief Executive Officer. "Favorable weather in the
U.S. and Europe has led to solid
late season activity following a delayed start to this past season.
We believe the impact of the late season activity has reduced lawn
and garden channel inventories to near normal levels, similar to
last year." Teske continued, "We have increased our revenue
and earnings guidance for the year given the increased sales of
generators from the impact of Hurricane Matthew. The increase
reflects the sales we have achieved to date and does not include
estimates beyond this. We are currently experiencing increased
activity, especially for our standby product offerings, however it
is too early to quantify the impact of this activity on our outlook
for the remainder of the fiscal year. Regarding the storm, we
were able to get generators to affected areas to help people in
their time of need. I am proud of the efforts of our team who
diligently worked with our retail partners throughout the
development and aftermath of the storm."
Conference Call Information:
The Company will host a conference call tomorrow at 10:00 AM (ET) to review this information. A live
webcast of the conference call will be available on our corporate
website: http://investors.basco.com.
Also available is a dial-in number to access the call real-time
at (866) 259-1024. A replay will be offered beginning approximately
two hours after the call ends and will be available for one week.
Dial (888) 266-2081 to access the replay. The pass code will be
1666203.
Non-GAAP Financial Measures
This release refers to non-GAAP financial measures including
"adjusted gross profit", "adjusted engineering, selling, general,
and administrative expenses", "adjusted segment income (loss)",
"adjusted net income (loss)", and "adjusted diluted earnings (loss)
per share." Refer to the accompanying financial schedules for
supplemental financial data and corresponding reconciliations of
these non-GAAP financial measures to certain GAAP financial
measures.
Safe Harbor Statement:
This release contains certain forward-looking statements that
involve risks and uncertainties that could cause actual results to
differ materially from those projected in the forward-looking
statements. The words "anticipate", "believe", "estimate",
"expect", "forecast", "intend", "plan", "project", and similar
expressions are intended to identify forward-looking statements.
The forward-looking statements are based on the Company's current
views and assumptions and involve risks and uncertainties that
include, among other things, the ability to successfully forecast
demand for our products; changes in interest rates and foreign
exchange rates; the effects of weather on the purchasing patterns
of consumers and original equipment manufacturers (OEMs); actions
of engine manufacturers and OEMs with whom we compete; changes in
laws and regulations; changes in customer and OEM demand; changes
in prices of raw materials and parts that we purchase; changes in
domestic and foreign economic conditions (including effects from
the U.K.'s decision to exit the European Union); the ability to
bring new productive capacity on line efficiently and with good
quality; outcomes of legal proceedings and claims; the ability to
realize anticipated savings from restructuring actions; and other
factors disclosed from time to time in our SEC filings or
otherwise, including the factors discussed in Item 1A, Risk
Factors, of the Company's Annual Report on Form 10-K and in its
periodic reports on Form 10-Q. We undertake no obligation to update
forward-looking statements made in this release to reflect events
or circumstances after the date of this release.
About Briggs & Stratton Corporation:
Briggs & Stratton Corporation (NYSE: BGG), headquartered in
Milwaukee, Wisconsin, is focused
on providing power to get work done and make people's lives better.
Briggs & Stratton is the world's largest producer of gasoline
engines for outdoor power equipment. Its wholly owned subsidiaries
include North America's number one
marketer of gas pressure washers, and it is a leading designer,
manufacturer and marketer of power generation, lawn and garden,
turf care and job site products through its Briggs & Stratton®,
Simplicity®, Snapper®, Snapper Pro®, Ferris®, Vanguard™, Allmand™,
Billy Goat®, Murray®, Branco® and Victa® brands. Briggs
& Stratton products are designed, manufactured, marketed and
serviced in over 100 countries on six continents. For additional
information, please
visit www.basco.com and www.briggsandstratton.com.
BRIGGS &
STRATTON CORPORATION AND SUBSIDIARIES
Consolidated
Statements of Operations for the Periods Ended
September
(In Thousands,
except per share data)
|
|
|
|
Three Months
Ended September
|
|
|
FY2017
|
|
FY2016
|
NET SALES
|
|
$286,797
|
|
$289,458
|
COST OF GOODS
SOLD
|
|
234,276
|
|
237,287
|
RESTRUCTURING
CHARGES
|
|
-
|
|
2,459
|
Gross
Profit
|
|
52,521
|
|
49,712
|
|
|
|
|
|
ENGINEERING, SELLING,
GENERAL
|
|
|
|
|
AND ADMINISTRATIVE
EXPENSES
|
|
72,063
|
|
72,134
|
RESTRUCTURING
CHARGES
|
|
-
|
|
914
|
EQUITY IN EARNINGS OF
UNCONSOLIDATED AFFILIATES (1)
|
|
3,228
|
|
-
|
Loss from
Operations
|
|
(16,314)
|
|
(23,336)
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
(4,505)
|
|
(4,536)
|
OTHER
INCOME
|
|
457
|
|
1,455
|
Loss before Income
Taxes
|
|
(20,362)
|
|
(26,417)
|
|
|
|
|
|
CREDIT FOR INCOME
TAXES
|
|
(6,214)
|
|
(8,246)
|
Net Loss
|
|
$
(14,148)
|
|
$ (18,171)
|
|
|
|
|
|
EARNINGS (LOSS) PER
SHARE
|
|
|
|
|
Basic
|
|
$
(0.34)
|
|
$
(0.42)
|
Diluted
|
|
(0.34)
|
|
$
(0.42)
|
|
|
|
|
|
WEIGHTED AVERAGE
SHARES OUTSTANDING
|
|
|
|
|
Basic
|
|
42,494
|
|
43,478
|
Diluted
|
|
42,494
|
|
43,478
|
|
|
|
|
|
|
|
|
|
|
1
|
Beginning in the
third quarter of fiscal 2016, the Company classifies its equity in
earnings of unconsolidated affiliates within Income from
Operations. Prior to the third quarter of fiscal 2016, equity in
earnings from unconsolidated affiliates is classified in Other
Income. See Adjusted Segment Information tables for prior year
equity in earnings of unconsolidated affiliates amounts.
|
Supplemental
International Sales Information
(In
Thousands)
|
|
|
|
Three Months
Ended September
|
|
|
FY2017
|
|
FY2016
|
International sales
based on product shipment destination
|
|
$109,887
|
|
$91,541
|
BRIGGS &
STRATTON CORPORATION AND SUBSIDIARIES
Consolidated
Balance Sheets as of the End of September
(In
Thousands)
|
|
|
|
|
CURRENT
ASSETS:
|
FY2017
|
|
FY2016
|
Cash and Cash
Equivalents
|
$
42,960
|
|
$
53,995
|
Accounts Receivable,
Net
|
160,710
|
|
168,964
|
Inventories
|
470,807
|
|
473,773
|
Deferred Income Tax
Asset
|
43,693
|
|
46,096
|
Prepaid Expenses and
Other Current Assets
|
41,470
|
|
47,006
|
Total Current
Assets
|
759,640
|
|
789,834
|
|
|
|
|
OTHER
ASSETS:
|
|
|
|
Goodwill
|
161,670
|
|
167,859
|
Investments
|
52,049
|
|
31,432
|
Other Intangible
Assets, Net
|
103,318
|
|
107,237
|
Deferred Income Tax
Asset
|
49,730
|
|
17,571
|
Other Long-Term
Assets, Net
|
17,488
|
|
17,023
|
Total Other
Assets
|
384,255
|
|
341,122
|
|
|
|
|
|
|
|
|
PLANT AND
EQUIPMENT:
|
|
|
|
At Cost
|
1,065,847
|
|
1,039,144
|
Less - Accumulated
Depreciation
|
737,044
|
|
727,601
|
Plant and Equipment,
Net
|
328,803
|
|
311,543
|
|
$
1,472,698
|
|
$
1,442,499
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Accounts
Payable
|
$
186,468
|
|
$
184,264
|
Short-Term
Debt
|
50,175
|
|
38,410
|
Accrued
Liabilities
|
129,705
|
|
143,332
|
Total Current
Liabilities
|
366,348
|
|
366,006
|
|
|
|
|
OTHER
LIABILITIES:
|
|
|
|
Accrued Pension
Cost
|
306,319
|
|
203,931
|
Accrued Employee
Benefits
|
23,341
|
|
23,233
|
Accrued
Postretirement Health Care Obligation
|
36,120
|
|
45,382
|
Other Long-Term
Liabilities
|
49,538
|
|
47,993
|
Long-Term
Debt
|
221,456
|
|
222,811
|
Total Other
Liabilities
|
636,774
|
|
543,350
|
|
|
|
|
SHAREHOLDERS'
INVESTMENT:
|
|
|
|
Common
Stock
|
579
|
|
579
|
Additional Paid-In
Capital
|
67,383
|
|
71,040
|
Retained
Earnings
|
1,054,251
|
|
1,047,338
|
Accumulated Other
Comprehensive Loss
|
(334,336)
|
|
(289,741)
|
Treasury Stock, at
Cost
|
(318,301)
|
|
(296,073)
|
Total Shareholders'
Investment
|
469,576
|
|
533,143
|
|
$
1,472,698
|
|
$
1,442,499
|
BRIGGS &
STRATTON CORPORATION AND SUBSIDIARIES
Consolidated
Statements of Cash Flows
(In
Thousands)
|
|
|
|
Three Months Ended
September
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
FY2017
|
|
FY2016
|
Net Loss
|
$
(14,148)
|
|
$ (18,171)
|
Adjustments to
Reconcile Net Loss to Net Cash Used in Operating
Activities:
|
|
|
|
Depreciation and
Amortization
|
14,286
|
|
13,397
|
Stock Compensation
Expense
|
1,248
|
|
1,627
|
Loss on Disposition
of Plant and Equipment
|
113
|
|
46
|
Provision for
Deferred Income Taxes
|
3,498
|
|
3,844
|
Equity in Earnings of
Unconsolidated Affiliates
|
(3,228)
|
|
(1,436)
|
Dividends Received
from Unconsolidated Affiliates
|
3,043
|
|
728
|
Non-Cash
Restructuring Charges
|
-
|
|
229
|
Changes in Operating
Assets and Liabilities:
|
|
|
|
Accounts
Receivable
|
29,422
|
|
45,558
|
Inventories
|
(84,733)
|
|
(95,342)
|
Other Current
Assets
|
(2,234)
|
|
2,408
|
Accounts Payable,
Accrued Liabilities and Income Taxes
|
(18,212)
|
|
(30,337)
|
Other, Net
|
(5,552)
|
|
(5,240)
|
Net Cash
Used in Operating Activities
|
(76,497)
|
|
(82,689)
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
Capital
Expenditures
|
(15,764)
|
|
(12,428)
|
Cash Paid for
Acquisitions, Net of Cash Acquired
|
-
|
|
(2,174)
|
Proceeds on Sale of
Investment in Marketable Securities
|
3,343
|
|
-
|
Proceeds Received on
Disposition of Plant and Equipment
|
52
|
|
515
|
Net Cash
Used in Investing Activities
|
(12,369)
|
|
(14,087)
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
Net Borrowings on
Revolver
|
50,175
|
|
38,410
|
Stock Option Exercise
Proceeds and Tax Benefits
|
1,117
|
|
6,433
|
Treasury Stock
Purchases
|
(8,654)
|
|
(11,178)
|
Payment of
Acquisition Contingent Liability
|
(813)
|
|
-
|
Net Cash
Provided by Financing Activities
|
41,825
|
|
33,665
|
|
|
|
|
EFFECT OF EXCHANGE
RATE CHANGES
|
162
|
|
(1,284)
|
NET DECREASE IN CASH
AND CASH EQUIVALENTS
|
(46,879)
|
|
(64,395)
|
CASH AND CASH
EQUIVALENTS, Beginning
|
89,839
|
|
118,390
|
CASH AND CASH
EQUIVALENTS, Ending
|
$
42,960
|
|
$
53,995
|
Liquidity and Capital Resources:
Net debt at October 2, 2016 was
$230.4 million (total debt, excluding
debt issuance costs, of $273.3
million less $43.0 million of
cash), or $20.9 million higher than
net debt of $209.4 million (total
debt, excluding debt issuance costs, of $263.4 million less $54.0
million of cash) at September 27,
2015.
Cash flows used in operating activities for fiscal 2017 were
$76.5 million compared to
$82.7 million in fiscal 2016. The
decrease in cash used in operating activities was primarily related
to a lower net loss.
During fiscal 2017, the Company repurchased approximately
443,000 shares on the open market at an average price of
$19.52 per share. As of October 2, 2016, the Company had remaining
authorization to repurchase up to approximately $41.5 million of common stock with an expiration
date of June 29, 2018.
SUPPLEMENTAL
SEGMENT INFORMATION AND OUTLOOK
|
|
Engines
Segment:
|
|
|
|
|
Three Months
Ended September
|
(In
Thousands)
|
|
FY2017
|
|
FY2016
|
Net Sales
|
|
$
154,498
|
|
$ 150,083
|
|
|
|
|
|
Gross Profit as
Reported
|
|
$
30,985
|
|
$
23,777
|
Restructuring
Charges
|
|
-
|
|
464
|
Adjusted Gross
Profit
|
|
$
30,985
|
|
$
24,241
|
|
|
|
|
|
Gross Profit % as
Reported
|
|
20.1%
|
|
15.8%
|
Adjusted Gross Profit
%
|
|
20.1%
|
|
16.2%
|
|
|
|
|
|
Segment Loss as
Reported
|
|
$
(11,654)
|
|
$
(20,754)
|
Restructuring
Charges
|
|
-
|
|
1,354
|
Litigation
Charges
|
|
-
|
|
850
|
Adjusted Segment
Loss
|
|
$
(11,654)
|
|
$
(18,550)
|
|
|
|
|
|
Segment Loss % as
Reported
|
|
-7.5%
|
|
-13.8%
|
Adjusted Segment Loss
%
|
|
-7.5%
|
|
-12.4%
|
First Quarter Highlights
- Starting in fiscal 2017, we implemented new sales terms for
engines shipped to overseas customers, which result in earlier
revenue recognition compared to the terms we used during previous
fiscal years. The change in terms caused units shipped and net
sales to be higher by approximately 150,000 units and $18 million, respectively, in the first quarter
of fiscal 2017.
- Using comparable sales terms, engine volumes shipped decreased
by 13% or approximately 130,000 engines in the first quarter of
fiscal 2017. The decrease is due to lower sales of engines used on
snowthrowers due to elevated channel inventories and our continued
anticipation that our customers will produce later in fiscal 2017
compared to fiscal 2016.
- Gross profit percentage improved due to favorable sales mix,
slightly lower material costs, favorable foreign exchange and
manufacturing efficiency improvements. Production volume decreased
by 7% as planned.
- Equity in earnings of unconsolidated affiliates increased by
$1.2 million largely due to the
increased ownership in our service parts distributor.
Products
Segment:
|
|
|
|
|
Three Months
Ended September
|
(In
Thousands)
|
|
FY2017
|
|
FY2016
|
Net Sales
|
|
$
150,795
|
|
$ 162,541
|
|
|
|
|
|
Gross Profit as
Reported
|
|
$
22,951
|
|
$
27,143
|
Restructuring
Charges
|
|
-
|
|
1,995
|
Acquisition Related
Charges
|
|
-
|
|
250
|
Adjusted Gross
Profit
|
|
$
22,951
|
|
$
29,388
|
|
|
|
|
|
Gross Profit % as
Reported
|
|
15.2%
|
|
16.7%
|
Adjusted Gross Profit
%
|
|
15.2%
|
|
18.1%
|
|
|
|
|
|
Segment Income (Loss) as
Reported
|
|
$
(3,245)
|
|
$
62
|
Restructuring
Charges
|
|
-
|
|
2,019
|
Acquisition Related
Charges
|
|
-
|
|
276
|
Adjusted Segment Income
(Loss)
|
|
$
(3,245)
|
|
$
2,357
|
|
|
|
|
|
Segment Income (Loss) % as
Reported
|
|
-2.2%
|
|
0.0%
|
Adjusted Segment Income
(Loss) %
|
|
-2.2%
|
|
1.5%
|
First Quarter Highlights
- Net sales decreased by $11.7
million, primarily due to lower shipments of snowthrowers,
pressure washers, and service parts, partially offset by higher
shipments of high-end residential and commercial lawn and garden
equipment through our North American dealer channel.
- Gross profit percentage decreased by 150 basis points. Adjusted
gross profit percentage decreased 290 basis points, primarily due
to unfavorable foreign exchange and reduced production of
snowthrowers due to elevated channel inventories.
- Equity in earnings of unconsolidated affiliates increased by
$0.6 million due to the increased
ownership in our service parts distributor.
Outlook:
Our previous fiscal 2017 outlook did not contemplate storms.
Subsequent to the end of our first quarter, Hurricane Matthew
impacted portions of the southeastern United States, which resulted in power outages
and drove increased demand for generators. Although it is too early
to fully assess the impact Hurricane Matthew will have on generator
sales for the remainder of fiscal 2017, we are able to estimate the
sales to date that we attribute to the storm. We are increasing our
fiscal 2017 net sales and earnings guidance to account for this
portion of the storm impact. It is possible that the storm
will drive increased sales for the remainder of the fiscal year. As
we progress through our fiscal year, we will be able to better
assess potential additional sales benefit from the storm.
Updated fiscal 2017 guidance:
- Net sales are expected to be in a range of $1.86 billion to $1.90 billion, up from previous
guidance of $1.84 billion to $1.89
billion. We continue to expect that the U.S. residential
lawn and garden market will improve by 1% to 4% including expected
improvements in the housing market and more seasonal spring weather
in key markets.
- Net income is expected to be in a range of $57 million to $64 million or $1.31 to $1.46 per diluted share (prior to the
impact of any share repurchases), up from previous guidance of
$55 million to $62 million or
$1.26 to $1.41 per diluted
share.
- Operating margins are expected to be approximately 5.5% to
5.8%, reflecting the benefit of the storm. Adjusted operating
margins for fiscal 2016 were 5.0% (2.6% GAAP), which included the
equity in earnings of unconsolidated affiliates for the second half
of the fiscal year (5.2% if equity in earnings of unconsolidated
affiliates had been included for the full year (2.7% GAAP)).
- The effective tax rate is expected to be in a range of 31% to
33%.
- Capital expenditures are now expected to be $70 million to $80 million.
Non-GAAP Financial Measures
Briggs & Stratton Corporation prepares its financial
statements using Generally Accepted Accounting Principles (GAAP).
When a company discloses material information containing non-GAAP
financial measures, SEC regulations require that the disclosure
include a presentation of the most directly comparable GAAP measure
and a reconciliation of the GAAP and non-GAAP financial measures.
Management's inclusion of non-GAAP financial measures in this
release is intended to supplement, not replace, the presentation of
the financial results in accordance with GAAP. Briggs &
Stratton Corporation management believes that these non-GAAP
financial measures, when considered together with the GAAP
financial measures, provide information that is useful to investors
in understanding period-over-period operating results separate and
apart from items that may, or could, have a disproportionately
positive or negative impact on results in any particular period.
Management also believes that these non-GAAP financial measures
enhance the ability of investors to analyze our business trends and
to understand our performance. In addition, we may utilize non-GAAP
financial measures as a guide in our forecasting, budgeting and
long-term planning process. Non-GAAP financial measures should be
considered in addition to, and not as a substitute for, or superior
to, financial measures presented in accordance with GAAP. The
following tables are reconciliations of the non-GAAP financial
measures:
BRIGGS &
STRATTON CORPORATION AND SUBSIDIARIES
|
Adjusted Segment
Information for the Three Month Periods Ended
September
|
(In Thousands,
except per share data)
|
|
|
|
|
Three Months
Ended September
|
|
|
FY2017
Reported
|
|
Adjustments
|
|
FY2017
Adjusted
|
|
FY2016
Reported
|
|
Adjustments1
|
|
FY2016
Adjusted
|
|
|
|
|
|
|
|
Gross
Profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
Engines
|
|
$
30,985
|
|
$
-
|
|
$
30,985
|
|
$
23,777
|
|
$
464
|
|
$
24,241
|
Products
|
|
22,951
|
|
-
|
|
22,951
|
|
27,143
|
|
2,245
|
|
29,388
|
Inter-Segment
Eliminations
|
|
(1,415)
|
|
-
|
|
(1,415)
|
|
(1,208)
|
|
-
|
|
(1,208)
|
Total
|
|
$
52,521
|
|
$
-
|
|
$
52,521
|
|
$
49,712
|
|
$
2,709
|
|
$
52,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineering, Selling,
General and Administrative Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Engines
|
|
$
44,455
|
|
$
-
|
|
$
44,455
|
|
$
44,301
|
|
$
850
|
|
$
43,451
|
Products
|
|
27,608
|
|
-
|
|
27,608
|
|
27,833
|
|
26
|
|
27,807
|
Total
|
|
$
72,063
|
|
$
-
|
|
$
72,063
|
|
$
72,134
|
|
$
876
|
|
$
71,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Income (Loss)
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Engines
|
|
$
(11,654)
|
|
$
-
|
|
$
(11,654)
|
|
$
(20,754)
|
|
$
2,204
|
|
$
(18,550)
|
Products
|
|
(3,245)
|
|
-
|
|
(3,245)
|
|
62
|
|
2,295
|
|
2,357
|
Inter-Segment
Eliminations
|
|
(1,415)
|
|
-
|
|
(1,415)
|
|
(1,208)
|
|
-
|
|
(1,208)
|
Total
|
|
$
(16,314)
|
|
$
-
|
|
$
(16,314)
|
|
$
(21,900)
|
|
$
4,499
|
|
$
(17,401)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from
Segment Income (Loss) to Income before Income Taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in Earnings of
Unconsolidated Affiliates (2)
|
|
-
|
|
-
|
|
-
|
|
1,436
|
|
-
|
|
1,436
|
Income (Loss) from
Operations
|
|
$
(16,314)
|
|
$
-
|
|
$
(16,314)
|
|
$
(23,336)
|
|
$
4,499
|
|
$
(18,837)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) before
Income Taxes
|
|
(20,362)
|
|
-
|
|
(20,362)
|
|
(26,417)
|
|
4,499
|
|
(21,918)
|
Provision (Credit)
for Income Taxes
|
|
(6,214)
|
|
-
|
|
(6,214)
|
|
(8,246)
|
|
1,528
|
|
(6,718)
|
Net Income
(Loss)
|
|
$
(14,148)
|
|
$
-
|
|
$
(14,148)
|
|
$
(18,171)
|
|
$
2,971
|
|
$
(15,200)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
(0.34)
|
|
$
-
|
|
$
(0.34)
|
|
$
(0.42)
|
|
$
0.07
|
|
$
(0.35)
|
Diluted
|
|
(0.34)
|
|
-
|
|
(0.34)
|
|
(0.42)
|
|
0.07
|
|
(0.35)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
For the first quarter
of fiscal 2016, includes pre-tax restructuring charges of $3,373
($2,239 after tax), pre-tax acquisition-related charges of $276
($179 after tax), and pre-tax litigation charges of $850 ($553
after tax)
|
|
2
|
For all periods
presented, equity in earnings of unconsolidated affiliates is
included in segment income (loss). Beginning with the third quarter
of fiscal 2016, the Company classifies its equity in earnings of
unconsolidated affiliates within income from operations. Prior to
the third quarter of fiscal 2016, equity in earnings of
unconsolidated affiliates is classified in other income
|
Logo -
http://photos.prnewswire.com/prnh/20120529/CG15020LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/briggs--stratton-corporation-reports-first-quarter-results-300352006.html
SOURCE Briggs & Stratton Corporation