1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 2, 1994January 1, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from_______________ to _______________
Commission file number 1-1370
BRIGGS & STRATTON CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
A Wisconsin Corporation 39-0182330
- --------------------------------- ---------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
12301 West Wirth Street, Wauwatosa, Wisconsin 53222
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(Address of Principal Executive Offices) (Zip Code)
414/259-5333
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(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes _X_X No_____.
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Outstanding at
Class November 10, 1994February 13, 1995
- - ---------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
COMMON STOCK, par value $0.01 per share 14,463,500 Shares*28,927,000 Shares
*Number does not give effectThis report updates the description of the Registrant's Rights Agreement on the
Registrant's Registration Statement on Form 8-A filed on January 5, 1990 to
two-for-one stock split payable November 14,
1994, to shareholdersregister the Rights under Section 12 of record on October 31, 1994.the Securities Exchange Act of 1934.
See Part II, Item 5 herein.
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
INDEX
Page No.
--------
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements:
Consolidated Condensed Balance Sheets -
October 2, 1994,January 1, 1995, July 3, 1994 and
SeptemberDecember 26, 1993 3
Consolidated Condensed Statements of Income -
Three Months and Six Months Ended
October 2, 1994January 1, 1995 and SeptemberDecember 26, 1993 4
Consolidated Condensed Statements of Cash Flows -
ThreeSix Months Ended October 2, 1994January 1, 1995 and
SeptemberDecember 26, 1993 5
Notes to Consolidated Condensed Financial
Statements 6
Item 2. Management's Discussion and Analysis of Results
of Operations and Financial Condition 7
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders 9
Item 5. Other Information 10
Item 6. Exhibits and Reports on Form 8-K 1110
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands of dollars)
ASSETS
Oct. 2ASSETS
------
January 1 July 3 Sept.December 26
19941995 1994 1993
------ ------ ----------------- ------- -----------
CURRENT ASSETS: (Unaudited) (Unaudited)
Cash and cash equivalents $133,680$ 10,956 $221,101 $ 21,378
Short-term investments - - 45,8377,765
Receivables, net 143,847288,973 122,597 128,411261,617
Inventories -
Finished products and parts 102,958109,970 55,847 67,60672,213
Work in process 29,82335,004 27,078 23,02925,154
Raw materials 4,7915,469 2,745 4,3783,988
----------------------------------
Total inventories $137,572$150,443 $ 85,670 $ 95,013$101,355
Future income tax benefits 32,49732,349 32,868 28,25228,732
Prepaid expenses 18,69220,001 20,548 16,34615,535
----------------------------------
Total current assets $466,288$502,722 $482,784 $335,237$415,004
----------------------------------
PREPAID PENSION COST $ 8,1237,873 $ 8,681 $ 7,7498,069
----------------------------------
PLANT AND EQUIPMENT, at cost: $679,786$692,563 $669,593 $662,001$663,563
Less - Accumulated depreciation and
unamortized investment tax credit 387,099390,223 383,703 367,846372,669
----------------------------------
Total plant and equipment, net $292,687$302,340 $285,890 $294,155$290,894
----------------------------------
$767,098$812,935 $777,355 $637,141$713,967
==================================
LIABILITIES & SHAREHOLDERS' INVESTMENT
CURRENT LIABILITIES:
Accounts payable $ 60,79958,798 $ 56,364 $ 30,43954,539
Domestic notes payable 1,750 - -
Foreign loans 21,36421,595 21,323 14,88920,043
Accrued liabilities 94,145109,506 119,954 86,262103,655
Dividends payable 6,6537,232 - 6,364
Federal and state income taxes 7,68713,571 9,103 3,58112,190
----------------------------------
Total current liabilities $192,398$212,452 $206,744 $141,535$196,791
----------------------------------
DEFERRED INCOME TAXES $ 11,0389,660 $ 12,317 $ 15,59514,834
----------------------------------
ACCRUED EMPLOYEE BENEFITS $ 15,64415,918 $ 15,423 $ 14,49014,625
----------------------------------
ACCRUED POSTRETIREMENT HEALTH CARE OBLIGATION $ 64,46765,341 $ 64,079 $ 61,93163,008
----------------------------------
LONG-TERM DEBT $ 75,000 $ 75,000 $ 75,000
----------------------------------
SHAREHOLDERS' INVESTMENT:
Common stock-
Authorized 30,000,00060,000,000 shares, $.01 par value
Issued and outstanding 28,927,000 shares on
Jan. 1, 1995, and 14,463,500 shares on
July 3, 1994 and Dec. 26, 1993 $ 145289 $ 145 $ 145
Additional paid-in capital 42,33442,059 42,358 42,883
Retained earnings 366,907393,388 362,136 285,746308,019
Cumulative translation adjustments (835)(1,172) (847) (184)(1,338)
----------------------------------
Total shareholders' investment $408,551$434,564 $403,792 $328,590$349,709
----------------------------------
$767,098$812,935 $777,355 $637,141$713,967
==================================
The accompanying notes are an integral part of these statements.
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(In thousands of dollars except amounts per share)
(Unaudited)
First QuarterThree Months Ended --------------------
Oct. 2 Sept.Six Months Ended
------------------ -----------------
Jan. 1 Dec. 26 1994Jan. 1 Dec. 26
1995 1993 1995 1993
------ --------------- ------ ------
NET SALES $227,845 $198,572$366,717 $328,937 $594,562 $527,509
COST OF GOODS SOLD 188,046 170,376283,193 256,556 471,239 426,932
-------- -------- -------- --------
Gross profit on sales $ 39,79983,524 $ 28,19672,381 $123,323 $100,577
ENGINEERING, SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 22,276 19,84726,697 23,792 48,973 43,639
-------- -------- -------- --------
Income from operations $ 17,52356,827 $ 8,34948,589 $ 74,350 $ 56,938
INTEREST EXPENSE (2,091) (2,026)(2,121) (2,161) (4,212) (4,187)
OTHER INCOME,INCOME(EXPENSE), net 3,302 4,198557 539 3,859 4,737
-------- -------- -------- --------
Income before provision
for income taxes $ 18,73455,263 $ 10,52146,967 $ 73,997 $ 57,488
PROVISION FOR INCOME TAXES 7,310 4,10021,550 18,330 28,860 22,430
--------- -------- -------- --------
Net income before cumulative
effect of accounting changes $ 11,42433,713 $ 6,42128,637 $ 45,137 $ 35,058
-------- -------- -------- --------
CUMULATIVE EFFECT OF ACCOUNTING
CHANGES FOR:
Postretirement health care, net of
income taxes $ - $ - $ - $(40,232)
Postemployment benefits, net of
income taxes - - - (672)
Deferred income taxes - - - 8,346
--------- -------- -------- -------- --------
$ - $ - $ - $(32,558)
-------- -------- -------- --------
Net income(loss)income $ 11,424 $(26,137)33,713 $ 28,637 $ 45,137 $ 2,500
======== ======== ======== ========
PER SHARE DATA* -
Net income before cumulative
effect of accounting changes $ .791.17 $ .44.99 $ 1.56 $ 1.21
Cumulative effect of accounting changes - (2.25)- - (1.12)
------ ------ ------ ------
Net income(loss)income $ .79 $(1.81)1.17 $ .99 $ 1.56 $ .09
====== ====== ====== ======
Cash dividends $ .46.25 $ .22 $ .48 $ .44
====== ====== ====== ======
*Based* Based on 14,463,50028,927,000 shares outstanding. All per share amounts have been
adjusted for the 2-for-1 stock split in November 1994.
The accompanying notes are an integral part of these statements.
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
Increase(Decrease) in Cash and Cash Equivalents
(In thousands of dollars)
(Unaudited)
ThreeSix Months Ended
-----------------------------------------------------------
Jan. 1, 1995 Dec. 26, 1993
------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Oct. 2, 1994 Sept. 26, 1993
------------ --------------
Net income(loss)income $ 11,424 $(26,137)45,137 $ 2,500
Adjustments to reconcile net income to net
cash provided by operating activities -
Cumulative effect of accounting changes,
net of taxes - 32,558
Depreciation 11,397 9,98822,662 20,132
Gain on disposition of plant and
equipment (697) (3,237)(7) (2,493)
(Increase)decrease in operating assets -
Accounts receivable (21,250) (3,430)(166,376) (136,636)
Inventories (51,902) (20,948)(64,773) (27,290)
Other current assets 2,227 (1,775)1,066 (1,444)
Other assets 558 (147)808 (467)
Increase(decrease) in liabilities -
Accounts payable and accrued
liabilities (16,137) (20,643)3,686 29,459
Other liabilities (670) 2,696
--------(900) 3,147
---------- --------
Net cash used by
operating activities $(65,050) $(31,075)
--------$(158,697) $(80,534)
--------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Sale of short-term investments $ - $ 24,58570,422
Additions to plant and equipment (19,282) (11,399)(41,416) (20,351)
Proceeds received on sale of plant and equipment 1,847 6,093
--------2,032 7,075
--------- --------
Net cash provided by (used in)
investing activities $(17,435) $ 19,279
--------(39,384) $ 57,146
--------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings(repayments)borrowings on domestic and
foreign loans $ 1,7912,022 $ (1,038)4,116
Dividends (6,653) (6,364)(13,885) (12,728)
Purchase of common stock for treasury (38)(295) -
Proceeds received on exercise of stock option 14140 -
----------------- --------
Net cash used in financing activities $ (4,886)(12,018) $ (7,402)
--------(8,612)
--------- --------
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE
CHANGES ON CASH AND CASH EQUIVALENTS $ (50)(46) $ 1,075264
--------- -------- -------
NET DECREASE IN CASH AND CASH EQUIVALENTS $(87,421) $(18,123)$(210,145) $(31,736)
CASH AND CASH EQUIVALENTS, beginning 221,101 39,501
----------------- --------
CASH AND CASH EQUIVALENTS, ending $133,680 $ 21,378
========10,956 $ 7,765
========= ========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid $ 2,0824,180 $ 2,026
========4,187
========= ========
Income taxes paid $ 9,83426,748 $ 11,806
========22,704
========= ========
The accompanying notes are an integral part of these statements.
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
The accompanying unaudited consolidated condensed financial statements
have been prepared in accordance with the rules and regulations of the
Securities and Exchange Commission and therefore do not include all information
and footnotes necessary for a fair presentation of financial position, results
of operations and cash flows in conformity with generally accepted accounting
principles. However, in the opinion of the Company, adequate disclosures have
been presented to make the information not misleading, and all adjustments
necessary to present fair statements of the results of operations and financial
position have been included. All of these adjustments are of a normal
recurring nature. It is suggested that these condensed financial statements be
read in conjunction with the financial statements and the notes thereto
included in the Company's latest annual report on Form 10-K.
On October 19, 1994, shareholders approved a doubling of the
authorized common stock shares to 60,000,000. This allowsallowed the Company to
effect a 2-for-1 stock split previously authorized by the Board of Directors.
It is payableThe distribution on November 14, 1994 increased the number of shares
outstanding from 14,463,500 to holders28,927,000. The amount of $145,000 was
transferred from the additional paid-in capital account to the common stock
account to record on October 31, 1994.this distribution.
On January 18, 1995, the Board of Directors approved an amendment to
the Shareholder Rights Plan to change the termination date of the rights issued
under the Plan from January 5, 2000 to July 1, 1996.
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION
The following is Management's discussion and analysis of certain
significant factors which have affected the Company's results of operations and
financial condition during the periods included in the accompanying
consolidated condensed financial statements.
RESULTS OF OPERATIONS
SALES
Sales increased $29,273,000 or 15% inNet sales for the second quarter of the current quarterfiscal year increased
11% or $37,780,000 when compared to the same quarter in the precedingperiod last year. The major
factor affectingeffecting this improvement was a 12%6% increase in engine unit shipmentsthe number of engines
sold between years due to
continued high demand resulting from favorable weather andbecause of a strong economic
climate. An overall sales model mixeconomy. Other factors adding to lower horsepower, lower selling price
engines largely offset modest selling price increases and somethe
increase were step-up sales within the same horsepower category.
Salescategory, increases in
sales of higher horsepower engines, and modest selling price increases.
Although domestic engine sales increased, export sales increased at a
greater rate. This was due to timing differences and improving economies in
Europe. A large portion of the increased engine sales were sold for industrial
application uses, which have a tendency to use larger horsepower engines.
Service sales also favorably impacted by a 22% increaseshowed increases in the quarter.
Lock dollar sales were up 17%, whereas lock unit shipmentssales increased 12%.
This reflects the continuing trend to higher unit price lock sets in a strong
U.S. car and an increasetruck industry.
Sales in servicethe comparable six-month periods ending in December showed
most of the same trends as described above, except for export sales, between quarters.which had
a lower first quarter in the current year.
Inventories of lawn and garden equipment in distribution channels at
the end of the 1994 summer selling season were low for the third consecutive
year. Economic forecasts continue to be favorable. Equipment manufacturers'
outlook continues to be optimistic. The Company's engine orders reflect that
optimism, and therefore, if the weather continues to cooperate, the remainder
of the year is expected to have higher sales than the preceding year.
GROSS PROFIT
Gross profit for the second fiscal quarter increased 41% due$11,143,000 or
15% when compared to the same quarter last year. This improvement compares to
the 11% increase in sales dollars and an
improvement inresults from the gross profit rate (as a percentagespreading of sales) from 14% in the
preceding year to 17% in the current year. This improvement was primarily a
result of spreading fixed overheadcosts
over a larger number of engine units. Thisunits and improved efficiencies. It was
partially offset by an 11%a significant increase in aluminum cost,costs, the major raw
material in engines, and other increases in manufacturing operating costs. The
Company expects to experience similar increases in comparative aluminum costs
in future quarters of this fiscal year.
ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Expenses increased $2,429,000 or 12% between years in this category.
This increase is primarily due to earlier recognition of profit sharing expense
in fiscal 1995 than in fiscal 1994 because of improved profits on which they
are based. The Company also had an increase in pension expense and small
increases in most other operating expenses.
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION (Continued)
These same factors caused the increase in gross profits of $22,746,000
or 23% when comparing the first six months of fiscal 1995 to the same period in
fiscal 1994.
ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Expenses in this category increased $2,905,000 or 12% when comparing
the two second fiscal quarters. This is a result of increases in marketing,
advertising and professional services related to increased engine emission
work.
These same factors applied to the six-month comparisons.
INTEREST EXPENSE
Interest expense did not show any significant changes, both in the
quarterly comparison and the six-month comparison. There was a modest increase
in the level of foreign borrowings. Average interest was comparable between
years.
OTHER INCOME
This category decreased $896,000 between years.showed a 3% increase in the quarterly comparison but a
19% decrease in the six-month comparison. The previousfirst quarter of last year
contained a $2,800,000 gain on the sale of a facility in Germany, andwith no
comparable item in the current year had no similar item. The current year included a $1,200,000year. This amount was reflected in the
six-month comparison only. Partially offsetting this loss of income was an
increase in interest income in the current year of $1,700,000 due to a larger amount ofmore
investable funds.
PROVISION FOR INCOME TAXES
This category reflects an effectivea 39% tax rate of 39% in each year.of the comparable
periods. Management estimates this rate will be in effect for the entire
fiscal year.
CUMULATIVE EFFECT OF ACCOUNTING CHANGES
The preceding fiscal year contained aan adjustment for the cumulative
effect of accounting changes made at the beginning of the first fiscal quarter.
This was the result of adopting Financial Accounting Standards Numbers 106, 112
and 109, which were fully described in the Company's 1994 fiscal year annual
report and previous year formsForms 10-Q. These changesnet charges totaled $32,558,000 for
the year and will not be repeated in the current or subsequent fiscal years.
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION (Continued)
FINANCIAL CONDITION
The following comments apply to the change in financial condition of
the Company since the preceding fiscal year end in June 1994.
Combined cash and cash equivalents and short-term investments decreased $87,421,000$210,145,000 since the
end of the previous fiscal yearyear. $158,697,000 was used by operating activities
for threethe following major reasons: (1) a $51,902,000 increase in inventories (primarily finished goods)
representing goods manufactured ahead of time in anticipation of shipments
during the Company's busy season in the second and third fiscal quarters; (2) a
$21,250,000$166,376,000 increase in accounts
receivable due to extended payment terms and increased sales activity late in
the quarter;second quarter and (3)(2) a reduction$64,773,000 increase in inventories, almost all
of $16,137,000which is finished and partly finished inventories, and represents goods
manufactured in accounts payableanticipation of shipment during the Company's busiest season in
the third fiscal quarter.
These amounts were partially offset by the $67,799,000 amount that was
generated in operations from net income and accrued liabilities due to paymentdepreciation.
Another major use of cash was the accrued profit
sharing liability on the fiscal year-end balance sheet.
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION (Continued)
Additions topurchase of plant and equipment,
are $7.9 million larger inwhich totaled $41,416,000 for the current fiscal yearyear. This was $21,065,000 greater
than the preceding fiscal year. This isyear and includes initial expenditures for the beginning of previously
announced major capital projects which include new engine plants, plant expansions, and
a new foundry. The new engine plants will be located in Auburn, Alabama;
Statesboro, Georgia; and Rolla, Missouri. It iswas previously estimated that the
incremental capital expenditures for these engine plants and plant expansions
will total $112,000,000 over a three-year period. This amount has subsequently
been increased by $12,000,000, primarily to reflect more current construction
cost estimates at two of the three plants. The new foundry, will be located in
Ravenna, Michigan, and will totalis projected to cost $20,000,000 over a two-year period.
Company management intends to finance all of these expenditures from operating
cash flow and available lines of credit.
As reportedLate in the Annual Report,second fiscal quarter the Company plansreached an agreement
with the union representing most hourly employees in the Milwaukee area plants
on a three-year contract that will take effect when the current contract
expires July 31, 1995. Supplemental retirement benefits in the new contract
will require the company to take a charge of approximately $.30 per share in
the fourth fiscal quarter.
Late last fiscal year the Company announced its intent to spin off the
automotive lock business, STRATTEC SECURITY CORPORATION, to its shareholders in early calendarshareholders.
Shares of STRATTEC will be distributed on February 27, 1995 to holders of
record on February 16, 1995.
In connection with this spin-off, subsequent to January 1, 1995, the
Company has obtained additional debt of $7,000,000. This debt carries a
floating interest rate equal to the Federal Funds Rate plus one-half percent
and matures on March 1, 1996. It will be assumed by STRATTEC SECURITY
CORPORATION as a tax-free
dividend.
PART II - OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Atpart of the Annual Meeting of Shareholders on October 19, 1994, the items
of business included a Board of Director proposal to amend the Articles of
Incorporation, five shareholder proposals and the election of directors.
(a) Election of three directors:
The following schedule indicates the votes cast for and
withheld with respect to each nominee for director.
Name of Nominee For Withheld
--------------- --- --------
John L. Murray* 7,696,764 170,741
John S. Shiely* 7,707,403 160,125
Charles I. Story* 7,704,310 163,218
William P. Dixon 163,938 175,059
*Nominees who were elected to a three-year term expiring in 1997.
Directors whose term of office continues past the Annual Meeting of
Shareholders include: Michael E. Batten, Robert H. Eldridge, Peter A.
Georgescu, Clarence B. Rogers, Frederick P. Stratton, Jr. and Elwin J. Zarwell.spin-off.
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART II - OTHER INFORMATION
(Continued)
(b) Proposal to approve an amendment to the Articles of Incorporation to
increase the authorized common stock of the Corporation from
30,000,000 to 60,000,000:
Out of a total of 11,529,145 votes represented on the proposal,
votes were cast as follows: 11,125,456 - For; 365,749 - Against; and
37,940 - Abstain. There were 7,100 broker non-votes.
(c) Shareholder Proposals:
(c)(1) Proposal urging declassification of Board of Directors.
Out of a total of 11,333,084 votes represented on the proposal,
votes were cast as follows: 4,838,339 - For; 6,316,818 - Against;
and 177,927 - Abstain. There were 203,162 broker non-votes.
(c)(2) Proposal to separate positions of chairperson and chief executive
officer and require chairperson to be outside director.
Out of a total of 11,333,985 votes represented on the proposal,
votes were cast as follows: 563,396 - For; 10,392,939 - Against; and
377,650 - Abstain. There were 202,259 broker non-votes.
(c)(3) Proposal to eliminate change in control agreements.
Out of a total of 11,333,987 votes represented on the proposal,
votes were cast as follows: 1,625,141 - For; 9,341,201 - Against;
and 367,645 - Abstain. There were 202,259 broker non-votes.
(c)(4) Proposal to redeem shareholder rights issued under Rights Agreement.
Out of a total of 11,333,987 votes represented on the proposal,
votes were cast as follows: 4,614,260 - For; 6,626,422 - Against; and
93,305 - Abstain. There were 202,259 broker non-votes.
(c)(5) Proposal to establish committee of shareholder representatives.
Out of a total of 11,333,886 votes represented on the proposal,
votes were cast as follows: 461,097 - For; 10,810,554 - Against; and
62,235 - Abstain. There were 202,359 broker non-votes.
ITEM 5. OTHER INFORMATION
On August 16, 1994,January 18, 1995, the Board of Directors approved a two-for-one
stock split, contingent upon approval by shareholders of an amendment to
the Articles of IncorporationShareholder Rights Plan to increasechange the authorized shares of common stock
from 30,000,000 to 60,000,000. The proposal to amend the Article IIItermination date of the Articles of Incorporationrights issued
under the Plan from January 5, 2000 to increase the authorized shares was approved by
shareholders at the Annual Meeting of Shareholders held on October 19, and the
Amendment to the Articles of Incorporation was filed with the Secretary of
State of the state of Wisconsin, effective October 31, 1994. The split is
payable November 14, 1994 to shareholders of record October 31, 1994.
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART II - OTHER INFORMATION (Continued)July 1, 1996.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits.
Exhibit
Number Description
3.1 Amendment to Article III of Articles of
Incorporation, effective October 31, 1994
3.2 Articles of Incorporation, as amended through October
31, 1994
27 Financial Data Schedule
(b) Reports on Form 8-K.
There were no reports on Form 8-K for the first quarter ended
October 2, 1994.
Exhibit
Number Description
------ -----------
4.1 Amendment to Shareholder Rights Plan
27 Financial Data Schedule
(b) Reports on Form 8-K.
There were no reports on Form 8-K for the second quarter ended January 1, 1995.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BRIGGS & STRATTON CORPORATIO
(Registrant)
Date: November 10, 1994 /s/ R. H. Eldridge
------------------------------
R. H. Eldridge
Secretary-Treasurer
Date: November 10, 1994 /s/ J. E. Brenn
------------------------------
BRIGGS & STRATTON CORPORATION
-----------------------------
(Registrant)
Date: February 13, 1995 /s/ R. H. Eldridge
---------------------------------------
R. H. Eldridge
Secretary-Treasurer
Date: February 13, 1995 /s/ J. E. Brenn
----------------------------------------
- - J. E. Brenn
Vice President and Controller
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BRIGGS & STRATTON CORPORATION
EXHIBIT INDEX
Exhibit
Number Description
3.1 Amendment to Article III of Articles of Incorporation,
effective October 31, 1994
(Filed herewith)
3.2 Articles of Incorporation, as amended through October
31, 1994
Exhibit
Number Description
------- -----------
4.1 Amendment to Shareholder Rights Plan
(Filed herewith)
27 Financial Data Schedule
(Filed herewith)
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