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 January 1,April 2, 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
- --------------------------------- ---------------------------------A Wisconsin Corporation 39-0182330
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(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 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 February 13,May 16, 1995
- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
COMMON STOCK, par value $0.01 per share 28,927,000 Shares
This 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
register the Rights under Section 12 of 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 -
January 1,April 2, 1995, July 3, 1994 and
December 26, 1993March 27, 1994 3
Consolidated Condensed Statements of Income -
Three Months and SixNine Months Ended
January 1,April 2, 1995 and December 26, 1993March 27, 1994 4
Consolidated Condensed Statements of Cash Flows -
SixNine Months Ended January 1,April 2, 1995 and
December 26, 1993March 27, 1994 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 5. Other Information 10
Item 6. Exhibits and Reports on Form 8-K 10
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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
------
January 1April 2 July 3 December 26March 27
1995 1994 19931994
--------- ------- -------------------
CURRENT ASSETS: (Unaudited) (Unaudited)
CURRENT ASSETS: (Unaudited) (Unaudited)
Cash and cash equivalents $ 10,956$114,247 $221,101 $ 7,76592,576
Short-term investments - - 15,002
Receivables, net 288,973265,432 122,597 261,617237,359
Inventories -
Finished products and parts 109,97087,881 55,847 72,21350,168
Work in process 35,00434,773 27,078 25,15419,705
Raw materials 5,4693,863 2,745 3,9883,636
----------------------------------
Total inventories $150,443$126,517 $ 85,670 $101,355$ 73,509
Future income tax benefits 32,34934,479 32,868 28,73229,590
Prepaid expenses 20,00113,746 20,548 15,53515,219
----------------------------------
Total current assets $502,722$554,421 $482,784 $415,004$463,255
----------------------------------
PREPAID PENSION COST $ 7,87312,406 $ 8,681 $ 8,0698,316
----------------------------------
PLANT AND EQUIPMENT, at cost: $692,563$670,867 $669,593 $663,563$667,961
Less - Accumulated depreciation and
unamortized investment tax credit 390,223376,472 383,703 372,669379,366
----------------------------------
Total plant and equipment, net $302,340$294,395 $285,890 $290,894$288,595
----------------------------------
$812,935$861,222 $777,355 $713,967$760,166
==================================
LIABILITIES & SHAREHOLDERS' INVESTMENT
--------------------------------------
CURRENT LIABILITIES:
Accounts payable $ 58,79880,248 $ 56,364 $ 54,53949,717
Domestic notes payable 1,750 - -
Foreign loans 21,59524,764 21,323 20,04323,706
Accrued liabilities 109,506129,930 119,954 103,655123,142
Dividends payable 7,232 - 6,3646,653
Federal and state income taxes 13,57121,487 9,103 12,19011,285
----------------------------------
Total current liabilities $212,452$265,411 $206,744 $196,791$214,503
----------------------------------
DEFERRED INCOME TAXES $ 9,6607,383 $ 12,317 $ 14,83413,967
----------------------------------
ACCRUED EMPLOYEE BENEFITS $ 15,91815,966 $ 15,423 $ 14,62514,760
----------------------------------
ACCRUED POSTRETIREMENT HEALTH CARE OBLIGATION $ 65,34163,566 $ 64,079 $ 63,00863,434
----------------------------------
LONG-TERM DEBT $ 75,000 $ 75,000 $ 75,000
----------------------------------
SHAREHOLDERS' INVESTMENT:
Common stock-
Authorized 60,000,000 shares, $.01 par value
Issued and outstanding 28,927,000 shares on
Jan. 1,April 2, 1995, and 14,463,500 shares on
July 3, 1994 and Dec. 26, 1993March 27, 1994 $ 289 $ 145 $ 145
Additional paid-in capital 42,05941,775 42,358 42,88342,404
Retained earnings 393,388392,521 362,136 308,019337,075
Cumulative translation adjustments (1,172)(689) (847) (1,338)(1,122)
----------------------------------
Total shareholders' investment $434,564$433,896 $403,792 $349,709$378,502
----------------------------------
$812,935$861,222 $777,355 $713,967$760,166
==================================
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)
Three Months Ended SixNine Months Ended
------------------ -----------------
Jan. 1 Dec. 26 Jan. 1 Dec. 26------------------
April 2 March 27 April 2 March 27
1995 19931994 1995 1993
------1994
------- ------ -------------- ------- ---------
NET SALES $366,717 $328,937 $594,562 $527,509$450,163 $386,196 $1,044,725 $913,705
COST OF GOODS SOLD 283,193 256,556 471,239 426,932344,725 303,223 815,964 730,155
-------- -------- ------------------ --------
Gross profit on sales $105,438 $ 83,52482,973 $ 72,381 $123,323 $100,577228,761 $183,550
ENGINEERING, SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 26,697 23,792 48,973 43,639
-------- -------- --------27,742 24,169 76,715 67,808
--------- ------- ---------- --------
Income from operations $ 56,82777,696 $ 48,58958,804 $ 74,350 $ 56,938152,046 $115,742
INTEREST EXPENSE (2,121) (2,161) (4,212) (4,187)(2,195) (2,148) (6,407) (6,335)
OTHER INCOME(EXPENSE), net 557 539 3,859 4,7372,100 1,863 5,959 6,600
-------- -------- ------------------ --------
Income before provision
for income taxes $ 55,26377,601 $ 46,96758,519 $ 73,997 $ 57,488151,598 $116,007
PROVISION FOR INCOME TAXES 21,550 18,330 28,860 22,430
---------30,270 22,810 59,130 45,240
-------- -------- ---------- --------
Net income before cumulative
effect of accounting changes $ 33,71347,331 $ 28,63735,709 $ 45,13792,468 $ 35,05870,767
-------- -------- ------------------ --------
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 $ 33,71347,331 $ 28,63735,709 $ 45,13792,468 $ 2,50038,209
======== ======== ================== ========
PER SHARE DATA* -
Net income before cumulative
effect of accounting changes $ 1.171.64 $ .991.23 $ 1.563.20 $ 1.212.45
Cumulative effect of accounting changes - - - (1.12)(1.13)
------ ------ ------ ------
Net income $ 1.171.64 $ .991.23 $ 1.563.20 $ .091.32
====== ====== ====== ======
Cash dividends $ .25 $ .22.23 $ .48.73 $ .44.67
====== ====== ====== ======
* Based on 28,927,000 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)
SixNine Months Ended
------------------------------
Jan. 1, 1995 Dec. 26, 1993
------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES: April 2, 1995 March 27, 1994
------------- --------------
Net income $ 45,13792,468 $ 2,50038,209
Adjustments to reconcile net income to net
cash provided by operating activities -
Cumulative effect of accounting changes,
net of taxes - 32,558
Depreciation 22,662 20,132
Gain33,848 31,489
(Gain)Loss on disposition of plant and
equipment (7) (2,493)608 (2,208)
(Increase)decrease in operating assets -
Accounts receivable (166,376) (136,636)(160,191) (112,378)
Inventories (64,773) (27,290)(48,596) 556
Other current assets 1,066 (1,444)(5,053) (1,986)
Other assets 808 (467)1,252 (714)
Increase(decrease) in liabilities -
Accounts payable and accrued
liabilities 3,686 29,45959,825 43,508
Other liabilities (900) 3,147
----------(2,004) 2,841
--------- --------
Net cash usedprovided(used) by
operating activities $(158,697) $(80,534)$ (27,843) $ 31,875
--------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Sale of short-term investments $ - $ 70,42255,420
Additions to plant and equipment (41,416) (20,351)(70,709) (29,821)
Proceeds received on sale of plant and equipment 2,032 7,0752,075 7,115
Decrease in cash due to spin-off of lock business (174) -
--------- --------
Net cash providedprovided(used) by (used in) investing
activities $ (39,384)(68,808) $ 57,14632,714
--------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings on domestic and
foreign loans $ 2,02212,191 $ 4,1167,779
Dividends (13,885) (12,728)(21,117) (19,381)
Purchase of common stock for treasury (295) -(784) (717)
Proceeds received onfrom exercise of stock option 140 -options 345 238
--------- --------
Net cash used inby financing activities $ (12,018) $ (8,612)(9,365) $(12,081)
--------- --------
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE
CHANGES ON CASH AND CASH EQUIVALENTS $ (46)(838) $ 264567
--------- --------
NET DECREASEINCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS $(210,145) $(31,736)$(106,854) $ 53,075
CASH AND CASH EQUIVALENTS, beginning 221,101 39,501
--------- --------
CASH AND CASH EQUIVALENTS, ending $ 10,956114,247 $ 7,76592,576
========= ========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid $ 4,1806,351 $ 4,1876,335
========= ========
Income taxes paid $ 26,74853,271 $ 22,70448,169
========= ========
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 allowed the Company to
effect a 2-for-1 stock split previously authorized by the Board of Directors.
The distribution on November 14, 1994 increased the number of shares
outstanding from 14,463,500 to 28,927,000. The amount of $145,000 was
transferred from the additional paid-in capital account to the common stock
account to record 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.
On February 27, 1995, the Company spun off its lock business to its
shareholders as a tax-free distribution. This spin-off was accomplished by
distributing shares in a newly created corporation on the basis of one share in
the new corporation for each five shares of Briggs & Stratton Corporation
stock. The newly created corporation, STRATTEC SECURITY CORPORATION, is
publicly traded. This distribution was not accounted for as a discontinued
business because the amounts were not material, and thus there were no
restatements of prior period financial statements.
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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
Net sales for the secondthird quarter of the current fiscal year1995 increased 11%17% or
$37,780,000 when compared to$63,967,000 over the same period lastquarter in the preceding year. The major
factor effectingprimary reason
for this improvementchange was a 6%16% increase in the number of engines sold between yearsas a result of
outdoor power equipment manufacturers building inventory for the spring selling
season at a rate greater than last year because of athe strong economy. Other factors addingA small
portion of the sales increase is due to the
increase weremodest selling price increases and
step-up sales within the same horsepower category, increasesoffset in salespart by the
negative impact of highera slight shift in the product mix to lower horsepower, engines, and modestlower
selling price increases.
Although domestic engine salesengines.
Improving economies in Europe caused a larger increased rate in export
sales increased at a
greater rate. This was due to timing differences and improving economiesthan 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.domestic sales. Service sales also showedhad large increases between
years driven by improvements in service engine unit volumes resulting from
better product availability.
Lock unit shipments declined because the lock business was spun off to
the shareholders after two of the three months in the quarter.
Lock dollarNet sales were up 17%, whereas lockfor the nine months ended March 1995 increased 14% to
$1,044,725,000. Engine unit shipments increased 11%. The items described
above all had a positive effect on the increased sales. Product mix also had a
favorable effect on sales increased 12%.
This reflectsbecause of the continuing trend to higher unit price lock sets in a strong
U.S. car and truck industry.
Salesheavier sales of greater horsepower
engines in the comparable six-month periods ending in December showedfirst two quarters.
The U.S. economy is reasonably strong, but the weather has been less
favorable than last year. The optimism of retailers varies as each weekend's
sales are reported. Equipment manufacturers, most of the same trends as described above, except for export sales, 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 lowwhom have large
inventories, have become cautious. Thus, Company management believes it likely
that engine shipments for the third consecutive
year. Economic forecasts continue tofourth fiscal quarter will 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 salesless than the preceding year.for last
year's fourth fiscal quarter.
GROSS PROFIT
Gross profit forincreased 27% or $22,465,000 between years, primarily as
a result of the second fiscal quarter increased $11,143,000 or
15% when compared to the same quarter last year. This improvement compares to
the 11% increase in sales dollars and resultsvolume described previously. This resulted from
the spreading of fixed costs over a larger number of engine units and improved efficiencies. Itunits. This
improvement was partially offset by a significant increase in aluminum costs
which is the major raw material in engines, and other increases in manufacturing costs.engines.
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION (Continued)
TheseThe same factors caused the increase in gross profitsprofit of $22,746,000
or 23%25% in the
nine-month comparison.
In December 1994, the Company reached an agreement with the union
representing most hourly employees in the Milwaukee area plants on a three-year
contract that will take effect when comparing the first six monthscurrent 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 1995 to the same period in
fiscal 1994.quarter.
ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Expenses in this category increased $2,905,000$3,573,000 or 12%15% when comparing
the two secondthird fiscal quarters. This is a result ofresulted from increases in marketing,
advertising and professional
services related to increased engine emission work.work and marketing and
advertising expenses. These same factors applied toeffected the six-month comparisons.13% increase in the
nine-month comparison.
INTEREST EXPENSE
InterestThis expense did not show any significant changes, both inchange between years. The
Company maintained the quarterly comparisonsame debt structure throughout the fiscal year and the six-month comparison. Thereno
additional domestic short-term borrowing was a modest increase
in the level of foreign borrowings. Average interest was comparable between
years.required.
OTHER INCOME
This category showed a 3%13% increase in the quarterly comparison butand a
19%10% decrease in the six-monthnine-month comparison. The first quarterAn increase in interest income had
a positive effect on both periods and was due to the presence of last year
containedmore
investable funds. Offsetting the interest income increase in the nine-month
comparison was the absence of a $2,800,000 gain on the sale of a facility in
Germany with no
comparable item in the current year. This amount was reflected in the
six-month comparison only. Partially offsetting this lossfirst quarter of income was an
increase in interest income in the current year of $1,700,000 due to more
investable funds.fiscal 1994.
PROVISION FOR INCOME TAXES
This category reflectscontains a 39% tax rate in each of the comparable
periods. Management estimates this rate will be in effect for the entire
fiscal year.
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION (Continued)
CUMULATIVE EFFECT OF ACCOUNTING CHANGES
The preceding fiscal year contained an 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 Forms 10-Q. These net 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
$210,145,000$106,854,000 since the end of the previous fiscal year. $158,697,000The sum of $27,843,000
was used by operating activitiesactivities. The primary reasons for the following major reasons:this are: (1) a
$166,376,000$160,191,000 increase in accounts receivable due to extended payment terms and
increased sales activity late in the second quarter andcurrent year third quarter; (2) a $64,773,000$48,596,000
increase in inventories almost all
of which isin the finished and partly finished inventories, and representscategories which
represent goods manufactured in anticipation of shipment during the Company's busiest seasonto be sold in the thirdlast quarter of this fiscal quarter.
These amountsyear
and in the next fiscal year. This increase resulted from actual demand being
lower than anticipated demand. Offsetting these were partially offset by the $67,799,000 amount that wasseasonal increases in
accounts payable of $59,825,000 and funds generated in operations fromtotaling $126,316,000
through net income and depreciation.non-cash depreciation charges.
Another major use of cash during the fiscal year was for the purchase
of plant and equipment which totaled $41,416,000 for the fiscal year.$70,709,000. This was $21,065,000$40,888,000 greater
than the preceding year and includes initial expenditures for the previously
announced major 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 was 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, located in
Ravenna, Michigan, is 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.
LateOn February 27, 1995, the Company spun off its lock business to its
shareholders as described in the second fiscal quarterNotes to the Company reached an agreement
with the union representing most hourly employeesFinancial Statements contained
elsewhere in the Milwaukee area plants
on a three-year contract that will take effect when the current contract
expires July 31, 1995. Supplemental retirement benefitsthis report. This spin-off resulted in the new contract
will require the company to take a charge of approximately $.30 per share$40,966,000 to
the retained earnings account representing the net assets in the fourth fiscal quarter.
Late last fiscal yearspin-off.
Included in the Company announced its intent to spinitems spun off the
automotive lock business, STRATTEC SECURITY CORPORATION, to its shareholders.
Shareswas $7,000,000 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 maturesdue on March 1, 1996. It will be1996,
which was assumed by STRATTECthe spun-off company--STRATTEC SECURITY CORPORATION as part of the spin-off.CORPORATION.
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART II - OTHER INFORMATION
ITEM 5. OTHER INFORMATION
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.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits.
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,Exhibit
Number Description
------- -----------
10.9 Release and Settlement Agreement
27 Financial Data Schedule
(b) Reports on Form 8-K.
On March 2, 1995 the Company filed a report on Form 8-K for the
purpose of reporting the distribution on February 27, 1995 of all of
the outstanding shares of common stock, without consideration, of
STRATTEC SECURITY CORPORATION to the holders of Briggs & Stratton
Corporation common stock of record as of the close of business on
February 16, 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 CORPORATION
-----------------------------
(Registrant)
Date: February 13, 1995 /s/ R. H. Eldridge
---------------------------------------
R. H. Eldridge
Secretary-Treasurer
Date: February 13, 1995 /s/ J. E. Brenn
----------------------------------------
- -BRIGGS & STRATTON CORPORATION
-----------------------------
(Registrant)
Date: May 16, 1995 /s/ R. H. Eldridge
----------------------------------------------------
R. H. Eldridge
Executive Vice President & Chief Financial Officer,
Secretary-Treasurer
Date: May 16, 1995 /s/ J. E. Brenn
----------------------------------------------------
J. E. Brenn
Vice President and Controller
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BRIGGS & STRATTON CORPORATION
EXHIBIT INDEX
Exhibit
Number Description
------- -----------
4.1 Amendment to Shareholder Rights PlanExhibit
Number Description
------ -----------
10.9 Release and Settlement Agreement
(Filed herewith)
27 Financial Data Schedule
(Filed herewith)
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