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 April 2,October 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
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(Exact name of registrant as specified in its charter)
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_____.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 May 16, 1995
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Outstanding at
Class November 3, 1995
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COMMON STOCK, par value $0.01 per share 28,927,000 Shares
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
INDEX
Page No.
--------
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements:
Consolidated Condensed Balance Sheets -
AprilOctober 1, 1995, July 2, 1995 July 3, 1994 and
March 27,October 2, 1994 3
Consolidated Condensed Statements of Income -
Three Months and Nine Months Ended April 2,October 1, 1995 and
March 27,October 2, 1994 4
Consolidated Condensed Statements of Cash Flows -
NineThree Months Ended April 2,October 1, 1995 and
March 27,October 2, 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
10Item 4. Submission of Matters to a Vote of Security Holders 9
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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
------
April
Oct. 1 July 2 July 3 March 27Oct. 2
1995 19941995 1994
--------- ------- --------
CURRENT ASSETS: (Unaudited) (Unaudited)
Cash and cash equivalents $114,247 $221,101 $ 92,576
Short-term investments - - 15,00237,019 $170,648 $133,680
Receivables, net 265,432 122,597 237,359118,098 94,116 143,847
Inventories -
Finished products and parts 87,881 55,847 50,168157,873 96,540 102,958
Work in process 34,773 27,078 19,70542,035 40,107 29,823
Raw materials 3,863 2,745 3,6365,257 4,027 4,791
----------------------------------
Total inventories $126,517 $ 85,670 $ 73,509$205,165 $140,674 $137,572
Future income tax benefits 34,479 32,868 29,59030,599 31,376 32,497
Prepaid expenses 13,746 20,548 15,21915,182 16,516 18,692
----------------------------------
Total current assets $554,421 $482,784 $463,255$406,063 $453,330 $466,288
----------------------------------
PREPAID PENSION COST $ 12,406- $ 8,681- $ 8,3168,123
----------------------------------
DEFERRED INCOME TAX ASSET $ 4,076 $ 1,866 -
----------------------------------
PLANT AND EQUIPMENT, at cost: $670,867 $669,593 $667,961$751,496 $726,331 $679,786
Less - Accumulated depreciation and
unamortized investment tax credit 376,472 383,703 379,366384,976 383,034 387,099
----------------------------------
Total plant and equipment, net $294,395 $285,890 $288,595$366,520 $343,297 $292,687
----------------------------------
$861,222 $777,355 $760,166$776,659 $798,493 $767,098
==================================
LIABILITIES & SHAREHOLDERS' INVESTMENT
------------------------------------------------- ------------ ----------
CURRENT LIABILITIES:
Accounts payable $ 80,24860,672 $ 56,36463,913 $ 49,71760,799
Domestic notes payable 10,000 6,750 1,750 - -
Foreign loans 24,764 21,323 23,70617,513 19,653 21,364
Accrued liabilities 129,930 119,954 123,14290,729 108,817 94,145
Dividends payable 7,232 -7,521 -- 6,653
Federal and state income taxes 21,487 9,103 11,285(2,108) (1,878) 7,687
----------------------------------
Total current liabilities $265,411 $206,744 $214,503$184,327 $197,255 $192,398
----------------------------------
DEFERRED INCOME TAXESTAX LIABILITY $ 7,383-- $ 12,317-- $ 13,96711,038
----------------------------------
ACCRUED EMPLOYEE BENEFITS $ 15,96616,851 $ 15,42316,447 $ 14,76015,644
----------------------------------
ACCRUED PENSION COST $ 2,021 $ 1,606 --
----------------------------------
ACCRUED POSTRETIREMENT HEALTH CARE OBLIGATION $ 63,56669,615 $ 64,07968,707 $ 63,43464,467
----------------------------------
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
AprilOctober 1, 1995 and July 2, 1995, and
14,463,500 shares on July 3, 1994 and March 27,October 2, 1994 $ 289 $ 145289 $ 145
Additional paid-in capital 41,775 42,358 42,40441,672 41,698 42,334
Retained earnings 392,521 362,136 337,075386,806 397,627 366,907
Cumulative translation adjustments (689) (847) (1,122)78 (136) (835)
----------------------------------
Total shareholders' investment $433,896 $403,792 $378,502$428,845 $439,478 $408,551
----------------------------------
$861,222 $777,355 $760,166$776,659 $798,493 $767,098
==================================
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 MonthsFirst Quarter Ended
Nine Months Ended
------------------ ------------------
April---------------------
Oct. 1 Oct. 2 March 27 April 2 March 27
1995 1994
1995 1994
------- -------- ------- ---------------
NET SALES $450,163 $386,196 $1,044,725 $913,705$189,477 $227,845
COST OF GOODS SOLD 344,725 303,223 815,964 730,155170,336 188,046
-------- -------- ---------- --------
Gross profit on sales $105,438 $ 82,97319,141 $ 228,761 $183,55039,799
ENGINEERING, SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 27,742 24,169 76,715 67,808
--------- ------- ----------24,483 22,276
-------- Income--------
Income(Loss) from operations $ 77,696(5,342) $ 58,804 $ 152,046 $115,74217,523
INTEREST EXPENSE (2,195) (2,148) (6,407) (6,335)(2,057) (2,091)
OTHER INCOME(EXPENSE),INCOME, net 2,100 1,863 5,959 6,6002,079 3,302
-------- --------
---------- --------
IncomeIncome(Loss) before provision
for income taxes $ 77,601(5,320) $ 58,519 $ 151,598 $116,007
PROVISION18,734
PROVISION(CREDIT) FOR INCOME TAXES 30,270 22,810 59,130 45,240(2,020) 7,310
-------- --------
---------- --------
Net income before cumulative
effect of accounting changesincome(loss) $ 47,331(3,300) $ 35,709 $ 92,468 $ 70,767
-------- -------- ---------- --------
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 $ 47,331 $ 35,709 $ 92,468 $ 38,20911,424
======== ======== ========== ========
PER SHARE DATA* -
Net income before cumulative
effect of accounting changesincome(loss) $ 1.64(.11) $ 1.23 $ 3.20 $ 2.45
Cumulative effect of accounting changes - - - (1.13)
------ ------ ------ ------
Net income $ 1.64 $ 1.23 $ 3.20 $ 1.32
====== ======.39
====== ======
Cash dividends $ .25.26 $ .23 $ .73 $ .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)
NineThree Months Ended
----------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES: AprilOct. 1, 1995 Oct. 2, 1995 March 27, 1994
------------- -------------------------- ------------
Net incomeincome(loss) $ 92,468(3,300) $ 38,20911,424
Adjustments to reconcile net incomeincome(loss) to
net cash provided by operating activities -
Cumulative effect of accounting changes,
net of taxes - 32,558
Depreciation 33,848 31,4899,882 11,397
(Gain)Loss on disposition of plant and
equipment 608 (2,208)353 (697)
(Increase)decrease in operating assets -
Accounts receivable (160,191) (112,378)(23,982) (21,250)
Inventories (48,596) 556(64,491) (51,902)
Other current assets (5,053) (1,986)2,111 2,227
Other assets 1,252 (714)(2,210) 558
Increase(decrease) in liabilities -
Accounts payable and accrued
liabilities 59,825 43,508(14,038) (16,137)
Other liabilities (2,004) 2,8411,727 (670)
--------- ---------------
Net cash provided(used)used by
operating activities $ (27,843) $ 31,875(93,948) $(65,050)
--------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Sale of short-term investments $ - $ 55,420
Additions to plant and equipment (70,709) (29,821)$ (33,684) $(19,282)
Proceeds received on sale of plant and equipment 2,075 7,115
Decrease in cash due to spin-off of lock business (174) -188 1,847
--------- --------
Net cash provided(used)used by investing activities $ (68,808) $ 32,714(33,496) $(17,435)
--------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings on domestic and
foreign loans $ 12,1911,110 $ 7,7791,791
Dividends (21,117) (19,381)(7,521) (6,653)
Purchase of common stock for treasury (784) (717)(40) (38)
Proceeds from exercise of stock options 345 238
---------14 14
---------- --------
Net cash used by financing activities $ (9,365) $(12,081)(6,437) $ (4,886)
--------- --------
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE
CHANGES ON CASH AND CASH EQUIVALENTS $ (838)252 $ 567(50)
--------- --------
NET INCREASE(DECREASE)DECREASE IN CASH AND CASH EQUIVALENTS $(106,854) $ 53,075$(133,629) $(87,421)
CASH AND CASH EQUIVALENTS, beginning 170,648 221,101 39,501
--------- --------
CASH AND CASH EQUIVALENTS, ending $ 114,247 $ 92,57637,019 $133,680
========= ========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid $ 6,3512,128 $ 6,3352,082
========= ========
Income taxes paid $ 53,271797 $ 48,1699,834
========= ========
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 salesSales for the thirdfirst quarter of fiscal 1995 increased1996 decreased $38,368,000 or 17% or
$63,967,000 over.
Approximately 50% of this decrease reflects the same quarter in the preceding year. The primary reason
for this change was a 16% increase in the numberlack of engines sold as a result of
outdoor power equipment manufacturers building inventory for the spring selling
season at a rate greater than last year because of the strong economy. A small
portion of thelock sales increase is due to modest selling price increases and
step-up sales within the same horsepower category, offset in part by the
negative impact of a slight shift in the product mix to lower horsepower, lower
selling price engines.
Improving economies in Europe caused a larger increased rate in export
sales than in domestic sales. Service sales also had large increases between
years driven by improvements in service engine unit volumes resulting from
better product availability.
Lock unit shipments declined because the locksince that
business was spun off toat the shareholders after twoend of the three months in the quarter.
Net sales for the nine months ended March 1995 increased 14% to
$1,044,725,000.February 1995. Engine unit shipments
increased 11%.decreased 24% between years. This occurred because domestic manufacturers of
lawn and garden equipment reduced their production rates during the summer to
lower their inventories. The items described
above all had a positive effect ondecrease in unit sales was higher than the
increased sales. Product mix also had a
favorable effect ondecrease in sales because ofdollars as the heavier sales of greater horsepower
enginesreduction was primarily in the first two quarters.
The U.S. economy is reasonably strong, butCompany's lower
selling price small engine line. These domestic reductions were partially
offset by an increase in export sales due to continuing improvements in the
weather has been less
favorable than last year. The optimism of retailers varies as each weekend'sEuropean economy. Service sales are reported. Equipment manufacturers, most of whom have large
inventories, have become cautious. Thus, Company management believes it likely
that engine shipments for the fourth fiscal quarter will be less than for last
year's fourth fiscal quarter.remained steady between years.
GROSS PROFIT
Gross profit increased 27% or $22,465,000 between years, primarily asdropped $20,658,000, reflecting a result ofdecrease in rate from 17%
last year to 10% in the increase in volume described previously. This resulted fromcurrent year. The primary reasons for this decrease
are reduced profit due to the spreading of fixed costs over a largersmaller number of
engine units.units, the expected start-up costs of the four new plants which totaled
$9,800,000 during the quarter, and the absence of gross profit of the spun-off
lock business.
ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
This improvementcategory increased 10%, or $2,207,000, between comparable quarters.
This was partiallyprimarily due to larger advertising and marketing expenses. This has
been offset, in part, by reductions due to the lack of engineering and selling
expenses associated with the spun-off lock business.
INTEREST EXPENSE
This category had a significant increase in aluminum costs
which is the major raw material in engines.minor change between years.
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION (Continued)
The same factors caused the increase in gross profit of 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 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.
ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Expenses in this category increased $3,573,000 or 15% when comparing
the two third fiscal quarters. This resulted from increases in professional
services related to increased engine emission work and marketing and
advertising expenses. These same factors effected the 13% increase in the
nine-month comparison.
INTEREST EXPENSE
This expense did not show any significant change between years. The
Company maintained the same debt structure throughout the fiscal year and no
additional domestic short-term borrowing was required.
OTHER INCOME
This category showedhad a 13% increase$1,223,000 reduction between years primarily because
of losses on the disposition of plant and equipment in fiscal 1996 compared to
gains in fiscal 1995.
PROVISION (CREDIT) FOR INCOME TAXES
The effective tax rate used for the first quarter's income tax credit was
38%. This rate reflects management's estimate of what the rate will be when
the Company returns to profitable operations in subsequent quarters.
OUTLOOK
The Company continues to believe that the fiscal year, as a whole, will
be a good one. The econometric forecasts the Company uses predict retail sales
next spring will be modestly higher than last spring. Because most retailers
have made their sourcing decisions, the Company believes its market position
will be at least as good as it was last year. Equipment manufacturers are
optimistic. While these manufacturers will not reach peak production until
mid-winter, the Company expects the peak will be higher than last year. Thus
it is anticipated that there will be strength in the quarterly comparison and a
10% decreasesecond half of fiscal 1996
to offset weakness in the nine-month comparison. An increase in interest income had
a positive effect on both periodsfirst two quarters. However, because there will be
some liquidation of inventory and because there will not be eight months of
sales and earnings from the spun-off lock business, it is unlikely that fiscal
1996 sales and earnings will be greater than fiscal 1995.
FINANCIAL CONDITION
Cash and cash equivalents decreased $133,629,000 since the end of the
previous fiscal year. This was due to four major reasons: (1) the presence of more
investable funds. Offsetting the interest income$61,333,000
increase in finished goods inventories discussed below; (2) a $23,982,000
seasonal increase in accounts receivable; (3) capital expenditures totaling
$33,684,000 for the nine-month
comparisonquarter; and (4) a reduction of $14,038,000 in accounts
payable and accrued liabilities due to the payment of the accrued profit
sharing liability on the fiscal year-end balance sheet.
Inventories increased $64,491,000 since the end of the preceding fiscal
year, most of which was in finished goods. This increase reflects the
absenceCompany's continued maintenance of a $2,800,000 gainstable rate of production in anticipation
of strong demand which is expected to occur in the second half of the fiscal
year.
Additions to plant and equipment include $29,900,000 spent on the
saleconstruction of three new engine plants, plant expansions and a facility in
Germany in the first quarter of fiscal 1994.
PROVISION FOR INCOME TAXES
This category contains a 39% tax rate in each of the comparable
periods. Management estimates this rate willnew foundry.
The total spent on these projects to date is $131,400,000 and approximately
$12,600,000 remains to be in effect for the entire
fiscal year.spent.
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART III - FINANCIALOTHER INFORMATION
(Continued)
CUMULATIVE EFFECTITEM 4. SUBMISSION OF ACCOUNTING CHANGESMATTERS TO A VOTE OF SECURITY HOLDERS
At the Annual Meeting of Shareholders on October 18, 1995, the items of
business included a shareholder proposal and the election of directors.
(a) Election of three directors:
The preceding fiscal year contained an adjustmentfollowing schedule indicates the votes cast for and withheld
with respect to each nominee for director.
Name of Nominee For Withheld
--------------- --- --------
Clarence B. Rogers* 24,532,461 119,797
Frederick P. Stratton, Jr.* 24,531,885 120,373
Elwin J. Zarwell* 24,318,997 333,261
*Nominees who were elected to a three-year term expiring in 1998.
Directors whose term of office continues past the Annual Meeting of
Shareholders include: Michael E. Batten, Robert H. Eldridge, Peter A.
Georgescu, John L. Murray, John S. Shiely and Charles I. Story.
(b) Shareholder proposal urging declassification of Board of Directors
Out of a total of 22,609,296 votes represented on the proposal,
votes were cast as follows: 8,800,915 - For; 13,624,879 - Against; and
183,502 - Abstain. There were 2,042,962 broker non-votes.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits.
Exhibit
Number Description
27 Financial Data Schedule
(b) Reports on Form 8-K.
There were no reports on Form 8-K 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.
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, cash equivalents and short-term investments decreased
$106,854,000 since the end of the previous fiscal year. The sum of $27,843,000
was used by operating activities. The primary reasons for this are: (1) a
$160,191,000 increase in accounts receivable due to extended payment terms and
increased sales activity in the current year third quarter; (2) a $48,596,000
increase in inventories in the finished and partly finished categories which
represent goods manufactured to be sold in the last quarter of this fiscal year
and in the next fiscal year. This increase resulted from actual demand being
lower than anticipated demand. Offsetting these were seasonal increases in
accounts payable of $59,825,000 and funds generated totaling $126,316,000
through net income and non-cash depreciation charges.
Another major use of cash during the fiscal year was for the purchase
of plant and equipment which totaled $70,709,000. This was $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.
On February 27, 1995, the Company spun off its lock business to its
shareholders as described in the Notes to the Financial Statements contained
elsewhere in this report. This spin-off resulted in a charge of $40,966,000 to
the retained earnings account representing the net assets in the spin-off.
Included in the items spun off was $7,000,000 of debt due on Marchended October 1,
1996,
which was assumed by the spun-off company--STRATTEC SECURITY CORPORATION.
-9-1995.
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART II - OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits.
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.(Continued)
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: May 16,November 3, 1995 /s/ R. H. Eldridge
------------------------------------------------------------------------------------------------------
R. H. Eldridge
Executive Vice President & Chief Financial Officer,
Secretary-Treasurer
Date: May 16,November 3, 1995 /s/ J. E. Brenn
------------------------------------------------------------------------------------------------------
J. E. Brenn
Vice President and Controller
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BRIGGS & STRATTON CORPORATION
EXHIBIT INDEX
Exhibit
Number Description
------ -----------
10.9 Release and Settlement Agreement
(Filed herewith)
27 Financial Data Schedule
(Filed herewith)
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