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 SeptemberDecember 29, 1996

                                       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
                                               -----     -----------    ------

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 7, 1996February 10, 1997
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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 -
               SeptemberDecember 29, 1996, June 30, 1996 and
               October 1,December 31, 1995                                        3

              Consolidated Condensed Statements of Earnings -
               Three Months and Six Months Ended
               SeptemberDecember 29, 1996 and October 1,December 31, 1995                  45

              Consolidated Condensed Statements of Cash Flow -
               ThreeSix Months Ended SeptemberDecember 29, 1996 and
               October 1,December 31, 1995                                        56

              Notes to Consolidated Condensed Financial
               Statements                                               67

     Item 2.  Management's Discussion and Analysis of Results
              of Operations and Financial Condition                     78


PART II - OTHER INFORMATION
                                                                     
     Item 4.  Submission of Matters to a Vote of Security Holders      9

     Item 6.  Exhibits and Reports on Form 8-K                         1011





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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



ASSETS Sept.Dec. 29 June 30 Oct. 1Dec. 31 1996 1996 1995 --------- -------- --------- CURRENT ASSETS:------- ------- ------- (Unaudited) (Unaudited) CURRENT ASSETS: Cash and cash equivalents $ 59,5203,254 $150,639 $ 37,019 Short-term investments 15,183 - -6,323 Receivables, net 105,179234,525 119,346 118,098270,142 Inventories - Finished products and parts 164,563179,857 96,078 157,873156,117 Work in process 47,12745,426 36,932 42,03544,087 Raw materials 5,2405,141 4,393 5,2574,560 -------- -------- -------- Total inventories 216,930230,424 137,403 205,165204,764 Future income tax benefits 29,33932,870 29,589 30,59931,744 Prepaid expenses 17,938 19,410 15,18214,782 15,725 11,062 -------- -------- -------- Total current assets 444,089 456,387 406,063 PREPAID PENSION COST 4,612515,855 452,702 524,035 -------- -------- -------- OTHER ASSETS: Prepaid pension cost 7,458 4,682 - DEFERRED INCOME TAX ASSET 3,595727 Deferred income tax asset 5,363 2,883 4,0764,157 Purchased software 9,045 3,685 3,734 -------- -------- -------- Total other assets 21,866 11,250 8,618 -------- -------- -------- PLANT AND EQUIPMENT - Cost 788,552788,453 776,638 751,496759,178 Less - Accumulated depreciation 411,498403,777 402,426 384,976387,056 -------- -------- -------- Total plant and equipment, net 377,054384,676 374,212 366,520372,122 -------- -------- -------- $829,350$922,397 $838,164 $776,659 ======== ======== ======== LIABILITIES & SHAREHOLDERS' INVESTMENT CURRENT LIABILITIES: Accounts payable $ 57,220 $ 65,642 $ 60,672 Domestic notes payable 5,000 5,000 10,000 Foreign loans 14,294 14,922 17,513 Current maturities on long-term debt 15,000 15,000 - Accrued liabilities 90,887 82,932 90,729 Dividends payable 7,810 - 7,521 Federal and state income taxes 3,619 6,683 (2,108) -------- -------- -------- Total current liabilities 193,830 190,179 184,327 ACCRUED EMPLOYEE BENEFITS 18,944 18,431 16,851 ACCRUED PENSION COST - - 2,021 ACCRUED POSTRETIREMENT HEALTH CARE OBLIGATION 69,185 69,049 69,615 LONG-TERM DEBT 60,000 60,000 75,000 SHAREHOLDERS' INVESTMENT: Common stock- Authorized 60,000,000 shares, $.01 par value Issued and outstanding 28,927,000 shares 289 289 289 Additional paid-in capital 40,818 40,898 41,672 Retained earnings 446,594 459,666 386,806 Cumulative translation adjustments (310) (348) 78 -------- -------- -------- Total shareholders' investment 487,391 500,505 428,845 -------- -------- -------- $829,350 $838,164 $776,659$904,775 ======== ======== ========
The accompanying notes are an integral part of these statements. -3- 4 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES PART I - FINANCIAL INFORMATION (Continued) CONSOLIDATED CONDENSED BALANCE SHEETS (Continued) (In thousands of dollars) LIABILITIES & SHAREHOLDERS' INVESTMENT
Dec. 29 June 30 Dec. 31 1996 1996 1995 ----------- ------- ----------- (Unaudited) (Unaudited) CURRENT LIABILITIES: Accounts payable $ 62,091 $ 65,642 $ 62,251 Domestic notes payable 43,970 5,000 101,558 Foreign loans 16,440 14,922 20,066 Current maturities on long-term debt 15,000 15,000 - Accrued liabilities 99,146 82,932 94,602 Dividends payable 7,810 - 7,521 Federal and state income taxes 17,252 6,683 12,815 -------- -------- -------- Total current liabilities 261,709 190,179 298,813 -------- -------- -------- OTHER LIABILITIES: Deferred revenue on sale of plant and equipment 15,996 - - Accrued employee benefits 19,465 18,431 17,260 Accrued postretirement health care obligation 69,034 69,049 69,143 Long-Term debt 60,000 60,000 75,000 -------- -------- -------- Total other liabilities 164,495 147,480 161,403 -------- -------- -------- SHAREHOLDERS' INVESTMENT: Common stock- Authorized 60,000,000 shares, $.01 par value Issued and outstanding 28,927,000 shares 289 289 289 Additional paid-in capital 40,705 40,898 41,327 Retained earnings 455,477 459,666 403,209 Cumulative translation adjustments (278) (348) (266) -------- -------- -------- Total shareholders' investment 496,193 500,505 444,559 -------- -------- -------- $922,397 $838,164 $904,775 ======== ======== ========
The accompanying notes are an integral part of these statements. -4- 5 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (In thousands of dollars except amounts per share) (Unaudited)
First QuarterThree Months Ended ----------------------- Sept.Six Months Ended ------------------ ---------------- Dec. 29 Oct. 1Dec. 31 Dec. 29 Dec. 31 1996 1995 -------- --------1996 1995 ------- ------- ------- ------- NET SALES $161,731 $189,477$299,664 $329,357 $461,395 $518,834 COST OF GOODS SOLD 143,762 170,336242,807 263,594 386,569 433,930 -------- -------- -------- -------- Gross profit on sales $ 17,96956,857 $ 19,14165,763 $ 74,826 $ 84,904 ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 26,061 24,48328,071 24,801 54,132 49,284 -------- -------- Loss-------- -------- Income from operations $ (8,092)28,786 $ (5,342)40,962 $ 20,694 $ 35,620 INTEREST EXPENSE (1,952) (2,057)(2,408) (2,919) (4,360) (4,976) OTHER INCOME, net 1,562 2,079536 541 2,098 2,620 -------- -------- Loss-------- -------- Income before creditprovision for income taxes $ (8,482)26,914 $ (5,320) CREDIT38,584 $ 18,432 $ 33,264 PROVISION FOR INCOME TAXES (3,220) (2,020)10,220 14,660 7,000 12,640 -------- -------- -------- -------- Net lossincome $ (5,262)16,694 $ (3,300)23,924 $ 11,432 $ 20,624 ======== ======== ======== ======== PER SHARE DATA* - Net lossincome $ (.18).58 $ (.11).82 $ .40 $ .71 ====== ====== ====== ====== Cash dividends $ .27 $ .26 $ .54 $ .52 ====== ====== ====== ======
* Based on 28,927,000 shares outstanding. The accompanying notes are an integral part of these statements. -4--5- 56 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW Increase(Decrease) in Cash and Cash Equivalents (In thousands of dollars) (Unaudited)
First QuarterSix Months Ended ------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Sept.Dec. 29, 1996 Oct. 1,Dec. 31, 1995 ------------- -------------- ------------ Net lossincome $ (5,262)11,432 $ (3,300)20,624 Adjustments to reconcile net lossincome to net cash provided by operating activities - Depreciation 10,698 9,88221,578 20,938 Loss on disposition of plant and equipment 515 3531,537 680 (Increase)decrease in operating assets - Accounts receivable 14,167 (23,982)(115,179) (176,026) Inventories (79,527) (64,491)(93,021) (64,090) Other current assets 1,722 2,111(2,338) 1,400 Other assets (642) (2,210)(10,616) (3,066) Increase(decrease) in liabilities - Accounts payable and accrued liabilities 4,279 (14,038)31,042 6,337 Other liabilities 649 1,7271,019 (357) --------- --------- Net cash used in operating activities $ (53,401) $ (93,948)$(154,546) $(193,560) --------- --------- CASH FLOWS FROM INVESTING ACTIVITIES: Additions to plant and equipment $ (14,171)(33,687) $ (33,684)(51,423) Proceeds received on sale of plant and equipment 129 188 Purchase112 928 Proceeds received on sale of short-term investments (15,183)Menomonee Falls, Wisconsin facility 15,996 - --------- --------- Net cash used in investing activities $ (29,225)(17,579) $ (33,496)(50,495) --------- --------- CASH FLOWS FROM FINANCING ACTIVITIES: Net borrowings(repayments)borrowings from domestic and foreign loans $ (628)40,488 $ 1,11095,221 Dividends (7,810) (7,521)(15,621) (15,042) Purchase of common stock for treasury (120) (40)(301) (547) Proceeds from exercise of stock options 40 14108 176 --------- --------- Net cash used inprovided from financing activities $ (8,518)24,674 $ (6,437)79,808 --------- --------- EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS $ 2566 $ 252(78) --------- --------- NET DECREASE IN CASH AND CASH EQUIVALENTS $ (91,119) $(133,629)$(147,385) $(164,325) CASH AND CASH EQUIVALENTS, beginning 150,639 170,648 --------- --------- CASH AND CASH EQUIVALENTS, ending $ 59,5203,254 $ 37,0196,323 ========= ========= SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Interest paid $ 1,9524,217 $ 2,1284,596 ========= ========= Income taxes paid $ 4222,075 $ 7972,576 ========= =========
The accompanying notes are an integral part of these statements. -5--6- 67 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. The short-term investmentsnew balance sheet caption entitled "Purchased Software" represents money market mutual fund investments that can be readilycosts of software purchased or sold using established markets. These investments are stated at cost plus accrued income which equals market value.for use in the Company's business. Amortization of Purchased Software is computed on an item-by-item basis over a period of three to ten years, depending on the estimated useful life of the software. Accumulated amortization amounted to $3,562,000, $3,367,000, and $2,666,000 as of December 29, 1996, June 30, 1996 and December 31, 1995. Purchased Software on prior period balance sheets was reclassified from Prepaid Expense to the current caption. The sale of the Company's Menomonee Falls, Wisconsin facility for $16.3 million (less costs to sell) was completed just afterat the firstbeginning of the second fiscal quarter ended.quarter. The provisions of the contract state that the Company will continue to own and occupy the warehouse portion of the facility for a period of up to ten years (the "Reservation Period"). The contract also contains a buyout clause, at the buyer's option and under certain circumstances, of the remaining Reservation Period under certain circumstances.Period. Given the provisions of the contract, the Company will beis required to account for this as a financing transaction and, therefore, anytransaction. Under this method, the cash received will beis reflected as a deferred liability, and the net book value ofassets and the facility will continueaccumulated depreciation remain on the Company's books. Depreciation expense continues to be shown as an asset with depreciation expense recorded each period. Imputedperiod, and imputed interest expense will beis also recorded and added to the deferred liability. Offsetting this will beis the fair value imputed lease income on the manufacturingnon-Company occupied portion of the facility. The pre-taxbuilding. A pretax gain, which will be recognized at the earlier of the exercise of the buyout option or the expiration of the Reservation Period, is estimated to be $10 million to $12 million. -6--7- 78 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 SalesNet sales for the firstsecond fiscal quarter ending in September 1996 were 15%of 1997 decreased 9% or $27,746,000 lower than in$29,693,000 compared to the same period ofin the preceding year. The primary reason for this decline in sales dollars was a 20%15% decrease in engine units shipped. This was caused by customers planning to schedule their productionshipments. The unit decrease is the result of lawn and garden equipment manufacturers building products later this year than last year. Partially offsetting this decreaseand as close as possible to the time they are needed by retailers. The Company's largest customers have increased their peak production capacity, which allows them to concentrate more of their production in winter and early spring. The result was a small improvementless demand for engines in the price andsecond quarter. The decrease in unit volume was primarily in small engines which have lower selling prices. Accordingly, the Company experienced a favorable mix ratioimpact which partially offset the unit volume decline. Net sales for the six months ended December 1996 decreased 11% or $57,439,000 compared to the same period in the prior year. Unit engine sales were down 16%. The same reasons as described above apply to this six-month period. GROSS PROFIT Gross profit decreased 14% or $8,906,000 between comparable quarters, primarily because of the engines sold. GROSS PROFITreduced volume described above. The gross profit rate increaseddeclined from 20% last year to 11%19% in the current fiscal year from 10% last yearyear. This decrease was principally due to lower new plant start-up costs this year.a change of an accounting estimate totaling $3,477,000 for employees who had accepted an early retirement window in fiscal 1995 and subsequently canceled their acceptance in the second quarter of fiscal 1996. Gross profit for the six months ended December 1996 decreased 12% or $10,078,000, also due to the reduction in sales. The amount of gross profit decreased 6% or $1,172,000 between yearsrate was 16% in each six-month period. If the credit for the retirement window is removed from the comparison, the gross profit rate would have shown a 1% improvement in the current year, primarily due to net lower costs in the current year related to the Company's new engine plants because of reduced sales.labor rate savings. -8- 9 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES PART I - FINANCIAL INFORMATION (Continued) ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES This category of expenses increased 6%13% or $1,578,000$3,270,000 between years.the second fiscal quarter of 1997 and 1996. This was due to increases in salaries and planned increases in manpower and other costs relating to new venture activities. Partially offsettingThe 10% or $4,848,000 increase in this category for the six-month comparison was due to the same factors as described above, partially offset by a reduction in marketing costs due to timing during the year. INTEREST EXPENSE Interest expense decreased $105,000 between yearsin both the three-month period and six-month period. This was due to lower borrowings offset, in part, by higher average interest rates. -7- 8 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES PART I - FINANCIAL INFORMATION (Continued) OTHER INCOME This category decreased $517,000 or 25% because of increases in losses on the disposition of plant and equipment and reduced equity income on joint ventures. PROVISION FOR INCOME TAXES The effective income tax rate used in both yearsall periods was 38.0%. This rate is, which reflects management's estimate of what the rate will be for the entire fiscal year. OUTLOOK The salechanging seasonal pattern of the Company's Menomonee Falls, Wisconsin plant was completed just after the quarter ended. Because the Company retains an interestsales described earlier should result in the warehouse portion of the facility, the gain on the sale will be postponed until this interest ends. The majority of the expense of moving the Menomonee Falls manufacturing operations to available space in the Company's Wauwatosa plant will be recognizedincreased demand in the second quarterhalf of the year. Based on customer expectations, orders actually placed, and should not significantly affect the results of operations. The outlook is little changed from that previously reported. Many retailers have made their sourcing decisionsfavorable econometric forecasts, and assuming normal spring weather, management expects unit shipments for the coming season; management knows of no changes that will have a significant effect on the business. Management is concerned that, despite good late season retail sales, inventories arefull fiscal year to be somewhat higher than they were a year ago. Nevertheless, they continue to believe that, iffor the weather cooperates, the Company should have a goodpreceding year. The Company will offer a final early retirement window in late fiscal 1997, in accordance with the current union contract with its Milwaukee hourly employees. It is unknown how many employees will accept this offer. All elections under this window must be completed in June 1997. If all eligible employees elect to take this window, the charge to earnings could total a maximum of $53 million before taxes. FINANCIAL CONDITION Cash, cash equivalents and short-term investments decreased $75,936,000 since the end of the previous fiscal year. This normal seasonal use of available funds and the amounts generated from depreciation and the decrease in accounts receivable financed the $79,527,000 increase in inventories and $14,171,000 in capital expenditures. -8--9- 910 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES PART I - FINANCIAL INFORMATION (Continued) TheFINANCIAL CONDITION Cash used in operating activities was $154,546,000. This resulted from increased accounts receivable of $115,179,000 and increased inventories of $93,021,000 due to the normal seasonality of the business. This was offset by depreciation of $21,578,000 and an increase in inventories isaccrued liabilities as a result of the Company's maintenancetiming of a stable ratepayments. Cash used in investing activities was $17,579,000 which was comprised of production in anticipationadditions to plant and equipment, offset by proceeds received on the disposition of a strong demand which is expected to occur in the second half of the fiscal year. Company management believes that the fiscal year-end inventory levels will be similar to the preceding year. Accounts receivable decreased because of lower sales.our Menomonee Falls facility as previously discussed. Additions to plant and equipment are $19,513,000 less than last fiscal year at this time. This reduction is because the preceding year included the completion of construction of three new engine plants, plant expansions and a new foundry.totaled $33,687,000 through December 1996. Management expects capital expenditures for reinvestment in equipment and new products to total approximately $65,000,000 in the current fiscal year--all to be financed from internal resources and the Company's lines of credit. During the six-month period the Company increased its short-term borrowings by $40,488,000 under its lines of credit, primarily to finance seasonal increases in working capital. The Company also paid $15,621,000 of dividends during the period. The Company will make the first of five annual installments on its long-term debt in June 1997. These payments will total $15,000,000 and are shown as Current Maturities on Long-Term Debt in the accompanying balance sheet. OTHER MATTERS The sale of the Company's Menomonee Falls, Wisconsin plant was completed at the beginning of the second quarter. The required accounting for this transaction is described in a footnote on page 7. The move from the manufacturing portion of this building to available space in the Company's Wauwatosa plant was completed by the end of the quarter. In October 1995, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 123 "Accounting for Stock-Based Compensation." This standard establishes financial accounting and reporting standards for stock-based employee compensation. The Company adopted the pro forma disclosure requirements of the statement which will be presented in the fiscal year-end 1997 annual report, and will continue to apply the accounting provisions of Accounting Principles Board Opinion No. 25, as allowed by the new standard. -10- 11 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES PART I - FINANCIAL INFORMATION (Continued) EMISSION STANDARDS The U.S. Environmental Protection Agency (EPA) and several engine manufacturers, including Briggs & Stratton Corporation, recently announced an agreement in principle to further cut pollution emitted by gasoline engines. These reductions are expected to be incorporated into the EPA's Phase Two emission standards to be issued later in 1997 and to be phased in from 2001 to 2005. While it is impossible to precisely quantify the cost of compliance until the standards are actually issued, the Company believes compliance with the new standards will not have a material effect on its financial position or results of operations. CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS Certain statements in the Outlook, sectionFinancial Condition and Emission Standards sections of Management's Discussion and Analysis and the Notes to Consolidated Condensed Financial Statements may contain forward-looking information (as defined in the Private Securities Litigation Reform Act of 1995) that involves risk and uncertainty. The words "anticipate", "believe", "estimate", "expect", "objective", and "think" or similar expressions are intended to identify forward-looking statements. Company results may differ materially from those projected in the forward-looking statements. Any forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could significantly affect final results. These uncertainties could include, among other things, the effects of weather; actions of competitors; changes in laws and regulations, including accounting standards; customer demand; prices of purchased raw materials and parts; domestic economic conditions, including housing starts and changes in consumer disposable income; and foreign economic conditions, including currency rate fluctuations. Some or all of the factors are beyond the Company's control. PART II - OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS At the Annual Meeting of Shareholders on October 16, 1996, the only item of business was 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 ---------------- --- -------- Michael E. Batten 25,199,586 438,987 Robert H. Eldridge 25,226,151 412,422 Peter A. Georgescu 25,225,842 412,731
*Nominees were elected to a three-year term expiring in 1999. -9- 10 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES PART II - OTHER INFORMATION (Continued) Directors whose terms of office continue past the Annual Meeting of Shareholders include: John L. Murray, Clarence B. Rogers, Jr., John S. Shiely, Charles I. Story, Frederick P. Stratton, Jr. and Elwin J. Zarwell. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits. Exhibit Number Description ------------- ----------- 11 Computation of Earnings Per Share of Common Stock (Filed herewith) 27 Financial Data Schedule (Filed herewith) (b) Reports on Form 8-K. On August 7, 1996, the Company filed a reportThere were no reports on Form 8-K regarding (as disclosed in Item 5. thereof)for the declaration of a dividend of one common share purchased right for each outstanding share of common stock and the entering into of a Rights Agreement on August 7, 1996 with the Firstar Trust Company.second quarter ended December 29, 1996. -11- 12 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES PART II - OTHER INFORMATION (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: November 7, 1996February 10, 1997 /s/ R. H. Eldridge ----------------------------------------------------------------------------- R. H. Eldridge Executive Vice President & Chief Financial Officer, Secretary-Treasurer Date: November 7, 1996February 10, 1997 /s/ J. E. Brenn ----------------------------------------------------------------------------- J. E. Brenn Vice President and Controller -10--12-