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 December 28, 1997March 29, 1998

                                       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)

     Wisconsin                                          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                                                           December 31, 1997May 7, 1998
- --------------------------------------------------------------------------------
COMMON STOCK, par value $0.01 per share                        24,751,48624,113,545 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 -
               December 28, 1997March 29, 1998 and June 29, 1997                         3
              
              Consolidated Condensed Statements of Income -
               Three Months and SixNine Months ended
               December 28,March 29, 1998 and March 30, 1997 and December 29, 1996                        5
              
              Consolidated Condensed Statements of Cash Flow -
               SixNine Months ended December 28,March 29, 1998 and
               March 30, 1997 and
                  December 29, 1996                                           6
              
              Notes to Consolidated Condensed Financial
               Statements                                               7

     Item 2.  Management's Discussion and Analysis of Results
              of Operations and Financial Condition                     8
     
     Item 3.  Quantitative and Qualitative Disclosures About
              Market Risk                                              10
     

PART II - OTHER INFORMATION

     Item 4.  Submission of Matters to a Vote of Security Holders   11

       Item 6.  Exhibits and Reports on Form 8-K                         11
     
     Signatures                                                        11












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   3



                 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
                         PART I - FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS


                     CONSOLIDATED CONDENSED BALANCE SHEETS
                                 (In thousands)

ASSETS

                                                        Dec. 28        June 29
                                                          1997           1997
                                                      -----------      --------
                                                      (Unaudited)
CURRENT ASSETS:
  Cash and cash equivalents                            $  6,383        $112,859
  Receivables, net                                      245,271         129,877
  Inventories -
   Finished products and parts                          164,851          83,361
   Work in process                                       44,360          37,922
   Raw materials                                          4,028           4,674
                                                       --------        --------
         Total inventories                              213,239         125,957
  Future income tax benefits                             32,559          31,602
  Prepaid expenses                                       16,194          18,121
                                                       --------        --------
         Total current assets                           513,646         418,416
                                                       --------        --------

OTHER ASSETS:
  Deferred income tax assets                             16,334          16,975
  Capitalized software                                   11,053          10,532
                                                       --------        --------
         Total other assets                              27,387          27,507
                                                       --------        --------

PLANT AND EQUIPMENT -
  Cost                                                  811,895         796,714
  Less - Accumulated depreciation                       413,256         400,448
                                                       --------        --------
         Total plant and equipment, net                 398,639         396,266
                                                       --------        --------
                                                       $939,672        $842,189
                                                       ========        ========
ASSETS ------ March 29 June 29 1998 1997 ----------- --------- (Unaudited) CURRENT ASSETS: Cash and cash equivalents $ 22,616 $ 112,859 Receivables, net 302,033 129,877 Inventories - Finished products and parts 94,093 83,361 Work in process 36,934 37,922 Raw materials 3,564 4,674 ---------- --------- Total inventories 134,591 125,957 Future income tax benefits 34,087 31,602 Prepaid expenses 16,892 18,121 ---------- --------- Total current assets 510,219 418,416 ---------- --------- OTHER ASSETS: Deferred income tax assets 14,017 16,975 Capitalized software 10,604 10,532 ---------- --------- Total other assets 24,621 27,507 ---------- --------- PLANT AND EQUIPMENT - Cost 816,610 796,714 Less - Accumulated depreciation 423,189 400,448 ---------- --------- Total plant and equipment, net 393,421 396,266 ---------- --------- $ 928,261 $ 842,189 ========== =========
The accompanying notes are an integral part of these statements. -3- 4 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Continued) (In thousands) LIABILITIES & SHAREHOLDERS' INVESTMENT Dec. 28 June 29 1997 1997 --------- -------- (Unaudited) CURRENT LIABILITIES: Accounts payable $ 58,733 $ 82,166 Domestic notes payable 142,660 5,000 Foreign loans 18,604 13,359 Current maturities of long-term debt 15,000 15,000 Accrued liabilities 99,286 87,553 Dividends payable 6,961 - Federal and state income taxes 12,522 10,916 -------- -------- Total current liabilities 353,766 213,994 -------- -------- OTHER LIABILITIES: Deferred revenue on sale of plant and equipment 15,932 15,966 Accrued pension cost 30,424 31,891 Accrued employee benefits 12,678 12,324 Accrued postretirement health care obligation 75,197 74,020 Long-term debt 143,000 142,897 -------- -------- Total other liabilities 277,231 277,098 -------- -------- SHAREHOLDERS' INVESTMENT: Common stock- Authorized 60,000 shares, $.01 par value, Issued 28,927 shares 289 289 Additional paid-in capital 37,616 40,533 Retained earnings 484,381 490,682 Cumulative translation adjustments (1,698) (1,033) Treasury stock at cost, 4,167 and 3,513 shares, respectively (211,913) (179,374) -------- -------- Total shareholders' investment 308,675 351,097 -------- -------- $939,672
March 29 June 29 1998 1997 -------- ------- (Unaudited) CURRENT LIABILITIES: Accounts payable $ 78,999 $ 82,166 Domestic notes payable 82,942 5,000 Foreign loans 18,637 13,359 Current maturities of long-term debt 15,000 15,000 Accrued liabilities 108,290 87,553 Dividends payable 6,839 - Federal and state income taxes 27,211 10,916 -------- -------- Total current liabilities 337,918 213,994 -------- -------- OTHER LIABILITIES: Deferred revenue on sale of plant and equipment 15,913 15,966 Accrued pension cost 27,642 31,891 Accrued employee benefits 12,862 12,324 Accrued postretirement health care obligation 75,225 74,020 Long-term debt 143,051 142,897 -------- -------- Total other liabilities 274,693 277,098 -------- -------- SHAREHOLDERS' INVESTMENT: Common stock- Authorized 60,000 shares, $.01 par value, Issued 28,927 shares 289 289 Additional paid-in capital 38,010 40,533 Retained earnings 513,320 490,682 Cumulative translation adjustments (1,712) (1,033) Treasury stock at cost, 4,661 and 3,513 shares, respectively (234,257) (179,374) -------- -------- Total shareholders' investment 315,650 351,097 -------- -------- $928,261 $842,189 ======== ========
The accompanying notes are an integral part of these statements. -4- 5 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (In thousands except per share data) (Unaudited)
Three Months Ended SixNine Months Ended ------------------ ---------------- Dec. 28 Dec.----------------- March 29 Dec. 28 Dec.March 30 March 29 March 30 1998 1997 19961998 1997 1996 ------- -------- ------- -------------- -------- -------- NET SALES $308,481 $299,664 $479,038 $461,395$469,055 $475,955 $948,093 $937,350 COST OF GOODS SOLD 257,584 242,807 401,730 386,569374,282 368,836 776,012 755,405 -------- -------- -------- -------- Gross profit on sales $ 50,897 $ 56,857 $ 77,308 $ 74,82694,773 107,119 172,081 181,945 ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 30,065 28,071 59,239 54,132 --------- -------33,103 30,847 92,342 84,979 -------- -------- -------- -------- Income from operations $ 20,832 $ 28,786 $ 18,069 $ 20,69461,670 76,272 79,739 96,966 INTEREST EXPENSE (5,248) (2,408) (9,042) (4,360)(5,870) (2,691) (14,912) (7,051) OTHER INCOME, net 1,020 536 3,335 2,0981,908 1,453 5,243 3,551 -------- -------- -------- -------- Income before provision for income taxes $ 16,604 $ 26,914 $ 12,362 $ 18,43257,708 75,034 70,070 93,466 PROVISION FOR INCOME TAXES 6,310 10,220 4,700 7,00021,930 28,520 26,630 35,520 -------- -------- -------- -------- Net income $ 10,29435,778 $ 16,69446,514 $ 7,66243,440 $ 11,43257,946 ======== ======== ======== ======== EARNINGS PER SHARE DATA - Average shares outstanding 24,90324,514 28,927 25,03424,861 28,927 ======== ======== ======== ======== Basic earnings per share $ .411.46 $ .581.60 $ .311.75 $ .402.00 ======== ======== ======== ======== Diluted average shares outstanding 25,054 29,054 25,189 29,05424,600 29,055 25,008 29,050 ======== ======== ======== ======== Diluted earnings per share $ .411.45 $ .571.60 $ .301.74 $ .391.99 ======== ======== ======== ======== CASH DIVIDENDS PER SHARE $ .28 $ .27 $ .56.84 $ .54 ====== ====== ====== ======.81 ======== ======== ======== ========
The accompanying notes are an integral part of these statements. -5- 6 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOW (In thousands) (Unaudited)
SixNine Months Ended ------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Dec. 28,March 29, 1998 March 30, 1997 Dec. 29, 1996 --------------------------- -------------- Net income $ 7,66243,440 $ 11,43257,946 Adjustments to reconcile net income to net cash provided by operating activities - Depreciation 22,567 21,57835,523 32,278 Amortization of discount on long-term debt 103154 - Loss on disposition of plant and equipment 736 1,537984 2,201 (Increase)decrease in operating assets - Accounts receivable (115,394) (115,024)(172,156) (158,268) Inventories (87,282) (93,021)(8,634) (19,992) Other current assets 970 (2,338)(1,256) (1,864) Other assets 120 (10,616)2,886 (12,841) Increase(decrease) in liabilities - Accounts payable and accrued liabilities (3,133) 30,88740,704 68,208 Other liabilities 64 1,019(2,506) 2,355 ---------- ------------------- Net cash used in operating activities (173,587) (154,546)(60,861) (29,977) ---------- ------------------- CASH FLOWS FROM INVESTING ACTIVITIES: Additions to plant and equipment (26,124) (33,687)(34,192) (52,423) Proceeds received on sale of plant and equipment 336 112360 163 Proceeds received on sale of Menomonee Falls, Wisconsin facility - 15,99615,981 ---------- ------------------- Net cash used in investing activities (25,788) (17,579)(33,832) (36,279) ---------- ------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Net borrowings on domestic and foreign loans 142,905 40,48883,220 2,611 Dividends (13,963) (15,621)(20,802) (23,431) Purchase of common stock for treasury (43,501) (301)(66,433) (550) Proceeds from exercise of stock options 8,045 1089,027 185 ---------- ------------------- Net cash provided byprovided(used) in financing activities 93,486 24,6745,012 (21,185) ---------- ------------------- EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (587) 66(562) (327) ---------- ------------------- NET DECREASE IN CASH AND CASH EQUIVALENTS (106,476) (147,385)(90,243) (87,768) CASH AND CASH EQUIVALENTS, beginning 112,859 150,639 ---------- ------------------- CASH AND CASH EQUIVALENTS, ending $ 6,38322,616 $ 3,25462,871 ========== =================== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Interest paid $ 4,80714,809 $ 4,2177,051 ========== =================== Income taxes paid $ 3,7139,144 $ 2,07517,766 ========== ===================
The accompanying notes are an integral part of these statements. -6- 7 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 theseThese condensed financial statements should be read in conjunction with the financial statements and the notes thereto which were included in the Company's latest annual report on Form 10-K. The Company adopted Financial Accounting Standard No. 128, effective for periods ending after December 15, 1997, during the second quarter of the current fiscal year. The Company's earnings per share were computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share, for each period presented, were computed on the assumption that stock options were exercised at the beginning of the periods reported. -7- 8 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION The following is management's discussion and analysis of the Company's results of operations and financial condition for the periods included in the accompanying consolidated condensed financial statements. RESULTS OF OPERATIONS SALES Net sales for the secondthird fiscal quarter of fiscal 1998 increased 3%decreased $7 million or $8.8 million1% compared to the same period of the previous year. EngineThis decrease resulted primarily from two factors: an $8 million reduction in sales dollars was due to a 1% decrease in engine unit shipments were up 10% for the quarter. However, the sales dollar increase was smaller than the unit increase because the mix was more heavily weighted toward lower horsepower, lower selling price engines. Also, the increasing strength of the dollar reducedand a $4 million reduction in revenue between periods by $2.8 million from sales to European customers with whom the Company shareswe share currency risk. These decreases were partially offset by a $5 million increase in sales dollars due to a mix change to higher horsepower, higher priced engines. Net sales for the sixnine months ended December 1997March 1998 increased 4%1% or $17.6$11 million when compared to the first halfnine months of the prior year. EngineThis increase resulted primarily from a $24 million increase in sales dollars due to a 3% increase in engine unit shipments and a $12 million increase in service parts sales due to increased demand. These increases were up 10% for the first half. Thepartially offset by a $17 million decrease in sales dollar increase was smaller than the unit increase because thedollars due to a mix was more heavily weighted towardchange to lower horsepower, lower selling price engines. Also, the increasing strength of the dollar reducedpriced engines and an $8 million decrease in revenue between periods by $3.7 million from sales to European customers.customers with whom we share currency risk. GROSS PROFIT The gross profit percentage declined from 23% in the preceding year's third quarter to 16% from 19% between comparable quarters because20% in the mixcurrent year's quarter. The strong U.S. dollar compared to European currencies caused $6 million of this decline. Reduced volume in service sales was more heavily weighted to engines with lowerthe primary cause of the remaining decline. The gross profit margins and becausefor the nine-month period declined from 19% in the preceding year to 18% in the current year. This resulted primarily from the strong U.S. dollar compared to European currencies, which had a $12 million negative impact. A change in mix of engines sold also had a $9 million negative impact. Partially offsetting these was the impact of reduced revenues from European customers. The$11 million favorable gross profit percentage between six-month periods remained constant at 16%. The described negative effects ofimpact resulting from the mix shift and strong dollar on European revenues were offset by better absorption of fixed expenses amounting to $1.4 million and higher margins of $4.8 million on service sales.unit volume increases. ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES This category increased 7% or $2.0$2 million between the secondthird fiscal quarters of 1998 and 1997, primarily due to increased costs related to the implementation of a new company-wide information system. The 9% or $5.1$7 million increase for the comparative six-monthnine-month period was due primarily to the reason described above amounting to $4.3 million and increased manpower costs of $1.6 million, offset by reduced advertising expenses due to timing in the fiscal year.new company-wide information system. -8- 9 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES INTEREST EXPENSE Interest expense increased $2.8$3 million in the three-month comparison and $4.7$8 million in the six-monthnine-month comparison. These increases were the result of the Company's higher level of short-term and long-term borrowings. OTHER INCOME This category increased $0.5 million in the three-month period and $1.2 million in the six-month period. In each period, the change is due equally to reductions in the loss on the disposition of plant and equipment and increases in the equity income of joint ventures. PROVISION FOR INCOME TAXES The effective tax rate used in both years was 38.0%. This rate is management's estimate of what the rate will be for the entire fiscal year. LIQUIDITY AND CAPITAL RESOURCES Cash used in operating activities for the six-monthnine-month period was $173.6$61 million in 19971998 and $154.5$30 million in 1996.1997. These funds were used in 19971998 and 19961997 for seasonal increases in accounts receivable of $115.4$172 million and $115.0$158 million, respectively,respectively. The use of funds from the increases in accounts receivable, inventories and inventories of $87.3 million and $93.0 million, respectively,other current assets was partially offset in part,by funds provided by earnings before depreciation. The differencedepreciation and an increase in accounts payable and accrued liabilities is primarily due to timing within the periods.liabilities. Cash used in investing activities totaled $25.8$34 million in the six-monthnine-month period and $17.6$36 million in the same period of the preceding year. Additions to plant and equipment totaled $26.1$34 million and $33.7$52 million in the respective years. Partially offsetting additions to plant and equipment in the prior year was $16.0$16 million received in the sale of the Company's Menomonee Falls, Wisconsin facility. CashFinancing activities provided by financing activities was $93.5$5 million of cash in 1998 and used $21 million of cash in 1997, compared to $24.7 millionresulting in 1996.a change of $26 million. Net borrowings were $142.9increased $80 million and $40.5 million, respectively. The significant increase in the amount of borrowingsdollars between yearsyears. This was caused by the Company usinghaving less available cash indue to its share repurchase program. The Company used $43.5 million in the period ended December 1997 for its stock repurchase program, which commenced in May 1997. Dividends totaled $14.0The nine-month comparisons also show increases of $66 million and $15.6for the Company's repurchase program, a $3 million respectively. The decrease infor dividends paid was caused by the decreasefewer shares outstanding and a $9 million increase in outstanding shares. Proceedsproceeds from the exercise of stock options amounted to $8.0 million in 1997 compared to $0.1 million in 1996; this increase was caused by more options being exercised in 1997.options. FUTURE LIQUIDITY AND CAPITAL RESOURCES In the previous fiscal year, the Company's Board of Directors authorized the purchase of up to $300 million of common stock of the Company. As of December 28, 1997,March 29, 1998, the Company has made purchases totaling $222.0$245 million. Any future purchases will depend on many factors, including the market price of the shares, the Company's business and financial position, and general economic and market conditions. The Company intends to fund future purchases of its common stock through a combination of available cash, cash generated from operations and additional borrowings. -9- 10 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES Management expects capital expenditures for reinvestment in equipment and new products to total $60$44 million in fiscal 1998. The Company is also implementing a new company-wide information system, thesystem. The project expenditures to date have been $14 million. The future expenditures for which are expected to total $21.0$20 million through fiscal 2002. This system, along with related projects, will address the issues related to the year 2000. These projects include working with the Company's customers and suppliers regarding year 2000 issues to ensure continuity of business. Management does not expect any additional material expenses for the related projects. -9- 10 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES Management believes that available cash, the credit facility,facilities, cash generated from operations, existing lines of credit and access to public debt markets will be adequate to fund the Company's capital requirements for the foreseeable future. OUTLOOK The dollar continuesCompany's business is very strong and it is unable to strengthenmeet the demand for some popular models. Weather conditions in the United States and appears likely to remain strong duringin Europe are favorable, and outdoor power equipment is selling well. Unless there is a change in the Company's peak shipping months to Europe. Thusweather pattern, management believes the Company believes that the strong dollar's adverse effects on revenue and gross profit will continue through the second half of the fiscal year. On the other hand, the Company expectshave a more favorable mix of products soldfourth quarter in the second half, as it believes the mix for the whole year will be similar to that for last year. Based on customer expectations, orders actually placed, and favorable econometric forecasts, and assuming normal spring weather, the Company expects unit shipments for the full fiscal year to be slightly higher than for last year.line with prior years. The 1998 fiscal year will not contain the $37.1$37 million charge related to the early retirement window which was contained in the final quarter of the 1997 fiscal year. Therefore, the gross profit rate is anticipated to increase year to year. Interest expense is expected to continue to increase because of the new long-termincreases in debt and less available cash. OTHER MATTERS The California Air Resources Board (CARB) staff completed a review of the existing Tier II standards and proposed that alternative standards and implementation dates be adopted by CARB. The alternative Tier II standards adopted by CARB at its March 26, 1998 meeting are not harmonized with EPA Phase II, but rather require the accelerated introduction of overhead value engine technology into California. In addition, individual companies which sell more than a threshold number of Class I engines into California must submit a supplemental compliance plan to CARB to achieve additional reductions in extreme non-attainment areas. While CARB's aggressive program may result in a reduced product offering by the Company in California, it is not anticipated that the California program will have a material effect on the financial position or results of operations of the Company. CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS Certain statements in Management's Discussion and Analysis, pages 8 through 10, may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. The words "anticipate", "believe", "estimate", "expect", "objective", and "think" or similar expressions are intended to identify forward-looking statements. The forward-looking statements are based on the Company's current views and assumptions and involve risks and uncertainties that include, among other things, the effects of weather on the purchasing patterns of the Company's customers and end use purchasers of the Company's engines; the seasonal nature of the Company's business; actions of competitors; changes in laws and regulations, including accounting standards; employee relations; 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 may be beyond the Company's control. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Not applicable. -10- 11 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES PART II - OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The information required by this item was previously reported in the Company's Form 10-Q for the first quarter ended September 28, 1997. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits. Exhibit Number Description ------- ----------- 10 Form of Officer Employment Agreements* 11 Computation of Earnings Per Share of Common Stock (Filed herewith)Stock* 12 Computation of Ratio of Earnings to Fixed Charges (Filed herewith) 27Charges* 27(a) Financial Data Schedule, (Filed herewith)3/29/98* 27(b) Restated Financial Data Schedule, 3/30/97* 27(c) Restated Financial Data Schedule, 12/29/96* *Filed herewith (b) Reports on Form 8-K. There were no reports on Form 8-K for the secondthird quarter ended December 28, 1997.March 29, 1998. 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 2,May 7, 1998 /s/ R. H. Eldridge ------------------------------------------------------------------------------- R. H. Eldridge Executive Vice President & Chief Financial Officer, Secretary-Treasurer (Prinicpal Financial Officer and duly authorized to sign on behalf of the registrant)Date: May 7, 1998 /s/ J. E. Brenn --------------------------------------------------- J. E. Brenn Vice President & Controller -11- 12 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES EXHIBIT INDEX Exhibit Number Description ------- ----------- 10 Form of Officer Employment Agreements* 11 Computation of Earnings Per Share of Common Stock (Filed herewith)Stock* 12 Computation of Ratio of Earnings to Fixed Charges (Filed herewith) 27Charges* 27(a) Financial Data Schedule, (Filed herewith)3/29/98* 27(b) Restated Financial Data Schedule, 3/30/97* 27(c) Restated Financial Data Schedule, 12/29/96* *Filed herewith -12-