Company Quick10K Filing
Briggs & Stratton
Price6.03 EPS-1
Shares42 P/E-5
MCap251 P/FCF13
Net Debt517 EBIT-20
TEV768 TEV/EBIT-38
TTM 2019-09-29, in MM, except price, ratios
10-Q 2020-03-29 Filed 2020-05-08
10-Q 2019-12-29 Filed 2020-02-04
10-Q 2019-09-29 Filed 2019-11-05
10-K 2019-06-30 Filed 2019-08-27
10-Q 2019-03-31 Filed 2019-05-07
10-Q 2018-12-30 Filed 2019-02-05
10-Q 2018-09-30 Filed 2018-11-06
10-K 2018-07-01 Filed 2018-08-28
10-Q 2018-04-01 Filed 2018-05-08
10-Q 2017-12-31 Filed 2018-02-05
10-Q 2017-10-01 Filed 2017-11-03
10-K 2017-07-02 Filed 2017-08-29
10-Q 2017-04-02 Filed 2017-05-09
10-Q 2017-01-01 Filed 2017-02-02
10-Q 2016-10-02 Filed 2016-11-01
10-K 2016-07-03 Filed 2016-08-30
10-Q 2016-03-27 Filed 2016-05-03
10-Q 2015-12-27 Filed 2016-02-02
10-Q 2015-09-27 Filed 2015-11-03
10-K 2015-06-28 Filed 2015-08-21
10-Q 2015-03-29 Filed 2015-05-05
10-Q 2014-12-28 Filed 2015-02-03
10-Q 2014-09-28 Filed 2014-11-05
10-K 2014-06-29 Filed 2014-08-26
10-Q 2014-03-30 Filed 2014-05-06
10-Q 2013-12-29 Filed 2014-01-31
10-Q 2013-09-29 Filed 2013-11-07
10-K 2013-06-30 Filed 2013-08-27
10-Q 2013-03-31 Filed 2013-05-08
10-Q 2012-12-30 Filed 2013-02-05
10-Q 2012-09-30 Filed 2012-11-08
10-K 2012-07-01 Filed 2012-08-28
10-Q 2012-04-01 Filed 2012-05-09
10-Q 2012-01-01 Filed 2012-02-07
10-Q 2011-10-02 Filed 2011-11-10
10-K 2011-07-03 Filed 2011-09-01
10-Q 2011-03-27 Filed 2011-05-04
10-Q 2010-12-26 Filed 2011-02-02
10-Q 2010-09-26 Filed 2010-11-03
10-K 2010-06-27 Filed 2010-08-26
10-Q 2010-03-28 Filed 2010-05-05
10-Q 2009-12-27 Filed 2010-02-03
8-K 2020-07-20
8-K 2020-07-20 Regulation FD, Exhibits
8-K 2020-07-19 Enter Agreement, Bankruptcy, Off-BS Arrangement, Off-BS Arrangement, Amend Bylaw, Regulation FD, Exhibits
8-K 2020-07-13 Enter Agreement, Regulation FD, Exhibits
8-K 2020-06-11
8-K 2020-05-07
8-K 2020-04-27
8-K 2020-03-31
8-K 2020-03-27
8-K 2020-03-17
8-K 2020-03-06
8-K 2020-01-30
8-K 2020-01-29
8-K 2019-11-05
8-K 2019-11-01
8-K 2019-10-02
8-K 2019-08-15
8-K 2019-04-25
8-K 2019-01-24
8-K 2019-01-23
8-K 2018-12-18
8-K 2018-10-29
8-K 2018-10-25
8-K 2018-08-15
8-K 2018-08-15
8-K 2018-04-25
8-K 2018-01-24
8-K 2018-01-12
8-K 2015-09-18
8-K 2015-09-08
8-K 2015-09-03
8-K 2015-08-12
8-K 2015-08-12
8-K 2015-08-12
8-K 2015-05-20
8-K 2015-04-23
8-K 2015-02-26
8-K 2015-01-21

BGG 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.5 a2020salaryreductioncons.htm
EX-31.1 ex311-bggx3292020.htm
EX-31.2 ex312-bggx3292020.htm
EX-32.1 ex321-bggx3292020.htm
EX-32.2 ex322-bggx3292020.htm

Briggs & Stratton Earnings 2020-03-29

Balance SheetIncome StatementCash Flow
1.81.41.10.70.40.02012201420172020
Assets, Equity
0.70.40.1-0.3-0.6-0.92012201420172020
Rev, G Profit, Net Income
0.30.20.10.0-0.1-0.22012201420172020
Ops, Inv, Fin

bgg-20200329
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________ 
FORM 10-Q
______________________________________________________________ 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 29, 2020
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
________________________________________________
bgg-20200329_g1.jpg
BRIGGS & STRATTON CORPORATION
(Exact name of registrant as specified in its charter)
____________________________________________________
Wisconsin 39-0182330
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
12301 West Wirth Street, Wauwatosa, Wisconsin 53222
(Address of Principal Executive Offices) (Zip Code)
(414) 259-5333
(Registrant’s telephone number, including area code)
___________________________________________________________ 

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock (par value $0.01 per share)BGGNew York Stock Exchange
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 by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act:
Large accelerated filerxAccelerated filer¨
Non-accelerated filer
¨  
Smaller reporting company¨
Emerging growth company¨
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes  ¨    No x
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
ClassOutstanding at April 24, 2020
COMMON STOCK, par value $0.01 per share42,453,535 Shares



Table of Contents
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
INDEX
 
  Page No.
PART I – FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.

2

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)


ASSETS
 
March 29,
2020
June 30,
2019
CURRENT ASSETS:
Cash and Cash Equivalents$44,413  $29,569  
Accounts Receivable, Net236,341  198,498  
Inventories -
Finished Products358,011  344,277  
Work in Process153,993  145,182  
Raw Materials14,510  12,547  
Total Inventories526,514  502,006  
Prepaid Expenses and Other Current Assets36,381  32,404  
Total Current Assets843,649  762,477  
OTHER ASSETS:
Goodwill100,360  169,682  
Investments30,554  49,641  
Other Intangible Assets, Net95,064  96,738  
Long-Term Deferred Income Tax Asset4,364  43,172  
Other Long-Term Assets, Net21,149  18,676  
Right of Use Asset103,924  —  
Total Other Assets355,415  377,909  
PLANT AND EQUIPMENT:
Cost1,238,822  1,220,339  
Less - Accumulated Depreciation848,488  809,294  
Total Plant and Equipment, Net390,334  411,045  
TOTAL ASSETS$1,589,398  $1,551,431  

3

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(In thousands, except per share data)
(Unaudited)
 

LIABILITIES & SHAREHOLDERS’ INVESTMENT
 
March 29,
2020
June 30,
2019
CURRENT LIABILITIES:
Accounts Payable$192,114  $287,620  
Short-Term Debt597,473  160,540  
Accrued Liabilities128,987  129,585  
Short-Term Lease Obligations11,710  —  
Total Current Liabilities930,284  577,745  
OTHER LIABILITIES:
Accrued Pension Cost209,318  221,033  
Accrued Employee Benefits21,110  21,311  
Accrued Postretirement Health Care Obligation22,035  25,929  
Accrued Warranty19,406  19,572  
Other Long-Term Liabilities57,838  44,152  
Long-Term Lease Obligations90,067  —  
Long-Term Debt  194,969  
Total Other Liabilities419,774  526,966  
SHAREHOLDERS’ INVESTMENT:
Common Stock - Authorized 120,000 shares, $.01 par value, issued 57,854 shares579  579  
Additional Paid-In Capital72,341  78,902  
Retained Earnings796,426  993,873  
Accumulated Other Comprehensive Loss(305,891) (292,550) 
Treasury Stock at cost, 15,399 and 15,796 shares, respectively(324,115) (334,084) 
Total Shareholders’ Investment239,340  446,720  
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT$1,589,398  $1,551,431  

The accompanying notes are an integral part of these statements.
4

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 
 Three Months EndedNine Months Ended
 March 29,
2020
March 31,
2019
March 29,
2020
March 31,
2019
NET SALES$473,535  $580,196  $1,225,195  $1,364,655  
COST OF GOODS SOLD410,071  483,209  1,050,460  1,131,422  
Gross Profit63,464  96,987  174,735  233,233  
ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
74,897  79,521  232,758  267,553  
GOODWILL IMPAIRMENT
67,480  —  67,480  —  
EQUITY IN EARNINGS (LOSS) OF UNCONSOLIDATED AFFILIATES(2,746) (205) (537) 5,786  
Income (Loss) from Operations(81,659) 17,261  (126,040) (28,534) 
INTEREST EXPENSE(9,521) (9,088) (25,390) (21,731) 
OTHER INCOME (EXPENSE), Net(1,773) 953  (2,904) 391  
Income (Loss) Before Income Taxes(92,953) 9,126  (154,334) (49,874) 
PROVISION (CREDIT) FOR INCOME TAXES51,653  1,121  39,253  (14,331) 
NET INCOME (LOSS)
$(144,606) $8,005  $(193,587) $(35,543) 
EARNINGS (LOSS) PER SHARE
Basic$(3.47) $0.19  $(4.65) $(0.86) 
Diluted(3.47) 0.19  (4.65) (0.86) 
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic41,726  41,527  41,685  41,691  
Diluted41,726  41,527  41,685  41,691  
DIVIDENDS PER SHARE$  $0.14  $0.10  $0.42  



The accompanying notes are an integral part of these statements.
5

Table of Contents
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)
(Unaudited)


 
 Three Months EndedNine Months Ended
March 29,
2020
March 31,
2019
March 29,
2020
March 31,
2019
Net Income (Loss)$(144,606) $8,005  $(193,587) $(35,543) 
Other Comprehensive Income (Loss):
Cumulative Translation Adjustments(12,332) 1,196  (14,589) (2,230) 
Unrealized Loss on Derivative Instruments, Net of Tax(8,183) (4,157) (9,571) (8,635) 
Unrecognized Pension & Postretirement Obligation, Net of Tax3,607  2,708  10,819  8,116  
Other Comprehensive Loss
(16,908) (253) (13,341) (2,749) 
Total Comprehensive Income (Loss)$(161,514) $7,752  $(206,928) $(38,292) 


The accompanying notes are an integral part of these statements.
6

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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT
(In thousands)
(Unaudited)
FOR THE THREE MONTHS ENDED MARCH 29, 2020Common StockAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Shareholders' Investment
BALANCES, DECEMBER 29, 2019$579  $70,901  $940,616  $(288,983) $(323,583) 399,530  
Net Loss—  —  (144,606) —  —  (144,606) 
Total Other Comprehensive Loss, Net of Tax—  —  —  (16,908) —  (16,908) 
Stock Option Activity, Net of Tax—  345  —  —  —  345  
Restricted Stock—  474  —  —  (532) (58) 
Amortization of Unearned Compensation—  599  —  —  —  599  
Deferred Stock - Directors—  22  416  —  —  438  
BALANCES, MARCH 29, 2020
$579  $72,341  $796,426  $(305,891) $(324,115) $239,340  

FOR THE THREE MONTHS ENDED MARCH 31, 2019Common StockAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Shareholders' Investment
BALANCES, DECEMBER 30, 2018
$579  $77,310  $1,016,205  $(254,768) $(333,907) 505,419  
Net Income—  —  8,005  —  —  8,005  
Total Other Comprehensive Loss, Net of Tax—  —  —  (253) —  (253) 
Cash Dividends Declared ($0.14 per share)
—  —  (5,895) —  —  (5,895) 
Restricted Stock—  —  —  —  (241) (241) 
Amortization of Unearned Compensation—  490  —  —  —  490  
Deferred Stock - Directors—  (277) (50) —  853  526  
Treasury Stock Purchases—  —  —  —  (508) (508) 
BALANCES, MARCH 31, 2019
$579  $77,523  $1,018,265  $(255,021) $(333,803) $507,543  



The accompanying notes are an integral part of these statements.
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT
(In thousands)
(Unaudited)
FOR THE NINE MONTHS ENDED MARCH 29, 2020Common StockAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Shareholders' Investment
BALANCES, JUNE 30, 2019$579  $78,902  $993,873  $(292,550) $(334,084) 446,720  
Net Loss    (193,587)     (193,587) 
Total Other Comprehensive Loss, Net of Tax      (13,341)   (13,341) 
Cash Dividends Declared ($0.10 per share)
    (4,248)     (4,248) 
Stock Option Activity, Net of Tax  1,103        1,103  
Restricted Stock  (9,561)     9,079  (482) 
Amortization of Unearned Compensation  1,880        1,880  
Deferred Stock  (597)     542  (55) 
Deferred Stock - Directors  614  388    348  1,350  
BALANCES, MARCH 29, 2020
$579  $72,341  $796,426  $(305,891) $(324,115) $239,340  

FOR THE NINE MONTHS ENDED MARCH 31, 2019Common StockAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal Shareholders' Investment
BALANCES, JULY 1, 2018$579  $76,408  $1,071,480  $(252,272) $(325,771) 570,424  
Net Loss    (35,543)     (35,543) 
Total Other Comprehensive Loss, Net of Tax      (2,749)   (2,749) 
Cash Dividends Declared ($0.28 per share)
    (17,492)     (17,492) 
Stock Option Activity, Net of Tax  (43)     1,862  1,819  
Restricted Stock  (72)     670  598  
Amortization of Unearned Compensation  1,886        1,886  
Deferred Stock  (879)     520  (359) 
Deferred Stock - Directors  223  (180)   853  896  
Treasury Stock Purchases        (11,937) (11,937) 
BALANCES, MARCH 31, 2019$579  $77,523  $1,018,265  $(255,021) $(333,803) $507,543  

The accompanying notes are an integral part of these statements.
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BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

 Nine Months Ended
March 29,
2020
March 31,
2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss$(193,587) $(35,543) 
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Depreciation and Amortization54,819  47,385  
Stock Compensation Expense4,468  5,496  
Goodwill Impairment67,480  —  
Loss on Disposition of Plant and Equipment1,412  66  
Provision (Credit) for Deferred Income Taxes36,294  (19,247) 
Equity in Earnings of Unconsolidated Affiliates(3,302) (8,403) 
Dividends Received from Unconsolidated Affiliates 10,376  10,510  
Loss on Disposition of Unconsolidated Affiliates1,000  —  
Change in Operating Assets and Liabilities:
Accounts Receivable(41,447) (70,876) 
Inventories(26,843) (113,407) 
Other Current Assets(3,301) (856) 
Accounts Payable, Accrued Liabilities and Income Taxes(75,314) 77,905  
Other, Net(1,633) 2,079  
Net Cash Used in Operating Activities(169,578) (104,891) 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Expenditures (3)(43,066) (46,379) 
Proceeds Received on Disposition of Plant and Equipment2,680  31  
Cash Paid for Acquisition, Net of Cash Acquired  (8,865) 
Net Cash Used in Investing Activities(40,386) (55,213) 
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Borrowings on Credit Facilities241,684  163,509  
Repayments on Long-Term Debt  (5,424) 
Debt Issuance Costs(6,161)   
Treasury Stock Purchases  (11,937) 
Stock Option Exercise Proceeds and Tax Benefits