MILWAUKEE, Oct. 25, 2017 /PRNewswire/ -- Briggs &
Stratton Corporation (NYSE: BGG) today announced financial results
for its first fiscal quarter ended October
1, 2017.
- Fiscal first quarter net sales were $329
million, an increase of $42
million, or 14.7%, from $287
million for the prior year, due to both higher shipments of
generators related to hurricane activity and continued favorable
momentum in sales of engines and products designed for commercial
markets.
- Quarterly gross profit margin of 20.1% (GAAP) and adjusted
gross profit margin of 20.5% increased from a gross profit margin
of 18.3% last year primarily from the favorable storm
contribution.
- First quarter net loss was $15.0
million (GAAP). Adjusted net loss was $11.3 million, an improvement from a net loss of
$14.1 million last year. On a
per-share basis, the loss was $0.36
(GAAP). Adjusted loss per share for the fiscal first quarter was
$0.27, an improvement from a
$0.34 loss per share for the first
quarter of fiscal 2017.
- The company is increasing its fiscal 2018 earnings outlook to
$1.41 to $1.58 per diluted share,
before business optimization costs, from previous guidance of
$1.31 to $1.48 per diluted share due
to the impact to date of storm-related activity.
- The company will be hosting an investor day on November 1st in New York City (and webcast) where it will
provide an overview of its strategy and long-term financial
targets, discuss growth opportunities across its business and
showcase global innovations.
"Our first quarter results were better than we expected, largely
driven by strong demand for generators resulting from the recent
hurricanes and early shipments of engines to fulfill customer
orders," said Todd J. Teske,
Chairman, President and Chief Executive Officer. "At the same time,
we maintained positive momentum in our commercial offerings,
delivering innovative products that make people more productive. In
addition, favorable grass growing conditions in the U.S. and
Europe extended from the late
summer months into early fall. We continue to believe that
U.S. lawn and garden channel inventories are near historic lows.
All of this makes us well-positioned to achieve our sales
growth outlook for the year."
Teske continued, "I am proud of the efforts of our team, who
diligently worked with our retail partners throughout the
development and aftermath of the storms to deliver generators to
help people in the affected areas in their time of need. Our
increased sales and earnings guidance for fiscal 2018 reflects the
storm impact to date and does not include estimates beyond this
period. While it is too early to quantify its impact, the active
storm season this year has stimulated higher activity, particularly
for our standby generator product offerings, as consumers and small
businesses look for reliable back-up power solutions."
Outlook:
Updated fiscal 2018 guidance:
- Net sales are expected to be in a range of $1.90 billion to $1.95 billion, up from previous
guidance of $1.87 billion to $1.92
billion.
- Net income is expected to be in a range of $60 million to $68 million (previously
$56 million to $64 million), or
$1.41 to $1.58 per diluted share
(previously $1.31 to $1.48 per
diluted share), prior to the impact of costs related to our
business optimization program or the benefit of any share
repurchases.
- Operating margins are expected to be approximately 5.8% to 6.0%
(previously 5.6% to 5.8%) prior to the impact of costs related to
our business optimization program.
Investor Day Information:
The company previously announced that it will be hosting an
investor day on November 1, in
New York City. The event begins at
9 a.m. Eastern Time and will end at
approximately noon. The company will simultaneously webcast the
audio portion and slides of its investor day presentation, which
will be available on the company's investor website:
http://investors.basco.com. A replay of the audio webcast will be
available shortly after the conclusion of the event.
Presentation materials and an archived recording of the event
will be available on the company's website for at least 30
days.
Teske commented, "This event, a first for Briggs & Stratton,
will help investors gain a deeper understanding about the growth
opportunities for our business, the catalysts for growth and our
roadmap supporting the long-range performance targets we will be
introducing. We are optimistic about the future for Briggs &
Stratton, as we diversify our business to serve higher-growth
commercial segments and drive operational excellence across our
global operations."
Conference Call Information:
The company will host a conference call tomorrow at 10:00 AM (ET) to review the first quarter
financial results. A live webcast of the conference call will be
available on our corporate website: http://investors.basco.com.
Also available is a dial-in number to access the call real-time
at (877) 233-9136. A replay will be offered beginning approximately
two hours after the call ends and will be available for one week.
Dial (855) 859-2056 to access the replay.
Non-GAAP Financial Measures:
This release refers to non-GAAP financial measures including
"adjusted gross profit", "adjusted engineering, selling, general,
and administrative expenses", "adjusted segment income (loss)",
"adjusted net income (loss)", and "adjusted diluted earnings (loss)
per share." Refer to the accompanying financial schedules for
supplemental financial data and corresponding reconciliations of
these non-GAAP financial measures to certain GAAP financial
measures.
Safe Harbor Statement:
This release contains certain forward-looking statements that
involve risks and uncertainties that could cause actual results to
differ materially from those projected in the forward-looking
statements. The words "anticipate", "believe", "estimate",
"expect", "forecast", "intend", "plan", "project", and 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 ability to successfully forecast
demand for our products; changes in interest rates and foreign
exchange rates; the effects of weather on the purchasing patterns
of consumers and original equipment manufacturers (OEMs); actions
of engine manufacturers and OEMs with whom we compete; changes in
laws and regulations; changes in customer and OEM demand; changes
in prices of raw materials and parts that we purchase; changes in
domestic and foreign economic conditions (including effects from
the U.K.'s decision to exit the European Union); the ability to
bring new productive capacity on line efficiently and with good
quality; outcomes of legal proceedings and claims; the ability to
realize anticipated savings from restructuring actions; and other
factors disclosed from time to time in our SEC filings or
otherwise, including the factors discussed in Item 1A, Risk
Factors, of the company's Annual Report on Form 10-K and in its
periodic reports on Form 10-Q. We undertake no obligation to update
forward-looking statements made in this release to reflect events
or circumstances after the date of this release.
About Briggs & Stratton Corporation:
Briggs & Stratton Corporation (NYSE: BGG), headquartered in
Milwaukee, Wisconsin, is focused
on providing power to get work done and make people's lives better.
Briggs & Stratton is the world's largest producer of gasoline
engines for outdoor power equipment, and is a leading designer,
manufacturer and marketer of power generation, pressure washer,
lawn and garden, turf care and job site products through its Briggs
& Stratton®, Simplicity®, Snapper®, Ferris®, Vanguard™,
Allmand®, Billy Goat®, Murray®, Branco® and Victa® brands. Briggs
& Stratton products are designed, manufactured, marketed and
serviced in over 100 countries on six continents. For additional
information, please visit www.basco.com and
www.briggsandstratton.com.
BRIGGS &
STRATTON CORPORATION AND SUBSIDIARIES
|
Consolidated
Statements of Operations for the Periods Ended
September
|
(In Thousands,
except per share data)
|
|
|
|
Three Months
Ended September
|
|
|
FY2018
|
|
FY2017
|
NET SALES
|
|
$329,094
|
|
$286,797
|
COST OF GOODS
SOLD
|
|
262,829
|
|
234,276
|
Gross
Profit
|
|
66,265
|
|
52,521
|
|
|
|
|
|
ENGINEERING, SELLING,
GENERAL AND ADMINISTRATIVE
EXPENSES
|
|
86,713
|
|
72,063
|
EQUITY IN EARNINGS OF
UNCONSOLIDATED AFFILIATES
|
|
3,613
|
|
3,228
|
Loss from
Operations
|
|
(16,835)
|
|
(16,314)
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
(4,957)
|
|
(4,505)
|
OTHER
INCOME
|
|
718
|
|
457
|
Loss before Income
Taxes
|
|
(21,074)
|
|
(20,362)
|
|
|
|
|
|
CREDIT FOR INCOME
TAXES
|
|
(6,036)
|
|
(6,214)
|
Net Loss
|
|
$
(15,038)
|
|
$ (14,148)
|
|
|
|
|
|
EARNINGS (LOSS) PER
SHARE
|
|
|
|
|
Basic
|
|
$
(0.36)
|
|
$
(0.34)
|
Diluted
|
|
(0.36)
|
|
(0.34)
|
|
|
|
|
|
WEIGHTED AVERAGE
SHARES OUTSTANDING
|
|
|
|
|
Basic
|
|
42,105
|
|
42,494
|
Diluted
|
|
42,105
|
|
42,494
|
Supplemental
International Sales Information
|
(In
Thousands)
|
|
|
|
Three Months
Ended September
|
|
|
FY2018
|
|
FY2017
|
International sales
based on product shipment destination
|
|
$114,637
|
|
$109,887
|
BRIGGS &
STRATTON CORPORATION AND SUBSIDIARIES
|
Consolidated
Balance Sheets as of the End of September
|
(In
Thousands)
|
|
CURRENT
ASSETS:
|
FY2018
|
|
FY2017
|
Cash and Cash
Equivalents
|
$
57,057
|
|
$
42,960
|
Accounts Receivable,
Net
|
182,776
|
|
160,710
|
Inventories
|
460,345
|
|
470,807
|
Prepaid Expenses and
Other Current Assets
|
48,511
|
|
41,470
|
Total Current
Assets
|
748,689
|
|
715,947
|
|
|
|
|
OTHER
ASSETS:
|
|
|
|
Goodwill
|
161,997
|
|
161,670
|
Investments
|
47,568
|
|
52,049
|
Other Intangible
Assets, Net
|
100,123
|
|
103,318
|
Deferred Income Tax
Asset
|
64,290
|
|
93,423
|
Other Long-Term
Assets, Net
|
18,979
|
|
17,488
|
Total Other
Assets
|
392,957
|
|
427,948
|
|
|
|
|
|
|
|
|
PLANT AND
EQUIPMENT:
|
|
|
|
At Cost
|
1,144,075
|
|
1,065,847
|
Less - Accumulated
Depreciation
|
768,783
|
|
737,044
|
Plant and Equipment,
Net
|
375,292
|
|
328,803
|
|
$
1,516,938
|
|
$
1,472,698
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Accounts
Payable
|
$
208,032
|
|
$
186,468
|
Short-Term
Debt
|
64,500
|
|
50,175
|
Accrued
Liabilities
|
138,339
|
|
129,705
|
Total Current
Liabilities
|
410,871
|
|
366,348
|
|
|
|
|
OTHER
LIABILITIES:
|
|
|
|
Accrued Pension
Cost
|
238,829
|
|
306,319
|
Accrued Employee
Benefits
|
21,826
|
|
23,341
|
Accrued
Postretirement Health Care Obligation
|
33,464
|
|
36,120
|
Other Long-Term
Liabilities
|
46,079
|
|
49,538
|
Long-Term
Debt
|
221,901
|
|
221,456
|
Total Other
Liabilities
|
562,099
|
|
636,774
|
|
|
|
|
SHAREHOLDERS'
INVESTMENT:
|
|
|
|
Common
Stock
|
579
|
|
579
|
Additional Paid-In
Capital
|
72,073
|
|
67,383
|
Retained
Earnings
|
1,085,899
|
|
1,054,251
|
Accumulated Other
Comprehensive Loss
|
(293,910)
|
|
(334,336)
|
Treasury Stock, at
Cost
|
(320,673)
|
|
(318,301)
|
Total Shareholders'
Investment
|
543,968
|
|
469,576
|
|
$
1,516,938
|
|
$
1,472,698
|
BRIGGS &
STRATTON CORPORATION AND SUBSIDIARIES
|
Consolidated
Statements of Cash Flows
|
(In
Thousands)
|
|
|
Three Months Ended
September
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
FY2018
|
|
FY2017
|
Net Loss
|
$
(15,038)
|
|
$ (14,148)
|
Adjustments to
Reconcile Net Loss to Net Cash Used in Operating
Activities:
|
|
|
|
Depreciation and
Amortization
|
14,871
|
|
14,286
|
Stock Compensation
Expense
|
2,306
|
|
1,248
|
Loss on Disposition
of Plant and Equipment
|
1,103
|
|
113
|
(Credit) Provision
for Deferred Income Taxes
|
(1,040)
|
|
3,498
|
Equity in Earnings of
Unconsolidated Affiliates
|
(3,613)
|
|
(3,228)
|
Dividends Received
from Unconsolidated Affiliates
|
3,231
|
|
3,043
|
Changes in Operating
Assets and Liabilities:
|
|
|
|
Accounts
Receivable
|
52,608
|
|
29,422
|
Inventories
|
(84,958)
|
|
(84,733)
|
Other Current
Assets
|
(8,817)
|
|
(2,234)
|
Accounts Payable,
Accrued Liabilities and Income Taxes
|
14,138
|
|
(16,473)
|
Other, Net
|
(4,298)
|
|
(5,552)
|
Net Cash
Used in Operating Activities
|
(29,507)
|
|
(74,758)
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
Capital
Expenditures
|
(27,117)
|
|
(15,764)
|
Proceeds Received on
Disposition of Plant and Equipment
|
374
|
|
52
|
Proceeds on Sale of
Investment in Marketable Securities
|
-
|
|
3,343
|
Increase to
Restricted Cash
|
(17,812)
|
|
-
|
Net Cash
Used in Investing Activities
|
(44,555)
|
|
(12,369)
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
Net Borrowings on
Revolver
|
64,500
|
|
50,175
|
Long Term Note
Payable
|
7,685
|
|
-
|
Debt Issuance
Costs
|
(1,154)
|
|
-
|
Treasury Stock
Purchases
|
(2,105)
|
|
(8,654)
|
Payment of
Acquisition Contingent Liability
|
-
|
|
(813)
|
Stock Option Exercise
Proceeds and Tax Benefits
|
520
|
|
1,117
|
Payments Related to
Shares Withheld for Taxes for Stock Compensation
|
(1,126)
|
|
(1,739)
|
Net Cash
Provided by Financing Activities
|
68,320
|
|
40,086
|
|
|
|
|
EFFECT OF EXCHANGE
RATE CHANGES
|
1,092
|
|
162
|
NET DECREASE IN CASH
AND CASH EQUIVALENTS
|
(4,650)
|
|
(46,879)
|
CASH AND CASH
EQUIVALENTS, Beginning
|
61,707
|
|
89,839
|
CASH AND CASH
EQUIVALENTS, Ending
|
$
57,057
|
|
$
42,960
|
Liquidity and Capital Resources:
Net debt at October 1, 2017, was
$230.6 million (total Long Term Debt
and Short Term Debt, excluding debt issuance costs, of $287.6 million less $57.1
million of cash), compared with $230.4 million (total Long Term Debt and Short
Term Debt, excluding debt issuance costs, of $273.3 million less $43.0
million of cash) at October 2,
2016.
Cash flows used in operating activities for the fiscal 2018
first quarter were $29.5 million,
compared to $74.8 million for the
fiscal 2017 first quarter. The decrease in cash used in operating
activities was primarily related to changes in working capital,
including greater collections of accounts receivable due to timing
of sales and customer payments, as well as higher accounts payable
due to timing.
During the fiscal 2018 first quarter, the company repurchased
approximately 99,000 shares of its common stock on the open market
at an average price of $21.20 per
share. As of October 1, 2017, there
was remaining authorization to repurchase up to approximately
$28.4 million of common stock with an
expiration date of June 29, 2018.
Business Optimization Program
The company successfully launched its previously announced
business optimization program in the first quarter of fiscal
2018. The program is designed to drive efficiencies and
expand capacity in commercial engines and cutting equipment. The
program entails expanding production of Vanguard commercial engines
into the company's existing large engine plants, which are located
in Georgia and Alabama, and expanding Ferris commercial mower
production capacity in a new, modern facility which is located
close to the current manufacturing facility in New York.
Production of Vanguard engines in the company's U.S. plants is
expected to be phased in beginning in late fiscal 2018 through the
middle of fiscal 2019. Currently, the majority of Vanguard engines
are sourced from overseas. Production of Ferris commercial mowers
is expected to begin in the new facility in the latter half of
fiscal 2018, and the exit from the existing plant and remote
warehouse is planned for fiscal 2019. The business optimization
program also includes the project costs for the integration and
go-live efforts associated with the company's ERP upgrade and the
anticipated operational excellence efficiency improvements. The
go-live for the ERP upgrade is expected towards the end of fiscal
2018, subsequent to the peak seasonal shipment period.
For the first quarter of fiscal 2018, the company recorded
business optimization charges of $5.2
million ($3.7 million after
tax or $0.09 per diluted share).
Total pre-tax expenses related to the business optimization program
are expected to be approximately $50 million
to $55 million, of which $24 million
to $28 million is expected be recognized in fiscal 2018. The
business optimization program is projected to generate $30 million to $35 million of annual pre-tax
savings, in addition to supporting profitable commercial growth.
The company estimates the savings will be achieved over a
three-year period beginning in fiscal 2019.
SUPPLEMENTAL
SEGMENT INFORMATION
|
|
Engines
Segment:
|
|
|
|
Three Months
Ended September
|
(In
Thousands)
|
|
FY2018
|
|
FY2017
|
Net Sales
|
|
$
162,746
|
|
$ 154,498
|
|
|
|
|
|
Gross Profit as
Reported
|
|
$
31,219
|
|
$
30,985
|
Business
Optimization
|
|
425
|
|
-
|
Adjusted Gross
Profit
|
|
$
31,644
|
|
$
30,985
|
|
|
|
|
|
Gross Profit % as
Reported
|
|
19.2%
|
|
20.1%
|
Adjusted Gross Profit
%
|
|
19.4%
|
|
20.1%
|
|
|
|
|
|
Segment Income (Loss) as
Reported
|
|
$
(19,832)
|
|
$
(11,654)
|
Business
Optimization
|
|
2,331
|
|
-
|
Adjusted Segment Income
(Loss)
|
|
$
(17,501)
|
|
$
(11,654)
|
|
|
|
|
|
Segment Income (Loss) % as
Reported
|
|
-12.2%
|
|
-7.5%
|
Adjusted Segment Income
(Loss) %
|
|
-10.8%
|
|
-7.5%
|
First Quarter Highlights
- Engine sales unit volumes increased by 8%, or approximately
78,000 engines, in the first quarter of fiscal 2018 compared to the
same period last year. The increase was primarily due to higher
sales to international customers who accelerated a portion of their
orders into the first fiscal quarter as well as higher commercial
engine sales. Partially offsetting the increase were lower sales of
service parts to the company's service distribution venture as part
of their planned seasonal inventory reduction initiative.
- Gross profit percentage decreased due to unfavorable sales mix
and slightly higher material costs, partially offset by
manufacturing efficiency improvements. Production volume decreased
by 1% compared to last year.
- ESG&A increased by $8.9
million (GAAP) and $7.0
million (adjusted) compared to last year due to higher
employee compensation costs, the investment in the upgrade to the
company's ERP system and accelerated pacing of new product
development project work.
Products
Segment:
|
|
|
|
Three Months
Ended September
|
(In
Thousands)
|
|
FY2018
|
|
FY2017
|
Net Sales
|
|
$
186,597
|
|
$ 150,795
|
|
|
|
|
|
Gross Profit as
Reported
|
|
$
35,707
|
|
$
22,951
|
Business
Optimization
|
|
768
|
|
-
|
Adjusted Gross
Profit
|
|
$
36,475
|
|
$
22,951
|
|
|
|
|
|
Gross Profit % as
Reported
|
|
19.1%
|
|
15.2%
|
Adjusted Gross Profit
%
|
|
19.5%
|
|
15.2%
|
|
|
|
|
|
Segment Income (Loss) as
Reported
|
|
$
3,658
|
|
$
(3,245)
|
Business
Optimization
|
|
2,906
|
|
-
|
Adjusted Segment Income
(Loss)
|
|
$
6,564
|
|
$
(3,245)
|
|
|
|
|
|
Segment Income (Loss) % as
Reported
|
|
2.0%
|
|
-2.2%
|
Adjusted Segment Income
(Loss) %
|
|
3.5%
|
|
-2.2%
|
First Quarter Highlights
- Net sales increased by $35.8
million, or 23.7%, primarily due to higher sales of
generators from hurricane activity as well as higher shipments of
commercial job site products. In the first quarter of fiscal 2018,
Hurricanes Harvey, Irma, and Maria made landfall compared to no
landed hurricanes in the same period last year.
- Gross profit percentage and adjusted gross profit percentage
increased by 390 basis points and 430 basis points, respectively,
primarily due to the contribution margin from hurricane-related
sales and favorable sales mix.
- ESG&A increased by $5.8
million (GAAP) and $3.6
million (adjusted) compared to last year due to higher
compensation costs and higher costs associated with investments to
upgrade the company's ERP system and growing commercial
offerings.
Non-GAAP Financial Measures
Briggs & Stratton Corporation prepares its financial
statements using Generally Accepted Accounting Principles (GAAP).
When a company discloses material information containing non-GAAP
financial measures, SEC regulations require that the disclosure
include a presentation of the most directly comparable GAAP measure
and a reconciliation of the GAAP and non-GAAP financial measures.
Management's inclusion of non-GAAP financial measures in this
release is intended to supplement, not replace, the presentation of
the financial results in accordance with GAAP. Briggs &
Stratton Corporation management believes that these non-GAAP
financial measures, when considered together with the GAAP
financial measures, provide information that is useful to investors
in understanding period-over-period operating results separate and
apart from items that may, or could, have a disproportionately
positive or negative impact on results in any particular period.
Management also believes that these non-GAAP financial measures
enhance the ability of investors to analyze our business trends and
to understand our performance. In addition, we may utilize non-GAAP
financial measures as a guide in our forecasting, budgeting and
long-term planning process. Non-GAAP financial measures should be
considered in addition to, and not as a substitute for, or superior
to, financial measures presented in accordance with GAAP. The
following tables are reconciliations of the non-GAAP financial
measures:
BRIGGS &
STRATTON CORPORATION AND SUBSIDIARIES
|
Adjusted Segment
Information for the Three Month Periods Ended
September
|
(In Thousands,
except per share data)
|
|
|
|
Three Months
Ended September
|
|
|
FY2018
Reported
|
|
Adjustments1
|
|
FY2018
Adjusted
|
|
FY2017
Reported
|
|
Adjustments
|
|
FY2017
Adjusted
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
Engines
|
|
$
31,219
|
|
$
425
|
|
$
31,644
|
|
$
30,985
|
|
$
-
|
|
$
30,985
|
Products
|
|
35,707
|
|
768
|
|
36,475
|
|
22,951
|
|
-
|
|
22,951
|
Inter-Segment
Eliminations
|
|
(661)
|
|
-
|
|
(661)
|
|
(1,415)
|
|
-
|
|
(1,415)
|
Total
|
|
$
66,265
|
|
$
1,193
|
|
$
67,458
|
|
$
52,521
|
|
$
-
|
|
$
52,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineering, Selling,
General and Administrative Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Engines
|
|
$
53,333
|
|
$
1,906
|
|
$
51,427
|
|
$
44,455
|
|
$
-
|
|
$
44,455
|
Products
|
|
33,380
|
|
2,138
|
|
31,242
|
|
27,608
|
|
-
|
|
27,608
|
Total
|
|
$
86,713
|
|
$
4,044
|
|
$
82,669
|
|
$
72,063
|
|
$
-
|
|
$
72,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Income
(Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
Engines
|
|
$
(19,832)
|
|
$
2,331
|
|
$
(17,501)
|
|
$
(11,654)
|
|
$
-
|
|
$ (11,654)
|
Products
|
|
3,658
|
|
2,906
|
|
6,564
|
|
(3,245)
|
|
-
|
|
(3,245)
|
Inter-Segment
Eliminations
|
|
(661)
|
|
-
|
|
(661)
|
|
(1,415)
|
|
-
|
|
(1,415)
|
Total
|
|
$
(16,835)
|
|
$
5,237
|
|
$
(11,598)
|
|
$
(16,314)
|
|
$
-
|
|
$ (16,314)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before
Income Taxes
|
|
(21,074)
|
|
5,237
|
|
(15,837)
|
|
(20,362)
|
|
-
|
|
(20,362)
|
Credit for Income
Taxes
|
|
(6,036)
|
|
1,509
|
|
(4,527)
|
|
(6,214)
|
|
-
|
|
(6,214)
|
Net Loss
|
|
$
(15,038)
|
|
$
3,728
|
|
$
(11,310)
|
|
$
(14,148)
|
|
$
-
|
|
$ (14,148)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
(0.36)
|
|
$
0.09
|
|
$
(0.27)
|
|
$
(0.34)
|
|
$
-
|
|
$
(0.34)
|
Diluted
|
|
(0.36)
|
|
0.09
|
|
(0.27)
|
|
(0.34)
|
|
-
|
|
(0.34)
|
|
|
1
|
For the first quarter
of fiscal 2018, business optimization expenses include $2,249
($1,697 after tax) of non-cash charges related primarily to plant
& equipment impairment and accelerated depreciation, and $2,988
($2,032 after tax) of cash charges related primarily to employee
termination benefits, lease terminations, professional services and
plant rearrangement activities.
|
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SOURCE Briggs & Stratton Corporation