Get Cash Back and $0 Commissions
+ The Power of TradeStation
PRNewswire 15-Aug-2019 8:30 AM
MILWAUKEE, Aug. 15, 2019 /PRNewswire/ -- Briggs & Stratton Corporation (NYSE:BGG) today announced financial results for its fiscal fourth quarter and year ended June 30, 2019.
For the fiscal 2019 fourth quarter:
For the fiscal 2019 full year:
"We are clearly disappointed with the fiscal 2019 results. The fourth quarter capped a difficult year of unprecedented market challenges and higher than expected operational inefficiencies encountered during the ramp-up of our business optimization initiatives," stated Todd J. Teske, Chairman, President and Chief Executive Officer. "The North America lawn and garden market slowed considerably as the quarter progressed from unusually wet, cool spring weather compounded by near-term market disruptions with channel partners. Europe set record high temperatures in June and July to impede channel inventory reductions. While we achieved operational improvements on many of the business optimization program start-up issues, continued inefficiencies offset the benefit of those improvements, including near-term labor availability challenges."
Teske continued, "Regardless of the cause of the various headwinds, it is our responsibility to address the issues and restore the company to growth and profitability. As we enter fiscal 2020, we are intensely focused on five key areas to drive improvements in performance:
Teske concluded, "There is no question that fiscal 2019 was enormously difficult from both a market perspective and our execution on operational excellence. Still, the several foundational changes we implemented advanced our commercial growth and diversification strategy and position us well for the long term. We remain confident in our strategy and view fiscal 2020 as an opportunity to get back on track."
Fiscal 2020 Outlook:
Conference Call Information:
The Company will host a conference call today at 10:00 AM (ET) to review the fourth quarter financial results. A live webcast of the conference call will be available on the company's corporate website: http://investors.basco.com.
Also available is a dial-in number to access the call real-time. Dial (877) 233-9136 and enter Conference ID 2156568. A replay will be offered beginning approximately two hours after the call ends and will be available for one week. Dial (855) 859-2056 and enter the Conference ID 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 its 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 the company competes; changes in laws and regulations, including U.S. tax reform, changes in tax rates, laws and regulations as well as related guidance; imposition of new, or changes in existing, duties, tariffs and trade agreements; changes in customer and OEM demand; changes in prices of raw materials and parts that the company purchases; 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 the business optimization program and restructuring actions; and other factors disclosed from time to time in the company's 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. The company undertakes 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 June |
|||||||
(In Thousands, except per share data) |
|||||||
Three Months Ended June |
Twelve Months Ended June |
||||||
FY2019 |
FY2018 |
FY2019 |
FY2018 |
||||
NET SALES |
$471,951 |
$501,694 |
$1,836,605 |
$1,881,294 |
|||
COST OF GOODS SOLD |
404,132 |
393,017 |
1,535,554 |
1,483,212 |
|||
Gross Profit |
67,819 |
108,677 |
301,051 |
398,082 |
|||
ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
81,724 |
129,926 |
349,276 |
375,230 |
|||
EQUITY IN EARNINGS OF UNCONSOLIDATED AFFILIATES |
3,243 |
2,819 |
9,029 |
9,257 |
|||
Income (Loss) from Operations |
(10,662) |
(18,430) |
(39,196) |
32,109 |
|||
INTEREST EXPENSE |
(7,511) |
(6,153) |
(29,242) |
(25,320) |
|||
OTHER INCOME |
(51) |
1,016 |
340 |
4,312 |
|||
Income (Loss) before Income Taxes |
(18,224) |
(23,567) |
(68,098) |
11,101 |
|||
PROVISION (CREDIT) FOR INCOME TAXES |
316 |
(11,742) |
(14,015) |
22,421 |
|||
Net Income (Loss) |
$ (18,540) |
$ (11,825) |
$ (54,083) |
$ (11,320) |
|||
EARNINGS (LOSS) PER SHARE |
|||||||
Basic |
$ (0.45) |
$ (0.29) |
$ (1.31) |
$ (0.28) |
|||
Diluted |
$ (0.45) |
$ (0.29) |
$ (1.31) |
$ (0.28) |
|||
WEIGHTED AVERAGE SHARES OUTSTANDING |
|||||||
Basic |
41,516 |
41,947 |
41,647 |
42,068 |
|||
Diluted |
41,516 |
41,947 |
41,647 |
42,068 |
Supplemental International Sales Information |
|||||||
(In Thousands) |
|||||||
Three Months Ended June |
Twelve Months Ended June |
||||||
FY2019 |
FY2018 |
FY2019 |
FY2018 |
||||
International sales based on product shipment destination |
$102,502 |
$102,069 |
$481,970 |
$534,607 |
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES |
|||
Consolidated Balance Sheets as of the End of June |
|||
(In Thousands) |
|||
CURRENT ASSETS: |
FY2019 |
FY2018 |
|
Cash and Cash Equivalents |
$ 29,569 |
$ 44,923 |
|
Accounts Receivable, Net |
198,498 |
182,801 |
|
Inventories |
502,006 |
411,831 |
|
Prepaid Expenses and Other Current Assets |
32,899 |
39,651 |
|
Total Current Assets |
762,972 |
679,206 |
|
OTHER ASSETS: |
|||
Goodwill |
169,682 |
163,200 |
|
Investments |
49,641 |
50,960 |
|
Other Intangible Assets, Net |
96,738 |
95,864 |
|
Deferred Income Tax Asset |
43,172 |
12,149 |
|
Other Long-Term Assets, Net |
18,676 |
20,507 |
|
Total Other Assets |
377,909 |
342,680 |
|
PLANT AND EQUIPMENT: |
|||
At Cost |
1,220,339 |
1,175,165 |
|
Less - Accumulated Depreciation |
809,294 |
753,085 |
|
Plant and Equipment, Net |
411,045 |
422,080 |
|
$ 1,551,926 |
$ 1,443,966 |
||
CURRENT LIABILITIES: |
|||
Accounts Payable |
$ 287,620 |
$ 204,173 |
|
Short-Term Debt |
160,540 |
48,036 |
|
Accrued Liabilities |
129,585 |
131,897 |
|
Total Current Liabilities |
577,745 |
384,106 |
|
OTHER LIABILITIES: |
|||
Accrued Pension Cost |
221,033 |
189,872 |
|
Accrued Employee Benefits |
21,311 |
20,196 |
|
Accrued Postretirement Health Care Obligation |
25,929 |
30,186 |
|
Other Long-Term Liabilities |
63,724 |
49,228 |
|
Long-Term Debt |
195,464 |
199,954 |
|
Total Other Liabilities |
527,461 |
489,436 |
|
SHAREHOLDERS' INVESTMENT: |
|||
Common Stock |
579 |
579 |
|
Additional Paid-In Capital |
78,902 |
76,408 |
|
Retained Earnings |
993,873 |
1,071,480 |
|
Accumulated Other Comprehensive Loss |
(292,550) |
(252,272) |
|
Treasury Stock, at Cost |
(334,084) |
(325,771) |
|
Total Shareholders' Investment |
446,720 |
570,424 |
|
$ 1,551,926 |
$ 1,443,966 |
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES |
|||
Consolidated Statements of Cash Flows |
|||
(In Thousands) |
|||
Twelve Months Ended June |
|||
CASH FLOWS FROM OPERATING ACTIVITIES: |
FY2019 |
FY2018 |
|
Net Loss |
$(54,083) |
$(11,320) |
|
Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities: |
|||
Depreciation and Amortization |
64,200 |
58,258 |
|
Stock Compensation Expense |
7,180 |
6,675 |
|
Loss on Disposition of Plant and Equipment |
551 |
1,915 |
|
Provision (Credit) for Deferred Income Taxes |
(17,949) |
35,351 |
|
Equity in Earnings of Unconsolidated Affiliates |
(12,142) |
(12,230) |
|
Dividends Received from Unconsolidated Affiliates |
11,359 |
10,911 |
|
Pension Settlement |
521 |
41,157 |
|
Pension Cash Contributions |
- |
(30,000) |
|
Changes in Operating Assets and Liabilities: |
|||
Accounts Receivable |
(15,910) |
47,180 |
|
Inventories |
(91,171) |
(37,446) |
|
Other Current Assets |
(1,304) |
(4,759) |
|
Accounts Payable, Accrued Liabilities and Income Taxes |
80,717 |
(10,345) |
|
Other, Net |
(7,304) |
(2,624) |
|
Net Cash Provided by (Used in) Operating Activities |
(35,335) |
92,723 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|||
Capital Expenditures |
(52,454) |
(103,203) |
|
Proceeds Received on Disposition of Plant and Equipment |
69 |
339 |
|
Cash Paid for Acquisitions, Net of Cash Acquired |
(9,791) |
(1,800) |
|
Net Cash Used in Investing Activities |
(62,176) |
(104,664) |
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|||
Net Borrowings on Revolver |
112,504 |
48,036 |
|
Long Term Note Payable |
- |
7,685 |
|
Debt Issuance Costs |
- |
(1,154) |
|
Treasury Stock Purchases |
(11,937) |
(10,312) |
|
Repayments of Long Term Debt |
(5,424) |
(22,261) |
|
Stock Option Exercise Proceeds and Tax Benefits |
1,823 |
3,772 |
|
Payments Related to Shares Withheld for Taxes for Stock Compensation |
(257) |
(1,396) |
|
Cash Dividends Paid |
(17,781) |
(23,951) |
|
Net Cash Provided by Financing Activities |
78,928 |
419 |
|
EFFECT OF EXCHANGE RATE CHANGES |
(293) |
(967) |
|
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
(18,876) |
(12,489) |
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, Beginning 1 |
49,218 |
61,707 |
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, Ending 2 |
$ 30,342 |
$ 49,218 |
1 Included within Beginning Cash, Cash Equivalents, and Restricted Cash is approximately $4.3 million and $0 of restricted cash as of July 1, 2018 and July 2, 2017, respectively. |
2 Included within Ending Cash, Cash Equivalents, and Restricted Cash is approximately $0.8 million and $4.3 million of restricted cash as of June 30, 2019 and July 1, 2018, respectively. |
SUPPLEMENTAL SEGMENT INFORMATION |
|||||||
Engines Segment: |
|||||||
Three Months Ended June |
Twelve Months Ended June |
||||||
(In Thousands) |
FY2019 |
FY2018 |
FY2019 |
FY2018 |
|||
Net Sales |
$ 261,357 |
$ 275,775 |
$ 988,707 |
$ 1,066,318 |
|||
Gross Profit as Reported |
$ 48,797 |
$ 69,217 |
$ 193,069 |
$ 252,645 |
|||
Business Optimization |
950 |
822 |
2,662 |
2,854 |
|||
Adjusted Gross Profit |
$ 49,747 |
$ 70,039 |
$ 195,731 |
$ 255,499 |
|||
Gross Profit % as Reported |
18.7% |
25.1% |
19.5% |
23.7% |
|||
Adjusted Gross Profit % |
19.0% |
25.4% |
19.8% |
24.0% |
|||
Segment Income (Loss) as Reported |
$ 1,060 |
$ (26,183) |
$ (15,519) |
$ 9,593 |
|||
Business Optimization |
2,130 |
46,671 |
29,149 |
53,913 |
|||
Adjusted Segment Income |
$ 3,190 |
$ 20,488 |
$ 13,630 |
$ 63,506 |
|||
Segment Income (Loss) % as Reported |
0.4% |
(9.5%) |
(1.6%) |
0.9% |
|||
Adjusted Segment Income % |
1.2% |
7.4% |
1.4% |
6.0% |
Fourth Quarter Highlights
Products Segment: |
|||||||
Three Months Ended June |
Twelve Months Ended June |
||||||
(In Thousands) |
FY2019 |
FY2018 |
FY2019 |
FY2018 |
|||
Net Sales |
$ 233,258 |
$ 250,162 |
$ 932,137 |
$ 904,007 |
|||
Gross Profit as Reported |
$ 19,582 |
$ 39,363 |
$ 108,984 |
$ 144,933 |
|||
Business Optimization |
2,227 |
1,281 |
9,207 |
3,775 |
|||
Adjusted Gross Profit |
$ 21,809 |
$ 40,644 |
$ 118,191 |
$ 148,708 |
|||
Gross Profit % as Reported |
8.4% |
15.7% |
11.7% |
16.0% |
|||
Adjusted Gross Profit % |
9.3% |
16.2% |
12.7% |
16.4% |
|||
Segment Income (Loss) as Reported |
$ (11,162) |
$ 7,656 |
$ (22,675) |
$ 22,012 |
|||
Business Optimization |
2,567 |
2,855 |
15,840 |
8,113 |
|||
Litigation Settlement |
- |
- |
2,000 |
- |
|||
Retailer Bankruptcy Bad Debt Expense |
- |
- |
4,132 |
- |
|||
Acquisition Related Charges |
153 |
- |
676 |
- |
|||
Adjusted Segment Income (Loss) |
$ (8,443) |
$ 10,511 |
$ (27) |
$ 30,125 |
|||
Segment Income (Loss) % as Reported |
(4.8%) |
3.1% |
(2.4%) |
2.4% |
|||
Adjusted Segment Income (Loss) % |
(3.6%) |
4.2% |
(0.0%) |
3.3% |
Fourth Quarter Highlights
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 the Company's business trends and to understand the Company's performance. In addition, management may utilize non-GAAP financial measures as a guide in the Company's 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 June |
|||||||||||
(In Thousands, except per share data) |
|||||||||||
Three Months Ended June |
|||||||||||
FY2019 |
Adjustments1 |
FY2019 |
FY2018 |
Adjustments |
FY2018 |
||||||
Gross Profit |
|||||||||||
Engines |
$ 48,797 |
$ 950 |
$ 49,747 |
$ 69,217 |
$ 822 |
$ 70,039 |
|||||
Products |
19,582 |
2,227 |
21,809 |
39,363 |
1,281 |
40,644 |
|||||
Inter-Segment Eliminations |
(560) |
- |
(560) |
97 |
- |
97 |
|||||
Total |
$ 67,819 |
$ 3,177 |
$ 70,996 |
$108,677 |
$ 2,103 |
$110,780 |
|||||
Engineering, Selling, General and Administrative Expenses |
|||||||||||
Engines |
$ 49,592 |
$ 683 |
$ 48,909 |
$ 97,132 |
$ 45,515 |
$ 51,617 |
|||||
Products |
32,132 |
493 |
31,639 |
32,794 |
1,573 |
31,221 |
|||||
Total |
$ 81,724 |
$ 1,176 |
$ 80,548 |
$129,926 |
$ 47,088 |
$ 82,838 |
|||||
Equity in Earnings of |
|||||||||||
Engines |
$ 1,855 |
$ 496 |
$ 2,351 |
$ 1,732 |
$ 334 |
$ 2,066 |
|||||
Products |
1,388 |
- |
1,388 |
1,087 |
- |
1,087 |
|||||
Total |
$ 3,243 |
$ 496 |
$ 3,739 |
$ 2,819 |
$ 334 |
$ 3,153 |
|||||
Segment Income (Loss) |
|||||||||||
Engines |
$ 1,060 |
$ 2,130 |
$ 3,190 |
$ (26,183) |
$ 46,671 |
$ 20,488 |
|||||
Products |
(11,162) |
2,720 |
(8,443) |
7,656 |
2,855 |
10,511 |
|||||
Inter-Segment Eliminations |
(560) |
- |
(560) |
97 |
- |
97 |
|||||
Total |
$(10,662) |
$ 4,849 |
$ (5,813) |
$ (18,430) |
$ 49,526 |
$ 31,096 |
|||||
Interest Expense |
$ (7,511) |
$ - |
$ (7,511) |
$ (6,153) |
$ 211 |
$ (5,942) |
|||||
Other Income |
$ (51) |
$ 521 |
$ 470 |
$ 1,016 |
$ - |
$ 1,016 |
|||||
Income before Income Taxes |
(18,224) |
5,370 |
(12,854) |
(23,567) |
49,737 |
26,170 |
|||||
Provision for Income Taxes |
316 |
1,759 |
2,075 |
(11,742) |
17,779 |
6,037 |
|||||
Net Income |
$(18,540) |
$ 3,611 |
$(14,929) |
$ (11,825) |
$ 31,957 |
$ 20,132 |
|||||
Earnings Per Share |
|||||||||||
Basic |
$ (0.45) |
$ 0.09 |
$ (0.36) |
$ (0.29) |
$ 0.76 |
$ 0.47 |
|||||
Diluted |
(0.45) |
0.09 |
(0.36) |
(0.29) |
0.76 |
0.47 |
1 |
For the fourth quarter of fiscal 2019, business optimization expenses included $0.2 million ($0.2 million after tax) of non-cash charges related to accelerated depreciation, and $4.5 million ($2.9 million after tax) of cash charges related primarily to activities associated with the upgrade to the Company's ERP system, professional services, employee termination benefits, and plant rearrangement activities. The Company recognized $0.2 million ($0.1 million after tax) related to acquisition integration activities. Other income includes a $0.5 million ($0.3 million after tax) pension settlement charge. Tax expense includes a $0.1 million charge associated with the Tax Cuts and Jobs Act of 2017 to record the impact of the inclusion of foreign earnings. |
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES |
|||||||||||
Adjusted Segment Information for the Twelve Month Periods Ended June |
|||||||||||
(In Thousands, except per share data) |
|||||||||||
Twelve Months Ended June |
|||||||||||
FY2019 |
Adjustments1 |
FY2019 |
FY2018 |
Adjustments |
FY2018 |
||||||
Gross Profit |
|||||||||||
Engines |
$193,069 |
$ 2,662 |
$195,731 |
$252,645 |
$ 2,854 |
$255,499 |
|||||
Products |
108,984 |
9,207 |
118,191 |
144,933 |
3,775 |
148,708 |
|||||
Inter-Segment Eliminations |
(1,002) |
- |
(1,002) |
504 |
- |
504 |
|||||
Total |
$301,051 |
$ 11,869 |
$312,920 |
$398,082 |
$ 6,629 |
$404,710 |
|||||
Engineering, Selling, General and Administrative Expenses |
|||||||||||
Engines |
$213,589 |
$ 23,374 |
$190,215 |
$248,286 |
$ 48,096 |
$200,190 |
|||||
Products |
135,687 |
13,441 |
122,246 |
126,944 |
4,339 |
122,605 |
|||||
Total |
$349,276 |
$ 36,815 |
$312,461 |
$375,230 |
$ 52,435 |
$322,796 |
|||||
Equity in Earnings of |
|||||||||||
Engines |
$ 5,001 |
$ 3,113 |
$ 8,114 |
$ 5,234 |
$ 2,964 |
$ 8,198 |
|||||
Products |
4,028 |
- |
4,028 |
4,023 |
- |
4,023 |
|||||
Total |
$ 9,029 |
$ 3,113 |
$ 12,142 |
$ 9,257 |
$ 2,964 |
$ 12,221 |
|||||
Segment Income (Loss) |
|||||||||||
Engines |
$ (15,519) |
$ 29,149 |
$ 13,630 |
$ 9,593 |
$ 53,913 |
$ 63,506 |
|||||
Products |
(22,675) |
22,648 |
(27) |
22,012 |
8,113 |
30,125 |
|||||
Inter-Segment Eliminations |
(1,002) |
- |
(1,002) |
504 |
- |
504 |
|||||
Total |
$ (39,196) |
$ 51,797 |
$ 12,601 |
$ 32,109 |
$ 62,026 |
$ 94,135 |
|||||
Interest Expense |
$ (29,242) |
$ 263 |
$ (28,979) |
$ (25,320) |
$ 2,228 |
$ (23,092) |
|||||
Other Income |
$ 340 |
$ 521 |
$ 861 |
$ 4,312 |
$ - |
$ 4,312 |
|||||
Income before Income Taxes |
(68,098) |
52,581 |
(15,517) |
11,101 |
64,254 |
75,355 |
|||||
Provision for Income Taxes |
(14,015) |
11,362 |
(2,653) |
22,421 |
(2,836) |
19,585 |
|||||
Net Income (Loss) |
$ (54,083) |
$ 41,220 |
$ (12,863) |
$ (11,320) |
$ 67,090 |
$ 55,770 |
|||||
Earnings (Loss) Per Share |
|||||||||||
Basic |
$ (1.31) |
$ 0.99 |
$ (0.32) |
$ (0.28) |
$ 1.57 |
$ 1.29 |
|||||
Diluted |
(1.31) |
0.99 |
(0.32) |
(0.28) |
1.57 |
1.29 |
1 |
For the first twelve months of fiscal 2019, business optimization expenses include $3.2 million ($2.5 million after tax) of non-cash charges related to accelerated depreciation, and $41.9 million ($32.1 million after tax) of cash charges related primarily to activities associated with the upgrade to the Company's ERP system, professional services, employee termination benefits, and plant rearrangement activities. The Company recognized bad debt expense of $4.1 million ($3.1 million after tax) after a major retailer announced that it had filed for bankruptcy protection. The Company recognized $2.0 million ($1.5 million after tax) for amounts accrued related to a litigation settlement and $0.6 million ($0.4 million after tax) related to acquisition integration activities. Interest expense includes $0.2 million ($0.2 million after tax) for premiums paid to repurchase senior notes. Other income includes a $0.5 million ($0.3 million after tax) pension settlement charge. Tax expense includes a $1.0 million charge associated with the Tax Cuts and Jobs Act of 2017 to record the impact of the inclusion of foreign earnings. |
View original content to download multimedia:http://www.prnewswire.com/news-releases/briggs--stratton-corporation-reports-fiscal-2019-fourth-quarter-and-full-year-results-300902054.html
SOURCE Briggs & Stratton Corporation