Briggs & Stratton Announces $50 Million Increase To Share Repurchase Program
MILWAUKEE, Jan. 22, 2014
MILWAUKEE, Jan. 22, 2014 /PRNewswire/ -- Briggs & Stratton Corporation
At its regular quarterly meeting held today, the Board of Directors of Briggs
& Stratton Corporation authorized an additional $50 million in funds for use
in the Company's share repurchase program and an extension of the expiration
date to June 30, 2016. Share repurchases, among other things, allow the
Company to offset any potentially dilutive impacts of share-based compensation
under the Briggs & Stratton Corporation Incentive Compensation Plan.
Since August 2011, the Company has repurchased approximately $93 million of
its outstanding common shares while remaining committed to improving its
financial position and investing in strategic initiatives. Including the
additional $50 million authorization announced today, the total remaining
authorization as of January 22, 2014 is approximately $57 million.
Under the share repurchase program, the Company may repurchase shares of
common stock using available cash, on the open market or in private
transactions from time to time, depending on market conditions. The
repurchase program does not obligate the Company to make repurchases at any
specific time or situation.
Todd Teske, Briggs & Stratton's Chairman, President and Chief Executive
Officer said, "Our financial position remains strong and our business
continues to generate healthy cash flow which allows us to opportunistically
repurchase common shares. We will also continue to invest in higher margin
opportunities and identify strategic acquisitions. The Board's actions today
reflect their continued confidence in our strategy, the long-term prospects of
the business and our commitment to increase shareholder value."
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 execute the share repurchase program and
the effects and impact of any share repurchases, including the number of
shares repurchased and the aggregate costs to the Company, and other factors
disclosed from time to time in our SEC filings or otherwise, including the
factors discussed in Item1A, Risk Factors, of the Company's Annual Report on
Form 10-K and in its periodic reports on Form 10-Q.
About Briggs & Stratton Corporation:
Briggs & Stratton Corporation, headquartered in Milwaukee, Wisconsin, is the
world's largest producer of gasoline engines for outdoor power equipment. Its
wholly owned subsidiaries include North America's number one marketer of
portable generators and pressure washers, and it is a leading designer,
manufacturer and marketer of lawn and garden and turf care through its
Simplicity®, Snapper®, SnapperPro® Ferris®, 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
David J. Rodgers
Senior Vice President and
Chief Financial Officer
SOURCE Briggs & Stratton Corporation
Contact: David J. Rodgers, Senior Vice President and Chief Financial Officer,
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