x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Wisconsin | 39-0182330 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Yes x No o | 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. |
Large accelerated filer | x | Accelerated filer | ¨ |
Non-accelerated filer | o (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
Yes o No x | Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). |
Class | Outstanding at February 3, 2012 | |
COMMON STOCK, par value $0.01 per share | 49,773,850 Shares |
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. | ||
January 1, 2012 | July 3, 2011 | |||||||
CURRENT ASSETS: | ||||||||
Cash and Cash Equivalents | $ | 13,932 | $ | 209,639 | ||||
Accounts Receivable, Net | 291,587 | 249,358 | ||||||
Inventories - | ||||||||
Finished Products and Parts | 415,911 | 292,527 | ||||||
Work in Process | 142,758 | 127,358 | ||||||
Raw Materials | 8,883 | 7,206 | ||||||
Total Inventories | 567,552 | 427,091 | ||||||
Deferred Income Tax Asset | 43,110 | 42,163 | ||||||
Assets Held for Sale | 4,000 | 4,000 | ||||||
Prepaid Expenses and Other Current Assets | 38,324 | 36,413 | ||||||
Total Current Assets | 958,505 | 968,664 | ||||||
OTHER ASSETS: | ||||||||
Goodwill | 205,037 | 202,940 | ||||||
Investments | 20,494 | 21,017 | ||||||
Debt Issuance Costs, Net | 6,236 | 4,919 | ||||||
Other Intangible Assets, Net | 88,068 | 89,275 | ||||||
Long-Term Deferred Income Tax Asset | 21,548 | 31,001 | ||||||
Other Long-Term Assets, Net | 9,282 | 9,102 | ||||||
Total Other Assets | 350,665 | 358,254 | ||||||
PLANT AND EQUIPMENT: | ||||||||
Cost | 1,033,160 | 1,026,967 | ||||||
Less - Accumulated Depreciation | 705,239 | 687,667 | ||||||
Total Plant and Equipment, Net | 327,921 | 339,300 | ||||||
TOTAL ASSETS | $ | 1,637,091 | $ | 1,666,218 |
January 1, 2012 | July 3, 2011 | |||||||
CURRENT LIABILITIES: | ||||||||
Accounts Payable | $ | 185,555 | $ | 183,733 | ||||
Short-Term Debt | 3,000 | 3,000 | ||||||
Accrued Liabilities | 149,333 | 157,650 | ||||||
Total Current Liabilities | 337,888 | 344,383 | ||||||
OTHER LIABILITIES: | ||||||||
Accrued Pension Cost | 181,588 | 191,417 | ||||||
Accrued Employee Benefits | 24,252 | 24,100 | ||||||
Accrued Postretirement Health Care Obligation | 110,577 | 116,092 | ||||||
Other Long-Term Liabilities | 30,553 | 27,283 | ||||||
Long-Term Debt | 240,000 | 225,000 | ||||||
Total Other Liabilities | 586,970 | 583,892 | ||||||
SHAREHOLDERS’ INVESTMENT: | ||||||||
Common Stock - Authorized 120,000 shares, $.01 par value, issued 57,854 shares | 579 | 579 | ||||||
Additional Paid-In Capital | 80,083 | 79,354 | ||||||
Retained Earnings | 1,079,252 | 1,092,864 | ||||||
Accumulated Other Comprehensive Loss | (247,729 | ) | (243,498 | ) | ||||
Treasury Stock at cost, 8,068 and 7,373 shares, respectively | (199,952 | ) | (191,356 | ) | ||||
Total Shareholders’ Investment | 712,233 | 737,943 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT | $ | 1,637,091 | $ | 1,666,218 |
Three Months Ended | Six Months Ended | |||||||||||||||
January 1, 2012 | December 26, 2010 | January 1, 2012 | December 26, 2010 | |||||||||||||
NET SALES | $ | 447,947 | $ | 450,324 | $ | 845,244 | $ | 784,440 | ||||||||
COST OF GOODS SOLD | 374,067 | 372,003 | 705,310 | 644,125 | ||||||||||||
Gross Profit | 73,880 | 78,321 | 139,934 | 140,315 | ||||||||||||
ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 73,292 | 74,559 | 140,969 | 145,015 | ||||||||||||
Income (Loss) from Operations | 588 | 3,762 | (1,035 | ) | (4,700 | ) | ||||||||||
INTEREST EXPENSE | (4,796 | ) | (9,008 | ) | (9,134 | ) | (14,165 | ) | ||||||||
OTHER INCOME, Net | 1,388 | 1,637 | 3,183 | 3,073 | ||||||||||||
Loss Before Income Taxes | (2,820 | ) | (3,609 | ) | (6,986 | ) | (15,792 | ) | ||||||||
PROVISION (CREDIT) FOR INCOME TAXES | (5,517 | ) | (2,357 | ) | (4,463 | ) | (6,427 | ) | ||||||||
NET INCOME (LOSS) | $ | 2,697 | $ | (1,252 | ) | $ | (2,523 | ) | $ | (9,365 | ) | |||||
EARNINGS (LOSS) PER SHARE DATA | ||||||||||||||||
Weighted Average Shares Outstanding | 49,418 | 49,702 | 49,746 | 49,666 | ||||||||||||
Basic Earnings (Loss) Per Share | $ | 0.05 | $ | (0.03 | ) | $ | (0.05 | ) | $ | (0.19 | ) | |||||
Diluted Average Shares Outstanding | 50,326 | 49,702 | 49,746 | 49,666 | ||||||||||||
Diluted Earnings (Loss) Per Share | $ | 0.05 | $ | (0.03 | ) | $ | (0.05 | ) | $ | (0.19 | ) | |||||
DIVIDENDS PER SHARE | $ | 0.11 | $ | 0.11 | $ | 0.22 | $ | 0.22 |
Six Months Ended | ||||||||
January 1, 2012 | December 26, 2010 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net Loss | $ | (2,523 | ) | $ | (9,365 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and Amortization | 31,577 | 31,080 | ||||||
Stock Compensation Expense | 3,555 | 8,003 | ||||||
Loss on Disposition of Plant and Equipment | 16 | 690 | ||||||
Provision (Benefit) for Deferred Income Taxes | 5,287 | (3,909 | ) | |||||
Earnings of Unconsolidated Affiliates | (2,337 | ) | (2,331 | ) | ||||
Dividends Received from Unconsolidated Affiliates | 4,029 | 6,880 | ||||||
Change in Operating Assets and Liabilities: | ||||||||
(Increase) Decrease in Accounts Receivable | (43,411 | ) | 42,214 | |||||
Increase in Inventories | (140,214 | ) | (154,005 | ) | ||||
(Increase) Decrease in Other Current Assets | (841 | ) | 11,897 | |||||
Decrease in Accounts Payable and Accrued Liabilities | (8,020 | ) | (54,860 | ) | ||||
Other, Net | (12,118 | ) | (4,944 | ) | ||||
Net Cash Used in Operating Activities | (165,000 | ) | (128,650 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Additions to Plant and Equipment | (19,704 | ) | (21,341 | ) | ||||
Proceeds Received on Disposition of Plant and Equipment | 95 | 52 | ||||||
Payments for Acquisitions, Net of Cash Acquired | (2,673 | ) | — | |||||
Net Cash Used in Investing Activities | (22,282 | ) | (21,289 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Net Borrowings on Revolver | 15,000 | 55,000 | ||||||
Proceeds from Long-Term Debt Financing | — | 225,000 | ||||||
Debt Issuance Costs | (2,007 | ) | (4,994 | ) | ||||
Repayments on Long-Term Debt | — | (203,698 | ) | |||||
Treasury Stock Purchases | (11,384 | ) | — | |||||
Cash Dividends Paid | (5,565 | ) | (5,537 | ) | ||||
Net Cash Provided by (Used in) Financing Activities | (3,956 | ) | 65,771 | |||||
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (4,469 | ) | (905 | ) | ||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (195,707 | ) | (85,073 | ) | ||||
CASH AND CASH EQUIVALENTS, Beginning | 209,639 | 116,554 | ||||||
CASH AND CASH EQUIVALENTS, Ending | $ | 13,932 | $ | 31,481 |
Three Months Ended | Six Months Ended | ||||||||||||||||
January 1, 2012 | December 26, 2010 | January 1, 2012 | December 26, 2010 | ||||||||||||||
Net Income (Loss) | $ | 2,697 | $ | (1,252 | ) | $ | (2,523 | ) | $ | (9,365 | ) | ||||||
Less: Dividends Attributable to Unvested Shares | (80 | ) | (112 | ) | (207 | ) | (182 | ) | |||||||||
Net Income (Loss) Available to Common Shareholders | $ | 2,617 | $ | (1,364 | ) | $ | (2,730 | ) | $ | (9,547 | ) | ||||||
Weighted Average Shares Outstanding | 49,418 | 49,702 | 49,746 | 49,666 | |||||||||||||
Diluted Average Shares Outstanding | 50,326 | 49,702 | 49,746 | 49,666 | |||||||||||||
Basic Earnings (Loss) Per Share | $ | 0.05 | $ | (0.03 | ) | $ | (0.05 | ) | $ | (0.19 | ) | ||||||
Diluted Earnings (Loss) Per Share | $ | 0.05 | $ | (0.03 | ) | $ | (0.05 | ) | $ | (0.19 | ) |
Three Months Ended | Six Months Ended | |||||||||||||||
January 1, 2012 | December 26, 2010 | January 1, 2012 | December 26, 2010 | |||||||||||||
Options to Purchase Shares of Common Stock (in thousands) | 4,712 | 4,262 | 4,041 | 4,262 | ||||||||||||
Weighted Average Exercise Price of Options Excluded | $ | 24.91 | $ | 28.08 | $ | 26.59 | 28.08 |
Three Months Ended | Six Months Ended | |||||||||||||||
January 1, 2012 | December 26, 2010 | January 1, 2012 | December 26, 2010 | |||||||||||||
Net Income (Loss) | $ | 2,697 | $ | (1,252 | ) | $ | (2,523 | ) | $ | (9,365 | ) | |||||
Cumulative Translation Adjustments | 728 | 1,283 | (9,286 | ) | 10,508 | |||||||||||
Unrealized Loss on Derivative Instruments, Net of Tax | (3,092 | ) | (1,474 | ) | (3,102 | ) | (8,312 | ) | ||||||||
Unrecognized Pension & Postretirement Obligation, Net of Tax | 4,081 | 3,944 | 8,157 | 8,416 | ||||||||||||
Total Comprehensive Income (Loss) | $ | 4,414 | $ | 2,501 | $ | (6,754 | ) | $ | 1,247 |
January 1, 2012 | July 3, 2011 | |||||||
Cumulative Translation Adjustments | $ | 16,703 | $ | 25,989 | ||||
Unrealized Loss on Derivative Instruments | (5,345 | ) | (2,243 | ) | ||||
Unrecognized Pension & Postretirement Obligation | (259,087 | ) | (267,244 | ) | ||||
Accumulated Other Comprehensive Loss | $ | (247,729 | ) | $ | (243,498 | ) |
Three Months Ended | Six Months Ended | ||||||||||||||||
January 1, 2012 | December 26, 2010 | January 1, 2012 | December 26, 2010 | ||||||||||||||
Results of Operations: | |||||||||||||||||
Sales | $ | 32,262 | $ | 30,933 | $ | 64,577 | $ | 59,784 | |||||||||
Cost of Goods Sold | 25,843 | 24,495 | 51,474 | 48,317 | |||||||||||||
Gross Profit | $ | 6,419 | $ | 6,438 | $ | 13,103 | $ | 11,467 | |||||||||
Net Income | $ | 2,455 | $ | 3,149 | $ | 5,225 | $ | 5,241 |
January 1, 2012 | July 3, 2011 | ||||||||
Financial Position: | |||||||||
Assets: | |||||||||
Current Assets | $ | 55,295 | $ | 51,838 | |||||
Non-Current Assets | 15,580 | 18,292 | |||||||
$ | 70,875 | $ | 70,130 | ||||||
Liabilities: | |||||||||
Current Liabilities | $ | 21,332 | $ | 15,809 | |||||
Non-Current Liabilities | 4,589 | 5,749 | |||||||
$ | 25,921 | $ | 21,558 | ||||||
Equity | $ | 44,954 | $ | 48,572 |
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
January 1, 2012 | December 26, 2010 | January 1, 2012 | December 26, 2010 | |||||||||||||
Components of Net Periodic Expense: | ||||||||||||||||
Service Cost | $ | 3,489 | $ | 3,121 | $ | 102 | $ | 117 | ||||||||
Interest Cost on Projected Benefit Obligation | 14,284 | 14,143 | 1,695 | 1,707 | ||||||||||||
Expected Return on Plan Assets | (19,124 | ) | (19,202 | ) | — | — | ||||||||||
Amortization of: | ||||||||||||||||
Transition Obligation | 2 | 2 | — | — | ||||||||||||
Prior Service Cost (Credit) | 725 | 765 | (959 | ) | (757 | ) | ||||||||||
Actuarial Loss | 4,570 | 4,408 | 2,353 | 2,359 | ||||||||||||
Net Periodic Expense | $ | 3,946 | $ | 3,237 | $ | 3,191 | $ | 3,426 |
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
January 1, 2012 | December 26, 2010 | January 1, 2012 | December 26, 2010 | |||||||||||||
Components of Net Periodic Expense: | ||||||||||||||||
Service Cost | $ | 6,885 | $ | 6,787 | $ | 204 | $ | 243 | ||||||||
Interest Cost on Projected Benefit Obligation | 28,635 | 28,344 | 3,375 | 3,546 | ||||||||||||
Expected Return on Plan Assets | (38,348 | ) | (38,487 | ) | — | — | ||||||||||
Amortization of: | ||||||||||||||||
Transition Obligation | 4 | 4 | — | — | ||||||||||||
Prior Service Cost (Credit) | 1,450 | 1,530 | (1,918 | ) | (1,739 | ) | ||||||||||
Actuarial Loss | 9,246 | 8,885 | 4,590 | 5,141 | ||||||||||||
Net Periodic Expense | $ | 7,872 | $ | 7,063 | $ | 6,251 | $ | 7,191 |
Contract | Notional Amount | |||||||
January 1, 2012 | July 3, 2011 | |||||||
Interest Rate: | ||||||||
LIBOR Interest Rate (U.S. Dollars) | Fixed | 60,000 | — | |||||
Foreign Currency: | ||||||||
Australian Dollar | Sell | 30,230 | 34,295 | |||||
Canadian Dollar | Sell | 3,000 | 10,700 | |||||
Euro | Sell | 49,800 | 41,500 | |||||
Japanese Yen | Buy | 217,000 | — | |||||
Commodity: | ||||||||
Natural Gas (Therms) | Buy | 7,710 | 11,187 | |||||
Aluminum (Metric Tons) | Buy | 26 | 8 | |||||
Steel (Metric Tons) | Buy | 2 | 1 |
Balance Sheet Location | Asset (Liability) Fair Value | |||||||
January 1, 2012 | July 3, 2011 | |||||||
Interest rate contract | ||||||||
Other Long-Term Liabilities | (841 | ) | — | |||||
Foreign currency contracts | ||||||||
Other Current Assets | 5,980 | 108 | ||||||
Accrued Liabilities | (752 | ) | (3,550 | ) | ||||
Other Long-Term Liabilities | — | (280 | ) | |||||
Commodity contracts | ||||||||
Other Current Assets | — | 26 | ||||||
Accrued Liabilities | (8,759 | ) | (1,937 | ) | ||||
Other Long-Term Liabilities | (312 | ) | (91 | ) | ||||
$ | (4,684 | ) | $ | (5,724 | ) |
Three months ended January 1, 2012 | ||||||||||||||
Recognized in Earnings | ||||||||||||||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives, Net of Taxes (Effective Portion) | Classification of Gain (Loss) | Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | Recognized in Earnings (Ineffective Portion) | |||||||||||
Interest rate contract | $ | (304 | ) | Net Sales | $ | — | $ | — | ||||||
Foreign currency contracts - sell | (401 | ) | Net Sales | 1,182 | — | |||||||||
Foreign currency contracts - buy | — | Cost of Goods Sold | (57 | ) | — | |||||||||
Commodity contracts | (2,387 | ) | Cost of Goods Sold | (903 | ) | 8 | ||||||||
$ | (3,092 | ) | $ | 222 | $ | 8 |
Three months ended December 26, 2010 | ||||||||||||||
Recognized in Earnings | ||||||||||||||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives, Net of Taxes (Effective Portion) | Classification of Gain (Loss) | Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | Recognized in Earnings (Ineffective Portion) | |||||||||||
Foreign currency contracts - sell | $ | (1,665 | ) | Net Sales | $ | 723 | $ | — | ||||||
Foreign currency contracts - buy | 36 | Cost of Goods Sold | (121 | ) | — | |||||||||
Commodity contracts | 155 | Cost of Goods Sold | (823 | ) | 38 | |||||||||
$ | (1,474 | ) | $ | (221 | ) | $ | 38 |
Six months ended January 1, 2012 | ||||||||||||||
Recognized in Earnings | ||||||||||||||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives, Net of Taxes (Effective Portion) | Classification of Gain (Loss) | Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | Recognized in Earnings (Ineffective Portion) | |||||||||||
Interest rate contract | $ | (513 | ) | Net Sales | $ | — | $ | — | ||||||
Foreign currency contracts - sell | 2,753 | Net Sales | (62 | ) | — | |||||||||
Foreign currency contracts - buy | — | Cost of Goods Sold | (57 | ) | — | |||||||||
Commodity contracts | (5,342 | ) | Cost of Goods Sold | (1,241 | ) | (22 | ) | |||||||
$ | (3,102 | ) | $ | (1,360 | ) | $ | (22 | ) |
Six months ended December 26, 2010 | ||||||||||||||
Recognized in Earnings | ||||||||||||||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives, Net of Taxes (Effective Portion) | Classification of Gain (Loss) | Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | Recognized in Earnings (Ineffective Portion) | |||||||||||
Foreign currency contracts - sell | $ | (7,698 | ) | Net Sales | $ | 1,761 | $ | — | ||||||
Foreign currency contracts - buy | 2 | Cost of Goods Sold | (452 | ) | — | |||||||||
Commodity contracts | (616 | ) | Cost of Goods Sold | (1,136 | ) | 82 | ||||||||
$ | (8,312 | ) | $ | 173 | $ | 82 |
Fair Value Measurement Using | ||||||||||||||||
January 1, 2012 | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Derivatives | $ | 5,980 | $ | — | $ | 5,980 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Derivatives | $ | 10,664 | $ | — | $ | 10,664 | $ | — | ||||||||
July 3, 2011 | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Derivatives | $ | 134 | $ | — | $ | 134 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Derivatives | $ | 5,858 | $ | — | $ | 5,858 | $ | — |
Six Months Ended | ||||||||
January 1, 2012 | December 26, 2010 | |||||||
Beginning Balance | $ | 45,995 | $ | 41,945 | ||||
Payments | (13,911 | ) | (13,275 | ) | ||||
Provision for Current Year Warranties | 14,696 | 13,631 | ||||||
Changes in Estimates | (1,145 | ) | 130 | |||||
Ending Balance | $ | 45,635 | $ | 42,431 |
Three Months Ended | Six Months Ended | ||||||||||||||||
January 1, 2012 | December 26, 2010 | January 1, 2012 | December 26, 2010 | ||||||||||||||
NET SALES: | |||||||||||||||||
Engines | $ | 286,099 | $ | 297,827 | $ | 489,477 | $ | 503,441 | |||||||||
Products | 215,416 | 186,361 | 450,698 | 353,949 | |||||||||||||
Inter-Segment Eliminations | (53,568 | ) | (33,864 | ) | (94,931 | ) | (72,950 | ) | |||||||||
Total * | $ | 447,947 | $ | 450,324 | $ | 845,244 | $ | 784,440 | |||||||||
* International sales included in net sales based on product shipment destination | $ | 178,630 | $ | 208,610 | $ | 326,433 | $ | 326,459 | |||||||||
GROSS PROFIT: | |||||||||||||||||
Engines | $ | 49,352 | $ | 68,546 | $ | 86,235 | $ | 111,205 | |||||||||
Products | 26,819 | 12,084 | 54,429 | 29,391 | |||||||||||||
Inter-Segment Eliminations | (2,291 | ) | (2,309 | ) | (730 | ) | (281 | ) | |||||||||
Total | $ | 73,880 | $ | 78,321 | $ | 139,934 | $ | 140,315 | |||||||||
INCOME (LOSS) FROM OPERATIONS: | |||||||||||||||||
Engines | $ | 2,302 | $ | 20,186 | $ | (3,175 | ) | $ | 14,849 | ||||||||
Products | 577 | (14,115 | ) | 2,870 | (19,268 | ) | |||||||||||
Inter-Segment Eliminations | (2,291 | ) | (2,309 | ) | (730 | ) | (281 | ) | |||||||||
Total | $ | 588 | $ | 3,762 | $ | (1,035 | ) | $ | (4,700 | ) |
January 1, 2012 | July 3, 2011 | |||||||
Revolving Credit Facility | $ | 15,000 | $ | — | ||||
6.875% Senior Notes | 225,000 | 225,000 | ||||||
$ | 240,000 | $ | 225,000 |
January 1, 2012 Carrying Amount | Maximum Guarantee | |||||||
6.875% Senior Notes | $ | 225,000 | $ | 225,000 | ||||
Revolving Credit Facility | $ | 15,000 | $ | 500,000 |
Briggs & Stratton Corporation | Guarantor Subsidiary | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Current Assets | $ | 493,956 | $ | 384,854 | $ | 269,541 | $ | (189,846 | ) | $ | 958,505 | |||||||||
Investment in Subsidiaries | 618,909 | — | — | (618,909 | ) | — | ||||||||||||||
Non-Current Assets | 440,031 | 223,137 | 49,123 | (33,705 | ) | 678,586 | ||||||||||||||
$ | 1,552,896 | $ | 607,991 | $ | 318,664 | $ | (842,460 | ) | $ | 1,637,091 | ||||||||||
Current Liabilities | $ | 297,671 | $ | 93,967 | $ | 103,166 | $ | (156,916 | ) | $ | 337,888 | |||||||||
Other Long-Term Obligations | 542,992 | 48,553 | 62,061 | (66,636 | ) | 586,970 | ||||||||||||||
Shareholders’ Investment | 712,233 | 465,471 | 153,437 | (618,908 | ) | 712,233 | ||||||||||||||
$ | 1,552,896 | $ | 607,991 | $ | 318,664 | $ | (842,460 | ) | $ | 1,637,091 |
Briggs & Stratton Corporation | Guarantor Subsidiary | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Current Assets | $ | 519,783 | $ | 343,266 | $ | 244,473 | $ | (138,858 | ) | $ | 968,664 | |||||||||
Investment in Subsidiaries | 617,553 | — | — | (617,553 | ) | — | ||||||||||||||
Non-Current Assets | 455,876 | 229,054 | 50,692 | (38,068 | ) | 697,554 | ||||||||||||||
$ | 1,593,212 | $ | 572,320 | $ | 295,165 | $ | (794,479 | ) | $ | 1,666,218 | ||||||||||
Current Liabilities | $ | 292,908 | $ | 88,888 | $ | 95,044 | $ | (132,457 | ) | $ | 344,383 | |||||||||
Other Long-Term Obligations | 562,361 | 20,988 | 45,012 | (44,469 | ) | 583,892 | ||||||||||||||
Shareholders’ Investment | 737,943 | 462,444 | 155,109 | (617,553 | ) | 737,943 | ||||||||||||||
$ | 1,593,212 | $ | 572,320 | $ | 295,165 | $ | (794,479 | ) | $ | 1,666,218 |
Briggs & Stratton Corporation | Guarantor Subsidiary | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 270,624 | $ | 180,007 | $ | 83,529 | $ | (86,213 | ) | $ | 447,947 | |||||||||
Cost of Goods Sold | 231,128 | 162,276 | 66,876 | (86,213 | ) | 374,067 | ||||||||||||||
Gross Profit | 39,496 | 17,731 | 16,653 | — | 73,880 | |||||||||||||||
Engineering, Selling, General and Administrative Expenses | 44,427 | 18,730 | 10,135 | — | 73,292 | |||||||||||||||
Equity in Income from Subsidiaries | (5,827 | ) | — | — | 5,827 | — | ||||||||||||||
Income (Loss) from Operations | 896 | (999 | ) | 6,518 | (5,827 | ) | 588 | |||||||||||||
Interest Expense | (4,738 | ) | (9 | ) | (49 | ) | — | (4,796 | ) | |||||||||||
Other Income, Net | 931 | 74 | 383 | — | 1,388 | |||||||||||||||
Income (Loss) before Income Taxes | (2,911 | ) | (934 | ) | 6,852 | (5,827 | ) | (2,820 | ) | |||||||||||
Provision (Credit) for Income Taxes | (5,608 | ) | (2,060 | ) | 2,151 | — | (5,517 | ) | ||||||||||||
Net Income (Loss) | $ | 2,697 | $ | 1,126 | $ | 4,701 | $ | (5,827 | ) | $ | 2,697 |
Briggs & Stratton Corporation | Guarantor Subsidiary | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 285,078 | $ | 144,890 | $ | 90,036 | $ | (69,680 | ) | $ | 450,324 | |||||||||
Cost of Goods Sold | 228,169 | 142,724 | 70,790 | (69,680 | ) | 372,003 | ||||||||||||||
Gross Profit | 56,909 | 2,166 | 19,246 | — | 78,321 | |||||||||||||||
Engineering, Selling, General and Administrative Expenses | 42,500 | 19,231 | 12,828 | — | 74,559 | |||||||||||||||
Equity in Income (Loss) from Subsidiaries | 5,687 | — | — | (5,687 | ) | — | ||||||||||||||
Income (Loss) from Operations | 8,722 | (17,065 | ) | 6,418 | 5,687 | 3,762 | ||||||||||||||
Interest Expense | (8,953 | ) | (17 | ) | (38 | ) | — | (9,008 | ) | |||||||||||
Other Income (Expense), Net | 773 | 175 | 689 | — | 1,637 | |||||||||||||||
Income (Loss) before Income Taxes | 542 | (16,907 | ) | 7,069 | 5,687 | (3,609 | ) | |||||||||||||
Provision (Credit) for Income Taxes | 1,794 | (5,999 | ) | 1,848 | — | (2,357 | ) | |||||||||||||
Net Income (Loss) | $ | (1,252 | ) | $ | (10,908 | ) | $ | 5,221 | $ | 5,687 | $ | (1,252 | ) |
Briggs & Stratton Corporation | Guarantor Subsidiary | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 464,705 | $ | 390,573 | $ | 155,010 | $ | (165,044 | ) | $ | 845,244 | |||||||||
Cost of Goods Sold | 392,010 | 350,286 | 128,058 | (165,044 | ) | 705,310 | ||||||||||||||
Gross Profit | 72,695 | 40,287 | 26,952 | — | 139,934 | |||||||||||||||
Engineering, Selling, General and Administrative Expenses | 81,540 | 36,882 | 22,547 | — | 140,969 | |||||||||||||||
Equity in Income from Subsidiaries | (3,640 | ) | — | — | 3,640 | — | ||||||||||||||
Income (Loss) from Operations | (5,205 | ) | 3,405 | 4,405 | (3,640 | ) | (1,035 | ) | ||||||||||||
Interest Expense | (9,042 | ) | (21 | ) | (71 | ) | — | (9,134 | ) | |||||||||||
Other Income, Net | 2,410 | 165 | 608 | — | 3,183 | |||||||||||||||
Income (Loss) before Income Taxes | (11,837 | ) | 3,549 | 4,942 | (3,640 | ) | (6,986 | ) | ||||||||||||
Provision (Credit) for Income Taxes | (9,314 | ) | 1,541 | 3,310 | — | (4,463 | ) | |||||||||||||
Net Income (Loss) | $ | (2,523 | ) | $ | 2,008 | $ | 1,632 | $ | (3,640 | ) | $ | (2,523 | ) |
Briggs & Stratton Corporation | Guarantor Subsidiary | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 477,770 | $ | 295,362 | $ | 160,145 | $ | (148,837 | ) | $ | 784,440 | |||||||||
Cost of Goods Sold | 384,741 | 280,682 | 127,539 | (148,837 | ) | 644,125 | ||||||||||||||
Gross Profit | 93,029 | 14,680 | 32,606 | — | 140,315 | |||||||||||||||
Engineering, Selling, General and Administrative Expenses | 84,956 | 36,576 | 23,483 | — | 145,015 | |||||||||||||||
Equity in Loss from Subsidiaries | 6,489 | — | — | (6,489 | ) | — | ||||||||||||||
Income (Loss) from Operations | 1,584 | (21,896 | ) | 9,123 | 6,489 | (4,700 | ) | |||||||||||||
Interest Expense | (14,057 | ) | (37 | ) | (71 | ) | — | (14,165 | ) | |||||||||||
Other Income (Expense), Net | 1,818 | 313 | 942 | — | 3,073 | |||||||||||||||
Income (Loss) before Income Taxes | (10,655 | ) | (21,620 | ) | 9,994 | 6,489 | (15,792 | ) | ||||||||||||
Provision (Credit) for Income Taxes | (1,290 | ) | (7,644 | ) | 2,507 | — | (6,427 | ) | ||||||||||||
Net Income (Loss) | $ | (9,365 | ) | $ | (13,976 | ) | $ | 7,487 | $ | 6,489 | $ | (9,365 | ) |
Briggs & Stratton Corporation | Guarantor Subsidiary | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net Cash Used in Operating Activities | $ | (122,561 | ) | $ | (22,069 | ) | $ | (46,900 | ) | $ | 26,530 | $ | (165,000 | ) | ||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to Plant and Equipment | (16,386 | ) | (2,145 | ) | (1,173 | ) | — | (19,704 | ) | |||||||||||
Proceeds Received from Disposition of Plant and Equipment | 41 | 50 | 4 | — | 95 | |||||||||||||||
Cash Investment in Subsidiary | 2,141 | — | (5,765 | ) | 3,624 | — | ||||||||||||||
Payments for Acquisitions, Net of Cash Acquired | — | — | (2,673 | ) | — | (2,673 | ) | |||||||||||||
Net Cash Used in Investing Activities | (14,204 | ) | (2,095 | ) | (9,607 | ) | 3,624 | (22,282 | ) | |||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt | (2,859 | ) | 23,563 | 20,826 | (26,530 | ) | 15,000 | |||||||||||||
Capital Contributions | — | — | 3,624 | (3,624 | ) | — | ||||||||||||||
Debt Issuance Costs | (2,007 | ) | — | — | — | (2,007 | ) | |||||||||||||
Treasury Stock Purchases | (11,384 | ) | — | — | — | (11,384 | ) | |||||||||||||
Cash Dividends Paid | (5,565 | ) | — | — | — | (5,565 | ) | |||||||||||||
Net Cash Provided by (Used in) Financing Activities | (21,815 | ) | 23,563 | 24,450 | (30,154 | ) | (3,956 | ) | ||||||||||||
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents | — | — | (4,469 | ) | — | (4,469 | ) | |||||||||||||
Net Decrease in Cash and Cash Equivalents | (158,580 | ) | (601 | ) | (36,526 | ) | — | (195,707 | ) | |||||||||||
Cash and Cash Equivalents, Beginning | 158,672 | 1,372 | 49,595 | — | 209,639 | |||||||||||||||
Cash and Cash Equivalents, Ending | $ | 92 | $ | 771 | $ | 13,069 | $ | — | $ | 13,932 |
Briggs & Stratton Corporation | Guarantor Subsidiary | Non- Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | (87,292 | ) | $ | (42,444 | ) | $ | 6,752 | $ | (5,666 | ) | $ | (128,650 | ) | ||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to Plant and Equipment | (15,933 | ) | (4,141 | ) | (1,267 | ) | — | (21,341 | ) | |||||||||||
Proceeds Received from Disposition of Plant and Equipment | 14 | 27 | 11 | — | 52 | |||||||||||||||
Cash Investment in Subsidiary | (92 | ) | — | — | 92 | — | ||||||||||||||
Net Cash Used in Investing Activities | (16,011 | ) | (4,114 | ) | (1,256 | ) | 92 | (21,289 | ) | |||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Net Borrowings on Loans, Notes Payable and Long-Term Debt | 15,944 | 44,875 | 9,817 | 5,666 | 76,302 | |||||||||||||||
Capital Contributions | — | — | 92 | (92 | ) | — | ||||||||||||||
Debt Issuance Costs | (4,994 | ) | — | — | — | (4,994 | ) | |||||||||||||
Cash Dividends Paid | (5,537 | ) | — | — | — | (5,537 | ) | |||||||||||||
Net Cash Provided by Financing Activities | 5,413 | 44,875 | 9,909 | 5,574 | 65,771 | |||||||||||||||
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents | — | — | (905 | ) | — | (905 | ) | |||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (97,890 | ) | (1,683 | ) | 14,500 | — | (85,073 | ) | ||||||||||||
Cash and Cash Equivalents, Beginning | 100,880 | 3,675 | 11,999 | — | 116,554 | |||||||||||||||
Cash and Cash Equivalents, Ending | $ | 2,990 | $ | 1,992 | $ | 26,499 | $ | — | $ | 31,481 |
2012 Fiscal Month | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of a Publicly Announced Program (1) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (1) | ||||||||||
October 3, 2011 to October 30, 2011 | 263,425 | $ | 14.18 | 263,425 | $ | 43,146,332 | ||||||||
October 31, 2011 to November 27, 2011 | 245,067 | 14.41 | 245,067 | 39,614,917 | ||||||||||
November 28, 2011 to January 1, 2012 | 74,151 | 13.49 | 74,151 | 38,614,620 | ||||||||||
Total Second Quarter | 582,643 | $ | 14.19 | 582,643 | $ | 38,614,620 |
(1) | On August 10, 2011, the Board of Directors of the Company authorized up to $50 million in funds for use in a common share repurchase program with an expiration of June 30, 2013. |
Exhibit Number | Description | |
4.1 | Multicurrency Credit Agreement, dated as of October 13, 2011, among Briggs & Stratton Corporation, Briggs & Stratton AG, the financial institutions from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (filed as Exhibit 4.1 to the Company's Current Report on Form 8-K dated October 13, 2011 and incorporated herein by reference) | |
31.1 | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 (Filed herewith) | |
31.2 | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 (Filed herewith) | |
32.1 | Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes- Oxley Act of 2002 (Furnished herewith) | |
32.2 | Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes- Oxley Act of 2002 (Furnished herewith) | |
101 | The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended January 1, 2012 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Condensed Balance Sheets, (ii) the Consolidated Condensed Statements of Operations, (iii) the Consolidated Condensed Statements of Cash Flows, and (iv) related Notes to Consolidated Financial Statements |
BRIGGS & STRATTON CORPORATION | |||
(Registrant) | |||
Date: February 7, 2012 | /s/ David J. Rodgers | ||
David J. Rodgers | |||
Senior Vice President and Chief Financial Officer and Duly Authorized Officer |
Exhibit Number | Description | |
4.1 | Multicurrency Credit Agreement, dated as of October 13, 2011, among Briggs & Stratton Corporation, Briggs & Stratton AG, the financial institutions from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (filed as Exhibit 4.1 to the Company's Current Report on Form 8-K dated October 13, 2011 and incorporated herein by reference) | |
31.1 | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 (Filed herewith) | |
31.2 | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 (Filed herewith) | |
32.1 | Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes- Oxley Act of 2002 (Furnished herewith) | |
32.2 | Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes- Oxley Act of 2002 (Furnished herewith) | |
101 | The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended January 1, 2012 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Condensed Balance Sheets, (ii) the Consolidated Condensed Statements of Operations, (iii) the Consolidated Condensed Statements of Cash Flows, and (iv) related Notes to Consolidated Financial Statements |
1. | I have reviewed this quarterly report on Form 10-Q of Briggs & Stratton Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: February 7, 2012 | /s/ Todd J. Teske | |
Todd J. Teske | ||
Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Briggs & Stratton Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: February 7, 2012 | /s/ David J. Rodgers | |
David J. Rodgers | ||
Chief Financial Officer |
/s/ Todd J. Teske |
Todd J. Teske |
Chief Executive Officer |
February 7, 2012 |
/s/ David J. Rodgers |
David J. Rodgers |
Chief Financial Officer |
February 7, 2012 |
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Comprehensive Income (Loss) Accumulated Other Comprehensive Loss (Details) (USD $)
In Thousands, unless otherwise specified |
Jan. 01, 2012
|
Jul. 03, 2011
|
---|---|---|
Cumulative Translation Adjustments | $ 16,703 | $ 25,989 |
Unrealized Loss on Derivative Instruments | (5,345) | (2,243) |
Unrecognized Pension & Postretirement Obligation | (259,087) | (267,244) |
Accumulated Other Comprehensive Loss | $ (247,729) | $ (243,498) |
Segment Information (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jan. 01, 2012
|
Dec. 26, 2010
|
Jan. 01, 2012
|
Dec. 26, 2010
|
|
Net Sales | $ 447,947 | $ 450,324 | $ 845,244 | $ 784,440 |
Gross Profit | 73,880 | 78,321 | 139,934 | 140,315 |
Income (Loss) from Operations | 588 | 3,762 | (1,035) | (4,700) |
Engines [Member]
|
||||
Net Sales | 286,099 | 297,827 | 489,477 | 503,441 |
Gross Profit | 49,352 | 68,546 | 86,235 | 111,205 |
Income (Loss) from Operations | 2,302 | 20,186 | (3,175) | 14,849 |
Power Products [Member]
|
||||
Net Sales | 215,416 | 186,361 | 450,698 | 353,949 |
Gross Profit | 26,819 | 12,084 | 54,429 | 29,391 |
Income (Loss) from Operations | 577 | (14,115) | 2,870 | (19,268) |
Elimination [Member]
|
||||
Net Sales | (53,568) | (33,864) | (94,931) | (72,950) |
Gross Profit | (2,291) | (2,309) | (730) | (281) |
Income (Loss) from Operations | $ (2,291) | $ (2,309) | $ (730) | $ (281) |
Debt (Details) (USD $)
|
6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Jan. 01, 2012
|
Dec. 26, 2010
|
Jul. 03, 2011
|
Jan. 01, 2012
Revolving Credit Facility [Member]
|
Oct. 13, 2011
Revolving Credit Facility [Member]
|
Jul. 03, 2011
Revolving Credit Facility [Member]
|
Jan. 01, 2012
Senior Notes [Member]
|
Jul. 03, 2011
Senior Notes [Member]
|
Dec. 15, 2010
Senior Notes [Member]
|
|
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Amount Outstanding | $ 15,000,000 | $ 0 | |||||||
Senior Notes | 225,000,000 | 225,000,000 | 225,000,000 | ||||||
Long-term Debt | 240,000,000 | 225,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | ||||||||
Debt Instrument, Maturity Date | Dec. 15, 2020 | ||||||||
Payments of Debt Issuance Costs | 2,007,000 | 4,994,000 | |||||||
Make Whole Costs Included In Interest Expense | 3,700,000 | ||||||||
Write Off of Deferred Debt Issuance Cost | 100,000 | ||||||||
Write Off Of Debt Instrument Unamortized Discount | 100,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000,000 | 500,000,000 | |||||||
Line of Credit Facility, Expiration Date | October 13, 2016 | ||||||||
Line Of Credit Facility Increased Available Maximum Borrowing Capacity | $ 250,000,000 |
Derivative Instruments and Hedging Activities Notional Amounts (Details) (USD $)
|
Jan. 01, 2012
|
Jul. 03, 2011
|
---|---|---|
Interest Rate Swap [Member]
|
||
Derivative [Line Items] | ||
Notional Amount of Derivatives | $ 60,000,000 | $ 0 |
Australian Dollar, Sell [Member]
|
||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 30,230,000 | 34,295,000 |
Canadian Dollar, Sell [Member]
|
||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 3,000,000 | 10,700,000 |
Euro, Sell [Member]
|
||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 49,800,000 | 41,500,000 |
Japanese Yen, Buy [Member]
|
||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 217,000,000 | 0 |
Natural Gas [Member]
|
||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 7,710,000 | 11,187,000 |
Aluminum [Member]
|
||
Derivative [Line Items] | ||
Notional Amount of Derivatives | 26,000 | 8,000 |
Steel [Member]
|
||
Derivative [Line Items] | ||
Notional Amount of Derivatives | $ 2,000 | $ 1,000 |
Separate Financial Information Of Subsidiary Guarantor Of Indebtedness (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2012
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Separate Financial Information Of Subsidiary Guarantors Of Indebtedness | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Outstanding Amounts Related To Guaranteed Debt | The Company had the following outstanding amounts related to the guaranteed debt (in thousands):
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Schedule Of Consolidated Balance Sheets | BALANCE SHEET As of January 1, 2012 (Unaudited)
BALANCE SHEET As of July 3, 2011 (Unaudited)
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Guarantor Subsidiaries Statements Of Operations | STATEMENT OF OPERATIONS For the Three Months Ended January 1, 2012 (Unaudited)
STATEMENT OF OPERATIONS For the Three Months Ended December 26, 2010 (Unaudited)
STATEMENT OF OPERATIONS For the Six Months Ended January 1, 2012 (Unaudited)
STATEMENT OF OPERATIONS For the Six Months Ended December 26, 2010 (Unaudited)
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Guarantor Subsidiaries Statements Of Cash Flows | STATEMENT OF CASH FLOWS For the Six Months Ended January 1, 2012 (Unaudited)
STATEMENT OF CASH FLOWS For the Six Months Ended December 26, 2010 (Unaudited)
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Separate Financial Information Of Subsidiary Guarantor of Indebtedness (Schedule Of Consolidated Balance Sheets) (Details) (USD $)
In Thousands, unless otherwise specified |
Jan. 01, 2012
|
Jul. 03, 2011
|
---|---|---|
Current Assets | $ 958,505 | $ 968,664 |
Investment in Subsidiaries | 0 | 0 |
Non-Current Assets | 678,586 | 697,554 |
TOTAL ASSETS | 1,637,091 | 1,666,218 |
Current Liabilities | 337,888 | 344,383 |
Other Long-Term Obligations | 586,970 | 583,892 |
Shareholders' Investment | 712,233 | 737,943 |
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT | 1,637,091 | 1,666,218 |
Briggs & Stratton Corporation [Member]
|
||
Current Assets | 493,956 | 519,783 |
Investment in Subsidiaries | 618,909 | 617,553 |
Non-Current Assets | 440,031 | 455,876 |
TOTAL ASSETS | 1,552,896 | 1,593,212 |
Current Liabilities | 297,671 | 292,908 |
Other Long-Term Obligations | 542,992 | 562,361 |
Shareholders' Investment | 712,233 | 737,943 |
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT | 1,552,896 | 1,593,212 |
Guarantor Subsidiary [Member]
|
||
Current Assets | 384,854 | 343,266 |
Investment in Subsidiaries | 0 | 0 |
Non-Current Assets | 223,137 | 229,054 |
TOTAL ASSETS | 607,991 | 572,320 |
Current Liabilities | 93,967 | 88,888 |
Other Long-Term Obligations | 48,553 | 20,988 |
Shareholders' Investment | 465,471 | 462,444 |
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT | 607,991 | 572,320 |
Non-Guarantor Subsidiaries [Member]
|
||
Current Assets | 269,541 | 244,473 |
Investment in Subsidiaries | 0 | 0 |
Non-Current Assets | 49,123 | 50,692 |
TOTAL ASSETS | 318,664 | 295,165 |
Current Liabilities | 103,166 | 95,044 |
Other Long-Term Obligations | 62,061 | 45,012 |
Shareholders' Investment | 153,437 | 155,109 |
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT | 318,664 | 295,165 |
Consolidation, Eliminations [Member]
|
||
Current Assets | (189,846) | (138,858) |
Investment in Subsidiaries | (618,909) | (617,553) |
Non-Current Assets | (33,705) | (38,068) |
TOTAL ASSETS | (842,460) | (794,479) |
Current Liabilities | (156,916) | (132,457) |
Other Long-Term Obligations | (66,636) | (44,469) |
Shareholders' Investment | (618,908) | (617,553) |
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT | $ (842,460) | $ (794,479) |
Comprehensive Income (Loss) Accumulated Other Comprehensive Loss (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2012
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Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of Accumulated Other Comprehensive Loss, net of tax, are as follows (in thousands):
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Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], USD $)
In Thousands, unless otherwise specified |
Jan. 01, 2012
|
Jul. 03, 2011
|
---|---|---|
Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Assets, Derivatives | $ 5,980 | $ 134 |
Liabilities, Derivatives | 10,664 | 5,858 |
Fair Value Measurements Using Level 1 [Member]
|
||
Assets, Derivatives | 0 | 0 |
Liabilities, Derivatives | 0 | 0 |
Fair Value Measurements Using Level 2 [Member]
|
||
Assets, Derivatives | 5,980 | 134 |
Liabilities, Derivatives | 10,664 | 5,858 |
Fair Value, Inputs, Level 3 [Member]
|
||
Assets, Derivatives | 0 | 0 |
Liabilities, Derivatives | $ 0 | $ 0 |
Investments Equity Method Investments (Details) (USD $)
|
6 Months Ended | ||
---|---|---|---|
Jan. 01, 2012
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Dec. 26, 2010
|
Jul. 03, 2011
|
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Investments | $ 20,494,000 | $ 21,017,000 | |
Net Sales To Equity Method Investees | 1,100,000 | 3,600,000 | |
Purchases Of Finished Products From Equity Method Investees | $ 61,700,000 | $ 52,100,000 | |
Unconsolidated Affiliated Companies [Member] | Minimum [Member]
|
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Equity Method Investment, Ownership Percentage | 30.00% | ||
Unconsolidated Affiliated Companies [Member] | Maximum [Member]
|
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Equity Method Investment, Ownership Percentage | 50.00% |
Earnings (Loss) Per Share Share Repurchase Information (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jan. 01, 2012
|
Dec. 26, 2010
|
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Stock Repurchase Program, Authorized Amount | $ 50 | |
Treasury Stock, Shares, Acquired | 801,843.0 | 0.0 |
Treasury Stock Acquired, Average Cost Per Share | $ 14.20 |
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jan. 01, 2012
|
Jul. 03, 2011
|
|
Income Tax Contingency [Line Items] | ||
Unrecognized Tax Benefits | $ 12.0 | |
Unrecognized tax benefits that would impact effective tax rate | 9.9 | |
Unrecognized tax benefits, income tax penalties and interest accrued | 5.7 | |
Unrecognized Tax Benefits, Period Increase (Decrease) | (6.0) | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ (1.2) |
Derivative Instruments and Hedging Activities Balance Sheet Location (Details) (USD $)
In Thousands, unless otherwise specified |
Jan. 01, 2012
|
Jul. 03, 2011
|
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ (4,684) | $ (5,724) |
Other Long-Term Liabilities [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net | (841) | 0 |
Foreign Currency Cash Flow Hedge Derivative at Fair Value, Net | 0 | (280) |
Price Risk Cash Flow Hedge Derivative, at Fair Value, Net | (312) | (91) |
Other Current Assets [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Cash Flow Hedge Derivative at Fair Value, Net | 5,980 | 108 |
Price Risk Cash Flow Hedge Derivative, at Fair Value, Net | 0 | 26 |
Accrued Liabilities [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Cash Flow Hedge Derivative at Fair Value, Net | (752) | (3,550) |
Price Risk Cash Flow Hedge Derivative, at Fair Value, Net | $ (8,759) | $ (1,937) |
Earnings (Loss) Per Share
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 01, 2012
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Per Share | Earnings (Loss) Per Share The Company computes earnings (loss) per share using the two-class method, an earnings allocation formula that determines earnings (loss) per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The Company’s unvested grants of restricted stock and deferred stock awards contain non-forfeitable rights to dividends (whether paid or unpaid), which are required to be treated as participating securities and included in the computation of basic earnings (loss) per share. Information on earnings (loss) per share is as follows (in thousands except per share data):
The dilutive effect of the potential exercise of outstanding stock-based awards to acquire common shares is calculated using the treasury stock method. As a result of the Company incurring losses from continuing operations for the three months ended December 26, 2010 and for the six months ended January 1, 2012 and December 26, 2010, potential incremental common shares of 385,000, 887,000 and 362,000, respectively, were excluded from the calculation of diluted EPS for each period because the effect would have been anti-dilutive. In addition, the following options to purchase shares of common stock were excluded from the calculation of diluted earnings per share as the exercise prices were greater than the average market price of the common shares:
On August 10, 2011, the Board of Directors of the Company authorized up to $50 million in funds for use in a common share repurchase program with an expiration of June 30, 2013. The common share repurchase program authorizes the purchase of shares of the Company's common stock on the open market or in private transactions from time to time, depending on market conditions and certain governing loan covenants. During fiscal 2012, the Company repurchased 801,843 shares on the open market at an average price $14.20 per share. There were no shares repurchased in fiscal 2011. |