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 November 2, 2012 | |
COMMON STOCK, par value $0.01 per share | 47,529,228 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. | ||
September 30, 2012 | July 1, 2012 | |||||||
CURRENT ASSETS: | ||||||||
Cash and Cash Equivalents | $ | 101,625 | $ | 156,075 | ||||
Accounts Receivable, Net | 192,797 | 223,996 | ||||||
Inventories - | ||||||||
Finished Products and Parts | 379,843 | 319,977 | ||||||
Work in Process | 118,548 | 107,632 | ||||||
Raw Materials | 5,054 | 6,075 | ||||||
Total Inventories | 503,445 | 433,684 | ||||||
Deferred Income Tax Asset | 41,125 | 44,527 | ||||||
Assets Held for Sale | 5,403 | 10,404 | ||||||
Prepaid Expenses and Other Current Assets | 34,588 | 42,814 | ||||||
Total Current Assets | 878,983 | 911,500 | ||||||
OTHER ASSETS: | ||||||||
Goodwill | 205,320 | 204,764 | ||||||
Investments | 19,240 | 22,163 | ||||||
Debt Issuance Costs | 5,461 | 5,717 | ||||||
Other Intangible Assets, Net | 86,732 | 87,067 | ||||||
Long-Term Deferred Income Tax Asset | 71,861 | 66,951 | ||||||
Other Long-Term Assets, Net | 9,050 | 8,820 | ||||||
Total Other Assets | 397,664 | 395,482 | ||||||
PLANT AND EQUIPMENT: | ||||||||
Cost | 1,016,897 | 1,026,845 | ||||||
Less - Accumulated Depreciation | 723,832 | 725,596 | ||||||
Total Plant and Equipment, Net | 293,065 | 301,249 | ||||||
TOTAL ASSETS | $ | 1,569,712 | $ | 1,608,231 |
September 30, 2012 | July 1, 2012 | |||||||
CURRENT LIABILITIES: | ||||||||
Accounts Payable | $ | 151,484 | $ | 151,153 | ||||
Short-Term Debt | 3,000 | 3,000 | ||||||
Accrued Liabilities | 139,548 | 151,756 | ||||||
Total Current Liabilities | 294,032 | 305,909 | ||||||
OTHER LIABILITIES: | ||||||||
Accrued Pension Cost | 287,853 | 296,394 | ||||||
Accrued Employee Benefits | 23,709 | 25,035 | ||||||
Accrued Postretirement Health Care Obligation | 91,355 | 89,842 | ||||||
Other Long-Term Liabilities | 35,094 | 34,081 | ||||||
Long-Term Debt | 225,000 | 225,000 | ||||||
Total Other Liabilities | 663,011 | 670,352 | ||||||
SHAREHOLDERS’ INVESTMENT: | ||||||||
Common Stock - Authorized 120,000 shares, $.01 par value, issued 57,854 shares | 579 | 579 | ||||||
Additional Paid-In Capital | 80,877 | 81,723 | ||||||
Retained Earnings | 1,077,583 | 1,099,859 | ||||||
Accumulated Other Comprehensive Loss | (310,749 | ) | (322,704 | ) | ||||
Treasury Stock at cost, 10,187 and 9,663 shares, respectively | (235,621 | ) | (227,487 | ) | ||||
Total Shareholders’ Investment | 612,669 | 631,970 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT | $ | 1,569,712 | $ | 1,608,231 |
Three Months Ended | ||||||||
September 30, 2012 | October 2, 2011 | |||||||
NET SALES | $ | 309,020 | $ | 397,297 | ||||
COST OF GOODS SOLD | 260,024 | 331,243 | ||||||
RESTRUCTURING CHARGES | 5,126 | — | ||||||
Gross Profit | 43,870 | 66,054 | ||||||
ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 65,688 | 67,677 | ||||||
Loss from Operations | (21,818 | ) | (1,623 | ) | ||||
INTEREST EXPENSE | (4,486 | ) | (4,338 | ) | ||||
OTHER INCOME, Net | 1,405 | 1,794 | ||||||
Loss Before Income Taxes | (24,899 | ) | (4,167 | ) | ||||
PROVISION (CREDIT) FOR INCOME TAXES | (8,372 | ) | 1,053 | |||||
NET LOSS | $ | (16,527 | ) | $ | (5,220 | ) | ||
EARNINGS (LOSS) PER SHARE DATA | ||||||||
Weighted Average Shares Outstanding | 47,133 | 49,818 | ||||||
Basic Earnings (Loss) Per Share | $ | (0.35 | ) | $ | (0.10 | ) | ||
Diluted Average Shares Outstanding | 47,133 | 49,818 | ||||||
Diluted Earnings (Loss) Per Share | $ | (0.35 | ) | $ | (0.10 | ) | ||
DIVIDENDS PER SHARE | $ | 0.12 | $ | 0.11 |
Three Months Ended | ||||||||
September 30, 2012 | October 2, 2011 | |||||||
Net Loss | $ | (16,527 | ) | $ | (5,220 | ) | ||
Other Comprehensive Income (Loss): | ||||||||
Cumulative Translation Adjustments | 4,775 | (10,013 | ) | |||||
Unrealized Gain (Loss) on Derivative Instruments, Net of Tax | 1,055 | (10 | ) | |||||
Unrecognized Pension & Postretirement Obligation, Net of Tax | 6,125 | 4,076 | ||||||
Total Comprehensive Loss | $ | (4,572 | ) | $ | (11,167 | ) |
Three Months Ended | ||||||||
September 30, 2012 | October 2, 2011 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net Loss | $ | (16,527 | ) | $ | (5,220 | ) | ||
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | ||||||||
Depreciation and Amortization | 13,778 | 16,119 | ||||||
Stock Compensation Expense | 2,511 | 2,548 | ||||||
Gain on Disposition of Plant and Equipment | (43 | ) | (14 | ) | ||||
Provision (Credit) for Deferred Income Taxes | (6,152 | ) | 3,507 | |||||
Cash Contributions to Pension Plans | (5,466 | ) | — | |||||
Non-Cash Restructuring Charges | 3,185 | — | ||||||
Change in Operating Assets and Liabilities: | ||||||||
Decrease in Accounts Receivable | 30,762 | 13,503 | ||||||
Increase in Inventories | (69,546 | ) | (65,287 | ) | ||||
Decrease in Other Current Assets | 2,809 | 20,870 | ||||||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 3,749 | (39,057 | ) | |||||
Other, Net | (420 | ) | (3,240 | ) | ||||
Net Cash Used in Operating Activities | (41,360 | ) | (56,271 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Additions to Plant and Equipment | (7,871 | ) | (10,230 | ) | ||||
Proceeds Received on Disposition of Plant and Equipment | 5,620 | 80 | ||||||
Net Cash Used in Investing Activities | (2,251 | ) | (10,150 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Treasury Stock Purchases | (12,886 | ) | (3,118 | ) | ||||
Stock Option Exercise Proceeds and Tax Benefits | 1,534 | — | ||||||
Net Cash Used in Financing Activities | (11,352 | ) | (3,118 | ) | ||||
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 513 | (1,856 | ) | |||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (54,450 | ) | (71,395 | ) | ||||
CASH AND CASH EQUIVALENTS, Beginning | 156,075 | 209,639 | ||||||
CASH AND CASH EQUIVALENTS, Ending | $ | 101,625 | $ | 138,244 |
Termination Benefits | Other Costs | Total | ||||||||||
Reserve Balance at July 1, 2012 | $ | 2,227 | $ | 3,344 | $ | 5,571 | ||||||
Provisions | — | 1,091 | 1,091 | |||||||||
Cash Expenditures | (1,596 | ) | (808 | ) | (2,404 | ) | ||||||
Other Adjustments (1) | — | (1,015 | ) | (1,015 | ) | |||||||
Reserve Balance at September 30, 2012 | $ | 631 | $ | 2,612 | $ | 3,243 |
Termination Benefits | Other Costs | Total | ||||||||||
Reserve Balance at July 1, 2012 | $ | 942 | $ | 445 | $ | 1,387 | ||||||
Provisions | 225 | 3,810 | 4,035 | |||||||||
Cash Expenditures | (396 | ) | (2,026 | ) | (2,422 | ) | ||||||
Other Adjustments (2) | — | (2,122 | ) | (2,122 | ) | |||||||
Reserve Balance at September 30, 2012 | $ | 771 | $ | 107 | $ | 878 |
Three Months Ended | ||||||||
September 30, 2012 | October 2, 2011 | |||||||
Net Loss | $ | (16,527 | ) | $ | (5,220 | ) | ||
Less: Dividends Attributable to Unvested Shares | (96 | ) | (80 | ) | ||||
Net Loss Available to Common Shareholders | $ | (16,623 | ) | $ | (5,300 | ) | ||
Weighted Average Shares Outstanding | 47,133 | 49,818 | ||||||
Diluted Average Shares Outstanding | 47,133 | 49,818 | ||||||
Basic Earnings (Loss) Per Share | $ | (0.35 | ) | $ | (0.10 | ) | ||
Diluted Earnings (Loss) Per Share | $ | (0.35 | ) | $ | (0.10 | ) |
Three Months Ended | ||||||||
September 30, 2012 | October 2, 2011 | |||||||
Options to Purchase Shares of Common Stock (in thousands) | 3,505 | 4,040 | ||||||
Weighted Average Exercise Price of Options Excluded | $ | 26.19 | $ | 26.59 |
Three Months Ended | ||||||||
September 30, 2012 | October 2, 2011 | |||||||
Results of Operations: | ||||||||
Sales | $ | 28,933 | $ | 32,315 | ||||
Cost of Goods Sold | 24,675 | 25,631 | ||||||
Gross Profit | $ | 4,258 | $ | 6,684 | ||||
Net Income | $ | 1,242 | $ | 2,769 |
September 30, 2012 | July 1, 2012 | |||||||
Financial Position: | ||||||||
Assets: | ||||||||
Current Assets | $ | 51,375 | $ | 52,948 | ||||
Noncurrent Assets | 17,095 | 16,944 | ||||||
68,470 | 69,892 | |||||||
Liabilities: | ||||||||
Current Liabilities | $ | 16,695 | $ | 15,346 | ||||
Noncurrent Liabilities | 3,755 | 4,016 | ||||||
20,450 | 19,362 | |||||||
Equity | $ | 48,020 | $ | 50,530 |
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
September 30, 2012 | October 2, 2011 | September 30, 2012 | October 2, 2011 | |||||||||||||
Components of Net Periodic Expense: | ||||||||||||||||
Service Cost | $ | 3,837 | $ | 3,397 | $ | 97 | $ | 103 | ||||||||
Interest Cost on Projected Benefit Obligation | 13,326 | 14,351 | 1,200 | 1,680 | ||||||||||||
Expected Return on Plan Assets | (19,211 | ) | (19,224 | ) | — | — | ||||||||||
Amortization of: | ||||||||||||||||
Transition Obligation | 2 | 2 | — | — | ||||||||||||
Prior Service Cost (Credit) | 225 | 725 | (897 | ) | (959 | ) | ||||||||||
Actuarial Loss | 8,822 | 4,676 | 1,890 | 2,236 | ||||||||||||
Net Periodic Expense | $ | 7,001 | $ | 3,927 | $ | 2,290 | $ | 3,060 |
Contract | Notional Amount | |||||||
September 30, 2012 | July 1, 2012 | |||||||
Interest Rate: | ||||||||
LIBOR Interest Rate (U.S. Dollars) | Fixed | 85,000 | 85,000 | |||||
Foreign Currency: | ||||||||
Australian Dollar | Sell | 28,220 | 28,258 | |||||
Canadian Dollar | Sell | 5,750 | — | |||||
Euro | Sell | 67,750 | 53,500 | |||||
Japanese Yen | Buy | 260,000 | 695,000 | |||||
Commodity: | ||||||||
Natural Gas (Therms) | Buy | 4,698 | 5,614 | |||||
Aluminum (Metric Tons) | Buy | 19 | 24 |
Balance Sheet Location | Asset (Liability) Fair Value | |||||||
September 30, 2012 | July 1, 2012 | |||||||
Interest rate contract | ||||||||
Other Long-Term Liabilities | (3,083 | ) | (2,341 | ) | ||||
Foreign currency contracts | ||||||||
Other Current Assets | 688 | 1,888 | ||||||
Other Long-Term Assets | 2 | 24 | ||||||
Accrued Liabilities | (1,354 | ) | (452 | ) | ||||
Other Long-Term Liabilities | (56 | ) | — | |||||
Commodity contracts | ||||||||
Other Current Assets | 44 | 14 | ||||||
Accrued Liabilities | (3,216 | ) | (8,510 | ) | ||||
$ | (6,975 | ) | $ | (9,377 | ) |
Three months ended September 30, 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 | $ | (453 | ) | Net Sales | $ | — | $ | — | ||||||
Foreign currency contracts - sell | (933 | ) | Net Sales | 578 | — | |||||||||
Foreign currency contracts - buy | (11 | ) | Cost of Goods Sold | 128 | — | |||||||||
Commodity contracts | 2,452 | Cost of Goods Sold | (1,177 | ) | — | |||||||||
$ | 1,055 | $ | (471 | ) | $ | — |
Three months ended October 2, 2011 | ||||||||||||||
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 | $ | (209 | ) | Net Sales | $ | — | $ | — | ||||||
Foreign currency contracts - sell | 3,154 | Net Sales | (1,494 | ) | — | |||||||||
Foreign currency contracts - buy | — | Cost of Goods Sold | 250 | — | ||||||||||
Commodity contracts | (2,955 | ) | Cost of Goods Sold | (337 | ) | (30 | ) | |||||||
$ | (10 | ) | $ | (1,581 | ) | $ | (30 | ) |
Fair Value Measurement Using | ||||||||||||||||
September 30, 2012 | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Derivatives | $ | 732 | $ | — | $ | 732 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Derivatives | $ | 7,709 | $ | — | $ | 7,709 | $ | — | ||||||||
July 1, 2012 | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | ||||||||||||||||
Derivatives | $ | 1,926 | $ | — | $ | 1,926 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Derivatives | $ | 11,303 | $ | — | $ | 11,303 | $ | — |
Three Months Ended | ||||||||
September 30, 2012 | October 2, 2011 | |||||||
Beginning Balance | $ | 46,013 | $ | 45,995 | ||||
Payments | (7,599 | ) | (7,816 | ) | ||||
Provision for Current Year Warranties | 5,774 | 6,674 | ||||||
Changes in Estimates | 2 | (126 | ) | |||||
Ending Balance | $ | 44,190 | $ | 44,727 |
Three Months Ended | ||||||||
September 30, 2012 | October 2, 2011 | |||||||
NET SALES: | ||||||||
Engines | $ | 164,515 | $ | 203,378 | ||||
Products | 173,297 | 235,282 | ||||||
Inter-Segment Eliminations | (28,792 | ) | (41,363 | ) | ||||
Total * | $ | 309,020 | $ | 397,297 | ||||
* International sales included in net sales based on product shipment destination | $ | 126,497 | $ | 147,803 | ||||
GROSS PROFIT: | ||||||||
Engines | $ | 24,712 | $ | 36,882 | ||||
Products | 18,716 | 27,611 | ||||||
Inter-Segment Eliminations | 442 | 1,561 | ||||||
Total | $ | 43,870 | $ | 66,054 | ||||
INCOME (LOSS) FROM OPERATIONS: | ||||||||
Engines | $ | (17,504 | ) | $ | (5,477 | ) | ||
Products | (4,756 | ) | 2,293 | |||||
Inter-Segment Eliminations | 442 | 1,561 | ||||||
Total | $ | (21,818 | ) | $ | (1,623 | ) |
Three Months Ended | ||||||||
September 30, 2012 | October 2, 2011 | |||||||
PRE-TAX RESTRUCTURING CHARGES INCLUDED IN GROSS PROFIT: | ||||||||
Engines | $ | 1,091 | $ | — | ||||
Products | 4,035 | — | ||||||
Total | $ | 5,126 | $ | — |
Three Months Ended | ||||||||
September 30, 2012 | October 2, 2011 | |||||||
PRE-TAX RESTRUCTURING CHARGES INCLUDED IN INCOME (LOSS) FROM OPERATIONS: | ||||||||
Engines | $ | 1,091 | $ | — | ||||
Products | 4,035 | — | ||||||
Total | $ | 5,126 | $ | — |
September 30, 2012 | July 1, 2012 | |||||||
Multicurrency Credit Agreement | $ | — | $ | — | ||||
Senior Notes | 225,000 | 225,000 | ||||||
$ | 225,000 | $ | 225,000 |
September 30, 2012 Carrying Amount | Maximum Guarantee | |||||||
6.875% Senior Notes | $ | 225,000 | $ | 225,000 | ||||
Multicurrency Credit Agreement | $ | — | $ | 500,000 |
Briggs & Stratton Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 81,770 | $ | 627 | $ | 19,228 | $ | — | $ | 101,625 | ||||||||||
Accounts Receivable, Net | 62,231 | 95,012 | 35,554 | — | 192,797 | |||||||||||||||
Intercompany Accounts Receivable | 46,271 | 8,940 | 68,711 | (123,922 | ) | — | ||||||||||||||
Inventories, Net | 236,941 | 204,819 | 61,685 | — | 503,445 | |||||||||||||||
Deferred Tax Asset | 23,229 | 16,647 | 1,249 | — | 41,125 | |||||||||||||||
Assets Held for Sale | — | — | 5,403 | — | 5,403 | |||||||||||||||
Prepaid Expenses and Other | 27,347 | 4,525 | 2,716 | — | 34,588 | |||||||||||||||
Total Current Assets | $ | 477,789 | $ | 330,570 | $ | 194,546 | $ | (123,922 | ) | $ | 878,983 | |||||||||
OTHER ASSETS: | ||||||||||||||||||||
Goodwill | $ | 128,300 | $ | 64,544 | $ | 12,476 | $ | — | $ | 205,320 | ||||||||||
Investments | 19,240 | — | — | — | 19,240 | |||||||||||||||
Investments in Subsidiaries | 548,600 | — | — | (548,600 | ) | — | ||||||||||||||
Intercompany Note Receivable | 26,883 | 41,998 | 22,485 | (91,366 | ) | — | ||||||||||||||
Debt Issuance Costs | 5,461 | — | — | — | 5,461 | |||||||||||||||
Other Intangible Assets, Net | — | 82,777 | 3,955 | — | 86,732 | |||||||||||||||
Long-Term Deferred Tax Asset | 113,200 | — | 57 | (41,396 | ) | 71,861 | ||||||||||||||
Other Long-Term Assets, Net | 5,180 | 2,617 | 1,253 | — | 9,050 | |||||||||||||||
Total Other Assets | $ | 846,864 | $ | 191,936 | $ | 40,226 | $ | (681,362 | ) | $ | 397,664 | |||||||||
PLANT AND EQUIPMENT, NET | 225,351 | 49,455 | 18,259 | — | 293,065 | |||||||||||||||
TOTAL ASSETS | $ | 1,550,004 | $ | 571,961 | $ | 253,031 | $ | (805,284 | ) | $ | 1,569,712 | |||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||
Accounts Payable | 91,141 | 37,411 | 22,932 | — | 151,484 | |||||||||||||||
Intercompany Accounts Payable | 57,929 | 18,616 | 47,377 | (123,922 | ) | — | ||||||||||||||
Short-Term Debt | — | — | 3,000 | — | 3,000 | |||||||||||||||
Accrued Liabilities | 103,036 | 20,116 | 16,396 | — | 139,548 | |||||||||||||||
Total Current Liabilities | $ | 252,106 | $ | 76,143 | $ | 89,705 | $ | (123,922 | ) | $ | 294,032 | |||||||||
OTHER LIABILITIES: | ||||||||||||||||||||
Accrued Pension Cost | 287,273 | 501 | 79 | — | 287,853 | |||||||||||||||
Accrued Employee Benefits | 23,709 | — | — | — | 23,709 | |||||||||||||||
Accrued Postretirement Health Care Obligation | 74,654 | 16,701 | — | — | 91,355 | |||||||||||||||
Intercompany Note Payable | 52,695 | — | 38,671 | (91,366 | ) | — | ||||||||||||||
Deferred Tax Liabilities | — | 41,396 | — | (41,396 | ) | — | ||||||||||||||
Other Long-Term Liabilities | 21,898 | 11,766 | 1,430 | — | 35,094 | |||||||||||||||
Long-Term Debt | 225,000 | — | — | — | 225,000 | |||||||||||||||
Total Other Liabilities | $ | 685,229 | $ | 70,364 | $ | 40,180 | $ | (132,762 | ) | $ | 663,011 | |||||||||
TOTAL SHAREHOLDERS’ INVESTMENT: | 612,669 | 425,454 | 123,146 | (548,600 | ) | 612,669 | ||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT | $ | 1,550,004 | $ | 571,961 | $ | 253,031 | $ | (805,284 | ) | $ | 1,569,712 |
Briggs & Stratton Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 133,108 | $ | 5,375 | $ | 17,592 | $ | — | $ | 156,075 | ||||||||||
Accounts Receivable, Net | 102,997 | 97,009 | 23,990 | — | 223,996 | |||||||||||||||
Intercompany Accounts Receivable | 45,407 | 7,593 | 69,096 | (122,096 | ) | — | ||||||||||||||
Inventories, Net | 149,863 | 224,642 | 59,179 | — | 433,684 | |||||||||||||||
Deferred Tax Asset | 25,630 | 17,699 | 1,198 | — | 44,527 | |||||||||||||||
Assets Held for Sale | — | 4,000 | 6,404 | — | 10,404 | |||||||||||||||
Prepaid Expenses and Other | 28,660 | 11,412 | 2,742 | — | 42,814 | |||||||||||||||
Total Current Assets | $ | 485,665 | $ | 367,730 | $ | 180,201 | $ | (122,096 | ) | $ | 911,500 | |||||||||
OTHER ASSETS: | ||||||||||||||||||||
Goodwill | $ | 128,300 | $ | 64,544 | $ | 11,920 | $ | — | $ | 204,764 | ||||||||||
Investments | 22,163 | — | — | — | 22,163 | |||||||||||||||
Investments in Subsidiaries | 556,958 | — | — | (556,958 | ) | — | ||||||||||||||
Intercompany Note Receivable | 22,650 | 36,987 | 11,137 | (70,774 | ) | — | ||||||||||||||
Debt Issuance Costs | 5,717 | — | — | — | 5,717 | |||||||||||||||
Other Intangible Assets, Net | — | 83,242 | 3,825 | — | 87,067 | |||||||||||||||
Long-Term Deferred Tax Asset | 108,003 | — | 2 | (41,054 | ) | 66,951 | ||||||||||||||
Other Long-Term Assets, Net | 4,813 | 2,733 | 1,274 | — | 8,820 | |||||||||||||||
Total Other Assets | $ | 848,604 | $ | 187,506 | $ | 28,158 | $ | (668,786 | ) | $ | 395,482 | |||||||||
PLANT AND EQUIPMENT, NET | 230,253 | 53,105 | 17,891 | — | 301,249 | |||||||||||||||
TOTAL ASSETS | $ | 1,564,522 | $ | 608,341 | $ | 226,250 | $ | (790,882 | ) | $ | 1,608,231 | |||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||
Accounts Payable | 85,839 | 44,829 | 20,485 | — | 151,153 | |||||||||||||||
Intercompany Accounts Payable | 56,674 | 26,661 | 38,761 | (122,096 | ) | — | ||||||||||||||
Short-Term Debt | — | — | 3,000 | — | 3,000 | |||||||||||||||
Accrued Liabilities | 108,079 | 28,706 | 14,971 | — | 151,756 | |||||||||||||||
Total Current Liabilities | $ | 250,592 | $ | 100,196 | $ | 77,217 | $ | (122,096 | ) | $ | 305,909 | |||||||||
OTHER LIABILITIES: | ||||||||||||||||||||
Accrued Pension Cost | 295,862 | 464 | 68 | — | 296,394 | |||||||||||||||
Accrued Employee Benefits | 25,035 | — | — | — | 25,035 | |||||||||||||||
Accrued Postretirement Health Care Obligation | 73,575 | 16,267 | — | — | 89,842 | |||||||||||||||
Intercompany Note Payable | 41,147 | — | 29,627 | (70,774 | ) | — | ||||||||||||||
Deferred Tax Liabilities | — | 41,054 | — | (41,054 | ) | — | ||||||||||||||
Other Long-Term Liabilities | 21,341 | 11,485 | 1,255 | — | 34,081 | |||||||||||||||
Long-Term Debt | 225,000 | — | — | — | 225,000 | |||||||||||||||
Total Other Liabilities | $ | 681,960 | $ | 69,270 | $ | 30,950 | $ | (111,828 | ) | $ | 670,352 | |||||||||
TOTAL SHAREHOLDERS’ INVESTMENT: | 631,970 | 438,875 | 118,083 | (556,958 | ) | 631,970 | ||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT | $ | 1,564,522 | $ | 608,341 | $ | 226,250 | $ | (790,882 | ) | $ | 1,608,231 |
Briggs & Stratton Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 151,563 | $ | 145,117 | $ | 71,966 | $ | (59,626 | ) | $ | 309,020 | |||||||||
Cost of Goods Sold | 131,959 | 129,711 | 57,980 | (59,626 | ) | 260,024 | ||||||||||||||
Restructuring Charges | 1,079 | 4,035 | 12 | — | 5,126 | |||||||||||||||
Gross Profit | 18,525 | 11,371 | 13,974 | — | 43,870 | |||||||||||||||
Engineering, Selling, General and Administrative Expenses | 38,442 | 18,070 | 9,176 | — | 65,688 | |||||||||||||||
Equity in Loss from Subsidiaries | 342 | — | — | (342 | ) | — | ||||||||||||||
Income (Loss) from Operations | (20,259 | ) | (6,699 | ) | 4,798 | 342 | (21,818 | ) | ||||||||||||
Interest Expense | (4,443 | ) | (2 | ) | (41 | ) | — | (4,486 | ) | |||||||||||
Other Income, Net | 1,041 | 93 | 271 | — | 1,405 | |||||||||||||||
Income (Loss) before Income Taxes | (23,661 | ) | (6,608 | ) | 5,028 | 342 | (24,899 | ) | ||||||||||||
Provision (Credit) for Income Taxes | (7,134 | ) | (2,448 | ) | 1,210 | — | (8,372 | ) | ||||||||||||
Net Income (Loss) | $ | (16,527 | ) | $ | (4,160 | ) | $ | 3,818 | $ | 342 | $ | (16,527 | ) |
Briggs & Stratton Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net Sales | $ | 194,082 | $ | 210,567 | $ | 71,480 | $ | (78,832 | ) | $ | 397,297 | |||||||||
Cost of Goods Sold | 160,882 | 188,010 | 61,183 | (78,832 | ) | 331,243 | ||||||||||||||
Gross Profit | 33,200 | 22,557 | 10,297 | — | 66,054 | |||||||||||||||
Engineering, Selling, General and Administrative Expenses | 37,113 | 18,152 | 12,412 | — | 67,677 | |||||||||||||||
Equity in Loss from Subsidiaries | 2,187 | — | — | (2,187 | ) | — | ||||||||||||||
Income (Loss) from Operations | (6,100 | ) | 4,405 | (2,115 | ) | 2,187 | (1,623 | ) | ||||||||||||
Interest Expense | (4,303 | ) | (12 | ) | (23 | ) | — | (4,338 | ) | |||||||||||
Other Income, Net | 1,478 | 92 | 224 | — | 1,794 | |||||||||||||||
Income (Loss) before Income Taxes | (8,925 | ) | 4,485 | (1,914 | ) | 2,187 | (4,167 | ) | ||||||||||||
Provision (Credit) for Income Taxes | (3,705 | ) | 3,601 | 1,157 | — | 1,053 | ||||||||||||||
Net Income (Loss) | $ | (5,220 | ) | $ | 884 | $ | (3,071 | ) | $ | 2,187 | $ | (5,220 | ) |
Briggs & Stratton Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | (39,912 | ) | $ | (3,489 | ) | $ | 2,041 | $ | — | $ | (41,360 | ) | |||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to Plant and Equipment | (6,214 | ) | (910 | ) | (747 | ) | — | (7,871 | ) | |||||||||||
Proceeds Received from Disposition of Plant and Equipment | — | 4,651 | 969 | — | 5,620 | |||||||||||||||
Cash Investment in Subsidiary | 1,140 | — | (1,140 | ) | — | — | ||||||||||||||
Net Cash Provided by (Used in) Investing Activities | (5,074 | ) | 3,741 | (918 | ) | — | (2,251 | ) | ||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt | 5,000 | (5,000 | ) | — | — | — | ||||||||||||||
Treasury Stock Purchases | (12,886 | ) | — | — | — | (12,886 | ) | |||||||||||||
Stock Option Exercise Proceeds and Tax Benefits | 1,534 | — | — | — | 1,534 | |||||||||||||||
Net Cash Used in Financing Activities | (6,352 | ) | (5,000 | ) | — | — | (11,352 | ) | ||||||||||||
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents | — | — | 513 | — | 513 | |||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (51,338 | ) | (4,748 | ) | 1,636 | — | (54,450 | ) | ||||||||||||
Cash and Cash Equivalents, Beginning | 133,108 | 5,375 | 17,592 | — | 156,075 | |||||||||||||||
Cash and Cash Equivalents, Ending | $ | 81,770 | $ | 627 | $ | 19,228 | $ | — | $ | 101,625 |
(As Revised) | Briggs & Stratton Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net Cash Used in Operating Activities | $ | (39,815 | ) | $ | (6,197 | ) | $ | (10,259 | ) | $ | — | $ | (56,271 | ) | ||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to Plant and Equipment | (9,044 | ) | (505 | ) | (681 | ) | — | (10,230 | ) | |||||||||||
Proceeds Received from Disposition of Plant and Equipment | 33 | 44 | 3 | — | 80 | |||||||||||||||
Net Cash Used in Investing Activities | (9,011 | ) | (461 | ) | (678 | ) | — | (10,150 | ) | |||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt | (7,592 | ) | 7,592 | — | — | — | ||||||||||||||
Treasury Stock Purchases | (3,118 | ) | — | — | — | (3,118 | ) | |||||||||||||
Net Cash Provided by (Used in) Financing Activities | (10,710 | ) | 7,592 | — | — | (3,118 | ) | |||||||||||||
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents | — | — | (1,856 | ) | — | (1,856 | ) | |||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (59,536 | ) | 934 | (12,793 | ) | — | (71,395 | ) | ||||||||||||
Cash and Cash Equivalents, Beginning | 158,672 | 1,372 | 49,595 | — | 209,639 | |||||||||||||||
Cash and Cash Equivalents, Ending | $ | 99,136 | $ | 2,306 | $ | 36,802 | $ | — | $ | 138,244 |
STATEMENT OF CASH FLOWS: For the Three Months Ended October 2, 2011 (As Previously Reported) | Briggs & Stratton Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | (39,797 | ) | $ | (6,197 | ) | $ | (19,080 | ) | $ | 8,803 | $ | (56,271 | ) | ||||||
Net Cash Provided by (Used in) Investing Activities | $ | (9,011 | ) | $ | (461 | ) | $ | (465 | ) | $ | (213 | ) | $ | (10,150 | ) | |||||
Net Cash Provided by (Used in) Financing Activities | $ | (10,728 | ) | $ | 7,592 | $ | 8,608 | $ | (8,590 | ) | $ | (3,118 | ) |
STATEMENT OF CASH FLOWS: For the Three Months Ended October 2, 2011 (As Revised and Summarized) | Briggs & Stratton Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | (39,815 | ) | $ | (6,197 | ) | $ | (10,259 | ) | $ | — | $ | (56,271 | ) | ||||||
Net Cash Provided by (Used in) Investing Activities | $ | (9,011 | ) | $ | (461 | ) | $ | (678 | ) | $ | — | $ | (10,150 | ) | ||||||
Net Cash Provided by (Used in) Financing Activities | $ | (10,710 | ) | $ | 7,592 | $ | — | $ | — | $ | (3,118 | ) |
STATEMENT OF CASH FLOWS: For the Six Months Ended January 1, 2012 (As Previously Reported) | Briggs & Stratton Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | (122,561 | ) | $ | (22,069 | ) | $ | (46,900 | ) | $ | 26,530 | $ | (165,000 | ) | ||||||
Net Cash Provided by (Used in) Investing Activities | $ | (14,204 | ) | $ | (2,095 | ) | $ | (9,607 | ) | $ | 3,624 | $ | (22,282 | ) | ||||||
Net Cash Provided by (Used in) Financing Activities | $ | (21,815 | ) | $ | 23,563 | $ | 24,450 | $ | (30,154 | ) | $ | (3,956 | ) |
STATEMENT OF CASH FLOWS: For the Six Months Ended January 1, 2012 (As Revised and Summarized) | Briggs & Stratton Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | (116,857 | ) | $ | (22,069 | ) | $ | (26,074 | ) | $ | — | $ | (165,000 | ) | ||||||
Net Cash Provided by (Used in) Investing Activities | $ | (14,204 | ) | $ | (2,095 | ) | $ | (5,983 | ) | $ | — | $ | (22,282 | ) | ||||||
Net Cash Provided by (Used in) Financing Activities | $ | (27,519 | ) | $ | 23,563 | $ | — | $ | — | $ | (3,956 | ) |
STATEMENT OF CASH FLOWS: For the Nine Months Ended April 1, 2012 (As Previously Reported) | Briggs & Stratton Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | (93,275 | ) | $ | (54,687 | ) | $ | (31,062 | ) | $ | 12,337 | $ | (166,687 | ) | ||||||
Net Cash Provided by (Used in) Investing Activities | $ | (23,890 | ) | $ | (3,946 | ) | $ | (11,275 | ) | $ | 4,798 | $ | (34,313 | ) | ||||||
Net Cash Provided by (Used in) Financing Activities | $ | (40,516 | ) | $ | 57,621 | $ | 10,528 | $ | (17,135 | ) | $ | 10,498 |
STATEMENT OF CASH FLOWS: For the Nine Months Ended April 1, 2012 (As Revised and Summarized) | Briggs & Stratton Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | (86,668 | ) | $ | (54,687 | ) | $ | (25,332 | ) | $ | — | $ | (166,687 | ) | ||||||
Net Cash Provided by (Used in) Investing Activities | $ | (23,890 | ) | $ | (3,946 | ) | $ | (6,477 | ) | $ | — | $ | (34,313 | ) | ||||||
Net Cash Provided by (Used in) Financing Activities | $ | (47,123 | ) | $ | 57,621 | $ | — | $ | — | $ | 10,498 |
Three Months Ended | ||||||||
September 30, 2012 | October 2, 2011 | |||||||
Engines | ||||||||
Engines Net Sales | $ | 164,515 | $ | 203,378 | ||||
Gross Profit | $ | 24,712 | $ | 36,882 | ||||
Restructuring Charges | 1,091 | — | ||||||
Adjusted Engines Gross Profit (1) | $ | 25,803 | $ | 36,882 | ||||
Engines Gross Profit % as Reported | 15.0 | % | 18.1 | % | ||||
Adjusted Engines Gross Profit % (1) | 15.7 | % | 18.1 | % | ||||
Products | ||||||||
Products Net Sales | $ | 173,297 | $ | 235,282 | ||||
Gross Profit | $ | 18,716 | $ | 27,611 | ||||
Restructuring Charges | 4,035 | — | ||||||
Adjusted Products Gross Profit (1) | $ | 22,751 | $ | 27,611 | ||||
Products Gross Profit % as Reported | 10.8 | % | 11.7 | % | ||||
Adjusted Products Gross Profit % (1) | 13.1 | % | 11.7 | % | ||||
Inter-Segment Eliminations | 442 | 1,561 | ||||||
Adjusted Gross Profit (1) | $ | 48,996 | $ | 66,054 |
(1) | Adjusted gross profit is a non-GAAP financial measure. The Company believes this information is meaningful to investors as it isolates the impact that restructuring charges have on gross profit and facilitates comparisons between peer companies. While the Company believes that adjusted gross profit is useful supplemental information, such adjusted results are not intended to replace our Generally Accepted Accounting Principles’ (“GAAP”) financial results and should be read in conjunction with those GAAP results. |
2013 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) | ||||||||||
July 2, 2012 to July 29, 2012 | 246,383 | $ | 17.45 | 246,383 | $ | 56,413,613 | ||||||||
July 30, 2012 to August 26, 2012 | 202,103 | 17.33 | 202,103 | 52,911,168 | ||||||||||
August 27, 2012 to September 30, 2012 | 278,259 | 18.28 | 278,259 | 47,824,593 | ||||||||||
Total First Quarter | 726,745 | $ | 17.73 | 726,745 | $ | 47,824,593 |
(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. On August 8, 2012 the Board of DIrectors of the Company authorized up to an additional $50 million in funds associated with the common share repurchase program and an extension of the expiration date to June 30, 2014. |
Exhibit Number | Description | |
10.1 | First Amendment to the Multicurrency Credit Agreement (Filed herewith) | |
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 September 30, 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 Comprehensive Loss, (iv) the Consolidated Condensed Statements of Cash Flows, and (v) related Notes to Condensed Consolidated Financial Statements |
BRIGGS & STRATTON CORPORATION | ||||
(Registrant) | ||||
Date: | November 8, 2012 | /s/ David J. Rodgers | ||
David J. Rodgers | ||||
Senior Vice President and Chief Financial Officer and Duly Authorized Officer |
Exhibit Number | Description | |
10.1 | First Amendment to the Multicurrency Credit Agreement (Filed herewith) | |
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 September 30, 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 Comprehensive Loss, (iv) the Consolidated Condensed Statements of Cash Flows, and (v) related Notes to Condensed 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: | November 8, 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: | November 8, 2012 | /s/ David J. Rodgers | |
David J. Rodgers | |||
Chief Financial Officer |
/s/ Todd J. Teske |
Todd J. Teske |
Chief Executive Officer |
November 8, 2012 |
/s/ David J. Rodgers |
David J. Rodgers |
Chief Financial Officer |
November 8, 2012 |
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Earnings (Loss) Per Share Antidilutive Shares Information (Details) (USD $)
|
3 Months Ended | |
---|---|---|
Sep. 30, 2012
|
Oct. 02, 2011
|
|
Stock Options [Member]
|
||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,505,000 | 4,040,000 |
Weighted Average Exercise Prices Of Antidilutive Securities Excluded From Computation Of Earnings Per Share | $ 26.19 | $ 26.59 |
Potential Incremental Common Shares Excluded [Member]
|
||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,024,000 | 826,000 |
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
---|---|---|
Sep. 30, 2012
|
Jul. 01, 2012
|
|
Income Tax Contingency [Line Items] | ||
Gross Unrecognized Tax Benefits | $ 6.7 | |
Gross unrecognized tax benefits that would impact effective tax rate | 5.4 | |
Unrecognized tax benefits, income tax penalties and interest accrued | 0.4 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 0.1 |
Derivative Instruments and Hedging Activities Notional Amounts (Details)
In Thousands, unless otherwise specified |
Sep. 30, 2012
Interest Rate Contract [Member]
USD ($)
|
Jul. 01, 2012
Interest Rate Contract [Member]
USD ($)
|
Sep. 30, 2012
Australian Dollar, Sell [Member]
AUD
|
Jul. 01, 2012
Australian Dollar, Sell [Member]
AUD
|
Sep. 30, 2012
Canadian Dollar, Sell [Member]
CAD
|
Jul. 01, 2012
Canadian Dollar, Sell [Member]
CAD
|
Sep. 30, 2012
Euro, Sell [Member]
EUR (€)
|
Jul. 01, 2012
Euro, Sell [Member]
EUR (€)
|
Sep. 30, 2012
Japanese Yen, Buy [Member]
JPY (¥)
|
Jul. 01, 2012
Japanese Yen, Buy [Member]
JPY (¥)
|
Sep. 30, 2012
Natural Gas [Member]
Btu
|
Jul. 01, 2012
Natural Gas [Member]
Btu
|
Sep. 30, 2012
Aluminum [Member]
t
|
Jul. 01, 2012
Aluminum [Member]
t
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Derivative [Line Items] | ||||||||||||||
Notional Amount of Derivatives | $ 85,000 | $ 85,000 | 28,220 | 28,258 | 5,750 | 0 | € 67,750 | € 53,500 | ¥ 260,000 | ¥ 695,000 | ||||
Nonmonetary Notional Amount Derivatives (in ones) | 4,698,000 | 5,614,000 | 19,000 | 24,000 |
Income Taxes Effective Tax Rate (Details)
|
3 Months Ended | |
---|---|---|
Sep. 30, 2012
|
Oct. 02, 2011
|
|
Income Tax Contingency [Line Items] | ||
Effective Income Tax Rate, Continuing Operations | 33.60% | (25.30%) |
Stock Incentives (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Sep. 30, 2012
|
Oct. 02, 2011
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Compensation Expense | $ 2,511 | $ 2,548 |
Separate Financial Information Of Subsidiary Guarantor Of Indebtedness (Tables)
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Sep. 30, 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 September 30, 2012 (Unaudited)
BALANCE SHEET As of July 1, 2012
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Guarantor Subsidiaries Statements Of Operations | STATEMENT OF OPERATIONS For the Three Months Ended September 30, 2012 (Unaudited)
STATEMENT OF OPERATIONS For the Three Months Ended October 2, 2011 (Unaudited)
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Guarantor Subsidiaries Statements Of Cash Flows | STATEMENT OF CASH FLOWS For the Three Months Ended September 30, 2012 (Unaudited)
STATEMENT OF CASH FLOWS For the Three Months Ended October 2, 2011 (Unaudited)
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Schedule Previously Reported and Revised Condensed Supplemental Consolidating Financial Information | The following tables reflect the previously reported and as revised and summarized amounts of the Company's condensed supplemental consolidating statements of cash flows:
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Segment Information Restructuring Charges Impact on Gross Profit by Segment (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
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Sep. 30, 2012
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Oct. 02, 2011
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Cost Of Goods Sold Restructuring Charges | $ 5,126 | $ 0 |
Engines [Member]
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Cost Of Goods Sold Restructuring Charges | 1,091 | 0 |
Products [Member]
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Cost Of Goods Sold Restructuring Charges | $ 4,035 | $ 0 |
Earnings (Loss) Per Share (Tables)
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | Information on earnings (loss) per share is as follows (in thousands except per share data):
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | 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:
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Investments Combined Financial Information of Unconsolidated Affiliated Companies - Results of Operations (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
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Sep. 30, 2012
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Oct. 02, 2011
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Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Summarized Financial Information, Sales | $ 28,933 | $ 32,315 |
Equity Method Investment, Summarized Financial Information, Cost of Goods Sold | 24,675 | 25,631 |
Equity Method Investment, Summarized Financial Information, Gross Profit | 4,258 | 6,684 |
Equity Method Investment, Summarized Financial Information, Net Income | $ 1,242 | $ 2,769 |
Fair Value Measurements Fair Value Disclosures (Details) (USD $)
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Sep. 30, 2012
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Jul. 01, 2012
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Dec. 15, 2010
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | $ 257,400,000 | $ 241,000,000 | |
Senior Notes [Member]
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Senior Notes | $ 225,000,000 | $ 225,000,000 | $ 225,000,000 |
Derivative Instruments and Hedging Activities Narrative (Details) (USD $)
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3 Months Ended | ||
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Sep. 30, 2012
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Sep. 30, 2012
Interest Rate Contract [Member]
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Jul. 01, 2012
Interest Rate Contract [Member]
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Derivative [Line Items] | |||
Derivative, Lower Fixed Interest Rate Range | 1.36% | ||
Derivative, Higher Fixed Interest Rate Range | 1.60% | ||
Notional Amount of Derivatives | $ 85,000,000 | $ 85,000,000 | |
Net Cash Flow Hedge Gains (Losses) to be Reclassified into Earnings within Twelve Months | $ (6,100,000) |
Assets Held For Sale
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3 Months Ended |
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Sep. 30, 2012
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Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Assets Held For Sale | Assets Held for Sale At September 30, 2012 and at July 1, 2012, the Company had $5.4 million and $10.4 million, respectively, included in Assets Held for Sale in its Consolidated Condensed Balance Sheets. As of September 30, 2012, Assets Held for Sale consisted of certain assets related to the Ostrava, Czech Republic production facility. As of July 1, 2012, Assets Held for Sale consisted of certain assets related to the Ostrava and Jefferson, WI production facilities. Prior to the closure of the Ostrava facility, small engines were manufactured by the Company within its Engines Segment for the outdoor power equipment industry. Prior to the closure of the Jefferson facility, portable generator and pressure washer products were manufactured, marketed and sold by the Company within its Products Segment. In the first quarter of fiscal 2013, the Company completed the sale of its dormant manufacturing facility in Jefferson, Wisconsin and a land parcel adjacent to its Ostrava, Czech Republic plant. |