BRIGGS & STRATTON CORP

CIK:0000014195|SEC Filings

Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Cost of Goods and Services Sold	$ 410,071	$ 483,209	$ 1,050,460	$ 1,131,422
Revenues	473,535	580,196	1,225,195	1,364,655
Gross Profit	63,464	96,987	174,735	233,233
ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	74,897	79,521	232,758	267,553
Equity in Earnings of Unconsolidated Affiliates	(2,746)	(205)	(537)	5,786
Income from Operations	(81,659)	17,261	(126,040)	(28,534)
INTEREST EXPENSE	(9,521)	(9,088)	(25,390)	(21,731)
OTHER INCOME, Net	(1,773)	953	(2,904)	391
Income (Loss) Before Income Taxes	(92,953)	9,126	(154,334)	(49,874)
PROVISION (CREDIT) FOR INCOME TAXES	51,653	1,121	39,253	(14,331)
NET INCOME (LOSS)	$ (144,606)	$ 8,005	$ (193,587)	$ (35,543)
Earnings (Loss) Per Share, Basic	$ (3.47)	$ 0.19	$ (4.65)	$ (0.86)
Earnings (Loss) Per Share, Diluted	$ (3.47)	$ 0.19	$ (4.65)	$ (0.86)
Weighted Average Number of Shares Outstanding, Basic	41,726	41,527	41,685	41,691
Weighted Average Number of Shares Outstanding, Diluted	41,726	41,527	41,685	41,691
DIVIDENDS PER SHARE	$ 0	$ 0.14	$ 0.10	$ 0.42

Condensed Consolidated Statements Of Cash Flows $ in Thousands	9 Months Ended
	Mar. 29, 2020 USD ($)	Mar. 31, 2019 USD ($)
Cash, Cash Equivalents, and Restricted Cash	$ 45,140
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	(193,587)	$ (35,543)
Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities:
Depreciation and Amortization	54,819	47,385
Stock Compensation Expense	4,468	5,496
Loss on Disposition of Plant and Equipment	1,412	66
Provision for Deferred Income Taxes	36,294	(19,247)
Equity in Earnings of Unconsolidated Affiliates	(3,302)	(8,403)
Dividends Received from Unconsolidated Affiliates	10,376	10,510
Change in Operating Assets and Liabilities:
Accounts Receivable	(41,447)	(70,876)
Inventories	(26,843)	(113,407)
Other Current Assets	(3,301)	(856)
Accounts Payable, Accrued Liabilities and Income Taxes	(75,314)	77,905
Other, Net	(1,633)	2,079
Net Cash Used in Operating Activities	(169,578)	(104,891)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Expenditures	(43,066)	(46,379)
Proceeds Received on Disposition of Plant and Equipment	2,680	31
Cash Paid for Acquisition, Net of Cash Acquired	0	8,865
Net Cash Used in Investing Activities	(40,386)	(55,213)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Borrowings on Revolver	241,684	163,509
Repayments on Long-Term Debt	0	(5,424)
Debt Issuance Costs	(6,161)	0
Treasury Stock Purchases	0	(11,937)
Stock Option Exercise Proceeds and Tax Benefits	0	1,823
Cash Dividends Paid	10,136	11,891
Payments Related to Shares Withheld for Taxes for Stock Compensation	(55)	(257)
Net Cash Provided by Financing Activities	225,332	135,823
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(570)	(239)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	14,798	(24,520)
CASH AND CASH EQUIVALENTS:
CASH AND CASH EQUIVALENTS, Beginning	29,569	$ 49,218
CASH AND CASH EQUIVALENTS, Ending	$ 44,413

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 29, 2020	Jun. 30, 2019
CURRENT ASSETS:
Cash and Cash Equivalents	$ 44,413	$ 29,569
Accounts Receivable, Net	236,341	198,498
Inventories:
Finished Products	358,011	344,277
Work in Process	153,993	145,182
Raw Materials	14,510	12,547
Total Inventories	526,514	502,006
Prepaid Expenses and Other Current Assets	36,381	32,404
Total Current Assets	843,649	762,477
OTHER ASSETS:
Goodwill	100,360	169,682
Investments	30,554	49,641
Other Intangible Assets, Net	95,064	96,738
Long-Term Deferred Income Tax Asset	4,364	43,172
Other Long-Term Assets, Net	21,149	18,676
Operating Lease, Right-of-Use Asset	102,000
Total Other Assets	355,415	377,909
PLANT AND EQUIPMENT:
Cost	1,238,822	1,220,339
Less - Accumulated Depreciation	848,488	809,294
Total Plant and Equipment, Net	390,334	411,045
TOTAL ASSETS	1,589,398	1,551,431
CURRENT LIABILITIES:
Accounts Payable	192,114	287,620
Short-Term Debt	597,473	160,540
Accrued Liabilities	128,987	129,585
Total Current Liabilities	930,284	577,745
OTHER LIABILITIES:
Accrued Pension Cost	209,318	221,033
Accrued Employee Benefits	21,110	21,311
Accrued Postretirement Health Care Obligation	22,035	25,929
Accrued Warranty	19,406	19,572
Other Long-Term Liabilities	57,838	44,152
Long-Term Debt	0	194,969
Total Other Liabilities	419,774	526,966
SHAREHOLDERS' INVESTMENT:
Common Stock - Authorized 120,000 Shares $.01 Par Value, Issued 57,854 Shares	579	579
Additional Paid-In Capital	72,341	78,902
Retained Earnings	796,426	993,873
Accumulated Other Comprehensive Loss	(305,891)	(292,550)
Treasury Stock at cost, 14,942 Shares and 15,047 Shares, respectively	(324,115)	(334,084)
Total Shareholders' Investment	239,340	446,720
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT	$ 1,589,398	$ 1,551,431