MILWAUKEE, Jan. 22, 2014 /PRNewswire/ -- Briggs & Stratton Corporation (NYSE: BGG):
At its regular quarterly meeting held today, the Board of Directors of Briggs & Stratton Corporation authorized an additional $50 million in funds for use in the Company's share repurchase program and an extension of the expiration date to June 30, 2016. Share repurchases, among other things, allow the Company to offset any potentially dilutive impacts of share-based compensation under the Briggs & Stratton Corporation Incentive Compensation Plan.
Since August 2011, the Company has repurchased approximately $93 million of its outstanding common shares while remaining committed to improving its financial position and investing in strategic initiatives. Including the additional $50 million authorization announced today, the total remaining authorization as of January 22, 2014 is approximately $57 million.
Under the share repurchase program, the Company may repurchase shares of common stock using available cash, on the open market or in private transactions from time to time, depending on market conditions. The repurchase program does not obligate the Company to make repurchases at any specific time or situation.
Todd Teske, Briggs & Stratton's Chairman, President and Chief Executive Officer said, "Our financial position remains strong and our business continues to generate healthy cash flow which allows us to opportunistically repurchase common shares. We will also continue to invest in higher margin opportunities and identify strategic acquisitions. The Board's actions today reflect their continued confidence in our strategy, the long-term prospects of the business and our commitment to increase shareholder value."
Safe Harbor Statement:
This release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. The words "anticipate", "believe", "estimate", "expect", "forecast", "intend", "plan", "project", and similar expressions are intended to identify forward-looking statements. The forward-looking statements are based on the Company's current views and assumptions and involve risks and uncertainties that include, among other things, the ability to successfully execute the share repurchase program and the effects and impact of any share repurchases, including the number of shares repurchased and the aggregate costs to the Company, and other factors disclosed from time to time in our SEC filings or otherwise, including the factors discussed in Item 1A, Risk Factors, of the Company's Annual Report on Form 10-K and in its periodic reports on Form 10-Q.
About Briggs & Stratton Corporation:
Briggs & Stratton Corporation, headquartered in Milwaukee, Wisconsin, is the world's largest producer of gasoline engines for outdoor power equipment. Its wholly owned subsidiaries include North America's number one marketer of portable generators and pressure washers, and it is a leading designer, manufacturer and marketer of lawn and garden and turf care through its Simplicity®, Snapper®, SnapperPro® Ferris®, Murray®, Branco® and Victa® brands. Briggs & Stratton products are designed, manufactured, marketed and serviced in over 100 countries on six continents. For additional information, please visit www.basco.com and www.briggsandstratton.com.
BRIGGS & STRATTON CORPORATION
David J. Rodgers
Senior Vice President and
Chief Financial Officer
SOURCE Briggs & Stratton Corporation