Briggs & Stratton Corporation (NYSE:BGG) today announced financial results for its first fiscal quarter ended September 30, 2012.
First quarter fiscal 2013 consolidated net sales were $309.0 million, or 22.2% lower than the first quarter of fiscal 2012.
Fiscal 2013 first quarter consolidated net loss excluding restructuring charges was $13.2 million, $8.0 million higher than the net loss of $5.2 million in the first quarter of fiscal 2012.
The Company recorded pre-tax restructuring charges of $5.1 million ($3.3 million after tax or $0.07 per diluted share) during the three months ended September 30, 2012.
- Retirement plan changes announced to focus employee retirement savings on the defined contribution 401(k) plan.
"While our first quarter results are down from a year ago, they are in line with our expectations. Unusually dry conditions in the United States and the continued economic issues in Europe resulted in lower volumes compared to last year," commented Todd J. Teske, President and Chief Executive Officer of Briggs & Stratton Corporation. "In order to manage inventory levels, we executed on our plans to proactively reduce production levels in our manufacturing plants. The reduced sales into the lawn and garden market were only partially offset by the impact of generator shipments resulting from Hurricane Isaac, which had less of an impact than Hurricane Irene did last year." Teske continued, "We continue to execute our restructuring program announced last year which resulted in savings of $9.8 million during the quarter, in line with our expectations. Overall, we continue to be on track with our plan for the full fiscal year and are reaffirming our fiscal year sales and earnings guidance."
Consolidated net sales for the first quarter of fiscal 2013 were $309.0 million, a decrease of $88.3 million or 22.2% from the first quarter of fiscal 2012. Fiscal 2013 first quarter consolidated net loss including restructuring charges was $16.5 million, or $0.35 per diluted share. The first quarter of fiscal 2012 consolidated net loss was $5.2 million, or $0.10 per diluted share.
Included in the consolidated net loss for the first quarter of fiscal 2013 were pre-tax charges of $5.1 million ($3.3 million after tax or $0.07 per diluted share) related to previously announced restructuring actions. After considering the impact of the restructuring charges, the adjusted consolidated net loss for the first quarter of fiscal 2013 was $13.2 million or $0.28 per diluted share, which was $8.0 million or $0.18 per diluted share higher compared to the first quarter fiscal 2012 consolidated net loss of $5.2 million or $0.10 per diluted share. There were no restructuring costs in the first quarter of fiscal 2012