SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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Date of Report
(Date of earliest
event reported): November 14, 2001
Briggs & Stratton Corporation
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(Exact name of registrant as specified in its charter)
Wisconsin 1-1370 39-0182330
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
12301 West Wirth Street, Wauwatosa, Wisconsin 53222
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(Address of principal executive offices, including zip code)
(414) 259-5333
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(Registrant's telephone number)
Item 5. Other Events and Regulation FD Disclosure.
RETIREMENT INCENTIVE OFFERED BY BRIGGS & STRATTON
On November 14, 2001, Briggs & Stratton Corporation announced that an
early retirement incentive benefit package would be offered to eligible
Milwaukee based salaried employees and approximately twenty-five other salaried
positions would be eliminated.
Employees eligible to participate in the incentive program have until
December 14, 2001 to make their decision.
At this time it is estimated that 90 salaried positions or
approximately 5% of the global salaried workforce will be eliminated.
The current projected reduction in net income in the second quarter of
fiscal 2002 to recognize this event is approximately $4 to $5 million. The
impact for the full fiscal year 2002 is projected to be approximately $2 to $3
million, after consideration of $2 million in savings during the second half of
fiscal 2002 for salary related expenditures. This would result in net income at
the lower end of the previously estimated range of between $58 and $62 million.
The annual reduction in salary related expenditures for fiscal 2003 is
projected to be approximately $4 million.
The actual impact on net income for fiscal 2002 will depend upon the
final participation in the early retirement incentive benefit package.
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
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", "intend", "may", "objective", "plan", "seek",
"think", "will" and similar expressions are intended to identify forward-looking
statements. The forward-looking statements are based on Briggs & Stratton's
current views and assumptions and involve risks and uncertainties that include,
among other things: our ability to successfully forecast demand for our products
and appropriately adjust our manufacturing and inventory levels; changes in our
operating expenses; our ability to successfully integrate the acquisition of GPP
into our operations; changes in interest rates; the effects of weather on the
purchasing patterns of consumers and original equipment manufacturers (OEMs);
actions of engine manufacturers and OEMs with whom we compete; the seasonal
nature of our business; changes in laws and regulations, including environmental
and accounting standards; work stoppages or other consequences of any
deterioration in our employee relations; changes in customer and OEM demand;
changes in prices of purchased raw materials and parts that we purchase; changes
in domestic economic conditions, including housing starts and changes in
consumer disposable income; changes in foreign economic conditions, including
currency rate fluctuations; and other factors that may be disclosed from time to
time in our SEC filings or otherwise. Some or all of the factors may be beyond
our control. We caution you that any forward-looking statement reflects only our
belief at the time the statement is made. We undertake no obligation to update
any forward-looking statement to reflect events or circumstances after the date
on which the statement is made.
Item 7. Financial Statements and Exhibits.
99 News release dated November 14, 2001 (filed herewith)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
BRIGGS & STRATTON CORPORATION
Date: November 14, 2001 By: /s/ James E. Brenn
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James E. Brenn
Senior Vice President and
Chief Financial Officer