Briggs & Stratton Declares 4% Dividend Increase; Share Repurchase Program Increased By $50 Million

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Aug 13, 2014, 01:26 ET

MILWAUKEE, Aug. 13, 2014 /PRNewswire/ -- Briggs & Stratton Corporation (NYSE:BGG):

At its regular quarterly meeting held today, the Board of Directors of Briggs & Stratton Corporation declared a quarterly cash dividend of twelve and one half cents ($0.125) per common share. This represents an increase of approximately 4% from the prior quarterly dividend of $.12 per share. The dividend is payable October 1, 2014 to shareholders of record at the close of business September 17, 2014.

The Board of Directors also authorized an additional $50 million in funds for use in the Company's stock repurchase program with an expiration of June 30, 2016. BGG will repurchase shares of common stock, using available cash, on the open market or in private transactions from time to time, depending on market conditions.

Todd Teske, Briggs & Stratton Corporation Chairman, President and Chief Executive Officer, said, "The Board's actions today reflect continued confidence in our strategy and the long-term prospects of the business. Our business continues to deliver healthy cash flow and our balance sheet remains strong. The increased dividends and additional share repurchases demonstrate our commitment to delivering returns for our shareholders."

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.

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 forecast demand for our products; changes in interest rates and foreign exchange 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; changes in laws and regulations; changes in customer and OEM demand; changes in prices of raw materials and parts that we purchase; changes in domestic and foreign economic conditions; the ability to bring new productive capacity on line efficiently and with good quality; outcomes of legal proceedings and claims; 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. Briggs & Stratton undertakes no obligation to update forward-looking statements made in this release to reflect events or circumstances after the date of this release.

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SOURCE BRIGGS & STRATTON CORPORATION