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Briggs & Stratton Corporation Reports Results For The Third Quarter And First Nine Months Of Fiscal 2014

MILWAUKEE, April 24, 2014 /PRNewswire/ -- Briggs & Stratton Corporation (NYSE: BGG) today announced financial results for its third fiscal quarter ended March 30, 2014.

Briggs & Stratton Corporation logo

Highlights:

  • Third quarter fiscal 2014 consolidated net sales were $628.4 million, a decrease of $8.9 million or 1.4% from the prior year.
  • Third quarter 2014 consolidated adjusted net income excluding restructuring actions was $38.7 million, or $5.2 million lower than the adjusted net income of $43.9 million in the third quarter of fiscal 2013.
  • Reduced shipments of generators led to a decrease in net sales and diluted earnings per share by an estimated $25 million and $0.06, respectively, in the third fiscal quarter compared to last year which benefitted from replenishment following Hurricane Sandy.
  • Third quarter cash flows from operations improved over $30 million from the prior year; last twelve month cash flows from operations total $221 million
  • Fiscal 2014 third quarter net debt decreased $122 million from the third quarter of fiscal 2013.

"During our third quarter, we saw increases in shipments of engines for lawn and garden equipment in the U.S. despite below average temperatures and a slow start to the spring retail season this year," commented Todd J. Teske, Chairman, President and Chief Executive Officer of Briggs & Stratton Corporation. "Our U.S. shipments of large engines increased in excess of 10% in the quarter reflecting our gains in retail placement. Higher U.S. lawn & garden engine shipments were offset by reduced engines shipped for generators compared with last year when we were replenishing generator inventories following Hurricane Sandy," continued Teske. "Shipments of lawn & garden products in the quarter decreased in line with industry trends given the slow start to the spring season."   

"We are pleased with the responses so far to our new product introductions this year. Orders for our innovative new engine technologies, including our Quiet Power Technology™, 810CC Commercial Series™ engine and our Mow-n-Stow™ engine have exceeded our pre-season expectations and we are looking forward to additional consumer response this summer. Also, our Powerflow + Technology™ introduction is showing early success."

Teske further stated, "Cash flows from operations continue to be strong due to continued operational focus on reducing our investment in working capital. Last twelve months cash flows from operations are in excess of $220 million and reflect lower inventories of $68 million despite holding higher inventories of portable generators in the current year."

"We believe that the colder than normal temperatures have delayed retail sales of equipment by approximately 3-4 weeks and perhaps longer as we have not yet seen the weather break across the United States. Weather in Europe has been favorable to date. Moving forward this spring, we continue to focus on successfully launching our new and innovative products, closely managing working capital, optimizing the SKUs in our product portfolio and improving our operations to improve our overall margins in both the engines and products businesses," Teske stated.   

Consolidated Results:

Consolidated net sales for the third quarter of fiscal 2014 were $628.4 million, a decrease of $8.9 million or 1.4% from the third quarter of fiscal 2013, due to lower sales of generators and the engines that power them. The quarterly impact of lower replenishment following fewer weather related events creating demand for generators and the related engines was an estimated sales decrease of $25 million. This decrease was partially offset by higher sales of engines used on U.S. lawn and garden equipment and increased snow thrower sales due to higher snowfall amounts in North America this winter. The fiscal 2014 third quarter consolidated net income, which includes restructuring actions, was $39.2 million or $0.82 per diluted share. The third quarter of fiscal 2013 consolidated net income, which includes restructuring charges, was $38.5 million or $0.78 per diluted share. The estimated impact of the reduced storm replenishment generator and related engine sales in the quarter was $0.06 per diluted share compared with last year's third fiscal quarter.

Consolidated net sales for the first nine months of fiscal 2014 were $1.36 billion, a decrease of $23.0 million or 1.7% from the first nine months of fiscal 2013, due to lower sales of generators and the engines that power them.  The impact of fewer weather related events creating demand for generators and the related engines was an estimated sales decrease of $90 million. This decrease was partially offset by higher sales of engines used on U.S. lawn and garden equipment, increased sales of pressure washers and sales from Branco, which was acquired mid-year in fiscal 2013. The fiscal 2014 nine months consolidated net income, which includes restructuring actions, was $20.5 million or $0.43 per diluted share. The first nine months of fiscal 2013 consolidated net income, which includes restructuring charges, was $21.4 million or $0.44 per diluted share. The estimated impact of the reduced storm generator and related engine sales in the first nine months of fiscal 2014 was $0.20 per diluted share compared with last year's first nine months which included the benefit of Hurricanes Isaac and Sandy.

Non-GAAP Financial Measures

This release refers to non-GAAP financial measures including "adjusted gross profit", "adjusted income from operations", and "adjusted net income".  Refer to the accompanying financial schedules for supplemental financial data and corresponding reconciliations of these non-GAAP financial measures to certain GAAP financial measures.

Engines Segment:




 Three Months Ended Fiscal March 


 Nine Months Ended Fiscal March 

(In Thousands)


2014


2013


2014


2013

     Engines Net Sales


$452,359


$451,921


$901,858


$890,631










     Engines Gross Profit as Reported


$107,930


$100,981


$187,423


$181,980

Restructuring Charges


(774)


5,409


2,622


7,346

     Adjusted Engines Gross Profit


$107,156


$106,390


$190,045


$189,326










     Engines Gross Profit % as Reported


23.9%


22.3%


20.8%


20.4%

     Adjusted Engines Gross Profit %


23.7%


23.5%


21.1%


21.3%










     Engines Income from Operations as Reported


$   60,345


$   57,058


$   50,528


$   48,574

Restructuring Charges


(774)


5,409


3,047


10,781

     Adjusted Engines Income from Operations


$   59,571


$   62,467


$   53,575


$   59,355










     Engines Income from Operations % as Reported


13.3%


12.6%


5.6%


5.5%

     Adjusted Engines Income from Operations %


13.2%


13.8%


5.9%


6.7%










Engines segment net sales of $452 million in the third fiscal quarter were essentially unchanged from the prior year. Total engine volumes shipped in the quarter were approximately the same between years at 3.2 million units. Net sales increased on higher sales of engines used on lawn and garden equipment for the North American market, partially offset by lower sales of engines used in generators and for products in Latin America and Australia. New innovations, including Quiet Power Technology™ ("QPT™"), Mow-and-Stow™ and Ready Start® for Ride product launches, have been introduced to the market for the spring selling season.

Engines segment adjusted income from operations in the third fiscal quarter was $59.6 million, a decrease of $2.9 million from the prior year. Engines adjusted gross profit margins improved in total by approximately 20 basis points due to improved product sales mix of larger engines and an absorption benefit of approximately 30 basis points on 4% higher production in the quarter compared to last year. Partially offsetting these improvements were higher manufacturing and shipping costs in the quarter. Engineering, selling, general and administrative increased $3.7 million due to increased compensation expense and higher sales and marketing expenses in our international regions.

Products Segment:




 Three Months Ended Fiscal March 


 Nine Months Ended Fiscal March 

(In Thousands)


2014


2013


2014


2013

     Products Net Sales


$205,160


$231,532


$529,724


$602,323










     Products Gross Profit as Reported


$   22,365


$   26,546


$   62,149


$   63,798

Restructuring Charges


-


1,236


2,082


7,624

     Adjusted Products Gross Profit


$   22,365


$   27,782


$   64,231


$   71,422










     Products Gross Profit % as Reported


10.9%


11.5%


11.7%


10.6%

     Adjusted Products Gross Profit %


10.9%


12.0%


12.1%


11.9%










     Products Income (Loss) from Operations as Reported


$   (4,913)


$       (199)


$ (16,783)


$ (11,787)

Restructuring Charges


-


1,236


2,082


7,624

     Adjusted Products Income (Loss) from Operations


$   (4,913)


$     1,037


$ (14,701)


$   (4,163)










     Products Income (Loss) from Operations % as Reported


-2.4%


-0.1%


-3.2%


-2.0%

     Adjusted Products Income (Loss) from Operations %


-2.4%


0.4%


-2.8%


-0.7%










Products segment net sales of $205.2 million in the third fiscal quarter decreased by $26.4 million or 11% from the prior year. This decrease was due to lower sales of generators as a result of fewer weather related events during fiscal 2014, decreased sales of lawn and garden equipment due to exiting sales of lawn and garden equipment to mass retailers and a delay in the selling season, and unfavorable foreign exchange related to the devaluation of the Australian Dollar and Brazilian Real. Partially offsetting these decreases were higher net sales of snow throwers and related service parts due to higher snowfall amounts in North America this winter. New innovations, including Powerflow + Technology™ for pressure washers, have been introduced to the market for the spring selling season and are contributing to higher pressure washer sales compared with last year at improved margins.

Products segment adjusted loss from operations in the third fiscal quarter was $4.9 million, a change of $6.0 million from the prior year adjusted income from operations. Products adjusted gross profit margins decreased in total by 110 basis points due to an unfavorable foreign exchange impact of approximately 130 basis points and a 6.5% reduction in manufacturing throughput that led to an unfavorable absorption impact of approximately 70 basis points. Partially offsetting this reduction were improvements of 50 basis points due to increased manufacturing efficiencies, including incremental restructuring savings and improved product sales mix through the U.S. dealer channel. Engineering, selling, general and administrative increased $0.5 million due to increased compensation expense and higher advertising related to new product launches.

Corporate Items:

Interest expense for the third quarter and first nine months of fiscal 2014 was comparable to the same periods a year ago.

The effective tax rate for the third quarter of fiscal 2014 was 26.1% compared to 27.6% for the same respective period of fiscal 2013.  The tax rate for the third quarter of fiscal 2014 included a taxpayer election which provided the Company a $2.9 million tax benefit that was previously unavailable, as well as a benefit of $0.7 million from income related to foreign operations subject to different statutory tax rates.  The tax rate for the third quarter of fiscal 2013 included benefits for the reenactment of the U.S. federal research and development and other credits in the amount of $1.0 million, foreign tax credits in the amount of $0.5 million, and $1.7 million from income related to foreign operations subject to different statutory rates.  

Financial Position:

Net debt at March 30, 2014 was $117.8 million (total debt of $225.0 million less $107.2 million of cash), or $122.1 million lower than the $239.9 million (total debt of $262.5 million less $22.6 million of cash) at March 31, 2013. Cash flows used in operating activities for the first nine months of fiscal 2014 were $14.0 million compared to $73.8 million in fiscal 2013. The improvement in operating cash flows was primarily related to changes in working capital needs in fiscal 2014 associated with improvements in managing outstanding accounts receivable and reducing required inventory levels. In addition, no contributions to the pension plan were made in fiscal 2014 compared to $29.4 million in the first nine months of fiscal 2013.

Restructuring:

The previously announced restructuring actions are nearing their conclusion as planned.  The restructuring actions for the third quarter resulted in pre-tax income of $0.8 million related to the reduction of an estimated reserve related to plant closure costs. Net pre-tax restructuring costs for the first nine months of fiscal 2014 were $5.1 million; the cost estimates for fiscal 2014 remain unchanged at $6 million to $8 million. Incremental pre-tax restructuring savings for the first nine months of fiscal 2014 were $1.8 million; the incremental savings estimate for fiscal 2014 also remains unchanged at $2 million to $4 million.   

Share Repurchase Program:

On August 8, 2012, the Board of Directors of the Company authorized up to $50 million in funds associated with the common share repurchase program with an expiration date of June 30, 2014. On January 22, 2014, the Board of Directors of the Company authorized up to an additional $50 million in funds for use in the Company's common share repurchase program with an extension of the expiration date to June 30, 2016. The common share repurchase program authorizes the purchase of shares of the Company's common stock on the open market or in private transactions from time to time, depending on market conditions and certain governing loan covenants. During the first nine months of fiscal 2014, the Company repurchased 1,479,626 shares on the open market at an average price of $20.32 per share.

Outlook:

Due to the slow start to the spring lawn and garden selling season in North America following an unusually cold winter season, we are revising our fiscal 2014 net income projections to be in the range of $43 million to $50 million or $0.88 to $1.04 per diluted share.  These net income projections exclude the impact of any additional share repurchases and costs related to our announced restructuring actions.  Our market projections for the U.S. market remain at 4-6% higher than last year's season. The lower end of our range contemplates a later start to the spring lawn and garden selling season in the U.S., which could potentially have the impact of extending the season past the end of our fiscal year end and into our fiscal 2015. The higher side of our guidance contemplates a U.S. market higher than 6% for the season assuming that we capture these sales in our fiscal fourth quarter. Our fiscal 2014 consolidated net sales are projected to be in a range of $1.88 billion to $1.92 billion. Excluding the impact of restructuring charges, operating income margins are estimated to be in a range of 3.8% to 4.2% and interest expense and other income are forecasted to be approximately $18 million and $7 million, respectively. Excluding the impact of restructuring charges, the effective tax rate for the year is anticipated to be in a range of 28% to 29%. We anticipate capital expenditures for the year to be approximately $45 million to $50 million.  

Conference Call Information:

The Company will host a conference call tomorrow at 8:30 AM (ET) to review this information. A live webcast of the conference call will be available on our corporate website: http://www.briggsandstratton.com/shareholders. Also available is a dial-in number to access the call real-time at (866) 804-3545. A replay will be offered beginning approximately two hours after the call ends and will be available for one week. Dial (888) 266-2081 to access the replay. The pass code will be 1623907.

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.

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 AND SUBSIDIARIES

Consolidated Statements of Operations for the Fiscal Periods Ended March

(In Thousands, except per share data)

(Unaudited)








 Three Months Ended Fiscal March 


 Nine Months Ended Fiscal March 



2014


2013


2014


2013

NET SALES


$    628,403


$ 637,259


$ 1,362,299


$ 1,385,345

COST OF GOODS SOLD


498,927


503,826


1,106,148


1,122,804

RESTRUCTURING CHARGES


(774)


6,645


4,704


14,970

Gross Profit 


130,250


126,788


251,447


247,571



















ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES


74,863


70,668


215,402


205,556

RESTRUCTURING CHARGES


-


-


425


3,435

Income from Operations


55,387


56,120


35,620


38,580










INTEREST EXPENSE


(4,720)


(4,717)


(13,823)


(13,802)

OTHER INCOME


2,295


1,806


6,138


4,660

Income before Income Taxes


52,962


53,209


27,935


29,438










PROVISION FOR INCOME TAXES


13,809


14,693


7,429


8,084

Net Income


$   39,153


$   38,516


$      20,506


$      21,354










EARNINGS PER SHARE









Basic  


$       0.82


$       0.79


$           0.43


$           0.44

Diluted


0.82


0.78


0.43


0.44










WEIGHTED AVERAGE SHARES OUTSTANDING









Basic  


46,129


47,336


46,549


47,126

Diluted


46,245


47,709


46,615


47,291

 

BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets as of the End of Fiscal March

(In Thousands)

(Unaudited)





CURRENT ASSETS:

2014


2013

Cash and Cash Equivalents

$     107,238


$       22,568

Accounts Receivable, Net

338,834


403,320

Inventories

395,304


463,448

Deferred Income Tax Asset

46,697


46,212

Assets Held For Sale

-


5,347

Prepaid Expenses and Other Current Assets

24,579


19,799

Total Current Assets

912,652


960,694





OTHER ASSETS:




Goodwill

147,055


220,817

Investments

25,382


19,891

Debt Issuance Costs

4,916


4,957

Other Intangible Assets, Net

85,728


110,006

Deferred Income Tax Asset

27,432


60,504

Other Long-Term Assets, Net

14,141


9,085

Total Other Assets

304,654


425,260









PLANT AND EQUIPMENT:




At Cost

1,018,796


1,012,622

Less - Accumulated Depreciation

740,708


729,933

Plant and Equipment, Net

278,088


282,689


$  1,495,394


$  1,668,643









CURRENT LIABILITIES:




Accounts Payable

$     186,652


$     182,287

Short-Term Debt

-


2,100

Accrued Liabilities

153,284


170,175

Total Current Liabilities

339,936


354,562





OTHER LIABILITIES:




Accrued Pension Cost

138,242


232,869

Accrued Employee Benefits

23,616


23,494

Accrued Postretirement Health Care Obligation

64,546


84,843

Other Long-Term Liabilities

38,385


30,352

Long-Term Debt

225,000


260,350

Total Other Liabilities

489,789


631,908





SHAREHOLDERS' INVESTMENT:




Common Stock

579


579

Additional Paid-In Capital

77,234


77,757

Retained Earnings

1,046,307


1,103,807

Accumulated Other Comprehensive Loss

(210,352)


(279,081)

Treasury Stock, at Cost

(248,099)


(220,889)

Total Shareholders' Investment

665,669


682,173


$  1,495,394


$  1,668,643









 

BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In Thousands)

(Unaudited)




Nine Months Ended Fiscal March

CASH FLOWS FROM OPERATING ACTIVITIES:

2014


2013

Net Income

$   20,506


$  21,354

Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities:




Depreciation and Amortization

38,333


41,234

Stock Compensation Expense

5,822


5,244

Loss on Disposition of Plant and Equipment

462


293

Credit for Deferred Income Taxes

(8,705)


(16,866)

Earnings of Unconsolidated Affiliates

(4,277)


(3,011)

Dividends Received from Unconsolidated Affiliates

4,069


4,636

Pension Cash Contributions

-


(29,363)

Non-Cash Restructuring Charges

3,386


11,930

Change in Operating Assets and Liabilities:




Accounts Receivable

(147,738)


(167,435)

Inventories

11,713


(19,873)

Other Current Assets

(9,083)


10,571

Accounts Payable, Accrued Liabilities, and Income Tax

76,335


70,273

Other, Net

(4,856)


(2,766)

   Net Cash Used in Operating Activities

(14,033)


(73,779)





CASH FLOWS FROM INVESTING ACTIVITIES:




Additions to Plant and Equipment

(29,471)


(26,301)

Cash Paid for Acquisitions, Net of Cash Acquired

-


(59,627)

Proceeds Received on Disposition of Plant and Equipment

109


6,705

   Net Cash Used in Investing Activities

(29,362)


(79,223)





CASH FLOWS FROM FINANCING ACTIVITIES:




Net Borrowings on Revolver

-


35,350

Repayments on Short-Term Debt

(300)


(900)

Debt Issuance Costs

(949)


-

Stock Option Exercise Proceeds and Tax Benefits

4,361


19,613

Cash Dividends Paid

(11,387)


(11,499)

Treasury Stock Purchases

(30,066)


(23,057)

   Net Cash Provided by (Used in) Financing Activities

(38,341)


19,507





EFFECT OF EXCHANGE RATE CHANGES

529


(12)

NET DECREASE IN CASH AND CASH EQUIVALENTS

(81,207)


(133,507)

CASH AND CASH EQUIVALENTS, Beginning

188,445


156,075

CASH AND CASH EQUIVALENTS, Ending

$ 107,238


$  22,568









Non-GAAP Financial Measures

Briggs & Stratton prepares its financial statements using Generally Accepted Accounting Principles (GAAP). When a company discloses material information containing non-GAAP financial measures, SEC regulations require that the disclosure include a presentation of the most directly comparable GAAP measure and a reconciliation of the GAAP and non-GAAP financial measure. Management's inclusion of non-GAAP financial measures in this release is intended to supplement, not replace, the presentation of the financial results in accordance with GAAP. Briggs & Stratton Corporation management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Management also believes that these non-GAAP financial measures enhance the ability of investors to analyze our business trends and to understand our performance. In addition, we may utilize non-GAAP financial measures as a guide in our forecasting, budgeting and long-term planning process. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures presented in accordance with GAAP. The following table is a reconciliation of the non-GAAP financial measures:

 


BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

Adjusted Segment Information for the Fiscal Periods Ended March

(In Thousands, except per share data)

(Unaudited)








 Three Months Ended Fiscal March 




2014 Reported


 

Adjustments1


2014 Adjusted


2013 Reported


 

Adjustments1


2013 Adjusted


NET SALES:














Engines


$      452,359


$                    -


$      452,359


$      451,921


$                    -


$      451,921


Products


205,160


-


205,160


231,532


-


231,532


Inter-Segment Eliminations


(29,116)


-


(29,116)


(46,194)


-


(46,194)


Total 


$      628,403


$                    -


$      628,403


$      637,259


$                    -


$      637,259
















GROSS PROFIT:














Engines


$      107,930


$             (774)


$      107,156


$      100,981


$           5,409


$      106,390


Products


22,365


-


22,365


26,546


1,236


27,782


Inter-Segment Eliminations


(45)


-


(45)


(739)


-


(739)


Total


$      130,250


$             (774)


$      129,476


$      126,788


$           6,645


$      133,433
















INCOME (LOSS) FROM OPERATIONS:














Engines


$         60,345


$             (774)


$         59,571


$         57,058


$           5,409


$         62,467


Products


(4,913)


-


(4,913)


(199)


1,236


1,037


Inter-Segment Eliminations


(45)


-


(45)


(739)


-


(739)


Total


$         55,387


$             (774)


$         54,613


$         56,120


$           6,645


$         62,765






























INTEREST EXPENSE


(4,720)


-


(4,720)


(4,717)


-


(4,717)


OTHER INCOME


2,295


-


2,295


1,806


-


1,806


Income before Income Taxes


52,962


(774)


52,188


53,209


6,645


59,854
















PROVISION FOR INCOME TAXES


13,809


(271)


13,538


14,693


1,276


15,969


Net Income


$         39,153


$             (503)


$         38,650


$         38,516


$           5,369


$         43,885
















EARNINGS PER SHARE














Basic  


$             0.82


$            (0.01)


$             0.81


$             0.79


$             0.11


$             0.90


Diluted


0.82


(0.01)


0.81


0.78


0.11


0.89















1

For the third quarter of fiscal 2014, includes restructuring income of $774 net of $271 of taxes. For the third quarter of fiscal 2013, includes restructuring charges of $6,645 net of $1,276 of taxes.


BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES

Adjusted Segment Information for the Fiscal Periods Ended March

(In Thousands, except per share data)

(Unaudited)








 Nine Months Ended Fiscal March 




2014 Reported


 

Adjustments1


2014 Adjusted


2013 Reported


 

Adjustments1


2013 Adjusted


NET SALES:














Engines


$      901,858


$                    -


$      901,858


$      890,631


$                    -


$      890,631


Products


529,724


-


529,724


602,323


-


602,323


Inter-Segment Eliminations


(69,283)


-


(69,283)


(107,609)


-


(107,609)


Total 


$   1,362,299


$                    -


$   1,362,299


$   1,385,345


$                    -


$   1,385,345
















GROSS PROFIT:














Engines


$      187,423


$           2,622


$      190,045


$      181,980


$           7,346


$      189,326


Products


62,149


2,082


64,231


63,798


7,624


71,422


Inter-Segment Eliminations


1,875


-


1,875


1,793


-


1,793


Total


$      251,447


$           4,704


$      256,151


$      247,571


$         14,970


$      262,541
















INCOME (LOSS) FROM OPERATIONS:














Engines


$         50,528


$           3,047


$         53,575


$         48,574


$         10,781


$         59,355


Products


(16,783)


2,082


(14,701)


(11,787)


7,624


(4,163)


Inter-Segment Eliminations


1,875


-


1,875


1,793


-


1,793


Total


$         35,620


$           5,129


$         40,749


$         38,580


$         18,405


$         56,985






























INTEREST EXPENSE


(13,823)


-


(13,823)


(13,802)


-


(13,802)


OTHER INCOME


6,138


-


6,138


4,660


-


4,660


Income before Income Taxes


27,935


5,129


33,064


29,438


18,405


47,843
















PROVISION FOR INCOME TAXES


7,429


1,186


8,615


8,084


5,392


13,476


Net Income


$         20,506


$           3,943


$         24,449


$         21,354


$         13,013


$         34,367
















EARNINGS PER SHARE














Basic  


$             0.43


$             0.08


$             0.51


$             0.44


$             0.28


$             0.72


Diluted


0.43


0.08


0.51


0.44


0.27


0.71





























1

For the first nine months of fiscal 2014, includes restructuring charges of $5,129 net of $1,186 of taxes. For the first nine months of fiscal 2013, includes restructuring charges of $18,405 net of $5,392 of taxes.

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