Briggs & Stratton Announces 9% Dividend Increase To $.12 Per Share
MILWAUKEE, Aug. 8, 2012 Briggs & Stratton Corporation (NYSE:BGG):
At its regular quarterly meeting held today, the Board of Directors of Briggs & Stratton Corporation declared a quarterly dividend of twelve cents ($0.12) per share on the common stock of the Corporation. This represents an increase of approximately 9% from the prior quarterly dividend of $.11 per share and reflects the Company’s financial position.
“The increase in the dividend reflects improved financial performance of the Company over the past few years in a difficult economic environment and the strength of the Company’s balance sheet,” commented Todd J. Teske, Chairman, President and Chief Executive Officer. “We are confident in our ability to generate sufficient cash flows to support future growth initiatives, including potential acquisitions, in addition to supporting the increased dividend.”
The dividend is payable October 1, 2012 to shareholders of record at the close of business August 20, 2012.
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 “believe”, “estimate”, “expect”, “forecast”, “intend”, “plan”, “project”, “anticipates”, 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 subsidiary Briggs & Stratton Power Products Group, LLC is North America’s number one manufacturer of portable generators and pressure washers, and is a leading designer, manufacturer and marketer of lawn and garden and turf care through its Simplicity®, Snapper®, Ferris®, Murray® and Victa® brands. Briggs & Stratton products are designed, manufactured, marketed and serviced in over 100 countries on six continents.
SOURCE Briggs & Stratton Corporation