At its regular quarterly meeting held Jan. 22, the board of directors of Briggs & Stratton Corporation authorized an additional $50 million in funds for use in the company’s share repurchase program and an extension of the expiration date to June 30, 2016. Share repurchases, among other things, allow the company to offset any potentially dilutive impacts of share-based compensation under the Briggs & Stratton Corporation Incentive Compensation Plan.
Since August 2011, Briggs & Stratton has repurchased approximately $93 million of its outstanding common shares while remaining committed to improving its financial position and investing in strategic initiatives. Including the additional $50 million authorization announced, the total remaining authorization as of Jan. 22, 2014, is approximately $57 million.
Under the share repurchase program, Briggs & Stratton may repurchase shares of common stock using available cash, on the open market or in private transactions from time to time, depending on market conditions. The repurchase program does not obligate Briggs & Stratton to make repurchases at any specific time or situation.
“Our financial position remains strong, and our business continues to generate healthy cash flow, which allows us to opportunistically repurchase common shares,” said Todd Teske, Briggs & Stratton’s chairman, president and chief executive officer. “We will also continue to invest in higher-margin opportunities and identify strategic acquisitions. The Board’s actions today reflect their continued confidence in our strategy, the long-term prospects of the business, and our commitment to increase shareholder value.”