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Briggs Stratton Corp (BGG) SEC Filing 10-K Annual report for the fiscal year ending Sunday, June 28, 2009

Briggs Stratton Corp

CIK: 14195 Ticker: BGG

Exhibit 99.1

Investor Relations Contact:

James E. Brenn, Senior VP and Chief Financial Officer

(414) 259-5333

BRIGGS & STRATTON CORPORATION REPORTS RESULTS FOR

THE FOURTH QUARTER AND TWELVE MONTHS OF FISCAL 2009

MILWAUKEE, WI August 13, 2009/PR Newswire/-Briggs & Stratton Corporation (NYSE:BGG)

Briggs & Stratton today announced fiscal 2009 fourth quarter consolidated net sales of $482.8 million and consolidated net income of $5.3 million or $0.11 per diluted share. The fourth quarter of fiscal 2008 had consolidated net sales of $581.1 million and consolidated net income of $0.5 million or $0.01 per diluted share. The consolidated net sales decrease of $98.3 million or 17% was due primarily to decreased shipment volumes in both the Engines and Power Products Segments.

Included in net income for the fiscal 2009 fourth quarter was a $5.8 million pretax ($3.5 million after tax or $0.07 per diluted share) expense associated with the closing of a manufacturing facility in Jefferson, Wisconsin. Included in the fourth quarter of fiscal 2008 was a $13.3 million pretax ($8.1 million after tax or $0.16 per diluted share) gain associated with the reduction of certain post closing employee benefit costs related to the closing of the Port Washington, Wisconsin manufacturing facility. After considering the impact of the fourth quarter items related to facility closures in both periods, fourth quarter consolidated net income was higher by $16.4 million as compared to the prior year. This increase was the result of lower spending, improved productivity, lower commodity costs and a lower effective tax rate, partially offset by the impact of decreased sales and production volumes.

For fiscal 2009, the company had consolidated net sales of $2.09 billion and consolidated net income of $32.0 million or $0.64 per diluted share. Fiscal 2008 consolidated net sales were $2.15 billion and consolidated net income was $22.6 million or $0.46 per diluted share. The $59.2 million decrease in consolidated net sales was due to the net effect of reduced shipment volumes, primarily related to lawn and garden equipment in the Power Products Segment, unfavorable currency exchange rates primarily related to the Euro and a mix of shipments that reflected lower priced units. Partially offsetting the consolidated net sales decrease were sales of $39.5 million included in the results for the first time this year due to the June 30, 2008 acquisition of Victa Lawncare Pty. Ltd., increased portable generator sales volume due to weather events and pricing improvements.

As noted above, included in fiscal 2009 consolidated net income is a $5.8 million pretax ($3.5 million after tax or $0.07 per diluted share) expense associated with the closing of the Jefferson, Wisconsin manufacturing facility. Fiscal 2008 consolidated net income included the $13.3 million pretax ($8.1 million after tax) gain associated with the reduction of certain post closing employee benefit costs referred to above and a $17.2 million pretax ($12.3 million after tax) net gain resulting from the redemption of preferred stock and the related dividends offset by expense from a snow engine recall. After considering the impact of these items, fiscal 2009 consolidated net income was higher by $33.3 million compared to the prior year, primarily the result of enhanced pricing, lower spending, improved productivity and lower interest expense. Partially offsetting these improvements was the impact of unfavorable currency exchange rates, higher commodity costs and mix of shipments that reflected lower margined product.

Engines:

Fiscal 2009 fourth quarter net sales were $336.0 million versus the $389.6 million for the same period a year ago, a decrease of $53.6 million or 14%. The decrease in net sales was the result of the mix of product shipped that reflected lower priced units, a 5% decrease in engine unit shipments compared to the same period a year ago and unfavorable currency exchange rates. Engine shipments were significantly impacted by the mix of lawn and garden products sold at retail, with higher priced riding equipment engines off more significantly than walk mower engines. Overall, we believe the current economic environment and weak consumer confidence are the main reasons for the sales decline.

Net sales for fiscal 2009 were $1.41 billion versus the $1.46 billion in the prior year, a decrease of $45.8 million or 3%. The decrease primarily results from the impact of the mix of product shipped that reflected lower priced units, a small decrease in engine shipments and unfavorable currency exchange rates. Product mix issues discussed for the fourth fiscal quarter were also applicable to the full fiscal year. Softer demand for engines for powered lawn and garden equipment was offset by the improvement in demand for engines for portable generators.


The following information was filed by Briggs Stratton Corp (BGG) on Thursday, August 13, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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