Briggs & Stratton Corp. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2011. For the quarter, the company's net sales were $447,947,000 compared to $450,324,000 a year ago. Income from operations was $588,000 compared to $3,762,000 a year ago. Loss before income taxes was $2,820,000 compared to $3,609,000 a year ago. Net income was $2,697,000 or $0.05 per diluted share compared to net loss of $1,252,000 or $0.03 per diluted share a year ago. Adjusted net income was $2,697,000 or $0.05 per diluted share compared to $3,302,000 or $0.06 per diluted share a year ago. Adjusted income from operations was $588,000 compared to $7,299,000 a year ago. For the six months, the company's net sales were $845,244,000 compared to $784,440,000 a year ago. Loss from operations was $1,035,000 compared to $4,700,000 a year ago. Loss before income taxes was $6,986,000 compared to $15,792,000 a year ago. Net loss was $2,523,000 or $0.05 per diluted share compared to $9,365,000 or $0.19 per diluted share a year ago. Adjusted net loss was $2,523,000 or $0.05 per diluted share compared to $4,811,000 or $0.10 per diluted share a year ago. Adjusted loss from operations was $1,035,000 compared to $1,163,000 a year ago. Net cash used in operating activities was $165,000,000 compared to $128,650,000 a year ago. Additions to plant and equipment were $19,704,000 compared to $21,341,000 a year ago. Net debt at January 1, 2012 was $229.1 million (total debt of $243.0 million less $13.9 million of cash), an improvement of $22.5 million from the $251.5 million (total debt of $283.0 million less $31.5 million of cash) at December 26, 2010. Cash used in operating activities for the first six months of fiscal 2012 was primarily related to seasonal build of inventory levels and an increase of accounts receivable during the period. For fiscal 2012, the company has revised its guidance to include the restructuring actions announced. Including $45 million to $50 million of pre-tax charges ($27 million to $30 million after taxes) related to the restructuring activities, consolidated net income is expected to be in the range of $28 million to $41 million or $0.55 to $0.81 per diluted share prior to the potential impact of any share repurchases under the company's previously announced share repurchase program. Excluding the restructuring actions, consolidated net income is expected to be in the range of $58 million to $68 million, or $1.15 to $1.35 per diluted share. Consolidated net sales for fiscal 2012 are projected to be higher than fiscal 2011 by approximately 4% to 6% depending on the level of recovery of consumer spending within the outdoor power equipment category. Operating income margins, excluding the restructuring charges, are projected to be in the range of 4.5% to 5.0%, and interest expense and other income are forecasted to be $18 million and $5 million, respectively. The effective tax rate for the full year, excluding the restructuring charges, is projected to be in a range of 29% to 32%. Capital expenditures for the year are projected to be approximately $55 million to $60 million.