Briggs & Stratton (NYSE: BGG) announced Friday that it will reimburse salaried employees 75 percent of the wages loss when the company imposed a temporary wage reduction last year, according to Associated Press.
The company implemented a 10 percent wage reduction for its domestic employees from July 1 through the end of the year due to the economic downturn. It also suspended 401(k) contributions.
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The company said it wanted to see the results of the spring selling season before making a decision on whether it can repay the remaining 25 percent.
On Thursday, the company reported that profits 6 percent to $3 million in the second quarter. It maintained its fiscal 2010 guidance for earnings between $40 million to $50 million, or 80 cents to $1.01 per share.
Briggs & Stratton said that only after all salaried employees are paid back fully will officers and key executives become eligible for reimbursement.
Company shares fell 51 cents to $17.69 at Friday’s close.
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