MILWAUKEE (AP) -- Briggs & Stratton said Friday that it will reimburse salaried employees 75 percent of the wages lost when the engine and power tool maker imposed a temporary wage reduction last year.
The company implemented a 10 percent wage reduction for its domestic employees from July 1 through the end of the year because of the economic downturn. It also suspended 401(k) contributions.
The company said it wanted to see how the spring selling season goes before deciding 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 41 cents to $17.79 in trading Friday morning.
