Trimble Reports First Quarter 2013 Results

The specific non-GAAP measures which we use along with a reconciliation to the nearest comparable GAAP measures and the explanation for why these non-GAAP measures provide useful information to investors regarding our financial condition and results of operations and why management chose to exclude selected items can be found at the end of this release. The method we use to produce non-GAAP results is not computed according to GAAP and may differ from the methods used by other companies. Our non-GAAP results are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.  Investors are encouraged to review the reconciliation of our non-GAAP financial measures to the comparable GAAP results, which is attached to this earnings release.  Additional financial information about our use of non-GAAP results can be found on the investor relations page of our Web site at http://investor.trimble.com.

Forward Looking Guidance

For the second quarter of 2013 Trimble expects revenue between $570 million and $580 million with GAAP earnings per share of $0.18 to $0.20 and non-GAAP earnings per share of $0.36 to $0.38.  Non-GAAP guidance excludes the amortization of intangibles of $39.1 million related to previous acquisitions; anticipated acquisition costs of $4.0 million and the anticipated impact of stock-based compensation expense of $9.2 million. Both GAAP and non-GAAP earnings per share assume a 16 to 18 percent tax rate and 260 million shares outstanding.  

Investor Conference Call / Webcast Details

Trimble will hold a conference call on April 30, 2013 at 1:30 p.m. PT to review its first quarter 2013 results. It will be broadcast live on the Web at http://investor.trimble.com.  Investors without Internet access may dial into the call at (800) 528-9198 (U.S.) or (702) 928-6633 (international).  A replay of the call will be available for seven days at (855) 859-2056 (U.S.) or (404) 537-3406 (international). The pass code for all calls is 48324307.  The replay will also be available on the Web at the address above.

About Trimble

Trimble applies technology to make field and mobile workers in businesses and government significantly more productive. Solutions are focused on applications requiring position or location—including surveying, construction, agriculture, fleet and asset management, public safety and mapping. In addition to utilizing positioning technologies, such as GPS, lasers and optics, Trimble solutions may include software content specific to the needs of the user. Wireless technologies are utilized to deliver the solution to the user and to ensure a tight coupling of the field and the back office. Founded in 1978, Trimble is headquartered in Sunnyvale, Calif.

For more information visit: www.trimble.com.

Safe Harbor 

Certain statements made in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements include expectations for future financial market and economic conditions, the impact of acquisitions, and the ability to deliver revenue, earnings per share and other financial projections that Trimble has guided for the second quarter of 2013, the expected tax rate, the anticipated impact of stock-based compensation expense, the amortization of intangibles related to previous acquisitions and the anticipated number of shares outstanding and interest costs. These forward-looking statements are subject to change, and actual results may materially differ from those set forth in this press release due to certain risks and uncertainties. The Company's results may be adversely affected if the Company is unable to market, manufacture and ship new products or integrate new acquisitions. The Company's results would also be negatively impacted by further weakening in the macro environment in Europe and China or a softening of the market in North or South America, including government spending cuts. Any failure to achieve predicted results could negatively impact the Company's revenues, cash flow from operations, and other financial results. The Company's financial results will also depend on a number of other factors and risks detailed from time to time in reports filed with the SEC, including its quarterly reports on Form 10-Q and its annual report on Form 10- K, such as changes in economic conditions, critical part supply chain shortages, possible write-offs of goodwill, and regulatory proceedings affecting GPS. Undue reliance should not be placed on any forward-looking statement contained herein, especially in light of greater uncertainty than normal in the economy in general. These statements reflect the Company's position as of the date of this release. The Company expressly disclaims any undertaking to release publicly any updates or revisions to any statements to reflect any change in the Company's expectations or any change of events, conditions, or circumstances on which any such statement is based.

FTRMB

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)






First Quarter of






2013


2012





Revenues:




        Product

$412,787


$398,538

        Service

81,596


57,430

        Subscription

61,728


46,299

Total revenues

556,111


502,267





Cost of sales:




        Product

198,701


193,044

        Service

30,843


22,521

        Subscription

19,972


14,431

        Amortization of purchased intangible assets

19,681


13,121

Total cost of sales

269,197


243,117





Gross margin

286,914


259,150

Gross margin (%)

51.6%


51.6%





Operating expenses




    Research and development

73,608


60,235

    Sales and marketing

83,623


76,024

    General and administrative

51,970


46,886

    Restructuring

1,605


481

    Amortization of purchased intangible assets

19,651


15,676

       Total operating expenses

230,457


199,302









Operating income 

56,457


59,848





Non-operating income (expense), net




    Interest expense, net

(5,071)


(3,863)

    Foreign currency transaction loss, net

(1,569)


(2,213)

    Income from equity method investments, net

4,257


6,192

    Other income, net

295


363

       Total non-operating income (expense), net

(2,088)


479





Income before taxes

54,369


60,327





Income tax provision

5,437


10,255

Net income

48,932


50,072

Less: Net loss attributable to noncontrolling interests 

(876)


(746)

Net income attributable to Trimble Navigation Ltd.

$  49,808


$  50,818





Earnings per share attributable to Trimble Navigation Ltd.




     Basic

$     0.20


$     0.20

     Diluted

$     0.19


$     0.20





Shares used in calculating earnings per share:




    Basic

255,181


248,740

    Diluted

260,299


255,520


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