Trimble Reports Second Quarter 2013 Revenue of $576.3 Million, GAAP EPS of $0.21 and Non-GAAP EPS of $0.38

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 third quarter of 2013 Trimble expects revenue between $555 million and $565 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 $42.0 million related to previous acquisitions; anticipated acquisition costs of $4.5 million and the anticipated impact of stock-based compensation expense of $9.3 million. Both GAAP and non-GAAP earnings per share assume a 16 to 18 percent tax rate and 261 million shares outstanding.

Investor Conference Call / Webcast Details

Trimble will hold a conference call today, July 30, 2013 at 1:30 p.m. PT to discuss its results. The call 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 19870023.  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 third and fourth quarters 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 and any further softening of the agriculture market in the U.S. 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)












Second Quarter of


First Two Quarters of












2013


2012


2013


2012










Revenues:









        Product


$ 425,880


$ 402,198


$ 838,667


$ 800,736

        Service


84,511


63,595


166,107


121,025

        Subscription


65,902


51,767


127,630


98,066

Total revenues


576,293


517,560


1,132,404


1,019,827










Cost of sales:









        Product


200,493


199,135


399,194


392,179

        Service


32,549


21,455


63,392


43,976

        Subscription


20,995


15,978


40,967


30,409

        Amortization of purchased intangible assets


19,855


13,296


39,536


26,417

Total cost of sales


273,892


249,864


543,089


492,981










Gross margin


302,401


267,696


589,315


526,846

Gross margin (%)


52.5%


51.7%


52.0%


51.7%










Operating expenses









    Research and development


76,555


64,305


150,163


124,540

    Sales and marketing


85,307


77,589


168,930


153,613

    General and administrative


52,760


49,987


104,730


96,873

    Restructuring


2,966


1,112


4,571


1,593

    Amortization of purchased intangible assets


19,908


15,782


39,559


31,458

       Total operating expenses


237,496


208,775


467,953


408,077



















Operating income 


64,905


58,921


121,362


118,769










Non-operating income, net









    Interest expense, net


(4,255)


(3,773)


(9,326)


(7,636)

    Foreign currency transaction gain (loss), net


600


196


(969)


(2,017)

    Income from equity method investments, net


7,157


7,063


11,414


13,255

    Other income, net


284


884


579


1,247

       Total non-operating income, net


3,786


4,370


1,698


4,849










Income before taxes


68,691


63,291


123,060


123,618










Income tax provision


13,738


10,126


19,175


20,381

Net income


54,953


53,165


103,885


103,237

Less: Net gain (loss) attributable to noncontrolling interests 


372


(527)


(504)


(1,273)

Net income attributable to Trimble Navigation Ltd.


$   54,581


$  53,692


$ 104,389


$ 104,510










Earnings per share attributable to Trimble Navigation Ltd.









     Basic


$      0.21


$      0.21


$      0.41


$      0.42

     Diluted


$      0.21


$      0.21


$      0.40


$      0.41










Shares used in calculating earnings per share:









    Basic


256,186


250,732


255,683


249,736

    Diluted


260,533


256,586


260,416


256,052


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