Trimble Reports First Quarter 2015 Results

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, the ability to deliver revenue, earnings per share and other financial projections that Trimble has guided for the second quarter and second half of 2015, 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, obtain new customers, or integrate new acquisitions. The Company's results would also be negatively impacted by weakening in the macro environment. 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, further worsening in the agricultural market, 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 millions, except per share data)

(Unaudited)






First Quarter of






2015


2014





Revenues:




        Product

$ 400.6


$ 442.6

        Service

100.9


93.3

        Subscription

81.1


68.8

Total revenues

582.6


604.7





Cost of sales:




        Product

187.7


203.7

        Service

41.4


34.2

        Subscription

23.8


19.0

        Amortization of purchased intangible assets

22.5


20.9

Total cost of sales

275.4


277.8





Gross margin

307.2


326.9

Gross margin (%)

52.7%


54.1%





Operating expenses




    Research and development

87.2


76.4

    Sales and marketing

96.5


97.4

    General and administrative

64.7


57.4

    Restructuring

1.1


0.3

    Amortization of purchased intangible assets

18.2


19.7

       Total operating expenses

267.7


251.2









Operating income 

39.5


75.7





Non-operating income, net




    Interest expense, net

(6.4)


(3.7)

    Foreign currency transaction gain, (loss), net

1.1


(0.1)

    Income from equity method investments, net

3.0


3.5

    Other income, net

7.0


13.1

       Total non-operating income, net

4.7


12.8





Income before taxes

44.2


88.5





Income tax provision 

10.2


20.4

Net income

34.0


68.1

Less: Net loss attributable to noncontrolling interests 

(0.1)


(0.5)

Net income attributable to Trimble Navigation Ltd.

$   34.1


$   68.6





Earnings per share attributable to Trimble Navigation Ltd.




     Basic

$   0.13


$   0.26

     Diluted

$   0.13


$   0.26





Shares used in calculating earnings per share:




    Basic

259.4


259.8

    Diluted

262.4


264.8


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