Trimble Reports Second Quarter 2009 Revenue of $290.1 Million and Non-GAAP Earnings Per Share of $0.31

                                     TRIMBLE
                                REPORTING SEGMENTS
                               (Dollars in thousands)
                                    (Unaudited)


                                               Reporting Segments
                                               ------------------
                                  Engineering
                                      and        Field      Mobile   Advanced
                                 Construction  Solutions  Solutions   Devices
                                 ------------  ---------  ---------   -------

    THREE MONTHS ENDED
     JULY 3, 2009:
      Revenue                       $147,240    $79,787    $39,065   $23,971

      Operating income before
       corporate allocations:        $19,160    $30,148     $3,648    $4,833
        Operating margin (% of
         segment external net
         revenues)                     13.0%      37.8%       9.3%     20.2%

    THREE MONTHS ENDED
     JUNE 27, 2008:
      Revenue                       $213,019    $90,070    $42,285   $32,393

      Operating income before
       corporate allocations:        $45,161    $34,808     $1,942    $6,578
        Operating margin (% of
         segment external net
         revenues)                     21.2%      38.6%       4.6%     20.3%

    SIX MONTHS ENDED
     JULY 3, 2009:
      Revenue                       $274,891   $178,944    $77,353   $47,829

      Operating income before
       corporate allocations:        $21,669    $72,351     $6,796    $9,145
        Operating margin (% of
         segment external net
         revenues)                      7.9%      40.4%       8.8%     19.1%

    SIX MONTHS ENDED
     JUNE 27, 2008:
      Revenue                       $407,199   $178,107    $86,296   $61,461

      Operating income before
       corporate allocations:        $82,115    $69,903     $4,395   $11,270
        Operating margin (% of
         segment external net
         revenues)                     20.2%      39.2%       5.1%     18.3%



                                       TRIMBLE
                             GAAP TO NON-GAAP RECONCILIATION
                       (Dollars in thousands, except per share data)
                                        (Unaudited)

                                                Three Months Ended
                                                ------------------
                                           Jul-3,               Jun-27,
                                            2009                 2008
                                            ----                 ----
                                            Dollar            %  of              Dollar            %  of
                                                                        Amount          Revenue          Amount          Revenue
                                                                        ------          -------          ------          -------
        GROSS  MARGIN:
            GAAP  gross  margin:                    $142,800            49.2%        $187,099            49.5%
                Restructuring            (  A  )          2,198              0.7%                  930              0.3%
                Amortization  of
                  purchased
                  intangibles              (  B  )          5,475              1.9%              5,755              1.5%
                Stock-based
                  compensation            (  C  )              477              0.2%                  487              0.1%
                Amortization  of
                  acquisition-related
                  inventory  step-up  (  D  )            247                0.1%                      -              0.0%
                                                                            ---                ---                    ---                ---
            Non-GAAP  gross
              margin:                                      $151,197              52.1%        $194,271            51.4%
                                                                  --------              ----          --------            ----

        OPERATING  EXPENSES:
            GAAP  operating  expenses:      $114,074                                $124,175
                Restructuring            (  A  )      (1,302)                                  (2,414)
                Amortization  of
                  purchased
                  intangibles              (  B  )      (7,530)                                  (5,163)
                Stock-based
                  compensation            (  C  )      (4,077)                                  (3,308)
                Non-recurring
                  acquisition  costs  (  E  )      (2,340)                                            -
                                                                        ------                                  ------
            Non-GAAP  operating
              expenses:                                    $98,825                                $113,290
                                                                    -------                                --------

        OPERATING  INCOME:
            GAAP  operating
              income:                                        $28,726                9.9%          $62,924            16.7%
                Restructuring            (  A  )        3,500                1.2%              3,344              0.8%
                Amortization  of
                  purchased
                  intangibles              (  B  )      13,005                4.5%            10,918              2.9%
                Stock-based
                  compensation            (  C  )        4,554                1.6%              3,795              1.0%
                Amortization  of
                  acquisition-
                  related
                  inventory  step-up  (  D  )            247                0.1%                    -                0.0%
                Non-recurring
                  acquisition
                  costs                          (  E  )        2,340                0.8%                    -                0.0%
                                                                        -----                ---                  -----            ---
            Non-GAAP  operating
              income:                                        $52,372              18.1%          $80,981            21.4%
                                                                    -------              ----            -------            ----

        NET  INCOME:
            GAAP  net  income
              attributable  to  Trimble
              Navigation  Ltd.                        $20,857                                  $48,599
                Restructuring            (  A  )        3,500                                      3,344
                Amortization  of
                  purchased
                  intangibles              (  B  )      13,005                                    10,918
                Stock-based
                  compensation            (  C  )        4,554                                      3,795
                Amortization  of
                  acquisition-
                  related  inventory
                  step-up                      (  D  )            247                                              -
                Non-recurring
                  acquisition  costs  (  E  )        1,954                                              -
                Income  tax  effect
                  on  non-GAAP
                  adjustments              (  F  )      (6,741)                                  (4,966)
                                                                        ------                                  ------
            Non-GAAP  net  income
              attributable  to
              Trimble
              Navigation  Ltd.                        $37,376                                  $61,690
                                                                    -------                                  -------

        DILUTED  NET  INCOME  PER  SHARE:
            GAAP  diluted  net
              income  per  share
              attributable  to
              Trimble  Navigation  Ltd.            $0.17                                      $0.39
                Restructuring            (  A  )          0.03                                        0.02
                Amortization  of
                  purchased
                  intangibles              (  B  )          0.11                                        0.09
                Stock-based
                  compensation            (  C  )          0.04                                        0.03
                Amortization  of
                  acquisition-
                  related  inventory
                  step-up                      (  D  )                -                                              -
                Non-recurring
                  acquisition  costs  (  E  )          0.02                                              -
                Income  tax  effect
                  on  non-GAAP
                  adjustments              (  F  )        (0.06)                                    (0.04)
                                                                        -----                                        -----
            Non-GAAP  diluted  net
              income  per  share
              attributable
              to  Trimble
              Navigation  Ltd.                            $0.31                                      $0.49
                                                                        -----                                      -----

        OPERATING  LEVERAGE:
            Increase  (decrease)
              in  non-GAAP  operating
              income                                        $(28,609)
            Increase  (decrease)
              in  revenue                                $(87,704)
            Operating  leverage
            (increase  in  non-GAAP
              operating  income  as
              a  %  of  increase
              in  revenue)                                        N/A

                                                                                                  %  of                                  %  of
                                                                                                Segment                            Segment
        SEGMENT  OPERATING  INCOME:                                      Revenue                            Revenue
            Engineering  and  Construction
                GAAP  operating
                  income  before
                  corporate
                  allocations:                          $19,160              13.0%          $45,161            21.2%
                    Stock-based
                      compensation        (  G  )        1,431                1.0%              1,076              0.5%
                                                                        -----                ---                -----              ---
                Non-GAAP  operating
                  income  before
                  corporate  allocations:      $20,591              14.0%          $46,237            21.7%
                                                                    -------              ----            -------            ----

            Field  Solutions
                GAAP  operating  income
                  before  corporate
                  allocations:                          $30,148              37.8%          $34,808            38.6%
                    Stock-based
                    compensation        (  G  )              260                0.3%                  199              0.3%
                                                                            ---                  ---                  ---                ---
                Non-GAAP  operating
                  income  before
                  corporate
                  allocations:                          $30,408              38.1%          $35,007            38.9%
                                                                    -------              ----            -------              ----

            Mobile  Solutions
                GAAP  operating  income
                  before  corporate
                  allocations:                            $3,648                9.3%            $1,942              4.6%
                    Stock-based
                    compensation          (  G  )        1,103                2.9%              1,187              2.8%
                                                                        -----                ---                -----              ---
                Non-GAAP  operating
                  income  before
                  corporate
                  allocations:                            $4,751              12.2%            $3,129              7.4%
                                                                      ------              ----              ------              ---

            Advanced  Devices
                GAAP  operating  income
                  before  corporate
                  allocations:                            $4,833              20.2%            $6,578            20.3%
                    Stock-based
                    compensation          (  G  )            346                1.4%                  315              1.0%
                                                                            ---                ---                    ---                ---
                Non-GAAP  operating
                  income  before
                  corporate
                  allocations:                            $5,179              21.6%            $6,893            21.3%
                                                                      ------              ----              ------            ----




                                                                                                  Six  Months  Ended
                                                                                                    ----------------
                                                                                      Jul-3,                              Jun-27,
                                                                                        2009                                  2008
                                                                                        ----                                  ----
                                                                                                %  of                                      %  of
                                                                                              Revenue                                Revenue
                                                                                                -------                              -------
        GROSS  MARGIN:
            GAAP  gross  margin:                  $286,758              49.5%        $361,475            49.3%
                Restructuring            (  A  )        3,063                0.5%                  930              0.1%
                Amortization  of
                  purchased
                  intangibles              (  B  )      10,760                1.9%            11,416              1.6%
                Stock-based
                compensation              (  C  )            915                0.2%                  980              0.2%
                Amortization  of
                  acquisition-
                  related  inventory
                  step-up                      (  D  )            470                0.1%                  183              0.0%
                                                                            ---                ---                    ---              ---
            Non-GAAP  gross  margin:          $301,966              52.2%        $374,984            51.2%
                                                                  --------              ----          --------            ----

        OPERATING  EXPENSES:
            GAAP  operating  expenses:      $233,780                                $240,511
                Restructuring            (  A  )      (4,925)                                  (2,414)
                Amortization  of
                  purchased
                  intangibles              (  B  )    (14,499)                                (10,306)
                Stock-based
                  compensation            (  C  )      (7,865)                                  (6,797)
                Non-recurring
                  acquisition
                  costs                          (  E  )      (2,805)                                            -
                                                                      ------                                      -----
            Non-GAAP  operating
              expenses:                                  $203,686                                $220,994
                                                                  --------                                --------

        OPERATING  INCOME:
            GAAP  operating  income:            $52,978                9.1%        $120,964            16.5%
                Restructuring            (  A  )        7,988                1.4%              3,344              0.4%
                Amortization  of
                  purchased
                  intangibles              (  B  )      25,259                4.4%            21,722              3.0%
                Stock-based
                compensation              (  C  )        8,780                1.5%              7,777              1.1%
                Amortization  of
                  acquisition-
                  related  inventory
                  step-up                      (  D  )            470                0.1%                  183              0.0%
                Non-recurring
                  acquisition  costs  (  E  )        2,805                0.5%                      -              0.0%
                                                                        -----                ---                    ---              ---
            Non-GAAP  operating
            income:                                          $98,280              17.0%        $153,990            21.0%
                                                                    -------              ----          --------            ----

        NET  INCOME:
            GAAP  net  income
                  attributable  to
                  Trimble
                  Navigation  Ltd.                    $38,322                                  $88,666
                Restructuring            (  A  )        7,988                                      3,344
                Amortization  of
                  purchased
                  intangibles              (  B  )      25,259                                    21,722
                Stock-based
                  compensation            (  C  )        8,780                                      7,777
                Amortization  of
                  acquisition-
                  related  inventory
                  step-up                      (  D  )            470                                          183
                Non-recurring
                  acquisition  costs  (  E  )        2,419                                              -
                Income  tax  effect
                  on  non-GAAP
                  adjustments              (  F  )    (12,155)                                  (9,907)
                                                                    -------                                    ------
            Non-GAAP  net  income
              attributable  to
              Trimble
              Navigation  Ltd.                        $71,083                                $111,785
                                                                    -------                                --------

        DILUTED  NET  INCOME  PER  SHARE:
            GAAP  diluted  net
                  income  per  share
                  attributable  to
                  Trimble  Navigation
                  Ltd.                                              $0.32                                      $0.71
                Restructuring            (  A  )          0.07                                        0.03
                Amortization  of
                  purchased
                  intangibles              (  B  )          0.21                                        0.17
                Stock-based
                  compensation            (  C  )          0.07                                        0.06
                Amortization  of
                  acquisition-
                  related  inventory
                  step-up                      (  D  )                -                                              -
                Non-recurring
                  acquisition  costs  (  E  )          0.02                                              -
                Income  tax  effect
                  on  non-GAAP
                  adjustments              (  F  )        (0.10)                                    (0.08)
                                                                          -----                                    -----
            Non-GAAP  diluted
              net  income  per
              share  attributable
              to  Trimble
              Navigation  Ltd.                            $0.59                                      $0.89
                                                                        -----                                      -----

        OPERATING  LEVERAGE:
            Increase  (decrease)
              in  non-GAAP
              operating  income                    $(55,710)
            Increase  (decrease)
              in  revenue                              $(154,046)
            Operating  leverage
            (increase  in  non-GAAP
              operating  income  as
              a  %  of  increase
              in  revenue)                                        N/A

                                                                                                  %  of                                  %  of
                                                                                                Segment                            Segment
                                                                                                Revenue                            Revenue
        SEGMENT  OPERATING  INCOME:
          Engineering  and  Construction
                GAAP  operating  income
                  before  corporate
                  allocations:                          $21,669                7.9%          $82,115            20.2%
                    Stock-based
                      compensation        (  G  )        2,739                1.0%              2,047              0.5%
                                                                        -----                ---                -----              ---
                Non-GAAP  operating
                  income  before
                  corporate
                  allocations:                          $24,408                8.9%          $84,162            20.7%
                                                                    -------                ---            -------            ----

            Field  Solutions
                GAAP  operating
                income  before
                  corporate  allocations:      $72,351              40.4%          $69,903            39.2%
                    Stock-based
                      compensation        (  G  )            482                0.3%                  397              0.3%
                                                                            ---                ---                    ---              ---
                Non-GAAP  operating
                  income  before
                  corporate
                  allocations:                          $72,833              40.7%          $70,300            39.5%
                                                                    -------              ----            -------            ----

            Mobile  Solutions
                GAAP  operating
                  income  before
                  corporate
                  allocations:                            $6,796                8.8%            $4,395              5.1%
                    Stock-based
                      compensation        (  G  )        2,247                2.9%              2,595              3.0%
                                                                        -----                ---                -----              ---
                Non-GAAP  operating
                  income  before
                  corporate
                  allocations:                            $9,043              11.7%            $6,990              8.1%
                                                                      ------              ----              ------              ---

            Advanced  Devices
                GAAP  operating  income
                  before
                  corporate
                  allocations:                            $9,145              19.1%          $11,270            18.3%
                    Stock-based
                      compensation        (  G  )            671                1.4%                  642              1.1%
                                                                            ---                ---                    ---              ---
                Non-GAAP  operating
                  income  before
                  corporate
                  allocations:                            $9,816              20.5%          $11,912            19.4%
                                                                      ------              ----            -------            ----



 


« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7  Next Page »



Review Article Be the first to review this article
Harris

Trimble Catalyst

Featured Video
Jobs
Geospatial Analyst for Vencore at Suitland, MD
Intelligence and Image Analyst for Boeing at Las Cruces, NM
Geospatial Intelligence Analyst for Quick Services LLC at Fort Bragg, NC
Senior Design Engineer for Kaman at Gilbert, AZ
MECHANICAL ENGINEER for Peter R. Thom and Associates at ORINDA, CA
Mgr Mechanical Engineering 2 for Northrop Grumman at Melbourne, FL
Upcoming Events
DGI 2017 at QEII Centre London United Kingdom - Jan 23 - 25, 2017
GMP Compliance for Quality Control Laboratories 2016 at Andheri Kurla Road, Sahar Village, Andheri-Kurla Road, Mumbai, Maharashtra 40005 Mumbai, Maharashtra India - Jan 23 - 24, 2017
Geospatial World Forum 2017 Hyderabad at Hyderabad International Convention Center P.O Bag 1101, Cyberabad Post Office Hyderabad Telangana India - Jan 23 - 25, 2017
Teledyne:
CADalog.com - Countless CAD add-ons, plug-ins and more.



Internet Business Systems © 2017 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy