Trimble Reports First Quarter 2014 Results

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, the ability to deliver revenue, earnings per share and other financial projections that Trimble has guided for the second quarter and full year 2014, 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, 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








2014


2013






Revenues:





        Product


$ 442,569


$ 412,787

        Service


93,319


81,596

        Subscription


68,833


61,728

Total revenues


604,721


556,111






Cost of sales:





        Product


203,752


198,701

        Service


34,179


30,843

        Subscription


19,010


19,972

        Amortization of purchased intangible assets


20,888


19,681

Total cost of sales


277,829


269,197






Gross margin


326,892


286,914

Gross margin (%)


54.1%


51.6%






Operating expenses





    Research and development


76,376


73,608

    Sales and marketing


97,354


83,623

    General and administrative


57,433


51,970

    Restructuring


337


1,605

    Amortization of purchased intangible assets


19,681


19,651

       Total operating expenses


251,181


230,457











Operating income 


75,711


56,457






Non-operating income (loss), net





    Interest expense, net


(3,683)


(5,071)

    Foreign currency transaction loss, net


(155)


(1,569)

    Income from equity method investments, net


3,463


4,257

    Other income, net


13,139


295

       Total non-operating income (loss), net


12,764


(2,088)






Income before taxes


88,475


54,369






Income tax provision


20,350


5,437

Net income


68,125


48,932

Less: Net loss attributable to noncontrolling interests 


(499)


(876)

Net income attributable to Trimble Navigation Ltd.


$   68,624


$  49,808






Earnings per share attributable to Trimble Navigation Ltd.





     Basic


$      0.26


$      0.20

     Diluted


$      0.26


$      0.19






Shares used in calculating earnings per share:





    Basic


259,789


255,181

    Diluted


264,784


260,299







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