Trimble Reports Third 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 fourth quarter, 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)










Third Quarter of


First Three Quarters of










2014


2013


2014


2013









Revenues:








        Product

$ 415,490


$ 401,565


$1,327,054


$1,240,232

        Service

98,366


85,521


291,747


251,628

        Subscription

70,940


69,416


212,915


197,046

Total revenues

584,796


556,502


1,831,716


1,688,906









Cost of sales:








        Product

189,331


187,865


605,452


587,059

        Service

36,759


31,959


108,605


95,351

        Subscription

21,876


21,223


58,460


62,190

        Amortization of purchased intangible assets

20,057


20,402


60,963


59,938

Total cost of sales

268,023


261,449


833,480


804,538









Gross margin

316,773


295,053


998,236


884,368

Gross margin (%)

54.2%


53.0%


54.5%


52.4%









Operating expenses








    Research and development

78,954


71,622


237,137


221,785

    Sales and marketing

95,843


85,507


288,818


254,437

    General and administrative

111,399


53,648


230,196


158,378

    Restructuring

219


31


1,345


4,602

    Amortization of purchased intangible assets

19,269


21,216


56,806


60,775

       Total operating expenses

305,684


232,024


814,302


699,977

















Operating income 

11,089


63,029


183,934


184,391









Non-operating income (loss), net








    Interest expense, net

(2,975)


(4,122)


(9,822)


(13,448)

    Foreign currency transaction loss

(3,200)


(157)


(3,809)


(1,126)

    Income from equity method investments, net

2,840


4,494


11,528


15,908

    Other income (loss), net

(599)


268


12,567


847

       Total non-operating income (loss), net

(3,934)


483


10,464


2,181









Income before taxes

7,155


63,512


194,398


186,572









Income tax provision (benefit)

(4,720)


8,892


36,371


28,067

Net income

11,875


54,620


158,027


158,505

Less: Net gain (loss) attributable to noncontrolling interests 

43


151


(263)


(353)

Net income attributable to Trimble Navigation Ltd.

$  11,832


$  54,469


$   158,290


$   158,858









Earnings per share attributable to Trimble Navigation Ltd.








     Basic

$      0.05


$      0.21


$        0.61


$        0.62

     Diluted

$      0.04


$      0.21


$        0.60


$        0.61









Shares used in calculating earnings per share:








    Basic

260,329


257,037


260,398


256,135

    Diluted

264,419


261,137


265,053


260,664


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