Trimble Third Quarter Revenue of $504.8 Million Up 21 Percent and Non-GAAP Earnings Per Share of $0.68 Up 31 Percent Versus Prior Year

Forward Looking Guidance

For the fourth quarter of 2012 Trimble expects revenue between $503 million and $508 million with GAAP earnings per share of $0.24 to $0.26 and non-GAAP earnings per share of $0.54 to $0.56.  Non-GAAP guidance excludes the amortization of intangibles of $31.6 million related to previous acquisitions; anticipated acquisition costs of $8.0 million; and the anticipated impact of stock-based compensation expense of $8.1 million. Both GAAP and non-GAAP earnings per share assume a 15 to 17 percent tax rate and 129.8 million shares outstanding.  The above guidance includes the impact of the TMW System acquisition which closed Oct. 2, 2012.  TMW System is expected to be slightly dilutive to Trimble's fourth quarter non-GAAP earnings per share by $0.01 to $0.03 per share, due to the impact of a one-time, non-cash write-down on a portion of TMW System's deferred revenue. Trimble expects the acquisition to be accretive to its 2013 non-GAAP earnings per share by $0.12 to $0.14 per share.  

Investor Conference Call / Webcast Details

Trimble will hold a conference call on Nov. 1, 2012 at 1:30 p.m. PT to review its third quarter 2012 results. It 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 (706) 902-3611 (international).  A replay of the call will be available for seven days at (855) 859-2056 (U.S.) or (404) 537-3406 (international) and the pass code is 37450164.  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 fourth quarter and full year 2012, the impact of the TMW Systems acquisition in 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 obtain new customers for its Mobile Solutions segment 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.  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












2012


2011


2012


2011










Revenues:









        Product


$ 386,902


$ 333,262


$1,187,638


$1,004,378

        Service


64,237


44,517


185,262


112,288

        Subscription


53,624


39,654


151,690


92,229

Total revenues


504,763


417,433


1,524,590


1,208,895










Cost of sales:









        Product


185,102


163,774


577,281


494,899

        Service


23,615


19,823


67,591


50,525

        Subscription


17,451


11,956


47,860


27,730

        Amortization of purchased intangible assets


15,728


10,321


42,145


23,918

Total cost of sales


241,896


205,874


734,877


597,072










Gross margin


262,867


211,559


789,713


611,823

Gross margin (%)


52.1%


50.7%


51.8%


50.6%










Operating expenses









    Research and development


61,181


49,928


185,721


139,452

    Sales and marketing


76,481


70,662


230,094


195,359

    General and administrative


45,722


44,088


142,595


114,717

    Restructuring


301


647


1,894


1,775

    Amortization of purchased intangible assets


15,712


13,786


47,170


32,830

       Total operating expenses


199,397


179,111


607,474


484,133



















Operating income 


63,470


32,448


182,239


127,690










Non-operating income, net









    Interest expense, net


(3,925)


(2,942)


(11,561)


(4,184)

    Foreign currency transaction gain (loss), net


174


(4,022)


(1,843)


2,780

    Income from equity method investments, net


6,453


4,789


19,708


10,970

    Other income (expense), net


650


(388)


1,897


(892)

       Total non-operating income, net


3,352


(2,563)


8,201


8,674










Income before taxes


66,822


29,885


190,440


136,364










Income tax provision


13,022


2,689


33,403


16,118

Net income


53,800


27,196


157,037


120,246

Less: Net gain (loss) attributable to noncontrolling interests 


436


(775)


(837)


(1,106)

Net income attributable to Trimble Navigation Ltd.


$   53,364


$   27,971


$   157,874


$   121,352










Earnings per share attributable to Trimble Navigation Ltd.









     Basic


$      0.42


$      0.23


$        1.26


$        0.99

     Diluted


$      0.42


$      0.22


$        1.23


$        0.96










Shares used in calculating earnings per share:









    Basic


125,871


122,969


125,202


122,485

    Diluted


128,379


125,894


128,144


125,980


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