Trimble Reports Fourth Quarter and Fiscal 2012 Results

FTRMB

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)












Fourth Quarter of


Fiscal Years












2012


2011


2012


2011










Revenues:









        Product


$379,337


$341,498


$1,566,975


$1,345,876

        Service


77,627


46,807


262,889


159,095

        Subscription


58,559


46,865


210,249


139,094

Total revenues


515,523


435,170


2,040,113


1,644,065










Cost of sales:









        Product


190,245


163,421


767,526


650,456

        Service


32,695


20,945


100,286


71,470

        Subscription


17,987


19,766


65,847


55,361

        Amortization of purchased intangible assets


18,132


13,280


60,277


37,197

Total cost of sales


259,059


217,412


993,936


814,484










Gross margin


256,464


217,758


1,046,177


829,581

Gross margin (%)


49.7%


50.0%


51.3%


50.5%










Operating expenses









    Research and development


70,737


57,555


256,458


197,007

    Sales and marketing


83,598


71,445


313,692


266,804

    General and administrative


53,207


43,658


195,802


158,375

    Restructuring


333


513


2,227


2,288

    Amortization of purchased intangible assets


18,260


15,875


65,430


48,705

       Total operating expenses


226,135


189,046


833,609


673,179



















Operating income 


30,329


28,712


212,568


156,402










Non-operating income, net









    Interest expense, net


(4,796)


(3,093)


(16,357)


(7,277)

    Foreign currency transaction gain (loss), net


(683)


(1,727)


(2,526)


1,053

    Income from equity method investments, net


5,019


4,379


24,727


15,349

    Other income, net


9,115


2,819


11,012


1,927

       Total non-operating income, net


8,655


2,378


16,856


11,052










Income before taxes


38,984


31,090


229,424


167,454










Income tax provision


6,305


2,427


39,708


18,545

Net income


32,679


28,663


189,716


148,909

Less: Net loss attributable to noncontrolling interests 


(507)


(740)


(1,344)


(1,846)

Net income attributable to Trimble Navigation Ltd.


$  33,186


$  29,403


$   191,060


$   150,755










Earnings per share attributable to Trimble Navigation Ltd.









     Basic


$     0.26


$     0.24


$        1.52


$        1.23

     Diluted


$     0.26


$     0.23


$        1.49


$        1.20










Shares used in calculating earnings per share:









    Basic


126,657


123,446


125,566


122,725

    Diluted


129,118


126,592


128,387


126,133


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