Trimble Reports Fourth Quarter and Full Year 2014 Results

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 first 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, further worsening in the agricultural market, 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)

               
 

Fourth Quarter of

 

Fiscal Years

               
 

2014

 

2013

 

2014

 

2013

               

Revenues:

             

        Product

$ 386,510

 

$ 409,733

 

$1,713,564

 

$1,649,965

        Service

104,315

 

112,646

 

396,062

 

364,274

        Subscription

73,005

 

76,839

 

285,920

 

273,885

Total revenues

563,830

 

599,218

 

2,395,546

 

2,288,124

               

Cost of sales:

             

        Product

182,662

 

189,538

 

788,114

 

776,597

        Service

44,007

 

46,553

 

152,612

 

141,904

        Subscription

22,603

 

22,492

 

81,063

 

84,682

        Amortization of purchased intangible assets

21,950

 

21,181

 

82,913

 

81,119

Total cost of sales

271,222

 

279,764

 

1,104,702

 

1,084,302

               

Gross margin

292,608

 

319,454

 

1,290,844

 

1,203,822

Gross margin (%)

51.9%

 

53.3%

 

53.9%

 

52.6%

               

Operating expenses

             

    Research and development

80,855

 

77,636

 

317,992

 

299,421

    Sales and marketing

98,751

 

93,669

 

387,569

 

348,106

    General and administrative

16,924

 

58,498

 

247,120

 

216,876

    Restructuring

396

 

1,358

 

1,741

 

5,960

    Amortization of purchased intangible assets

18,793

 

20,947

 

75,599

 

81,722

       Total operating expenses

215,719

 

252,108

 

1,030,021

 

952,085

               
               

Operating income 

76,889

 

67,346

 

260,823

 

251,737

               

Non-operating income (loss), net

             

    Interest expense, net

(8,859)

 

(4,134)

 

(18,681)

 

(17,582)

    Foreign currency transaction gain, (loss), net

(1,275)

 

172

 

(5,084)

 

(954)

    Income from equity method investments, net

840

 

4,772

 

12,368

 

20,680

    Other income (loss), net

4,022

 

(1,864)

 

16,589

 

(1,017)

       Total non-operating income (loss), net

(5,272)

 

(1,054)

 

5,192

 

1,127

               

Income before taxes

71,617

 

66,292

 

266,015

 

252,864

               

Income tax provision 

15,756

 

6,631

 

52,127

 

34,698

Net income

55,861

 

59,661

 

213,888

 

218,166

Less: Net gain (loss) attributable to noncontrolling interests 

33

 

(336)

 

(230)

 

(689)

Net income attributable to Trimble Navigation Ltd.

$  55,828

 

$   59,997

 

$   214,118

 

$   218,855

               

Earnings per share attributable to Trimble Navigation Ltd.

             

     Basic

$      0.22

 

$      0.23

 

$        0.82

 

$        0.85

     Diluted

$      0.21

 

$      0.23

 

$        0.81

 

$        0.84

               

Shares used in calculating earnings per share:

             

    Basic

259,217

 

258,187

 

260,103

 

256,648

    Diluted

262,665

 

262,832

 

264,456

 

261,206


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