Trimble Navigation Limited Logo
      

Print Print page | Email Email page | PDF Download PDF | Add to Briefcase Add to briefcase
« Previous Release | Next Release »

   


Trimble Reports First Quarter Revenue of $289.0 Million and Non-GAAP Earnings Per Share of $0.28

 

SUNNYVALE, Calif., April 28, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Trimble (Nasdaq: TRMB) today announced revenue of $289.0 million for its first quarter ended April 3, 2009, down approximately 19 percent from revenue of $355.3 million in the first quarter of 2008.

Operating income for the first quarter of 2009 was $24.3 million, down approximately 58 percent from the first quarter of 2008. Operating margin in the first quarter of 2009 was 8.4 percent, compared to an operating margin of 16.3 percent in the first quarter of 2008. Amortization of intangibles was $12.3 million in the first quarter of 2009 compared to $10.8 million in the first quarter of 2008. The impact of stock-based compensation expense was $4.2 million compared to $4.0 million in the first quarter of 2008. There was also a $4.5 million restructuring expense, a $0.2 million inventory step-up charge and a $0.5 million charge related to acquisitions in the first quarter of 2009 compared to a $0.2 million inventory step-up charge in the first quarter of 2008. Excluding these impacts, non-GAAP operating income of $45.9 million was down 37 percent compared to the first quarter of 2008. Non-GAAP operating margin was 15.9 percent in the first quarter of 2009, compared to 20.5 percent in the first quarter of 2008 and 10.7 percent in the fourth quarter of 2008.

First quarter 2009 net income was $17.5 million, down 56 percent compared to the first quarter of 2008. Diluted earnings per share for the first quarter of 2009 was $0.14 compared to diluted earnings per share of $0.32 in the first quarter of 2008.

Adjusting for the items noted above, non-GAAP net income of $33.7 million for the first quarter of 2009 was down 33 percent compared to the first quarter of 2008. Non-GAAP earnings per share for the first quarter of 2009 was $0.28 compared to non-GAAP earnings per share of $0.40 in the first quarter of 2008.

"The first quarter results were in line with our expectations. We continue to see considerable uncertainty in our markets with the resulting financial impact focused within our Engineering & Construction segment," said Steven W. Berglund, Trimble's president and chief executive officer. "Although the level of interest in our productivity improving technology remains high in the E&C markets, underlying business confidence did not improve during the quarter which impacted demand. Our Field Solutions segment demonstrated year over year growth in revenue and profits as a result of relatively strong performance in agriculture. While our Mobile Solutions segment did not grow year over year, the outlook for booking a number of enterprise level accounts in the first half of the year remains good," Berglund continued. "Overall, until some level of business confidence is restored, full year 2009 results will remain difficult to forecast. We took cost reduction actions in the quarter, and will take additional steps as conditions require, to align our costs with the lower revenue level. Beyond short term actions to improve profitability, our other focus is to take advantage of our strong balance sheet, cash flow, and organizational capabilities to enhance our market leadership."

Trimble Results by Business Segment

Segment operating income is revenue less cost of goods sold and operating expenses, excluding general corporate expenses, restructuring expenses, amortization of intangibles, amortization of inventory step-up charge, merger and acquisition charges, and the impact of stock-based compensation expense.

Engineering and Construction (E&C)

First quarter 2009 E&C revenue was $127.7 million, down approximately 34 percent when compared to the first quarter of 2008. The decline in demand continued to primarily be driven by recessionary conditions in the U.S. and Europe.

Operating income in E&C for the first quarter 2009 was $ 2.5 million, or 2.0 percent of revenue, compared to $37.0 million, or 19.0 percent of revenue, in the first quarter of 2008.

In the first quarter of 2009, non-GAAP operating income in E&C was $3.8 million, or 3.0 percent of revenue, compared to $37.9 million, or 19.5 percent of revenue, in the first quarter of 2008. The decline in operating margin was largely due to the drop in revenue.

Field Solutions

First quarter 2009 Field Solutions revenue was $99.2 million, up 13 percent when compared to the first quarter of 2008. Growth was driven by sales of agriculture products and acquisitions.

Operating income in Field Solutions for the first quarter 2009 was $42.2 million, or 42.6 percent of revenue, compared to $35.1 million, or 39.9 percent of revenue, in the first quarter of 2008.

In the first quarter of 2009, non-GAAP operating income in Field Solutions was $42.4 million, or 42.8 percent of revenue, compared to $35.3 million, or 40.1 percent of revenue in the first quarter of 2008. Growth in Field Solutions' margin was driven by operating leverage resulting from increased revenue and product mix.

Mobile Solutions

First quarter 2009 Mobile Solutions revenue was $38.3 million, down approximately 13 percent when compared to the first quarter of 2008. The year over year decline in revenue was primarily attributable to the fact that the first quarter of 2008 benefitted from the completion of deliverables for two large contracts.

Operating income in Mobile Solutions for the first quarter 2009 was $3.1 million, or 8.2 percent of revenue, compared to $2.5 million, or 5.6 percent of revenue in the first quarter of 2008.

In the first quarter of 2009, non-GAAP operating income in Mobile Solutions was $4.3 million, or 11.2 percent of revenue, up from 8.8 percent of revenue in the first quarter of 2008. The improvement is primarily due to reduced operating expenses from restructuring.

Advanced Devices

First quarter 2009 Advanced Devices revenue was $23.9 million, down approximately 18 percent when compared to the first quarter of 2008. The decline in first quarter revenue was due to slower sales of components which are sold to OEMs.

Operating income in Advanced Devices for the first quarter 2009 was $4.3 million, or 18.1 percent of revenue, compared to $4.7 million, or 16.1 percent of revenue, in the first quarter of 2008.

In the first quarter of 2009, non-GAAP operating income in Advanced Devices was $4.6 million, or 19.4 percent of revenue, compared to 17.3 percent of revenue in the first quarter of 2008. Margin improvement was the result of product mix.

Use of Non-GAAP Financial Information

To help our readers understand our past financial performance and our future results, we supplement the financial results that we provide in accordance with generally accepted accounting principles, or GAAP, with non-GAAP financial measures. The specific non-GAAP measures which we use along with a reconciliation to the nearest comparable GAAP measures and the explanation for why management chose to exclude selected items and the additional purposes for which these non-GAAP measures are used can be found at the end of this release. The method we use to produce non-GAAP results is not computed according to GAAP and may differ from the methods used by other companies. Our non-GAAP results are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and to make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. We believe that these non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. Management generally compensates for the limitations in the use of non-GAAP financial measures by relying on comparable GAAP financial measures and providing investors with a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure or measures. Investors are encouraged to review the reconciliation of our non-GAAP financial measures to the comparable GAAP results which is attached to this earnings release. Additional financial information about our use of non-GAAP results can be found on the investor relations page of our Web site at http://investor.trimble.com.

Forward Looking Guidance

For the second quarter of 2009 Trimble continues to see general uncertainty that limits the ability to provide precise guidance. Trimble is guiding second quarter 2009 revenue in the range of $300 million plus or minus five percent. At a point estimate of $300 million in revenue, Trimble expects second quarter 2009 GAAP earnings per share of $0.21 and non-GAAP earnings per share of $0.32. Non-GAAP guidance for the second quarter of 2009 excludes the amortization of intangibles of $13.3 million related to previous acquisitions and the anticipated impact of stock-based compensation expense of $4.1 million. Both GAAP and non-GAAP guidance use a 27 percent tax rate and assume 121 million shares outstanding.

Investor Conference Call / Webcast Details

Trimble will hold a conference call on April 28, 2009 at 1:30 p.m. PT to review its first quarter 2009 results. It will be broadcast live on the Web at http://investor.trimble.com. Investors without Internet access may dial into the call at (866) 638-7054 (U.S.) or (706) 679-7097 (international). A replay of the call will be available for seven days at (800) 642-1687 (U.S.) or (706) 645-9291 (international) and the pass code is 95301212. 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 Trimble's Web site at 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, our ability to improve overall operating margins, revenue and earnings per share that Trimble expects to report in the second quarter 2009, changes in tax-rate, and estimated restructuring 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. If the current global economic crisis and recessionary conditions in the U.S. and Europe show no signs of recovery it may negatively impact our customers' purchasing decisions worldwide including in emerging markets. In addition, the Company's results may be adversely affected if the Company is unable to market, manufacture and ship new products. Any weakening of our accounts receivable or write-off of goodwill could also impair our financial results. Any failure to achieve predicted results could negatively impact the Company's revenues, cash flow from operations and other financial results. Whether the Company achieves growth will also depend on a number of other factors, including the 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. 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)

                                                          Three Months Ended
                                                          ------------------

                                                           Apr-03,   Mar-28,
                                                            2009      2008
                                                            ----      ----

    Revenue                                               $288,954  $355,296
    Cost of sales                                          144,996   180,920
                                                           -------   -------
    Gross margin                                           143,958   174,376
                                                           -------   -------
    Gross margin (%)                                          49.8%     49.1%

    Operating expenses
        Research and development                            34,137    37,345
        Sales and marketing                                 48,935    51,158
        General and administrative                          26,042    22,690
        Restructuring                                        3,623         -
        Amortization of purchased intangible assets          6,969     5,143
                                                             -----     -----
           Total operating expenses                        119,706   116,336
                                                           -------   -------


    Operating income                                        24,252    58,040

    Non-operating income (expense), net
        Interest income                                        199       457
        Interest expense                                      (493)     (762)
        Foreign currency transaction gain, net                 184       968
        Income from joint ventures, net                        168     2,015
        Other expense, net                                    (714)     (940)
                                                              ----      ----
           Total non-operating income (expense), net          (656)    1,738
                                                              ----     -----

    Income  before taxes                                    23,596    59,778

    Income tax provision                                     5,899    19,732
                                                             -----    ------
    Net income                                              17,697    40,046
      Less: Net income (loss) attributable to
       noncontrolling interests                                232       (21)
                                                               ---       ---
    Net income attributable to Trimble                     $17,465   $40,067
                                                           =======   =======

    Earnings per share attributable to Trimble:
         Basic                                               $0.15     $0.33
                                                             -----     -----
         Diluted                                             $0.14     $0.32
                                                             -----     -----

    Shares used in calculating earnings per share:
        Basic                                              119,260   121,467
                                                           -------   -------
        Diluted                                            120,926   125,159
                                                           -------   -------



                 CONDENSED CONSOLIDATED BALANCE SHEETS
                             (In thousands)
                              (Unaudited)


                                                          Apr-03,    Jan-02,
                                                           2009       2009
                                                           ----       ----
    Assets

    Current assets:
       Cash and cash equivalents                          $146,827   $147,531
       Accounts receivables, net                           220,404    204,269
       Other receivables                                     7,382     17,540
       Inventories, net                                    165,413    160,893
       Deferred income taxes                                40,015     41,810
       Other current assets                                 17,664     16,404
                                                            ------     ------
          Total current assets                             597,705    588,447

    Property and equipment, net                             48,458     50,175
    Goodwill                                               723,252    715,571
    Other purchased intangible assets, net                 222,752    228,901
    Other non-current assets                                49,944     51,922
                                                            ------     ------

          Total assets                                  $1,642,111 $1,635,016
                                                        ========== ==========

    Liabilities

    Current liabilities:
       Current portion of long-term debt                      $196       $124
       Accounts payable                                     62,131     49,611
       Accrued compensation and benefits                    43,353     41,291
       Deferred revenue                                     61,876     55,241
       Accrued warranty expense                             14,207     13,332
       Other accrued liabilities                            45,534     63,719
                                                            ------     ------
          Total current liabilities                        227,297    223,318

    Non-current portion of long-term debt                  151,436    151,464
    Non-current deferred revenue                            10,257     12,418
    Deferred income taxes                                   38,112     42,207
    Other non-current liabilities                           58,763     61,553

                                                           -------    -------
          Total liabilities                                485,865    490,960
                                                           -------    -------

    Commitments and contingencies

    Equity

    Shareholders' equity:
       Common stock                                        693,653    684,831
       Retained earnings                                   445,386    427,921
       Accumulated other comprehensive income               13,243     27,649
                                                            ------     ------
    Total Trimble shareholders' equity                   1,152,282  1,140,401
    Noncontrolling interests                                 3,964      3,655
                                                             -----      -----
          Total equity                                   1,156,246  1,144,056
                                                         ---------  ---------

          Total liabilities and equity                  $1,642,111 $1,635,016
                                                        ========== ==========



               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (In thousands)
                                 (Unaudited)
                                                          Three Months Ended
                                                            Apr-03,   Mar-28,
                                                             2009     2008

    Cash flow from operating activities:
        Net Income                                         $17,465  $40,067

        Adjustments to reconcile net income  to
         net cash provided by
           operating activities:
             Depreciation expense                            4,463    4,571
             Amortization expense                           12,298   10,848
             Provision for doubtful accounts                 2,212       38
             Amortization of debt issuance cost                 56       56
             Deferred income taxes                          (1,606)    (885)
             Stock-based compensation                        4,226    3,982
             Noncontrolling interest in consolidated
              subsidiaries                                     309      (33)
             Equity gain from joint ventures                  (168)  (2,015)
             Excess tax benefit for stock-based
              compensation                                     (21)  (1,992)
             Provision for excess and obsolete
              inventories                                      904    2,103
             Other non-cash items                           (2,135)     235

        Add decrease (increase) in assets:
             Accounts receivables                          (18,712) (39,280)
             Other receivables                               5,486      516
             Inventories                                    (7,327)  (3,437)
             Other current and non-current assets              730     (191)

        Add increase (decrease) in liabilities:
             Accounts payable                               12,682    3,760
             Accrued compensation and benefits               2,391  (10,557)
             Accrued liabilities                             5,801   (1,648)
             Deferred revenue                                4,107    2,034
             Income taxes payable                                -   12,547
                                                                 -   ------
     Net cash provided by operating activities              43,161   20,719
                                                            ------   ------

     Cash flows from investing activities:
           Acquisitions of businesses, net of
           cash acquired                                   (17,294) (39,593)
          Acquisition of property and equipment             (3,261)  (3,711)
          Acquisition of intangible assets                 (26,001)    (179)
          Other                                                 14      136
                                                                --      ---
     Net cash used in investing activities                 (46,542) (43,347)
                                                           -------  -------

     Cash flow from financing activities:
          Issuance of common stock                           4,602    8,483
           Excess tax benefit for stock-based
           compensation                                         21    1,992
          Repurchase and retirement of common stock              -  (25,870)
           Payments on long-term debt and revolving
           credit lines                                          -     (312)
                                                                 -     ----
      Net cash provided by (used in) financing
      activities                                             4,623  (15,707)
                                                             -----  -------

      Effect of exchange rate changes on cash and cash
      equivalents                                           (1,946)   6,512
                                                            ------    -----

     Net decrease in cash and cash equivalents                (704) (31,823)
     Cash and cash equivalents - beginning of period       147,531  103,202
                                                           -------  -------

     Cash and cash equivalents - end of period            $146,827  $71,379
                                                          ========  =======



                         GAAP TO NON-GAAP RECONCILIATION
                  (Dollars in thousands, except per share data)
                                   (Unaudited)


                                                Three Months Ended
                                                ------------------
                                              Apr-03,            Mar-28,
                                               2009               2008
                                               ----               ----

                                        Dollar     % of    Dollar     % of
                                        Amount   Revenue   Amount   Revenue
                                        ------   -------   ------   -------
    GROSS MARGIN:
      GAAP gross margin:               $143,958     49.8% $174,376     49.1%
        Restructuring            ( A )      865      0.3%        -      0.0%
        Amortization of
         purchased intangibles   ( B )    5,285      1.8%    5,661      1.6%
        Stock-based
         compensation            ( C )      438      0.2%      493      0.1%
        Amortization of
         acquisition-related
         inventory step-up       ( D )      223      0.1%      183      0.1%
                                            ---      ---       ---      ---
      Non-GAAP gross margin:           $150,769     52.2% $180,713     50.9%
                                       --------     ----  --------     ----

    OPERATING
     EXPENSES:
      GAAP operating expenses:         $119,706           $116,336
        Restructuring            ( A )   (3,623)                 -
        Amortization of
         purchased intangibles   ( B )   (6,969)            (5,143)
        Stock-based
         compensation            ( C )   (3,788)            (3,489)
        Merger and Acquisition
         Costs                   ( E )     (465)                 -
                                           ----                  -
      Non-GAAP operating
       expenses:                       $104,861           $107,704
                                       --------           --------

    OPERATING
     INCOME:
      GAAP operating income:            $24,252      8.4%  $58,040     16.3%
        Restructuring            ( A )    4,488      1.5%        -      0.0%
        Amortization of
         purchased intangibles   ( B )   12,254      4.2%   10,804      3.0%
        Stock-based
         compensation            ( C )    4,226      1.5%    3,982      1.1%
        Amortization of
         acquisition-related
         inventory step-up       ( D )      223      0.1%      183      0.1%
        Merger and Acquisition
         Costs                   ( E )      465      0.2%        -      0.0%
                                            ---      ---         -      ---
      Non-GAAP operating
       income:                          $45,908     15.9%  $73,009     20.5%
                                        -------     ----   -------     ----

    NET INCOME:
      GAAP net income:                  $17,465            $40,067
        Restructuring            ( A )    4,488                  -
        Amortization of
         purchased intangibles   ( B )   12,254             10,804
        Stock-based
         compensation            ( C )    4,226              3,982
        Amortization of
         acquisition-related
         inventory step-up       ( D )      223                183
        Merger and Acquisition
         Costs                   ( E )      465                  -
        Income tax effect on
         non-GAAP adjustments    ( F )   (5,414)            (4,941)
                                         ------             ------
      Non-GAAP net income:              $33,707            $50,095
                                        =======            =======

    DILUTED NET
     INCOME PER
     SHARE:
      GAAP diluted net income per
       share:                             $0.14              $0.32
        Restructuring            ( A )     0.04                  -
        Amortization of
         purchased intangibles   ( B )     0.10               0.09
        Stock-based
         compensation            ( C )     0.04               0.03
        Amortization of
         acquisition-related
         inventory step-up       ( D )        -                  -
        Merger and Acquisition
         Costs                   ( E )        -                  -
        Income tax effect on
         non-GAAP adjustments    ( F )    (0.04)             (0.04)
                                          -----              -----
      Non-GAAP diluted net
       income per share:                  $0.28              $0.40
                                          =====              =====

    SHARES USED TO
     COMPUTE DILUTED NET
    INCOME PER SHARE:
      GAAP and Non-GAAP shares
       used to compute
      net income per share:             120,926            125,159
                                        =======            =======

    OPERATING
     LEVERAGE:
      Increase (decrease) in non-
       GAAP operating income           $(27,101)
      Increase (decrease) in revenue   $(66,342)
      Operating leverage (increase in
       non-GAAP operating
       income as a % of increase
       in revenue)                          N/A


    The non-GAAP financial measures included in the table above are non-GAAP
    gross margin, non-GAAP operating expenses, non-GAAP operating income, non-
    GAAP net income and non-GAAP diluted net income per share, which adjust
    for the following items: expenses related to acquisitions, stock-based
    compensation expense and restructuring charges.  Management uses these
    non-GAAP measures to assess trends in its business and for budgeting
    purposes, as many of these excluded items are non-cash. In addition, we
    believe that the presentation of these non-GAAP financial measures is
    useful to investors for the reasons associated with each of the adjusting
    items as described below.

    ( A ) Restructuring. The amounts recorded are primarily for employee
          compensation resulting from reductions in employee headcount in
          connection with our company restructurings and we believe they are
          not directly related to the operation of our business.

    ( B ) Amortization of purchased intangibles.  The amounts recorded as
          amortization of purchased intangibles arise from prior acquisitions
          and are non-cash in nature.  We exclude these expenses because we
          believe they are not reflective of ongoing operating results in the
          period incurred and are not directly related to the operation of our
          business.

    ( C ) Stock-based compensation. We exclude these stock-based compensation
          expenses because they are non-cash expenses that we believe are not
          reflective of ongoing operation results.  For the three months ended
          April 3, 2009 and March 28, 2008, stock-based compensation was
          allocated as follows:




                                       Three Months
                                           Ended
                                       ------------
                                       Apr-03, Mar-28,
                                        2009    2008
                                        ----    ----
        Cost of sales                   $438    $493
        Research and development         784     917
        Sales and Marketing            1,004   1,030
        General and administrative     2,000   1,542
                                       -----   -----
                                      $4,226  $3,982
                                      ------  ------

    ( D ) Amortization of acquisition-related inventory step-up. The purchase
          accounting entries associated with our business acquisitions require
          us to record inventory at its fair value, which is sometimes greater
          than the previous book value of the inventory.  The increase in
          inventory value is amortized to cost of sales over the period that
          the related product is sold.  We exclude inventory step-up
          amortization from our non-GAAP measures because we do not believe it
          is reflective of our ongoing operating results, and it is not used
          by management to assess the core profitability of our business
          operations.

    ( E ) Merger and acquisition costs:  These charges consist of external and
          incremental costs resulting directly from merger and acquisition
          activities.  Because these expenses are non-recurring and unique to
          specific acquisitions, we believe they are not indicative of future
          operating results and that investors benefit from an understanding
          of our operating results without giving effect to them.

    ( F ) Income tax effect on non-GAAP adjustments. This amounts adjusts the
          provision for income taxes to reflect the effect of the non-GAAP
          adjustments on non-GAAP operating income.



                             NON-GAAP RECONCILIATION
                               REPORTING SEGMENTS
                             (Dollars in thousands)
                                   (Unaudited)


                                             Reporting Segments
                                             ------------------
                                Engineering
                                    and        Field      Mobile   Advanced
                               Construction  Solutions  Solutions   Devices
                               ------------  ---------  ---------   -------

    THREE MONTHS ENDED
     APRIL 3, 2009:
      Revenue                      $127,651    $99,157    $38,288   $23,858

      GAAP operating income
       before corporate
       allocations:                  $2,509    $42,203     $3,148    $4,312
        Stock-based
         compensation      ( G )      1,308        222      1,144       325
                                      -----        ---      -----       ---
      Non-GAAP operating
       income before corporate
       allocations:                  $3,817    $42,425     $4,292    $4,637
                                     ------    -------     ------    ------
      Non-GAAP operating
       margin (% of segment
       external
       net revenues)                    3.0%      42.8%      11.2%     19.4%

    THREE MONTHS ENDED MARCH
     28, 2008:
      Revenue                      $194,180    $88,037    $44,011   $29,068

      GAAP operating income
       before corporate
       allocations:                 $36,954    $35,095     $2,453    $4,692
        Stock-based
         compensation      ( G )        971        198      1,408       327
                                        ---        ---      -----       ---
      Non-GAAP operating
       income before corporate
       allocations:                 $37,925    $35,293     $3,861    $5,019
                                    -------    -------     ------    ------
      Non-GAAP operating
       margin (% of segment
       external
       net revenues)                   19.5%      40.1%       8.8%     17.3%



    ( G ) Stock-based Compensation. The amounts consist of expenses for
          employee stock options and purchase rights under our employee stock
          purchase plan determined in accordance with SFAS 123(R), which
          became effective for us on January 1, 2006.  We discuss our
          operating results by segment with and with-out stock-based
          compensation expense, as we believe it is useful to investors to
          understand the impact of the application of SFAS 123(R) to our
          results of operations.  Stock-based compensation not allocated to
          the reportable segments was approximately $1,227K and $1,078K for
          the three months ended April 3, 2009 and March 28, 2008,
          respectively.




SOURCE Trimble

http://www.trimble.com

Copyright (C) 2009 PR Newswire. All rights reserved

Close window | Back to top