5/1/2003 - Trimble (Nasdaq: TRMB) announced results for its first fiscal quarter ended April 4, 2003. The Company reported first quarter revenues of $127.3 million, versus $104.0 million in the first quarter of 2002. Earnings per share (EPS) for the first quarter on a Generally Accepted Accounting Principles (GAAP) basis were $0.18, which included an expense for approximately $1.8 million in amortization of intangibles under FAS 142 and an approximate $390,000 restructuring charge related to Trimble's continued cost reduction activities. This compares to a loss per share of ($0.03), which included an expense for approximately $2.0 million in amortization of intangibles and a $304,000 restructuring charge in the first quarter of 2002. First quarter 2003 GAAP EPS were calculated on a diluted basis using approximately 30.1 million shares.
"We continued to demonstrate the ability to execute in uncertain economic times," said Steven W. Berglund, president and CEO of Trimble. "Our survey and machine control products bring real productivity benefits and cost savings to our customers, which has translated into increased sales and profits for the Company. Additionally, our Component Technologies business remains robust with favorable margin trends, and our Mobile Solutions business demonstrated tangible progress on both increasing revenue and decreasing operating losses during the quarter."
First Fiscal Quarter Business Segment Highlights
Engineering and Construction (E&C)
Total first quarter E&C (including Tripod Data Systems (TDS), previously included in the Portfolio Technologies segment) revenues increased by 19 percent on a comparable basis over the first quarter of 2002. All business areas within E&C showed double-digit year over year growth in the quarter. GPS survey products had record sales for the second consecutive quarter. E&C sales also benefited from a positive reception to new products such as the recently introduced LM80, which is a combination of the TDS ReconTM, a moderately priced, ruggedized handheld computer, and a new software package used to increase productivity, accuracy and reliability for the construction layout process.
Trimble Field Solutions (TFS) - Agriculture and Geographic Information Systems (GIS)
Trimble Field Solutions' first quarter revenue increased by approximately 15 percent over the first quarter of 2002. The GIS and Agriculture businesses each demonstrated double-digit revenue growth over the first quarter of 2002, with Agriculture benefiting from seasonal strength due to farmers preparing for the planting season.
Component Technologies (CT)
CT first quarter revenues increased by approximately 58 percent over the first quarter of 2002. Demand was strong across the board, especially for wireless infrastructure products. Margins also demonstrated strong improvement due to favorable product mix, increased volumes, and cost reductions related the transfer of the business' manufacturing operations from California to China during the second half of 2002.
Trimble Mobile Solutions (TMS)
TMS reported a 55 percent sequential increase in revenue during the first quarter, as it continued to gain traction in the ready mix concrete market. Revenue related to the TelevisantTM Mobile Resource Management System and associated hardware products increased by over 250 percent sequentially, and now represent a majority of TMS' business. At the same time, divisional net loss decreased by approximately 71 percent from the fourth quarter.
For the second quarter ending July 4, 2003, the Company expects revenues will be between $129.0 and $132.0 million. Gross margins are expected to be approximately 50 percent. Operating expenses, including approximately $1.8 million of amortization of intangibles are expected to be approximately $51 to $52 million. Net interest expense is expected to be approximately $2.6 million, and the income tax provision should be approximately $1 million. The Company anticipates other non-operating expense to be approximately $1.5 million. Within these revenue guidelines, Trimble expects GAAP EPS to be between $0.25 and $0.29, assuming 32.2 million shares outstanding.
Trimble is a leading innovator of Global Positioning System (GPS) technology. In addition to providing advanced GPS components, Trimble augments GPS with other positioning technologies, as well as wireless communications and software, to create complete customer solutions. Trimble's worldwide presence and unique capabilities position the Company for growth in emerging applications including surveying, automobile navigation, machine guidance, asset tracking, wireless platforms, and telecommunications infrastructure. Founded in 1978 and headquartered in Sunnyvale, California, Trimble has more than 2,000 employees in more than 20 countries worldwide.
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