Trimble Reports Fourth Quarter and Full Year 2013 Results

FTRMB

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)












Fourth Quarter of


Fiscal Years












2013


2012


2013


2012










Revenues:









        Product


$409,733


$379,337


$1,649,965


$1,566,975

        Service


112,646


77,627


364,274


262,889

        Subscription


76,839


58,559


273,885


210,249

Total revenues


599,218


515,523


2,288,124


2,040,113










Cost of sales:









        Product


189,538


190,245


776,597


767,526

        Service


46,553


32,695


141,904


100,286

        Subscription


22,492


17,987


84,682


65,847

        Amortization of purchased intangible assets


21,181


18,132


81,119


60,277

Total cost of sales


279,764


259,059


1,084,302


993,936










Gross margin


319,454


256,464


1,203,822


1,046,177

Gross margin (%)


53.3%


49.7%


52.6%


51.3%










Operating expenses









    Research and development


77,636


70,737


299,421


256,458

    Sales and marketing


93,669


83,598


348,106


313,692

    General and administrative


58,498


53,207


216,876


195,802

    Restructuring


1,358


333


5,960


2,227

    Amortization of purchased intangible assets


20,947


18,260


81,722


65,430

       Total operating expenses


252,108


226,135


952,085


833,609



















Operating income 


67,346


30,329


251,737


212,568










Non-operating income (loss), net









    Interest expense, net


(4,134)


(4,796)


(17,582)


(16,357)

    Foreign currency transaction gain (loss), net


172


(683)


(954)


(2,526)

    Income from equity method investments, net


4,772


5,019


20,680


24,727

    Other income (loss), net


(1,864)


9,115


(1,017)


11,012

       Total non-operating income (loss), net


(1,054)


8,655


1,127


16,856










Income before taxes


66,292


38,984


252,864


229,424










Income tax provision


6,631


6,305


34,698


39,708

Net income


59,661


32,679


218,166


189,716

Less: Net gain attributable to noncontrolling interests 


(336)


(507)


(689)


(1,344)

Net income attributable to Trimble Navigation Ltd.


$  59,997


$  33,186


$   218,855


$   191,060










Earnings per share attributable to Trimble Navigation Ltd.









     Basic


$     0.23


$     0.13


$        0.85


$        0.76

     Diluted


$     0.23


$     0.13


$        0.84


$        0.74










Shares used in calculating earnings per share:









    Basic


258,187


253,314


256,648


251,132

    Diluted


262,832


258,236


261,206


256,774


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