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TRIMBLE NAVIGATION ANNOUNCES FIRST QUARTER RESULTS

 SUNNYVALE, Calif., April 28 /PRNewswire/ -- Trimble Navigation Ltd. (NASDAQ: TRMB) today reported results for the first quarter ended March 31, 1993. Revenue for the quarter was $33,011,000 versus $22,140,000 for the same period in 1992. Revenue in the first quarter of 1993 includes a $3,000,000 adjustment reflecting better-than-anticipated warranty performance of the Trimpacks sold to the U.S. Government during Operation Desert Storm. First quarter 1993 net income was $128,000, or one cent per share, versus a net loss of $13,153,000, or 81 cents per share, for the same quarter a year ago. The net loss in the 1992 period included a $2,277,000, or 14 cents per share, accounting charge associated with implementing accounting standard FAS 109.
 Charles R. Trimble, president and chief executive officer said, "Sales to our commercial markets are historically weakest during the first quarter. However, non-military sales rose nearly 31 percent as compared to the first quarter of 1992. Unit sales of survey products in particular continued to do well with revenues growing more than 50 percent over last year's first quarter results.
 "The financial controls put in place in 1992 are generating results. During the quarter, research and development, sales and marketing, and general and administrative expenses were reduced by $3,285,000, gross margin improved from 38 percent to 49 percent, and inventory at the end of the quarter was reduced by 32 percent, all compared to last year's first quarter."
 Regarding the revenue gain of $3,000,000 relating to sales to the U.S. Government in connection with Operation Desert Storm, Trimble explained, "Fifteen percent of revenue generated from sales of Trimpacks was deferred to provide for estimated costs of the warranty guarantee provided by Trimble. We have revised the warranty-related revenue in light of our warranty experience to date."
 Trimble Navigation is a world leader in the emerging commercial markets for satellite-based navigation and positioning data products using the U.S. Government-funded Global Positioning System (GPS). Trimble designs, manufactures and markets electronic instruments for navigation and determining precise-position determination. These products are sold in a variety of markets including marine, OEM, aviation, military, vehicle tracking, survey and mapping, differential GPS (DGPS) systems, and Geographic Information Systems (GIS). Founded in 1978 and located in Sunnyvale, Trimble has been the leader in commercial business GPS since 1984.
 TRIMBLE NAVIGATION LIMITED
 Consolidated Statements of Operations
 (In thousands, except per share data)
 (unaudited)
 Three Months Ended
 March 31,
 1993 1992
 Total revenue $ 33,011 $ 22,140
 Operating expenses:
 Cost of sales 15,189 13,658
 Research and development 5,894 8,636
 Sales and marketing 8,123 8,393
 General and administrative 3,068 3,341
 Total operating expenses 32,274 34,028
 Operating income (loss) 737 (11,888)
 Nonoperating expense (579) (195)
 Income (loss) before income taxes and
 cumulative effect of accounting change 158 (12,083)
 Income tax provision (benefit) 30 (1,207)
 Income (loss) before cumulative effect
 of accounting change 128 (10,876)
 Cumulative effect of accounting change --- (2,277)
 Net income (loss) $ 128 ($13,153)
 Net income (loss) per share:
 Income (loss) before cumulative effect
 of accounting change $ 0.01 ($ 0.67)
 Cumulative effect of accounting change --- (0.14)
 Net income (loss) $ 0.01 ($ 0.81)
 Weighted average common and
 dilutive common equivalent shares 18,109 16,141
 Consolidated Balance Sheets
 (In thousands)
 (unaudited)
 March 31, Dec. 31,
 1993 1992
 ASSETS
 Current assets:
 Cash and cash equivalents $ 1,292 $ 1,905
 Accounts receivable, net 21,526 23,376
 Refundable income taxes 3,317 3,347
 Inventories 23,987 23,015
 Other current assets 1,667 1,160
 Total current assets 51,789 52,803
 Net property and equipment 13,794 14,783
 Intangible assets 882 891
 Other assets 1,056 1,071
 Total assets $67,521 $69,548
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Bank borrowings $10,690 $ 9,500
 Current portion of long-term debt 1,510 1,582
 Accounts payable 11,227 10,945
 Accrued compensation and benefits 3,965 3,336
 Accrued liabilities 4,071 4,855
 Deferred revenue 196 1,915
 Total current liabilities 31,659 32,133
 Noncurrent portion of long-term debt 5,536 5,853
 Noncurrent portion of deferred revenue 297 2,079
 Total noncurrent liabilities 5,833 7,932
 Total liabilities 37,492 40,065
 Shareholders' equity:
 Common stock, less notes receivable 46,362 45,953
 Accumulated deficit (15,907) (16,035)
 Foreign currency translation adjustment (426) (435)
 Total shareholders' equity 30,029 29,483
 Total liabilities and shareholders' equity $67,521 $69,548
 -0- 4/28/93
 /CONTACT: David Walke or Miriam Adler, 212-986-5900, or Doug Sherk or Ken Dennard, 415-296-7383, all of Morgen-Walke Associates for Trimble Navigation/
 (TRMB)


CO: Trimble Navigation Ltd. ST: California IN: TRN SU: ERN

ML-SG -- SF007 -- 1726 04/28/93 06:31 EDT
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