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TRIMBLE NAVIGATION REPORTS PROFITABLE FOURTH QUARTER

 SUNNYVALE, Calif., Feb. 8 /PRNewswire/ -- Trimble Navigation Ltd. (NASDAQ:TRMB) today reported its financial results for the period ended Dec. 31, 1992. Revenue for the fourth quarter of 1992 was $37,225,000, and net income was $846,000, or five cents per share. This compared favorably to the revenue for the fourth quarter of 1991, which was $28.4 million and a net loss of ($4,234,000), or 27 cents per share.
 The net loss for the year ended Dec. 31, 1992 was ($25.3 million), or ($1.51) per share, which included a $7.0-million restructuring charge in the second quarter and a retroactive tax adjustment of $2.3 million in the first quarter associated with implementing accounting standard FAS 109. For 1992, revenue was $127,550,000 as compared to $150,970,000 for 1991, which included approximately $58.2 million in military revenue consisting primarily of sales to the U.S. government resulting from Operation Desert Storm.
 Charles R. Trimble, president and chief executive officer commented, "Our company made significant progress on several fronts, some of which have long-term positive impacts. We continued to bring new products to market, most notably the 4000 SSE for survey and mapping segments, and we achieved 25 percent growth in commercial markets during 1992. We also completed a new $15-million, three-year term credit facility with Barclays, substantially improving the underlying liquidity of the company. At the same time, our efforts to reduce payables and inventories have been successful."
 Mr. Trimble continued, "We have invested substantial resources over the past few years in the development of products and technologies to commercialize the Global Positioning System (GPS). Our efforts have resulted in market opportunities broader than the five vertical segments we currently target. To further capitalize on these other opportunities, we have pursued strategic partnerships with companies holding a strong presence in particular markets. Three years ago, we formed such a partnership with Pioneer Electronic Corp., granting them the exclusive rights to the Japanese market for in-car navigation systems based on Trimble's GPS technology. During the fourth quarter, we signed a second agreement with Pioneer, granting them non-exclusive, world-wide rights for GPS in-car navigation technology. Trimble received a $5-million, non-refundable, pre-paid royalty. We are continuing to explore other strategic partnerships that target specific markets not being addressed by the company."
 Looking ahead, Mr. Trimble noted that the company enters 1993 with a backlog 29 percent higher than the previous year. "While our fourth quarter and first quarter results are impacted by the general conditions of world economies, we are optimistic about our ability to make 1993 a profitable year," he said.
 Trimble Navigation Ltd. is a world leader in the emerging commercial market for satellite-based navigation and positioning products using the U.S. Government-funded Global Positioning System. Trimble designs, manufactures and markets electronic instruments and systems for navigation and determining precise geographic location. The products are sold in a variety of applications including survey and mapping, Geographic Information Systems (GIS), marine, aviation, vehicle tracking, military applications and differential GPS systems. Founded in 1978 and located in Sunnyvale, Trimble has been the leader in the commercial business of GPS since 1984.
 TRIMBLE NAVIGATION LTD.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (In thousands, except per share data)
 Three Months Twelve Months
 Ended Dec. 31: 1992 1991 1992 1991
 (unaudited)
 Total revenue $ 37,225 $ 28,448 $ 127,550 $ 150,970
 Operating expenses:
 Cost of sales 17,847 13,453 69,007 67,875
 Research and
 development 5,671 8,667 28,546 30,229
 Sales and marketing 8,863 8,719 32,946 29,165
 General and
 administrative 2,970 3,498 12,120 13,786
 Restructuring charges 100 --- 6,861 ---
 Total operating
 expenses 35,451 34,337 149,480 141,055
 Operating income
 (loss) 1,774 (5,889) (21,930) 9,915
 Nonoperating income
 (expense) (468) (665) (1,774) (986)
 Income (loss) before
 income taxes and
 cumulative effect of
 accounting change 1,306 (6,554) (23,704) 8,929
 Income tax provision
 (benefit) 460 (2,320) (712) 1,964
 Income (loss) before
 cumulative effect of
 accounting change 846 (4,234) (22,992) 6,965
 Cumulative effect of
 accounting change --- --- (2,277) ---
 Net income (loss) $846 ($4,234) ($25,269) $6,965
 Net income (loss)
 per share:
 Income (loss) before
 cumulative effect
 of accounting
 change $0.05 ($0.27) ($1.37) $0.40
 Cummulative effect
 of accounting
 change --- --- (0.14) ---
 Net income (loss) $0.05 ($0.27) ($1.51) $0.40
 Weighted average
 common and dilutive
 common equivalent
 shares 17,125 15,818 16,726 17,263
 CONSOLIDATED BALANCE SHEETS
 (In Thousands)
 Dec. 31, Dec. 31,
 ASSETS 1992 1991
 Current assets:
 Cash and cash equivalents $1,905 $1,580
 Accounts receivable, net 23,376 22,804
 Refundable income taxes 3,347 4,153
 Inventories 23,015 32,640
 Deferred income taxes --- 2,730
 Other current assets 1,160 1,023
 Total current assets 52,803 64,930
 Net property and equipment 14,783 18,094
 Intangible assets 891 1,722
 Deferred income taxes --- 1,638
 Other assets 1,071 436
 Total assets $69,548 $86,820
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Bank borrowings $9,500 $10,500
 Current portion of long-term debt 1,582 2,803
 Accounts payable 10,945 9,911
 Accrued compensation and benefits 3,336 2,844
 Accrued liabilities 4,855 3,626
 Deferred revenue 1,915 1,917
 Total current liabilites 32,133 31,601
 Noncurrent portion of long-term debt 5,853 4,266
 Noncurrent portion of deferred revenue 2,079 3,994
 Total noncurrent liabilities 7,932 8,260
 Total liabilities 40,065 39,861
 Shareholders' equity:
 Common stock, less notes receivable 45,953 37,980
 Retained earnings (accumulated
 deficit) (16,035) 9,234
 Foreign currency translation
 adjustment (435) (255)
 Total shareholders' equity 29,483 46,959
 Total liabilities and
 shareholders' equity $69,548 $86,820
 -0- 2/8/93
 /CONTACT: Doug Sherk or Ken Dennard, 415-296-7383, or David Walke or Miriam Adler, 212-986-5900, all of Morgen-Walke, for Trimble/
 (TRMB)


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

PK-GT -- SF003 -- 3868 02/08/93 06:31 EST
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Date:Feb 8, 1993
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