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TRIMBLE NAVIGATION LIMITED REPORTS IMPROVED THIRD QUARTER RESULTS

 SUNNYVALE, Calif., Oct. 22 /PRNewswire/ -- Trimble Navigation Limited (NASDAQ: TRMB) today reported improved results for the third quarter ended Sept. 30, 1993. Revenue for the quarter was $38,851,000, a six percent gain over the $36,540,000 recorded for the third quarter of 1992. Net income for the quarter was $1,671,000, or $0.09 per share, up from the $305,000, or $0.02 per share for the third quarter of last year.
 Revenue for the first nine months of 1993 rose 23 percent to $110,845,000 compared to $90,325,000 for the first three quarters of 1992. Net income for the period was $2,494,000 or $0.14 per share, versus a net loss of ($26,115,000), or ($1.58) per share during the first nine months of 1992. The company continued to improve its financial position during the quarter with an improved current ratio of nearly two to one and a total debt to equity ratio of 0.94. Total bank debt as of Sept. 30, 1993 was $6.3 million, down from the Dec. 31, 1992 level of $9.5 million.
 "The third quarter numbers confirm the company's strategy of focusing on products and market segments that allow Trimble to return to the higher gross margins that have historically characterized the company's financial performance," stated Charles R. Trimble, president and chief executive officer. "Sales in lower margin categories, such as recreational marine navigation, declined from year earlier levels and military sales were negatively impacted by significantly lower, end-of- year government spending levels. We are confident that recent developments will continue growth opportunities in the Surveying and Mapping and Tracking markets for the company in the coming year," he added.
 Trimble noted that the company's technology leadership in the avionics marketplace was considerably enhanced during the third quarter as the Federal Aviation Administration awarded Trimble the first stand- alone GPS airborne navigation system certification. In addition, Japan's Geodectic Survey Institute purchased 60 of Trimble's 4000SSE/RC geodetic survey receivers as part of the world's most ambitious effort to predict earthquakes. "These events point to our continued technical and product leadership in our target markets," said Trimble.
 Trimble Navigation Limited is a world leader in the emerging commercial markets for satellite-based navigation, positioning and communication data products. These products meet specific application needs throughout the marine and aviation, military, tracking and communication, survey and mapping, differential GPS systems and Geographic Information Systems (GIS) markets. Founded in 1978, Trimble has been a leader in commercial GPS solutions since 1984.
 TRIMBLE NAVIGATION LTD.
 Consolidated Statements of Operations
 (in thousands, except per share data) (unaudited)
 Three Months Ended Nine Months Ended
 September 30, September 30,
 1993 1992 1993 1992
 Total Revenue $38,851 $36,540 $110,845 $90,325
 Operating expenses:
 Cost of sales 17,624 18,940 51,005 51,160
 Research and
 development 5,587 6,377 17,279 22,875
 Sales and marketing 9,886 7,890 27,046 24,083
 General and
 administrative 3,500 2,715 9,907 9,150
 Restructuring charges -- (239) -- 6761
 Total operating
 expenses 36,597 35,683 105,237 114,029
 Operating income (loss) 2,254 857 5,608 (23,704)
 Nonoperating expense:
 Interest and other
 expenses (395) (517) (1,289) (1,306)
 Arbitration settlement
 charge -- -- (1,507) --
 Total nonoperating
 expense (395) (517) (2,796) (1,306)
 Income(loss) before income
 taxes and cumulative
 effect of accounting
 change 1,859 340 2,812 (25,010)
 Income tax provision
 (benefit) 188 35 318 (1,172)
 Income (loss) before
 cumulative effect of
 accounting change 1,671 305 2,494 (23,838)
 Cumulative effect of
 accounting change -- -- -- (2,277)
 Net Income (loss) $1,671 $305 $2,494 ($26,115)
 Net income (loss) per share:
 Income (loss) before
 cumulative effect of
 accounting change $0.09 $0.02 $0.14 ($1.44)
 Cumulative effect of
 accounting change -- -- -- (0.14)
 Net income (loss) $0.09 $0.02 $0.14 ($1.58)
 Weighted average common
 and dilutive common
 equivalent shares 18,918 17,040 18,369 16,593
 TRIMBLE NAVIGATION LTD.
 Consolidated Balance Sheets
 (in thousands) (unaudited)
 Sept. 30, Dec. 31,
 1993 1992
 ASSETS
 Current assets:
 Cash and cash equivalents $889 $1,905
 Accounts receivable, net 31,238 23,376
 Refundable income taxes -- 3,347
 Inventories 22,485 23,015
 Other current assets 2,081 1,160
 Total current assets 56,693 52,803
 Net property and equipment 12,773 14,783
 Intangible assets 726 891
 Other assets 1,534 1,071
 Total assets $71,726 $69,548
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Bank borrowings $6,314 $9,500
 Current portion of long-term debt 1,432 1,582
 Accounts payable 11,645 10,945
 Accrued compensation and benefits 4,204 3,336
 Accrued liabilities 5,226 4,855
 Income tax payable 502 --
 Deferred revenue 196 1,915
 Total current liabilities 29,519 32,133
 Noncurrent portion of long-term debt 4,886 5,853
 Noncurrent portion of deferred revenue 297 2,079
 Total noncurrent liabilities 5,183 7,932
 Total liabilities 34,702 40,065
 Shareholders' equity:
 Common stock, less notes receivable 50,978 45,953
 Accumulated deficit (13,541) (16,035)
 Foreign currency translation
 adjustment (413) (435)
 Total shareholders' equity 37,024 29,483
 Total liabilities and shareholders'
 equity $71,726 $69,548
 -0- 10/22/93
 /CONTACT: John Barnet, Chief Financial Officer, 408-481-2900, or Barbara Hall, Investor Relations, 408-481-6914, both of Trimble; or Doug Sherk or Deborah Gomez, 415-296-7383, or David Walke or Jill Moskowitz, 212-850-5600, all of Morgen-Walke Associates/
 (TRMB)


CO: Trimble Navigation ST: California IN: TLS SU: ERN

KG-TM -- SF005 -- 5531 10/22/93 06:31 EDT
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Publication:PR Newswire
Date:Oct 22, 1993
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