Printer Friendly

TRIMBLE NAVIGATION REPORTS SECOND QUARTER RESULTS

 SUNNYVALE, Calif., July 20 /PRNewswire/ -- Trimble Navigation Ltd. (NASDAQ: TRMB) today reported its financial results for the three-month and six-month period ended June 30, 1993. Revenue for the quarter was $38,983,000, up 23 percent over the $31,645,000 recorded in the second quarter of 1992. Net income for the quarter was $695,000, or 4 cents per share, versus the net loss of ($13,267,000) or (80 cents) per share, recorded during the second quarter last year. The 1993 period net income is after deduction of a $1.5-million charge, or 8 cents per share, resulting from a final arbitration award received July 19, 1993, by the company in connection with its dispute with Avion Systems Inc. The 1992 period net loss reflected a $7.0-million restructuring charge or 42 cents per share.
 Revenue for the first six months of 1993 rose 34 percent to $71,994,000, compared to $53,785,000 for 1992. Net income for the period was $823,000, or 5 cents per share, versus the net loss of ($26,420,000) or ($1.61) per share during the first six months of 1992. The 1993 period reflected the Avion arbitration award and 1992 period reflected the restructuring charge.
 The final order from the Avion arbitration panel assessed additional royalties against the company which had the effect of increasing the total charge from the $600,000 estimated earlier this month, based on a tentative decision from the panel, to $1.5 million. The company has decided to reconvey its right, title and interest in the subject TCAS I technology to Avion and eliminate any further royalty obligations.
 Charles R. Trimble, president and chief executive officer, commented, "We were surprised and disappointed by the outcome of the Avion arbitration order. Our decision to reconvey our interest has an estimated $200,000 cash impact and places the issue behind us. Nonetheless, the company had an outstanding quarter operationally. The second quarter represents continued positive trends and improvements in the company's operating results and financial condition. Growth in sales and operating margins, an increase in working capital, and decreases in inventories and bank borrowings were evident during the quarter.
 "We were very fortunate to have John Barnet join our management team as chief financial officer during the quarter," continued Trimble. "John brings a balanced approach to our team."
 Trimble Navigation is a world leader in the emerging commercial markets for satellite-based navigation, positioning and communication data products. These products are sold in a variety of markets including marine & aviation, military, vehicle tracking & communication, public safety, survey & mapping, differential GPS (DGPS) systems and Geographic Information Systems (GIS). Founded in 1978 and located in Sunnyvale, Trimble has been a leader in commercial GPS since 1984.
 TRIMBLE NAVIGATION LTD.
 Consolidated Statements of Operations
 (Unaudited, in thousands, except per-share data)
 Three Months Six Months
 Ended June 30: 1993 1992 1993 1992
 Total revenue $ 38,983 $ 31,645 $ 71,994 $ 53,785
 Operating expenses:
 Cost of sales 18,192 18,562 33,381 32,220
 Research and development 5,798 7,862 11,692 16,498
 Sales and marketing 9,037 7,800 17,160 16,193
 General and administrative 3,339 3,094 6,407 6,435
 Restructuring charges -- 7,000 -- 7,000
 Total operating expenses 36,366 44,318 68,640 78,346
 Operating income (loss) 2,617 (12,673) 3,354 (24,561)
 Nonoperating expense:
 Interest and other expenses (315) (594) (894) (789)
 Arbitration settlement
 charge (1,507) -- (1,507) --
 Total nonoperating expense (1,822) (594) (2,401) (789)
 Income (loss) before income
 taxes and cumulative effect
 of accounting change 795 (13,267) 953 (25,350)
 Income tax provision
 (benefit) 100 -- 130 (1,207)
 Income (loss) before cumulative
 effect of accounting change 695 (13,267) 823 (24,143)
 Cumulative effect of
 accounting change -- -- -- (2,277)
 Net income (loss) $ 695 $(13,267) $ 823 $(26,420)
 Net income (loss) per share:
 Income (loss) before cumulative
 effect of accounting
 change $ 0.04 $ (0.80) $ 0.05 $ (1.47)
 Cumulative effect of
 accounting change -- -- -- (0.14)
 Net income (loss) $ 0.04 $ (0.80) $ 0.05 $ (1.61)
 Weighted average common
 and dilutive common
 equivalent shares 18,081 16,598 18,095 16,370
 Consolidated Balance Sheets
 (Unaudited, in thousands)
 June 30, Dec. 31,
 1993 1992
 ASSETS
 Current assets:
 Cash and cash equivalents $ 1,593 $ 1,905
 Accounts receivable, net 29,165 23,376
 Refundable income taxes -- 3,347
 Inventories 22,172 23,015
 Other current assets 1,679 1,160
 Total current assets 54,609 52,803
 Net property and equipment 13,360 14,783
 Intangible assets 794 891
 Other assets 1,260 1,071
 Total assets $ 70,023 $ 69,548
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Bank borrowings $ 8,109 $ 9,500
 Current portion of long-term debt 1,432 1,582
 Accounts payable 12,205 10,945
 Accrued compensation and benefits 3,845 3,336
 Accrued liabilities 4,786 4,855
 Income tax payable 388 --
 Deferred revenue 196 1,915
 Total current liabilities 30,961 32,133
 Noncurrent portion of long-term debt 5,216 5,853
 Noncurrent portion of deferred revenue 297 2,079
 Total noncurrent liabilities 5,513 7,932
 Total liabilities 36,474 40,065
 Shareholders' equity:
 Common stock, less notes receivable 49,210 45,953
 Accumulated deficit (15,212) (16,035)
 Foreign currency translation
 adjustment (449) (435)
 Total shareholders' equity 33,549 29,483
 Total liabilities and shareholders'
 equity $ 70,023 $ 69,548
 -0- 7/20/93
 /CONTACT: Doug Sherk or Ken Dennard, 415-296-7383, or David Walke or Miriam Adler, 212-850-5600, all of Morgen-Walke, for Trimble Navigation/
 (TRMB)


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

GT-LH -- SF009 -- 3344 07/20/93 06:34 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 20, 1993
Words:950
Previous Article:CONTINENTAL SAVINGS OF AMERICA ANNOUNCES EARNINGS FOR THE PERIOD ENDED JUNE 30, 1993
Next Article:DUKE POWER RECEIVES MERIT AWARD
Topics:


Related Articles
TRIMBLE NAVIGATION REPORTS PROFITABLE FOURTH QUARTER
TRIMBLE REPORTS STRONG FOURTH QUARTER
TRIMBLE REPORTS 70% INCREASE IN FIRST QUARTER EARNINGS
TRIMBLE REPORTS SECOND QUARTER RESULTS
TRIMBLE REPORTS FOURTH QUARTER AND YEAR END RESULTS
TRIMBLE COMMENTS ON SECOND QUARTER
TRIMBLE REPORTS SECOND QUARTER RESULTS
Trimble Reports Fourth Quarter and Year End Results
Trimble Reports Record Revenue in the Second Quarter
Trimble Announces Preliminary First Quarter Results.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters