California
|
94-2802192
|
|||
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification Number)
|
Yes
T
|
No
o
|
Large
Accelerated Filer T
|
Accelerated
Filer o
|
Non-accelerated
Filer o
|
Yes
o
|
No
T
|
PART
I.
|
Page
|
|||
ITEM
1.
|
||||
3
|
||||
|
||||
4
|
||||
|
||||
5
|
||||
6
|
||||
ITEM
2.
|
21
|
|||
ITEM
3.
|
32
|
|||
ITEM
4.
|
33
|
|||
PART
II.
|
||||
|
||||
ITEM
1.
|
33
|
|||
ITEM
1A.
|
33
|
|||
ITEM
2.
|
33
|
|||
ITEM
6.
|
34
|
|||
35
|
September
28,
|
December
29,
|
|||||||
2007
|
2006
|
|||||||
(In
thousands)
|
|
|||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ |
84,072
|
$ |
129,621
|
||||
Accounts
receivable, net
|
242,589
|
177,054
|
||||||
Other
receivables
|
10,677
|
6,014
|
||||||
Inventories,
net
|
142,158
|
112,552
|
||||||
Other
current assets
|
57,211
|
38,931
|
||||||
Total
current assets
|
536,707
|
464,172
|
||||||
Property
and equipment, net
|
51,667
|
47,998
|
||||||
Goodwill
|
669,608
|
374,510
|
||||||
Other
purchased intangible assets, net
|
195,459
|
67,172
|
||||||
Other non-current
assets
|
51,092
|
29,625
|
||||||
Total
assets
|
$ |
1,504,533
|
$ |
983,477
|
||||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Current
portion of long-term debt
|
$ |
167
|
$ |
--
|
||||
Accounts
payable
|
63,358
|
49,194
|
||||||
Deferred
revenue
|
53,598
|
28,060
|
||||||
Deferred
income taxes
|
5,234
|
4,525
|
||||||
Income
taxes payable
|
33,178
|
23,814
|
||||||
Other
current liabilities
|
88,113
|
80,586
|
||||||
Total
current liabilities
|
243,648
|
186,179
|
||||||
Non-current
portion of long-term debt
|
80,923
|
481
|
||||||
Non-current
deferred revenue
|
11,988
|
--
|
||||||
Deferred
income taxes
|
39,907
|
21,633
|
||||||
Other
non-current liabilities
|
55,475
|
27,519
|
||||||
Total
liabilities
|
431,941
|
235,812
|
||||||
Commitments
and contingencies
|
||||||||
Shareholders'
equity:
|
||||||||
Preferred
stock no par value; 3,000 shares authorized; none
outstanding
|
--
|
--
|
||||||
Common
stock, no par value; 180,000 shares authorized; 121,110 and 111,718
shares
issued and outstanding at September 28, 2007 and December 29, 2006,
respectively
|
650,454
|
435,371
|
||||||
Retained
earnings
|
362,266
|
271,183
|
||||||
Accumulated
other comprehensive income
|
59,872
|
41,111
|
||||||
Total
shareholders' equity
|
1,072,592
|
747,665
|
||||||
Total
liabilities and shareholders' equity
|
$ |
1,504,533
|
$ |
983,477
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
28,
|
September
29,
|
September
28,
|
September
29,
|
|||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(In
thousands, except per share data)
|
||||||||||||||||
Revenue (1)
|
$ |
296,023
|
$ |
234,851
|
$ |
909,487
|
$ |
706,030
|
||||||||
Cost
of sales (1)
|
149,083
|
118,660
|
452,248
|
360,721
|
||||||||||||
Gross
margin
|
146,940
|
116,191
|
457,239
|
345,309
|
||||||||||||
Operating
expenses
|
||||||||||||||||
Research
and development
|
31,707
|
25,180
|
96,737
|
77,234
|
||||||||||||
Sales
and marketing
|
45,274
|
34,902
|
134,967
|
103,356
|
||||||||||||
General
and administrative
|
21,262
|
17,981
|
67,182
|
50,016
|
||||||||||||
Restructuring
charges
|
-
|
-
|
3,025
|
-
|
||||||||||||
Amortization
of purchased intangible assets
|
4,911
|
1,747
|
14,212
|
5,639
|
||||||||||||
In-process
research and development
|
-
|
50
|
2,112
|
1,000
|
||||||||||||
Total
operating expenses
|
103,154
|
79,860
|
318,235
|
237,245
|
||||||||||||
Operating
income
|
43,786
|
36,331
|
139,004
|
108,064
|
||||||||||||
Non-operating
income, net
|
||||||||||||||||
Interest
income
|
770
|
1,402
|
2,607
|
2,677
|
||||||||||||
Interest
expense
|
(1,616 | ) | (87 | ) | (5,476 | ) | (330 | ) | ||||||||
Income
from joint ventures
|
1,943
|
1,047
|
6,445
|
4,238
|
||||||||||||
Other
income, net
|
(8 | ) |
295
|
641
|
1,404
|
|||||||||||
Total
non-operating income, net
|
1,089
|
2,657
|
4,217
|
7,989
|
||||||||||||
Income
before taxes
|
44,875
|
38,988
|
143,221
|
116,053
|
||||||||||||
Income
tax provision
|
17,501
|
13,646
|
52,138
|
36,380
|
||||||||||||
Net
income
|
$ |
27,374
|
$ |
25,342
|
$ |
91,083
|
$ |
79,673
|
||||||||
Basic
earnings per share
|
$ |
0.23
|
$ |
0.23
|
$ |
0.77
|
$ |
0.73
|
||||||||
Shares
used in calculating basic earnings per share
|
120,591
|
110,678
|
118,553
|
109,618
|
||||||||||||
Diluted
earnings per share
|
$ |
0.22
|
$ |
0.22
|
$ |
0.74
|
$ |
0.69
|
||||||||
Shares
used in calculating diluted earnings per share
|
125,687
|
116,986
|
123,691
|
115,854
|
Nine
Months Ended
|
||||||||
September
28,
|
September
29,
|
|||||||
2007
|
2006
|
|||||||
(In
thousands)
|
||||||||
Cash
flow from operating activities:
|
||||||||
Net
income
|
$ |
91,083
|
$ |
79,673
|
||||
Adjustments
to reconcile net income to net cash provided by operating
activities
|
||||||||
Depreciation
expense
|
12,733
|
9,939
|
||||||
Amortization
expense
|
28,615
|
9,082
|
||||||
Provision
for doubtful accounts
|
684
|
181
|
||||||
Amortization
of debt issuance cost
|
162
|
135
|
||||||
Deferred
income taxes
|
(6,547 | ) | (355 | ) | ||||
Non-cash
restructuring charges
|
1,725
|
-
|
||||||
Stock-based
compensation
|
10,949
|
9,437
|
||||||
In-process
research and development
|
2,112
|
1,000
|
||||||
Equity
gain from joint venture
|
(6,445 | ) | (4,238 | ) | ||||
Excess
tax benefit for stock-based compensation
|
(13,283 | ) | (8,088 | ) | ||||
Provision
for excess and obsolete inventories
|
3,513
|
5,830
|
||||||
Other
non-cash items
|
144
|
131
|
||||||
Add
decrease (increase) in assets:
|
||||||||
Accounts
receivable
|
(42,971 | ) | (19,829 | ) | ||||
Other
receivables
|
4,619
|
1,615
|
||||||
Inventories
|
(15,512 | ) | (9,110 | ) | ||||
Other
current and non-current assets
|
6,353
|
(7,371 | ) | |||||
Add
increase (decrease) in liabilities:
|
||||||||
Accounts
payable
|
(7,518 | ) | (6,250 | ) | ||||
Accrued
liabilities
|
(832 | ) |
4,760
|
|||||
Deferred
revenue
|
25,989
|
9,499
|
||||||
Income
taxes payable
|
33,511
|
7,482
|
||||||
Net
cash provided by operating activities
|
129,084
|
83,523
|
||||||
Cash
flow from investing activities:
|
||||||||
Acquisitions
of businesses, net of cash acquired
|
(285,523 | ) | (43,167 | ) | ||||
Acquisitions
of property and equipment
|
(9,208 | ) | (13,966 | ) | ||||
Dividends
received
|
2,888
|
2,244
|
||||||
Other
|
361
|
(16 | ) | |||||
Net
cash used in investing activities
|
(291,482 | ) | (54,905 | ) | ||||
Cash
flow from financing activities:
|
||||||||
Issuances
of common stock
|
27,830
|
24,134
|
||||||
Excess
tax benefit for stock-based compensation
|
13,283
|
8,088
|
||||||
Proceeds
from long-term debt and revolving credit lines
|
250,000
|
-
|
||||||
Payments
on long-term debt and revolving credit lines
|
(170,037 | ) |
-
|
|||||
Other
|
-
|
(911 | ) | |||||
Net
cash provided by financing activities
|
121,076
|
31,311
|
||||||
Effect
of exchange rate changes on cash and cash equivalents
|
(4,227 | ) |
2,620
|
|||||
Net
increase (decrease) in cash and cash equivalents
|
(45,549 | ) |
62,549
|
|||||
Cash
and cash equivalents, beginning of period
|
129,621
|
73,853
|
||||||
Cash
and cash equivalents, end of period
|
$ |
84,072
|
$ |
136,402
|
Cash
consideration
|
$ |
327,370
|
||
Common
stock consideration
|
161,947
|
|||
Merger
costs *
|
5,698
|
|||
Total
Purchase price
|
$ |
495,015
|
Value
to be allocated to assets, based upon merger consideration
|
$ |
495,015
|
||
Less:
value of @Road’s assets acquired:
|
||||
Net
tangible assets acquired
|
139,884
|
|||
Amortizable
intangibles assets:
|
||||
Developed
product technology
|
66,600
|
|||
Customer
relationships
|
75,300
|
|||
Trademarks
and tradenames
|
5,200
|
|||
Subtotal
|
147,100
|
|||
In-process
research and development
|
2,100
|
|||
Deferred
tax liability
|
(56,855 | ) | ||
Goodwill
|
$ |
262,786
|
As
of
|
||||
February
16,
|
||||
(in
thousands)
|
2007
|
|||
Cash
and cash equivalents
|
$ |
74,729
|
||
Accounts
receivable, net
|
14,255
|
|||
Other
receivables
|
8,774
|
|||
Inventory
|
15,272
|
|||
Other
current assets
|
11,953
|
|||
Property
and equipment, net
|
5,854
|
|||
Deferred
tax asset
|
42,471
|
|||
Other
non-current assets
|
8,111
|
|||
|
||||
Total
assets acquired
|
$ |
181,419
|
||
|
||||
Accounts
payable
|
19,285
|
|||
Deferred
revenue
|
7,365
|
|||
Other
accrued liabilities
|
14,885
|
|||
|
||||
Total
liabilities assumed
|
$ |
41,535
|
||
|
||||
Total
net assets acquired
|
$ |
139,884
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||
September 29,
|
September 28,
|
September 29,
|
||||||||||
2006
(b)
|
2007
(a)
|
2006
(b)
|
||||||||||
(in
thousands, except per share data)
|
||||||||||||
Pro-forma
revenue
|
$ |
254,728
|
$ |
918,961
|
$ |
762,186
|
||||||
Pro-forma
net income
|
16,496
|
82,639
|
53,464
|
|||||||||
Pro-forma
basic net income per share
|
$ |
0.14
|
$ |
0.68
|
$ |
0.46
|
||||||
Pro-forma
diluted net income per share
|
$ |
0.13
|
$ |
0.66
|
$ |
0.44
|
(a)
|
The
pro-forma results of operations represent the Company’s results for the
nine months ended September 28, 2007, including @Road beginning
from
February 17, 2007, and @Road historical results and pro-forma adjustments
based on the fair values of assets acquired and liabilities assumed
as of
the acquisition date of February 16, 2007 for the beginning of
@Road’s
first quarter of fiscal 2007 to February 16, 2007. Pro-forma
revenue includes a $1.4 million decrease due to deferred revenue
write-downs and customer contracts where the product was delivered
prior
to the acquisition date. Pro-forma net income includes
revenue write-downs and related deferred cost of sales write-downs
of $0.1
million, amortization of intangible assets related to the acquisition
of
$2.8 million, interest expense for debt used to purchase @Road of
$1.4 million, and stock-based compensation for @Road options assumed
of
$0.2 million.
|
(b)
|
The
pro-forma results of operations represent the Company’s results for the
three and nine months ended September 29, 2006, including @Road’s
historical results and pro-forma adjustments based on the fair
values of assets acquired and liabilities assumed as of the acquisition
date of February 16, 2007 for the three and nine months ending
September
29, 2006. Pro-forma revenue for the three and nine months ended
September 29, 2006 includes a $5.3
million and
$16.9
million decrease, respectively, due to deferred revenue write-downs
and
customer contracts for which the product was delivered prior to
the
acquisition date. Pro-forma net income for the three and nine
months ended September 29, 2006 includes revenue write-downs and
related
deferred cost of sales write-downs of $0.6
million and
$2.5
million, respectively, amortization of intangible assets related
to the
acquisition of $4.6 million and $13.7 million, respectively, interest
expense for debt used to purchase @Road of $2.8
million and
$8.4
million, respectively, and stock-based compensation for @Road options
assumed of $0.2 million
and $0.6
million, respectively.
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September 28,
|
September 29,
|
September 28,
|
September 29,
|
|||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(in
thousands)
|
||||||||||||||||
Cost
of sales
|
$ |
469
|
$ |
285
|
$ |
1,240
|
$ |
881
|
||||||||
Research
and development
|
868
|
620
|
2,619
|
1,926
|
||||||||||||
Sales
and marketing
|
1,059
|
663
|
2,800
|
2,115
|
||||||||||||
General
and administrative
|
1,408
|
1,380
|
4,290
|
4,515
|
||||||||||||
Total
operating expenses
|
3,335
|
2,663
|
9,709
|
8,556
|
||||||||||||
Total
stock-based compensation expense
|
3,804
|
2,948
|
10,949
|
9,437
|
||||||||||||
Tax
benefit (1)
|
294
|
(263 | ) | (574 | ) | (851 | ) | |||||||||
Total
stock-based compensation expense, net of tax
|
$ |
4,098
|
$ |
2,685
|
$ |
10,375
|
$ |
8,586
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September 28,
2007
|
September 29,
2006
|
September 28,
2007
|
September 29,
2006
|
|||||||||||||
Expected
dividend yield
|
--
|
--
|
--
|
--
|
||||||||||||
Expected
stock price volatility
|
37.0%
|
42.7%
|
37.2%
|
42.2%
|
||||||||||||
Risk
free interest rate
|
4.4%
|
5.1%
|
4.5%
|
4.7%
|
||||||||||||
Expected
life of options after vesting
|
3.9
years
|
4.7
years
|
3.9
years
|
4.6
years
|
September
28, 2007
|
||||||||||||
Gross
|
||||||||||||
Carrying
|
Accumulated
|
Net
Carrying
|
||||||||||
(in
thousands)
|
Amount
|
Amortization
|
Amount
|
|||||||||
Developed
product technology
|
$ |
137,523
|
$ | (36,624 | ) | $ |
100,899
|
|||||
Trade
names and trademarks
|
7,708
|
(1,363 | ) |
6,345
|
||||||||
Patents
and other intellectual properties
|
109,966
|
(21,751 | ) |
88,215
|
||||||||
$ |
255,197
|
$ | (59,738 | ) | $ |
195,459
|
||||||
December
29, 2006
|
||||||||||||
Gross
|
||||||||||||
Carrying
|
Accumulated
|
Net
Carrying
|
||||||||||
(in
thousands)
|
Amount
|
Amortization
|
Amount
|
|||||||||
Developed
product technology
|
$ |
92,430
|
$ | (38,604 | ) | $ |
53,826
|
|||||
Trade
names and trademarks
|
11,845
|
(10,687 | ) |
1,158
|
||||||||
Patents
and other intellectual properties
|
25,845
|
(13,657 | ) |
12,188
|
||||||||
$ |
130,120
|
$ | (62,948 | ) | $ |
67,172
|
Amortization
Expense
|
||||
2007
(Remaining)
|
$ |
10,024
|
||
2008
|
40,313
|
|||
2009
|
36,590
|
|||
2010
|
34,372
|
|||
2011
|
28,755
|
|||
Thereafter
|
45,405
|
|||
Total
|
$ |
195,459
|
Engineering
and Construction
|
Field
Solutions
|
Mobile
Solutions
|
Advanced
Devices
|
Total
|
||||||||||||||||
Balance
as of December 29, 2006
|
$ |
296,597
|
$ |
1,517
|
$ |
63,430
|
$ |
12,966
|
$ |
374,510
|
||||||||||
Additions
due to acquisitions
|
9,857
|
--
|
262,786
|
--
|
272,643
|
|||||||||||||||
Purchase
price adjustments
|
4,591
|
39
|
6,994
|
--
|
11,624
|
|||||||||||||||
Foreign
currency translation adjustments
|
6,958
|
--
|
1,778
|
2,095
|
10,831
|
|||||||||||||||
Balance
as of September 28, 2007
|
$ |
318,003
|
$ |
1,556
|
$ |
334,988
|
$ |
15,061
|
$ |
669,608
|
September 28,
|
December 29,
|
|||||||
As
of
|
2007
|
2006
|
||||||
(in
thousands)
|
||||||||
Raw
materials
|
$ |
66,850
|
$ |
66,853
|
||||
Work-in-process
|
12,146
|
6,181
|
||||||
Finished
goods
|
63,162
|
39,518
|
||||||
Total
inventory, net
|
$ |
142,158
|
$ |
112,552
|
September 28,
|
December 29,
|
|||||||
As
of
|
2007
|
2006
|
||||||
(in
thousands)
|
||||||||
Deferred
compensation
|
$ |
8,568
|
$ |
5,887
|
||||
Unrecognized
tax benefits
|
24,069
|
--
|
||||||
Other
non-current liabilities
|
22,838
|
21,632
|
||||||
Total
other non-current liabilities
|
$ |
55,475
|
$ |
27,519
|
|
·
|
Engineering
and Construction — Consists of products currently used by survey and
construction professionals in the field for positioning, data collection,
field computing, data management, and machine guidance and control.
The
applications served include surveying, road, runway, construction,
site
preparation and building
construction.
|
|
·
|
Field
Solutions — Consists of products that provide solutions in a variety of
agriculture and geographic information systems (GIS) applications.
In
agriculture these include precise land leveling and machine guidance
systems. In GIS these include handheld devices and software that
enable
the collection of data on assets for a variety of governmental and
private
entities.
|
|
·
|
Mobile
Solutions — Consists of products that enable end users to monitor and
manage their mobile assets by communicating location and activity-relevant
information from the field to the office. The Company offers a range
of
products that address a number of sectors of this market including
truck
fleets, security, and public safety
vehicles.
|
|
·
|
Advanced
Devices — The various operations that comprise this segment were
aggregated on the basis that no single operation accounted for more
than
10% of the Company’s total revenue, operating income and assets. This
segment is comprised of the Component Technologies, Military and
Advanced
Systems, Applanix and Trimble Outdoors
businesses.
|
Reporting
Segments
|
||||||||||||||||||||
Engineering
and Construction
|
Field
Solutions
|
Mobile
Solutions
|
Advanced
Devices
|
Total
|
||||||||||||||||
(In
thousands)
|
||||||||||||||||||||
Three
Months Ended September 28, 2007
|
||||||||||||||||||||
Segment
revenue
|
$ |
182,135
|
$ |
44,763
|
$ |
39,204
|
$ |
29,921
|
$ |
296,023
|
||||||||||
Operating
income
|
42,824
|
11,931
|
2,855
|
4,893
|
62,503
|
|||||||||||||||
Three
Months Ended September 29, 2006
|
||||||||||||||||||||
Segment
revenue
|
$ |
162,370
|
$ |
29,236
|
$ |
16,426
|
$ |
26,819
|
$ |
234,851
|
||||||||||
Operating
income
|
38,337
|
5,634
|
1,125
|
4,113
|
49,209
|
|||||||||||||||
Nine
months Ended September 28, 2007
|
||||||||||||||||||||
Segment
revenue
|
$ |
556,592
|
$ |
150,998
|
$ |
109,988
|
$ |
91,909
|
$ |
909,487
|
||||||||||
Operating
income
|
137,359
|
46,957
|
6,771
|
13,620
|
204,707
|
|||||||||||||||
Nine
months Ended September 29, 2006
|
||||||||||||||||||||
Segment
revenue
|
$ |
477,145
|
$ |
108,599
|
$ |
43,884
|
$ |
76,402
|
$ |
706,030
|
||||||||||
Operating
income
|
103,519
|
30,841
|
1,722
|
8,679
|
144,761
|
|||||||||||||||
As
of September 28, 2007
|
||||||||||||||||||||
Accounts
receivable (1)
|
$ |
162,810
|
$ |
33,048
|
$ |
36,836
|
$ |
19,788
|
$ |
252,482
|
||||||||||
Inventories
|
89,846
|
11,872
|
19,993
|
20,447
|
142,158
|
|||||||||||||||
As
of December 29, 2006
|
||||||||||||||||||||
Accounts
receivable (1)
|
$ |
127,567
|
$ |
21,016
|
$ |
15,630
|
$ |
16,474
|
$ |
180,687
|
||||||||||
Inventories
|
82,827
|
10,946
|
1,666
|
17,113
|
112,552
|
(1)
|
As
presented, accounts receivable represents trade receivables, gross,
which
are specified between segments.
|
September 28,
|
December 29,
|
|||||||
As
of
|
2007
|
2006
|
||||||
(in
thousands)
|
||||||||
Assets:
|
||||||||
Accounts
receivable total for reporting segments
|
$ |
252,482
|
$ |
180,687
|
||||
Unallocated
(1)
|
(9,893 | ) | (3,633 | ) | ||||
Total
|
$ |
242,589
|
$ |
177,054
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September 28,
|
September 29,
|
September 28,
|
September 29,
|
|||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(In
thousands)
|
||||||||||||||||
Engineering
and Construction
|
$ |
184,414
|
$ |
164,387
|
$ |
562,076
|
$ |
480,947
|
||||||||
Field
Solutions
|
44,763
|
29,236
|
150,998
|
108,599
|
||||||||||||
Mobile
Solutions
|
39,205
|
16,426
|
109,988
|
43,884
|
||||||||||||
Advanced
Devices
|
29,924
|
26,823
|
91,922
|
76,408
|
||||||||||||
Total
segment revenue (including internal sales)
|
298,306
|
236,872
|
914,984
|
709,838
|
||||||||||||
Eliminations
|
(2,283 | ) | (2,021 | ) | (5,497 | ) | (3,808 | ) | ||||||||
Total
consolidated revenue
|
$ |
296,023
|
$ |
234,851
|
$ |
909,487
|
$ |
706,030
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September 28
|
September 29,
|
September 28,
|
September 29,
|
|||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(In
thousands)
|
||||||||||||||||
Consolidated
segment operating income
|
$ |
62,503
|
$ |
49,209
|
$ |
204,707
|
$ |
144,761
|
||||||||
Unallocated
corporate expense
|
(8,543 | ) | (9,953 | ) | (32,065 | ) | (26,742 | ) | ||||||||
Amortization
of purchased intangible assets
|
(10,174 | ) | (2,875 | ) | (28,501 | ) | (8,955 | ) | ||||||||
In-process
research and development expense
|
--
|
(50 | ) | (2,112 | ) | (1,000 | ) | |||||||||
Restructuring
charges
|
--
|
--
|
(3,025 | ) |
--
|
|||||||||||
Consolidated
operating income
|
43,786
|
36,331
|
139,004
|
108,064
|
||||||||||||
Non-operating
income (expense), net
|
1,089
|
2,657
|
4,217
|
7,989
|
||||||||||||
Consolidated
income before income taxes
|
$ |
44,875
|
$ |
38,988
|
$ |
143,221
|
$ |
116,053
|
September 28,
|
December 29,
|
|||||||
As
of
|
2007
|
2006
|
||||||
(In
thousands)
|
||||||||
Credit
Facilities:
|
||||||||
Term
loan
|
$ |
80,167
|
$ |
-
|
||||
Revolving
credit facility
|
- |
-
|
||||||
Promissory
notes and other
|
923
|
481
|
||||||
Total
debt
|
81,090
|
481
|
||||||
Less
current portion of long-term debt
|
167
|
-
|
||||||
Non-current
portion
|
$ |
80,923
|
$ |
481
|
2007
(Remaining)
|
$ |
4,586
|
||
2008
|
14,689
|
|||
2009
|
11,638
|
|||
2010
|
9,222
|
|||
2011
|
6,310
|
|||
Thereafter
|
5,560
|
|||
Total
|
$ |
52,005
|
(In
thousands)
|
||||
Balance
as of December 29, 2006
|
$ |
8,607
|
||
Accruals
for warranties issued
|
11,355
|
|||
Changes
in estimates
|
--
|
|||
Warranty
settlements (in cash or in kind)
|
(9,669 | ) | ||
Balance
as of September 28, 2007
|
$ |
10,293
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September 28,
|
September 29,
|
September 28,
|
September 29,
|
|||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(In
thousands, except per share amounts)
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Income
available to common shareholders:
|
||||||||||||||||
Used
in basic and diluted earnings per share
|
$ |
27,374
|
$ |
25,342
|
$ |
91,083
|
$ |
79,673
|
||||||||
Denominator:
|
||||||||||||||||
Weighted
average number of common shares used in basic earnings per
share
|
120,591
|
110,678
|
118,553
|
109,618
|
||||||||||||
Effect
of dilutive securities (using treasury stock method):
|
||||||||||||||||
Common
stock options
|
5,025
|
4,990
|
4,848
|
5,146
|
||||||||||||
Common
stock warrants
|
71
|
1,318
|
290
|
1,090
|
||||||||||||
Weighted
average number of common shares and dilutive potential common shares
used
in diluted earnings per share
|
125,687
|
116,986
|
123,691
|
115,854
|
||||||||||||
Basic
earnings per share
|
$ |
0.23
|
$ |
0.23
|
$ |
0.77
|
$ |
0.73
|
||||||||
Diluted
earnings per share
|
$ |
0.22
|
$ |
0.22
|
$ |
0.74
|
$ |
0.69
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September 28,
|
September 29,
|
September 28,
|
September 29,
|
|||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(In
thousands)
|
||||||||||||||||
Net
income
|
$ |
27,374
|
$ |
25,342
|
$ |
91,083
|
$ |
79,673
|
||||||||
Foreign
currency translation adjustments, net of tax
|
12,662
|
3,716
|
18,761
|
13,455
|
||||||||||||
Net
unrealized actuarial losses
|
(12 | ) |
-
|
(20 | ) |
-
|
||||||||||
Net
unrealized gain (loss) on investments
|
(15 | ) |
20
|
20
|
6
|
|||||||||||
Comprehensive
income
|
$ |
40,009
|
$ |
29,078
|
$ |
109,844
|
$ |
93,134
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September 28,
|
September 29,
|
September 28,
|
September 29,
|
|||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
($
in thousands)
|
||||||||||||||||
Total
consolidated revenue
|
$ |
296,023
|
$ |
234,851
|
$ |
909,487
|
$ |
706,030
|
||||||||
Gross
margin
|
$ |
146,940
|
$ |
116,191
|
$ |
457,239
|
$ |
345,309
|
||||||||
Gross
margin %
|
49.6% | 49.5% | 50.3% | 48.9% | ||||||||||||
Total
consolidated operating income
|
$ |
43,786
|
$ |
36,331
|
$ |
139,004
|
$ |
108,064
|
||||||||
Operating
income %
|
14.8% | 15.5% | 15.3% | 15.3% |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September 28,
|
September 29,
|
September 28,
|
September 29,
|
|||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Engineering
and Construction
|
||||||||||||||||
Revenue
|
$ |
182,135
|
$ |
162,370
|
$ |
556,592
|
$ |
477,145
|
||||||||
Segment
revenue as a percent of total revenue
|
62% | 69% | 61% | 68% | ||||||||||||
Operating
income
|
$ |
42,824
|
$ |
38,337
|
$ |
137,359
|
$ |
103,519
|
||||||||
Operating
income as a percent of segment revenue
|
24% | 24% | 25% | 22% | ||||||||||||
Field
Solutions
|
||||||||||||||||
Revenue
|
$ |
44,763
|
$ |
29,236
|
$ |
150,998
|
$ |
108,599
|
||||||||
Segment
revenue as a percent of total revenue
|
15% | 12% | 17% | 15% | ||||||||||||
Operating
income
|
$ |
11,931
|
$ |
5,634
|
$ |
46,957
|
$ |