California
|
94-2802192
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification Number)
|
Large
Accelerated Filer T
|
Accelerated
Filer £
|
|
Non-accelerated
Filer £ (Do not
check if a smaller reporting company)
|
Smaller
Reporting Company £
|
PART
I.
|
Financial
Information
|
Page
|
||
ITEM 1.
|
Financial
Statements (Unaudited):
|
|||
3
|
||||
4
|
||||
5
|
||||
6
|
||||
ITEM 2.
|
21
|
|||
ITEM 3.
|
31
|
|||
ITEM 4.
|
32
|
|||
PART
II.
|
Other
Information
|
|||
ITEM 1.
|
32
|
|||
ITEM 1A.
|
32
|
|||
ITEM 6.
|
33
|
|||
34
|
October 2,
2009
|
January 2,
2009
|
|||||||
(In
thousands)
|
||||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$
|
215,099
|
$
|
142,531
|
||||
Short-term
investments
|
7,000
|
5,000
|
||||||
Accounts
receivable, net
|
202,453
|
204,269
|
||||||
Other
receivables
|
10,350
|
17,540
|
||||||
Inventories,
net
|
160,420
|
160,893
|
||||||
Deferred
income taxes
|
41,720
|
41,810
|
||||||
Other
current assets
|
19,854
|
16,404
|
||||||
Total
current assets
|
656,896
|
588,447
|
||||||
Property
and equipment, net
|
46,903
|
50,175
|
||||||
Goodwill
|
765,484
|
715,571
|
||||||
Other
purchased intangible assets, net
|
216,619
|
228,901
|
||||||
Other
non-current assets
|
45,739
|
51,922
|
||||||
Total
assets
|
$
|
1,731,641
|
$
|
1,635,016
|
||||
LIABILITIES
|
||||||||
Current
liabilities:
|
||||||||
Current
portion of long-term debt
|
$
|
49
|
$
|
124
|
||||
Accounts
payable
|
50,256
|
49,611
|
||||||
Accrued
compensation and benefits
|
45,526
|
41,291
|
||||||
Deferred
revenue
|
69,946
|
55,241
|
||||||
Accrued
warranty expense
|
14,081
|
13,332
|
||||||
Other
current liabilities
|
36,099
|
63,719
|
||||||
Total
current liabilities
|
215,957
|
223,318
|
||||||
Non-current
portion of long-term debt
|
151,455
|
151,464
|
||||||
Non-current
deferred revenue
|
8,034
|
12,418
|
||||||
Deferred
income taxes
|
39,830
|
42,207
|
||||||
Other
non-current liabilities
|
64,754
|
61,553
|
||||||
Total
liabilities
|
480,030
|
490,960
|
||||||
Commitments
and contingencies
|
||||||||
EQUITY
|
||||||||
Shareholders'
equity:
|
||||||||
Preferred
stock, no par value; 3,000 shares authorized; none
outstanding
|
-
|
-
|
||||||
Common
stock, no par value; 180,000 shares authorized; 120,353 and 119,051 shares
issued and outstanding at October 2, 2009 and January 2, 2009,
respectively
|
713,593
|
684,831
|
||||||
Retained
earnings
|
481,820
|
427,921
|
||||||
Accumulated
other comprehensive income
|
51,454
|
27,649
|
||||||
Total
Trimble Navigation Ltd. shareholders' equity
|
1,246,867
|
1,140,401
|
||||||
Noncontrolling
interests
|
4,744
|
3,655
|
||||||
Total
equity
|
1,251,611
|
1,144,056
|
||||||
Total
liabilities and equity
|
$
|
1,731,641
|
$
|
1,635,016
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
October 2,
|
September 26,
|
October 2,
|
September 26,
|
|||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(In
thousands, except per share data)
|
||||||||||||||||
Revenue (1)
|
$
|
269,713
|
$
|
328,087
|
$
|
848,730
|
$
|
1,061,150
|
||||||||
Cost
of sales (1)
|
137,255
|
162,464
|
429,514
|
534,052
|
||||||||||||
Gross
margin
|
132,458
|
165,623
|
419,216
|
527,098
|
||||||||||||
Operating
expenses
|
||||||||||||||||
Research
and development
|
33,250
|
35,348
|
100,844
|
112,097
|
||||||||||||
Sales
and marketing
|
47,022
|
48,664
|
141,120
|
151,727
|
||||||||||||
General
and administrative
|
23,237
|
22,072
|
75,901
|
70,051
|
||||||||||||
Restructuring
charges
|
872
|
21
|
5,797
|
2,435
|
||||||||||||
Amortization
of purchased intangible assets
|
7,912
|
5,462
|
22,411
|
15,768
|
||||||||||||
Total
operating expenses
|
112,293
|
111,567
|
346,073
|
352,078
|
||||||||||||
Operating
income
|
20,165
|
54,056
|
73,143
|
175,020
|
||||||||||||
Non-operating
income, net
|
||||||||||||||||
Interest
income
|
124
|
404
|
546
|
1,369
|
||||||||||||
Interest
expense
|
(450)
|
(214)
|
(1,408)
|
(1,389)
|
||||||||||||
Foreign
currency transaction gain, net
|
792
|
117
|
760
|
2,338
|
||||||||||||
Income
(loss) from joint ventures, net
|
(151)
|
2,163
|
369
|
6,796
|
||||||||||||
Other
income (expense), net
|
1,081
|
(907)
|
1,528
|
(1,661)
|
||||||||||||
Total
non-operating income, net
|
1,396
|
1,563
|
1,795
|
7,453
|
||||||||||||
Income
before taxes
|
21,561
|
55,619
|
74,938
|
182,473
|
||||||||||||
Income
tax provision
|
5,714
|
16,552
|
20,244
|
54,740
|
||||||||||||
Net
income
|
15,847
|
39,067
|
54,694
|
127,733
|
||||||||||||
Less:
Net income attributable to noncontrolling interests
|
270
|
-
|
795
|
-
|
||||||||||||
Net
income attributable to Trimble Navigation Ltd.
|
$
|
15,577
|
$
|
39,067
|
$
|
53,899
|
$
|
127,733
|
||||||||
Basic
earnings per share
|
$
|
0.13
|
$
|
0.32
|
$
|
0.45
|
$
|
1.05
|
||||||||
Shares
used in calculating basic earnings per share
|
120,047
|
120,603
|
119,620
|
121,171
|
||||||||||||
Diluted
earnings per share
|
$
|
0.13
|
$
|
0.31
|
$
|
0.44
|
$
|
1.02
|
||||||||
Shares
used in calculating diluted earnings per share
|
122,854
|
124,423
|
121,893
|
125,071
|
Nine
Months Ended
|
||||||||
October 2,
|
September 26,
|
|||||||
2009
|
2008
|
|||||||
(Dollars
in thousands)
|
||||||||
Cash
flow from operating activities:
|
||||||||
Net
income
|
$ | 54,694 | $ | 127,733 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Depreciation
expense
|
13,941 | 14,287 | ||||||
Amortization
expense
|
38,968 | 32,999 | ||||||
Provision
for doubtful accounts
|
2,933 | 597 | ||||||
Amortization
of debt issuance costs
|
169 | 169 | ||||||
Deferred
income taxes
|
(9,268 | ) | (14,235 | ) | ||||
Stock-based
compensation
|
13,321 | 11,603 | ||||||
Income
from joint ventures
|
(369 | ) | (6,796 | ) | ||||
Gain
on bargain purchase
|
(386 | ) | - | |||||
Excess
tax benefit for stock-based compensation
|
(1,304 | ) | (5,847 | ) | ||||
Provision
for excess and obsolete inventories
|
2,943 | 2,672 | ||||||
Other
non-cash items
|
(2,542 | ) | 179 | |||||
Add
decrease (increase) in assets:
|
||||||||
Accounts
receivable
|
2,613 | (16,230 | ) | |||||
Other
receivables
|
6,288 | 1,598 | ||||||
Inventories
|
1,300 | (16,165 | ) | |||||
Other
current and non-current assets
|
1,915 | (201 | ) | |||||
Add
increase (decrease) in liabilities:
|
||||||||
Accounts
payable
|
(1,068 | ) | (1,859 | ) | ||||
Accrued
compensation and benefits
|
2,273 | (7,426 | ) | |||||
Accrued
liabilities
|
1,947 | 725 | ||||||
Deferred
revenue
|
10,753 | 2,862 | ||||||
Income
taxes payable
|
- | 15,280 | ||||||
Net
cash provided by operating activities
|
139,121 | 141,945 | ||||||
Cash
flow from investing activities:
|
||||||||
Acquisitions
of businesses, net of cash acquired
|
(50,824 | ) | (69,310 | ) | ||||
Acquisitions
of property and equipment
|
(9,541 | ) | (11,293 | ) | ||||
Acquisitions
of intangible assets
|
(26,839 | ) | (349 | ) | ||||
Net
purchases of short-term investments
|
(2,000 | ) | - | |||||
Dividends
received
|
2,896 | 3,148 | ||||||
Other
|
(379 | ) | 195 | |||||
Net
cash used in investing activities
|
(86,687 | ) | (77,609 | ) | ||||
Cash
flow from financing activities:
|
||||||||
Issuances
of common stock
|
13,673 | 22,119 | ||||||
Excess
tax benefit for stock-based compensation
|
1,304 | 5,847 | ||||||
Repurchase
and retirement of common stock
|
- | (115,851 | ) | |||||
Proceeds
from long-term debt and revolving credit lines
|
- | 51,000 | ||||||
Payments
on long-term debt and revolving credit lines
|
(168 | ) | (60,316 | ) | ||||
Net
cash provided by (used in) financing activities
|
14,809 | (97,201 | ) | |||||
Effect
of exchange rate changes on cash and cash equivalents
|
5,325 | 142 | ||||||
Net
increase (decrease) in cash and cash equivalents
|
72,568 | (32,723 | ) | |||||
Cash
and cash equivalents, beginning of period
|
142,531 | 103,202 | ||||||
Cash
and cash equivalents, end of period
|
$ | 215,099 | $ | 70,479 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
October 2,
|
September 26,
|
October 2,
|
September 26,
|
|||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
Cost
of sales
|
$
|
453
|
$
|
453
|
$
|
1,368
|
$
|
1,433
|
||||||||
Research
and development
|
866
|
796
|
2,504
|
2,629
|
||||||||||||
Sales
and marketing
|
1,134
|
937
|
3,200
|
2,898
|
||||||||||||
General
and administrative
|
2,088
|
1,640
|
6,249
|
4,643
|
||||||||||||
Total
operating expenses
|
4,088
|
3,373
|
11,953
|
10,170
|
||||||||||||
Total
stock-based compensation expense
|
4,541
|
3,826
|
13,321
|
11,603
|
||||||||||||
Tax
benefit (1)
|
(1,153)
|
(188)
|
(2,270)
|
(740)
|
||||||||||||
Total
stock-based compensation expense, net of tax
|
$
|
3,388
|
$
|
3,638
|
$
|
11,051
|
$
|
10,863
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||
October 2,
|
September 26,
|
October 2,
|
September 26,
|
|||||
2009
|
2008
|
2009
|
2008
|
|||||
Expected
dividend yield
|
-- | -- | -- | -- | ||||
Expected
stock price volatility
|
46.8% | 39.8% | 46.7% | 39.7% | ||||
Risk
free interest rate
|
1.8% | 2.6% | 1.9% | 2.7% | ||||
Expected
life of option
|
4.1
years
|
3.9
years
|
4.2
years
|
4.1
years
|
October 2,
2009
|
||||||||||||
(Dollars
in thousands)
|
Gross
Carrying Amount
|
Accumulated
Amortization
|
Net
Carrying Amount
|
|||||||||
Developed
product technology
|
$ | 213,850 | $ | (107,217 | ) | $ | 106,633 | |||||
Trade
names and trademarks
|
20,879 | (14,570 | ) | 6,309 | ||||||||
Customer
relationships
|
127,809 | (51,183 | ) | 76,626 | ||||||||
Distribution
rights and other intellectual properties *
|
40,105 | (13,054 | ) | 27,051 | ||||||||
$ | 402,643 | $ | (186,024 | ) | $ | 216,619 |
January 2,
2009
|
||||||||||||
(Dollars
in thousands)
|
Gross
Carrying Amount
|
Accumulated
Amortization
|
Net
Carrying Amount
|
|||||||||
Developed
product technology
|
$ | 188,391 | $ | (78,867 | ) | $ | 109,524 | |||||
Trade
names and trademarks
|
20,254 | (13,100 | ) | 7,154 | ||||||||
Customer
relationships
|
124,596 | (40,263 | ) | 84,333 | ||||||||
Distribution
rights and other intellectual properties *
|
37,913 | (10,023 | ) | 27,890 | ||||||||
$ | 371,154 | $ | (142,253 | ) | $ | 228,901 |
(Dollars
in thousands)
|
||||
2009
(Remaining)
|
$ | 13,637 | ||
2010
|
53,032 | |||
2011
|
47,714 | |||
2012
|
39,951 | |||
2013
|
35,190 | |||
Thereafter
|
27,095 | |||
Total
|
$ | 216,619 |
Engineering
and Construction
|
Field
Solutions
|
Mobile
Solutions
|
Advanced
Devices
|
Total
|
||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||
Balance
as of January 2, 2009
|
$
|
363,908
|
$
|
10,651
|
$
|
328,721
|
$
|
12,291
|
$
|
715,571
|
||||||||||
Additions
due to acquisitions
|
10,017
|
16,392
|
1,152
|
-
|
27,561
|
|||||||||||||||
Purchase
price adjustments
|
5,103
|
(266)
|
1,147
|
-
|
5,984
|
|||||||||||||||
Foreign
currency translation adjustments
|
12,775
|
32
|
1,894
|
1,667
|
16,368
|
|||||||||||||||
Balance
as of October 2, 2009
|
$
|
391,803
|
$
|
26,809
|
$
|
332,914
|
$
|
13,958
|
$
|
765,484
|
October 2,
|
January 2,
|
|||||||
As
of
|
2009
|
2009
|
||||||
(Dollars
in thousands)
|
||||||||
Raw
materials
|
$
|
67,203
|
$
|
71,319
|
||||
Work-in-process
|
5,001
|
5,551
|
||||||
Finished
goods
|
88,216
|
84,023
|
||||||
Total
inventories, net
|
$
|
160,420
|
$
|
160,893
|
October 2,
|
January 2,
|
|||||||
As
of
|
2009
|
2009
|
||||||
(Dollars
in thousands)
|
||||||||
Deferred
compensation
|
$
|
8,061
|
$
|
6,631
|
||||
Unrecognized
tax benefits
|
36,134
|
34,275
|
||||||
Other
non-current liabilities
|
20,559
|
20,647
|
||||||
Total
other non-current liabilities
|
$
|
64,754
|
$
|
61,553
|
·
|
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 are aggregated
on the basis that no single operation accounts 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
|
||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||
Three
Months Ended October 2, 2009
|
||||||||||||||||||||
Segment
revenue
|
$ | 149,384 | $ | 55,654 | $ | 39,572 | $ | 25,103 | $ | 269,713 | ||||||||||
Operating
income
|
21,131 | 16,286 | 3,367 | 4,488 | 45,272 | |||||||||||||||
Three
Months Ended September 26, 2008
|
||||||||||||||||||||
Segment
revenue
|
$ | 191,858 | $ | 64,354 | $ | 40,822 | $ | 31,053 | $ | 328,087 | ||||||||||
Operating
income
|
41,560 | 22,058 | 3,602 | 6,835 | 74,055 | |||||||||||||||
Nine
Months Ended October 2, 2009
|
||||||||||||||||||||
Segment
revenue
|
$ | 424,275 | $ | 234,598 | $ | 116,925 | $ | 72,932 | $ | 848,730 | ||||||||||
Operating
income
|
42,800 | 88,637 | 10,163 | 13,633 | 155,233 | |||||||||||||||
Nine
Months Ended September 26, 2008
|
||||||||||||||||||||
Segment
revenue
|
$ | 599,057 | $ | 242,461 | $ | 127,118 | $ | 92,514 | $ | 1,061,150 | ||||||||||
Operating
income
|
123,675 | 91,961 | 7,997 | 18,105 | 241,738 | |||||||||||||||
As
of October 2, 2009
|
||||||||||||||||||||
Accounts
receivable
|
$ | 120,163 | $ | 38,796 | $ | 27,942 | $ | 15,552 | $ | 202,453 | ||||||||||
Inventories
|
101,832 | 23,975 | 18,251 | 16,362 | 160,420 | |||||||||||||||
As
of January 2, 2009
|
||||||||||||||||||||
Accounts
receivable
|
$ | 125,734 | $ | 37,791 | $ | 23,736 | $ | 17,008 | $ | 204,269 | ||||||||||
Inventories
|
104,934 | 21,778 | 16,391 | 17,790 | 160,893 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
October
2,
|
September
26,
|
October
2,
|
September
26,
|
|||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
Consolidated
segment operating income
|
$ | 45,272 | $ | 74,055 | $ | 155,233 | $ | 241,738 | ||||||||
Unallocated
corporate expense
|
(10,345 | ) | (8,405 | ) | (33,992 | ) | (30,058 | ) | ||||||||
Amortization
of purchased intangible assets
|
(13,620 | ) | (11,143 | ) | (38,968 | ) | (32,865 | ) | ||||||||
Restructuring
charges
|
(1,142 | ) | (451 | ) | (9,130 | ) | (3,795 | ) | ||||||||
Consolidated
operating income
|
20,165 | 54,056 | 73,143 | 175,020 | ||||||||||||
Non-operating
income, net
|
1,396 | 1,563 | 1,795 | 7,453 | ||||||||||||
Consolidated
income before taxes
|
$ | 21,561 | $ | 55,619 | $ | 74,938 | $ | 182,473 |
October 2,
|
January 2,
|
|||||||
As
of
|
2009
|
2009
|
||||||
(Dollars
in thousands)
|
||||||||
Credit
Facilities:
|
||||||||
Revolving
credit facility
|
$ | 151,000 | $ | 151,000 | ||||
Promissory
notes and other
|
504 | 588 | ||||||
Total
debt
|
151,504 | 151,588 | ||||||
Less
current portion of long-term debt
|
49 | 124 | ||||||
Non-current
portion
|
$ | 151,455 | $ | 151,464 |
(Dollars
in thousands)
|
||||
2009
(Remaining)
|
$ | 4,926 | ||
2010
|
16,204 | |||
2011
|
10,502 | |||
2012
|
7,784 | |||
2013
|
2,730 | |||
Thereafter
|
970 | |||
Total
|
$ | 43,116 |
Fair
Values as of October 2, 2009
|
||||||||||||||||
(Dollars
in thousands)
|
Level
I
|
Level
II
|
Level
III
|
Total
|
||||||||||||
Assets
|
||||||||||||||||
Money
market funds(1)
|
$ | 51,007 | $ | - | $ | - | $ | 51,007 | ||||||||
U.S.
Treasury bills (1)
|
7,000 | - | - | 7,000 | ||||||||||||
Deferred
compensation plan assets (2)
|
- | 8,312 | - | 8,312 | ||||||||||||
Derivative
assets (3)
|
- | 960 | - | 960 | ||||||||||||
Total
|
$ | 58,007 | $ | 9,272 | $ | - | $ | 67,279 | ||||||||
Liabilities
|
||||||||||||||||
Deferred
compensation plan liabilities (2)
|
$ | - | $ | 8,060 | $ | - | $ | 8,060 | ||||||||
Derivative
liabilities (3)
|
- | 92 | - | 92 | ||||||||||||
Contingent
consideration liability (4)
|
- | - | 2,200 | 2,200 | ||||||||||||
Total
|
$ | - | $ | 8,152 | $ | 2,200 | $ | 10,352 |
(1)
|
The
Company may invest in highly liquid investments such as money market funds
and U.S. Treasury bills. The fair values are determined using observable
quoted prices in active markets. Money market funds are included in Cash
and cash equivalents on the Company’s Condensed Consolidated Balance
Sheets. U.S. Treasury bills are included in Short-term investments on the
Company’s Condensed Consolidated Balance Sheets. The Company classifies
these investments as available for sale and the unrealized gain or loss on
these investments is not material. The U.S. Treasury bills held by the
Company as of October 2, 2009 will mature in the fourth quarter of fiscal
2009.
|
(2)
|
The
Company maintains a self-directed, non-qualified deferred compensation
plan for certain executives and other highly compensated employees. The
investment assets and liabilities included in Level II are valued using
quoted prices for similar assets or liabilities in active markets and
quoted prices for identical or similar assets or liabilities in markets
that are not active. Deferred compensation plan assets and liabilities are
included in Other non-current assets and Other non-current liabilities on
the Company’s Condensed Consolidated Balance
Sheets.
|
(3)
|
Derivative
assets and liabilities included in Level II primarily represent
forward currency exchange contracts. The Company enters into these
contracts to minimize the short-term impact of foreign currency
fluctuations on certain trade and inter-company receivables and payables.
The derivatives are not designated as hedging instruments. The fair values
are determined using inputs based on observable quoted prices. Derivative
assets and liabilities are included in Other current assets and Other
current liabilities, respectively, on the Company’s Condensed Consolidated
Balance Sheets.
|
(4)
|
A
contingent consideration arrangement requires the Company to pay the
former owner of one of the companies it acquired during fiscal 2009 up to
an undiscounted maximum amount of $4.5 million, based on future revenues
over a 3 year period. The potential undiscounted amount of all
future payments that the Company could be required to make under the
contingent consideration arrangement is between $0 and $4.5
million. The Company estimated the fair value of this liability
using probability-weighted revenue projections and discount rates ranging
from 0.37% to 1.38%. Of the total contingent
consideration liability, $0.3 million and $1.9 million were included in
Other current liabilities and Other non-current liabilities, respectively,
on the Company’s Condensed Consolidated Balance
Sheets.
|
Level
III liabilities
|
||||
As
of
|
October 2,
2009
|
|||
(Dollars
in thousands)
|
||||
Balance
as of January 2, 2009
|
$ | - | ||
Acquisitions
|
2,200 | |||
Balance
as of October 2, 2009
|
$ | 2,200 |
Carrying
Amount
|
Fair
Value
|
Carrying
Amount
|
Fair
Value
|
|||||||||||||
As
of
|
October 2,
2009
|
January 2,
2009
|
||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
Assets:
|
||||||||||||||||
Cash
and cash equivalents
|
$ | 215,099 | $ | 215,099 | $ | 142,531 | $ | 142,531 | ||||||||
Short-term
investments
|
7,000 | 7,000 | 5,000 | 5,000 | ||||||||||||
Forward
foreign currency exchange contracts
|
960 | 960 | 627 | 627 | ||||||||||||
Liabilities:
|
||||||||||||||||
Credit
facility
|
$ | 151,000 | $ | 146,965 | $ | 151,000 | $ | 127,754 | ||||||||
Forward
foreign currency exchange contracts
|
92 | 92 | 1,775 | 1,775 | ||||||||||||
Promissory
note and other
|
504 | 500 | 588 | 554 |
(Dollars
in thousands)
|
||||
Balance
as of January 2, 2009
|
$ | 13,332 | ||
Accruals
for warranties issued
|
14,552 | |||
Changes
in estimates
|
2,779 | |||
Warranty
settlements (in cash or in kind)
|
(16,582 | ) | ||
Balance
as of October 2, 2009
|
$ | 14,081 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
October 2,
|
September 26,
|
October 2,
|
September 26,
|
|||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(Dollars
in thousands, except per share amounts)
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Net
income attributable to Trimble Navigation Ltd.
|
$ | 15,577 | $ | 39,067 | $ | 53,899 | $ | 127,733 | ||||||||
Denominator:
|
||||||||||||||||
Weighted
average number of common shares used in basic earnings per
share
|
120,047 | 120,603 | 119,620 | 121,171 | ||||||||||||
Effect
of dilutive securities (using treasury stock method):
|
||||||||||||||||
Common
stock options and restricted stock units
|
2,807 | 3,820 | 2,273 | 3,893 | ||||||||||||
Common
stock warrants
|
- | - | - | 7 | ||||||||||||
Weighted
average number of common shares and dilutive potential common shares used
in diluted earnings per share
|
122,854 | 124,423 | 121,893 | 125,071 | ||||||||||||
Basic
earnings per share
|
$ | 0.13 | $ | 0.32 | $ | 0.45 | $ | 1.05 | ||||||||
Diluted
earnings per share
|
$ | 0.13 | $ | 0.31 | $ | 0.44 | $ | 1.02 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
October 2,
|
September 26,
|
October 2,
|
September 26,
|
|||||||||||||
(Dollars
in thousands)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Severance
and benefits
|
$ | 1,142 | $ | 451 | $ | 9,130 | $ | 3,795 |
(Dollars
in thousands)
|
||||
Balance
as of January 2, 2009
|
$ | 1,917 | ||
Charges
|
9,130 | |||
Payments
|
(7,513 | ) | ||
Adjustments
|
289 | |||
Balance
as of October 2, 2009
|
$ | 3,823 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
October 2,
|
September 26,
|
October 2,
|
September 26,
|
|||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
Net
income attributable to Trimble Navigation Ltd.
|
$ | 15,577 | $ | 39,067 | $ | 53,899 | $ | 127,733 | ||||||||
Foreign
currency translation adjustments
|
14,387 | (19,835 | ) | 23,562 | (1,688 | ) | ||||||||||
Net
unrealized gain on investments/actuarial gain (loss)
|
133 | (152 | ) | 243 | (176 | ) | ||||||||||
Comprehensive
income attributable to Trimble Navigation Ltd.
|
30,097 | 19,080 | 77,704 | 125,869 | ||||||||||||
Comprehensive
income attributable to the noncontrolling interests
|
367 | - | 1,089 | - | ||||||||||||
Comprehensive
income
|
$ | 30,464 | $ | 19,080 | $ | 78,793 | $ | 125,869 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
October 2,
|
September 26,
|
October 2,
|
September 26,
|
|||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
Total
consolidated revenue
|
$ | 269,713 | $ | 328,087 | $ | 848,730 | $ | 1,061,150 | ||||||||
Gross
margin
|
$ | 132,458 | $ | 165,623 | $ | 419,216 | $ | 527,098 | ||||||||
Gross
margin %
|
49.1 | % | 50.5 | % | 49.4 | % | 49.7 | % | ||||||||
Total
consolidated operating income
|
$ | 20,165 | $ | 54,056 | $ | 73,143 | $ | 175,020 | ||||||||
Operating
income %
|
7.5 | % | 16.5 | % | 8.6 | % | 16.5 | % |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
October 2,
|
September 26,
|
October 2,
|
September 26,
|
|||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
Engineering
and Construction
|
||||||||||||||||
Revenue
|
$ | 149,384 | $ | 191,858 | $ | 424,275 | $ | 599,057 | ||||||||
Segment
revenue as a percent of total revenue
|
55 | % | 59 | % | 49 | % | 56 | % | ||||||||
Operating
income
|
$ | 21,131 | $ | 41,560 | $ | 42,800 | $ | 123,675 | ||||||||
Operating
income as a percent of segment revenue
|
14 | % | 22 | % | 10 | % | 21 | % | ||||||||
Field
Solutions
|
||||||||||||||||
Revenue
|
$ | 55,654 | $ | 64,354 | $ | 234,598 | $ | 242,461 | ||||||||
Segment
revenue as a percent of total revenue
|
21 | % | 20 | % | 28 | % | 23 | % | ||||||||
Operating
income
|
$ | 16,286 | $ | 22,058 | $ | 88,637 | $ | 91,961 | ||||||||
Operating
income as a percent of segment revenue
|
29 | % | 34 | % | 38 | % | 38 | % | ||||||||
Mobile
Solutions
|
||||||||||||||||
Revenue
|
$ | 39,572 | $ | 40,822 | $ | 116,925 | $ | 127,118 | ||||||||
Revenue
as a percent of total revenue
|