Trimble Navigation Limited
935 Stewart Drive
Post Office Box 3642
Sunnyvale, CA 94085
and Fiscal Year End Results
SUNNYVALE, Calif., Jan. 28, 1999 --- Trimble (NASDAQ:TRMB) today reported results for the fourth quarter and fiscal year ended January 1, 1999.
Revenues from continuing operations for the fourth quarter of fiscal 1998 were $59,284,000 compared to revenues from continuing operations of $74,203,000 reported in the corresponding period last year. The net loss from continuing operations was $18,130,000, or ($0.82) per share, diluted, compared with net income from continuing operations of $5,052,000 or $0.21 per share, diluted, in the fourth quarter last year.
For the fiscal year ended January 1, 1999, revenues from continuing operations increased slightly to $260,279,000 versus revenues from continuing operations $258,894,000 in the comparable period of 1997. The net loss from continuing operations for the year was $26,621,000 or ($1.18) per share, diluted, versus net income from continuing operations of $18,521,000 or $0.81 per share, diluted, for the prior year. The total net loss for the fiscal year ended January 1, 1999, including discontinued operations, was $53,394,000, or ($2.38) per share, diluted.
"As we previously announced, revenues in the quarter were affected by the industry-wide FCC licensing authorization delays for RTK land survey products and softness in military sales," commented Bradford W. Parkinson, president and chief executive officer. "As of this release date, licensing applications are being processed. We were also pleased to see strong demand for our machine control and timing products in the fourth quarter."
The Company announced fourth quarter restructuring charges of approximately $7.8 million related to the previously announced cost savings programs. Additionally, in the fourth quarter, a $6.2 million charge to operations was taken in relation to inventory write-offs due to the streamlining of certain product lines, strategic investments and other administrative actions.
"We continue to aggressively refocus Trimble and implement our restructuring programs designed to return the Company to profitability," added Parkinson. "From the actions taken to date, the Company expects to eventually realize cost reductions of approximately $19 million annually. Equally important, we have focused and prioritized our research and development effort and expect to announce a significant number of exciting new products and upgrades in our core growth markets in 1999. Additionally, we are moving forward with our plans to utilize contract manufacturing to improve efficiencies and expect to start implementing this program within the next few months," concluded Parkinson.
To the extent that the matters discussed in this news release contain forward-looking statements, they involve risks and uncertainties detailed from time to time in the company's SEC reports, including its quarterly reports on Form 10-Q and its Annual Report on Form 10-K.
Trimble is a world leader in designing and developing innovative products enabled by GPS technology. The company provides end-user and OEM solutions for diverse applications including surveying, mapping/GIS, agriculture, mining, military, commercial aviation, automotive, vehicle tracking and timing. Founded in 1978, Trimble now holds more than 200 U.S. patents on GPS and related technology, with over 180 additional patents pending. Located in Sunnyvale, Calif., Trimble has been adding value to GPS since 1984.
Consolidated Balance Sheet (PDF)
Consolidated Statement of Operations (PDF)
Media Contact: Investor Relations of Trimble: 408-481-6914