Trimble Navigation Limited
935 Stewart Drive
Post Office Box 3642
Sunnyvale, CA 94085
Trimble Announces Fourth Quarter and Year-end Results
SUNNYVALE, Calif., Jan. 29, 2001 - Trimble (Nasdaq: TRMB) today reported results for the fourth quarter and fiscal year ended December 29, 2000. All numbers refer to continuing operations only.
Revenue for the fourth quarter of fiscal year 2000 increased 100% to $124,167,000 from revenue of $62,119,000 in the comparable period of the previous year. Trimbles revenue, excluding the acquisition of Spectra Precision Group, grew approximately 19.6% over the prior year quarter. The balance of the growth is a result of the acquisition of the Spectra Precision Group, which closed on July 14, 2000.
Excluding one-time and acquisition related charges, net income for the fourth quarter of fiscal 2000 was $5,522,000, or $0.22 per share, compared to $5,114,000, or $0.21 per share, in the fourth quarter of 1999. Including one-time and acquisition related charges, the net loss was $2,616,000, or $0.11 per share. Earnings before interest, taxes, depreciation and amortization, (EBITDA) increased by 122% to $16.0 million in the quarter from $7.2 million in the prior year quarter.
"During the quarter we successfully achieved our revenue and bottom-line objectives, commented Steven W. Berglund, president and CEO. We experienced significant growth in three of our major business areas. These include Component Technologies, due to continued strength in our timing market for wireless communications infrastructure as well as embedded products for safety and security applications; the Agriculture market and wireless applications for Fleet Management.
"In cooperation with our manufacturing partner, Solectron, we made progress in the fourth quarter in attaining a more efficient and linear flow of production. Throughout the quarter, Trimble and Solectron have worked diligently to improve manufacturing processes between our two companies, achieving our best quarter to date in terms of product shipments. Our efforts have benefited from senior level attention, the implementation of more effective systems, and the easing of industry-wide component shortages. While we are pleased with our progress in this area, manufacturing efficiency will continue to be an ongoing focus," concluded Berglund.
Revenue for the fiscal year ended December 29, 2000, was $369,798,000, a 36% increase over $271,364,000 for the full fiscal year 1999. Trimbles full year revenue, excluding the acquisition of Spectra Precision Group, increased to $274,215,000. The full year revenue was negatively impacted by component shortages as well as other manufacturing-related issues. Net income for the year 2000, excluding all one-time and acquisition related charges, was $31,135,000, or $1.20 per share, versus net income of $18,662,000, or $0.82 per share, in the previous full year period. Including all one-time and acquisition related charges, net income for fiscal 2000 was $14,185,000, or $0.55 per share.
Trimble has scheduled a conference call for 8:00 AM Pacific Standard Time on Tuesday, January 30, 2001. The dial-in number is (888) 243-1119 and a replay will be available following the call for two business days. The replay number is (800) 633-8284 and the code is 17670845. The conference call will also be broadcast live on the web at www.trimble.com, Investors Relations page, with an archive of the conference call kept available during the first quarter of 2001.
Statements made in this press release that are forward looking, are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause results to differ materially from those set forth in these statements. Among other things, these results may not continue beyond the fourth quarter and economic trends and additional competitive issues may have an adverse effect on the ongoing positioning and growth of the Company. These risks are detailed from time to time in the Companys SEC reports, including its quarterly reports on Form 10-Qand its annual report on Form 10-K.
Trimble is a leading innovator of Global Positioning System (GPS) technology. In addition to providing advanced GPS components, Trimble augments GPS with other positioning technologies, as well as wireless communications and software, to create complete customer solutions. Trimbles worldwide presence and unique capabilities position the Company for growth in emerging applications including surveying, automobile navigation, machine guidance, asset tracking, wireless platforms, and telecommunications infrastructure. Founded in 1978 and headquartered in Sunnyvale, Calif., Trimble has more than 2200 employees in more than 20 countries worldwide.
Media Contact: LeaAnn McNabb of Trimble: 408-481-7808