Trimble Navigation Limited
935 Stewart Drive
Post Office Box 3642
Sunnyvale, CA 94085
SUNNYVALE, Calif., April 19, 1999 -- Trimble Navigation Limited (Nasdaq: TRMB) today reported results for the first fiscal quarter ended April 3, 1999.
Revenues for continuing operations for the first quarter of fiscal 1999 increased approximately 13% to $68,770,000 from $60,653,000 in the immediately preceding quarter. Net income from continuing operations for the first quarter of 1999 was $3,014,000, or $0.14 earnings per share, diluted, compared to a net loss of ($17,713,000), or ($0.80) during the fourth quarter of 1998.
Revenues from the comparable period of 1998, from continuing operations, were $74,161,000. Net income from continuing operations in the first quarter of 1998 was $4,002,000, or $0.17 per share, diluted.
Operating expenses for the quarter decreased significantly to $31,834,000, or 46% of revenue, from $35,458,000, excluding restructuring, or 58% of revenue, in the immediately preceding quarter. Gross margins in the first quarter 1999 increased to 52%, compared to 45% in the fourth quarter of 1998. Steven W. Berglund, president and chief executive officer, commented, "As my first opportunity to report our financial results, I am pleased to announce Trimble's return to profitability. Revenues and orders increased in the quarter over the prior quarter, validating both the demand for GPS solutions and Trimble's strength in the marketplace."
"We continue to experience strength in the United States and European markets, and were pleased to see stronger than expected demand in Asia. During the quarter, we saw an increase in demand for products in our agricultural business, as well as increases in the satellite communications, automotive, and mapping businesses," continued Mr. Berglund.
"Trimble has begun to see the benefits of the restructuring programs initiated by Brad Parkinson, who has graciously acted as interim CEO while we have recruited Steve Berglund as the new Company leader," stated Robert Cooper, Chairman of the Board. "We have strengthened our commitment to our core growth markets, and are making substantial progress in recruiting the highest quality senior managers."
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.
Media Contact: Investor Relations of Trimble: 408-481-6914