Trimble Navigation Limited
935 Stewart Drive
Post Office Box 3642
Sunnyvale, CA 94085
Trimble Reports First Quarter Results
Company Announces Record Earnings per Share of $0.35
SUNNYVALE, Calif., April 20, 2000 -- Trimble Navigation Limited (NASDAQ: TRMB) today reported results for the first fiscal quarter ended March 31, 2000.
Net income for the first quarter 2000 increased 189% to $8,712,000, or $0.35 per share, on revenue of $65,140,000, compared to net income of $3,014,000, or $0.14 per share, on revenue of $68,770,000 in the first quarter of 1999. The Company also showed sequential improvement over fourth quarter 1999 net income of $5,868,000, or $0.25 per share, on revenue of $62,119,000.
"This has been another quarter of strong earnings growth and financial performance for Trimble," commented Steven W. Berglund, president and chief executive officer. "Although revenue was as expected, a favorable product mix and our continuing cost containment efforts afforded us record net income for the quarter. The demand in the agriculture and construction markets exceeded expectations, bookings in the quarter were strong and we enter the second quarter with a very healthy backlog."
"During the first quarter anticipated shortages of component parts impacted our ability to meet the demand for our products. While we made significant progress in the transitional issues related to outsourcing our manufacturing, sales were negatively effected by remaining issues. Going forward, we remain committed to the success of the manufacturing relationship with Solectron," Mr. Berglund concluded.
This release may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. Other potential risks and uncertainties that could cause actual results to differ materially are included in the SEC filings, including Form 10-K and Form 10-Q for Trimble.
Founded in 1978, Trimble is a recognized worldwide leader in the development of innovative Global Positioning System (GPS) technology-based products for a wide range of applications. Today, these advanced solutions combine GPS with wireless communications and sophisticated software to meet demanding applications in environments ranging from agriculture and construction to asset management, automotive and timing. Headquartered in Sunnyvale, Calif., Trimble provides end-users and OEMs with leading edge solutions backed by global leadership in patents, exceptional experience and a reputation for excellence.
Investor Contact: Investor Relations of Trimble: 408-481-6914