Trimble Navigation Limited
935 Stewart Drive
Post Office Box 3642
Sunnyvale, CA 94085
Trimble Announces Second Quarter Results
SUNNYVALE, CA, July 19, 2000 -- Trimble Navigation Limited (Nasdaq: TRMB) today reported results for the second fiscal quarter ended June 30, 2000.
Revenues for the second quarter of fiscal 2000 were $71,264,000, as compared to revenues of $70,839,000 in the second quarter of fiscal 1999. The Company reported record net income of $12,357,000, or $0.48 per diluted share, versus net income of $4,656,000, or $0.20 per diluted share, in the previous year quarter. Earnings per share for the second quarter 2000 included a $0.03 gain, per diluted share, from the sale of the Company. s minority interest in Data on Air.
For the six months ended June 30, 2000, revenues were $136,404,000, as compared to revenues of $139,609,000 for the first six months of fiscal 1999. Net income for the first six months of fiscal 2000 was $21,069,000, or $0.83 per diluted share, an increase over net income of $7,670,000, or $0.34 per diluted share, for the comparable period of 1999.
Steven W. Berglund, president and chief executive officer, stated, "Although improved from the two prior quarters, revenues continue to be negatively impacted by industry-wide component shortages. In spite of the revenue constraints, we achieved record earnings as a result of a favorable sales mix and improved operating efficiencies. We continue to see healthy demand for our products and closed the quarter with increased orders of approximately 12% over the previous year quarter."
This release may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. The statement concerning the continuing demand for our products is just a projection and actual results could differ materially. 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.