Trimble Navigation Limited
935 Stewart Drive
Post Office Box 3642
Sunnyvale, CA 94085
Trimble Announces Second Quarter Results
Company reports net income of $0.20 per share, diluted
SUNNYVALE, Calif., July 22, 1999 -- Trimble Navigation Limited (Nasdaq: TRMB) today reported results for the second quarter ended July 2, 1999.
Revenues from continuing operations for the second quarter of fiscal 1999 were $70,839,000 as compared to revenues of $73,536,000 in the second quarter of fiscal 1998. Net income from continuing operations for the period was $4,656,000, or $0.20 per share, diluted, versus net income of $1,892,000, or $0.08 per share, diluted, in the second quarter of fiscal 1998.
For the first quarter of fiscal 1999, revenues from continuing operations were $68,770,000 and net income from continuing operations was $3,014,000 or $0.14 per share, diluted.
During the second quarter of fiscal 1999, operating expenses from continuing operations were $32,046,000, or 45% of revenue, down from $34,564,000, or 47% of revenue during the second quarter of fiscal 1998. Gross margins from continuing operations increased to 53.1%, up from 49.3% in the comparable period of 1998.
For the six months ended July 2, 1999, revenues from continuing operations were $139,609,000, as compared to revenues of $147,697,000 for the first six months of fiscal 1998. Net income from continuing operations for the first six months of fiscal 1999 was $7,670,000, or $0.34 per share, diluted, versus a net income of $5,894,000, or $0.25 per share diluted, during the comparable period in 1998.
Steven W. Berglund, president and chief executive officer, stated, "I am pleased to announce another quarter of profitability for Trimble. In the quarter, we benefited from our cost containment programs previously announced in the second half of 1998. We have seen year over year growth in a number of market segments, such as agricultural, timing, mapping and automotive, which we believe strengthens our position for the long term. Additionally, the Company continues to focus on its working capital initiatives, generating $2.8 million in cash and short term investments during the second quarter."
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, construction, 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