Trimble Navigation Limited
935 Stewart Drive
Post Office Box 3642
Sunnyvale, CA 94085
SUNNYVALE, Calif., Oct. 6, 1999 -- Trimble Navigation Limited (NASDAQ:TRMB) today reported preliminary results for third quarter ended October 1, 1999, for continuing operations.
Revenue for the third quarter of fiscal 1999 is anticipated to be approximately $68.8 million with earnings per share, on a diluted basis, in a range of $0.17 to $0.20. This compares to revenue of $60 million, and a loss of ($0.70) per share, diluted and restated for continuing operations, reported in the comparable period of 1998. Corporate restructuring actions and the discontinuation of the general aviation business affected revenue and earnings per share in the third quarter fiscal 1998.
"I believe this to be a significant quarter for Trimble," commented Steven W. Berglund, president and chief executive officer. "In August, Solectron did an excellent job in assuming most of the manufacturing responsibilities and I am very proud of how the Company pulled together as a team to execute this complex task and produce for our shareholders what we expect to be a record third quarter for revenue," concluded Berglund.
Trimble will report third quarter earnings on Oct 21, 1999.
Statements made in this press release, including those related to Trimble's record third quarter for revenue and earnings per share expectations, are forward looking and 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. These risks are detailed from time to time in the Company's SEC reports, including its quarterly reports on Form 10-Q from 1998 and 1999 and its 1998 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