Trimble Navigation Limited
935 Stewart Drive
Post Office Box 3642
Sunnyvale, CA 94085
Trimble Announces Revised Fiscal Fourth Quarter Guidance
SUNNYVALE, Calif., Dec. 13, 2001 - Trimble (NASDAQ:TRMB), a leading innovator of positioning and location-based solutions, today announced that it expects to report revenues of $105-$110 million and adjusted earnings per share (EPS) between breakeven and $0.04 for its fiscal fourth quarter ended December 28, 2001.
The revised guidance is slightly below initial expectations given in the Company's October 23, 2001 earnings release and subsequent conference call. In the October 23 release, the Company said it expected business conditions to remain challenging for at least the next few quarters, with continued cautious buying behavior in certain end-markets. Due to this uncertainty and the nature of the Company's book and bill business, Trimble stated that fourth fiscal quarter revenue would be difficult to predict. On the conference call, Trimble gave revenue guidance of $110-$115 million and stated that at the middle of this revenue range, adjusted EPS would be between $0.03 - $0.05.
"Although, due to the difficult economic environment, our operating performance will be lower than we had previously anticipated, we are continuing to build on our leadership position in a number of the markets we serve, while still investing in the opportunities that we believe will fuel our growth in the future," said Steven W. Berglund, president and CEO. "Specifically, the investments we have made in our largest individual business, land survey, have put Trimble in a stronger competitive position."
Berglund continued, "From an overall product standpoint, I believe that Trimble now has the broadest product portfolio and most advanced solutions in our markets. This, along with our continued efforts to lower our fixed operating expenses and revenue break-even point, has protected our profitability and positioned Trimble to show revenue, earnings and market share gains once our end markets begin to recover."
Trimble is a leading innovator of Global Positioning System (GPS) technology. In addition to providing advanced GPS components, Trimble augments GPS with other positioning technologies as well as wireless communications and software to create complete customer solutions. Trimble's worldwide presence and unique capabilities position the Company for growth in emerging applications including surveying, automobile navigation, machine guidance, asset tracking, wireless platforms, and telecommunications infrastructure. Founded in 1978 and headquartered in Sunnyvale, Calif., Trimble has more than 2,000 employees in more than 20 countries worldwide.
Certain statements made in this press release are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These forward looking statements are subject to change, and actual results may differ from those set forth in this press release due to certain risks and uncertainties, including overall economic trends affecting the end markets that we serve, market acceptance of new product offerings and continued demand for existing products. Among other things, these results may not continue beyond the current quarter due to seasonal and economic trends and additional competitive issues that may have an adverse effect on the ongoing positioning and growth of the Company. These and other risks are detailed from time to time in reports filed with the SEC, including its quarterly reports on Form 10-Q and its annual report on Form 10-K.
Investor Relations: Brian Siegel of Trimble: 408-481-6914
Media Contact: LeaAnn McNabb of Trimble: 408-481-7808
Contact: David Pasquale: 646-536-7006