FTRMB
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||
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(In thousands, except per share data) | ||||||||
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(Unaudited) | ||||||||
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Fourth Quarter of |
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Fiscal Years | ||||
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2012 |
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2011 |
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2012 |
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2011 |
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Revenues: |
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Product |
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$379,337 |
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$341,498 |
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$1,566,975 |
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$1,345,876 |
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Service |
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77,627 |
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46,807 |
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262,889 |
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159,095 |
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Subscription |
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58,559 |
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46,865 |
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210,249 |
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139,094 |
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Total revenues |
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515,523 |
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435,170 |
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2,040,113 |
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1,644,065 |
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Cost of sales: |
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Product |
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190,245 |
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163,421 |
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767,526 |
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650,456 |
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Service |
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32,695 |
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20,945 |
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100,286 |
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71,470 |
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Subscription |
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17,987 |
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19,766 |
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65,847 |
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55,361 |
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Amortization of purchased intangible assets |
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18,132 |
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13,280 |
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60,277 |
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37,197 |
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Total cost of sales |
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259,059 |
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217,412 |
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993,936 |
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814,484 |
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Gross margin |
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256,464 |
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217,758 |
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1,046,177 |
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829,581 |
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Gross margin (%) |
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49.7% |
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50.0% |
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51.3% |
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50.5% |
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Operating expenses |
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Research and development |
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70,737 |
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57,555 |
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256,458 |
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197,007 |
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Sales and marketing |
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83,598 |
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71,445 |
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313,692 |
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266,804 |
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General and administrative |
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53,207 |
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43,658 |
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195,802 |
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158,375 |
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Restructuring |
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333 |
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513 |
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2,227 |
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2,288 |
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Amortization of purchased intangible assets |
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18,260 |
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15,875 |
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65,430 |
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48,705 |
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Total operating expenses |
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226,135 |
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189,046 |
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833,609 |
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673,179 |
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Operating income |
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30,329 |
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28,712 |
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212,568 |
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156,402 |
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Non-operating income, net |
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Interest expense, net |
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(4,796) |
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(3,093) |
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(16,357) |
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(7,277) |
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Foreign currency transaction gain (loss), net |
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(683) |
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(1,727) |
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(2,526) |
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1,053 |
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Income from equity method investments, net |
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5,019 |
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4,379 |
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24,727 |
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15,349 |
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Other income, net |
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9,115 |
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2,819 |
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11,012 |
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1,927 |
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Total non-operating income, net |
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8,655 |
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2,378 |
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16,856 |
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11,052 |
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Income before taxes |
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38,984 |
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31,090 |
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229,424 |
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167,454 |
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Income tax provision |
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6,305 |
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2,427 |
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39,708 |
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18,545 |
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Net income |
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32,679 |
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28,663 |
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189,716 |
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148,909 |
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Less: Net loss attributable to noncontrolling interests |
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(507) |
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(740) |
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(1,344) |
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(1,846) |
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Net income attributable to Trimble Navigation Ltd. |
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$ 33,186 |
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$ 29,403 |
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$ 191,060 |
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$ 150,755 |
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Earnings per share attributable to Trimble Navigation Ltd. |
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Basic |
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$ 0.26 |
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$ 0.24 |
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$ 1.52 |
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$ 1.23 |
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Diluted |
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$ 0.26 |
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$ 0.23 |
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$ 1.49 |
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$ 1.20 |
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Shares used in calculating earnings per share: |
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Basic |
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126,657 |
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123,446 |
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125,566 |
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122,725 |
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Diluted |
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129,118 |
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126,592 |
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128,387 |
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126,133 |
