Trimble Reports Fiscal 2008 Revenue Growth of 9 Percent and Non-GAAP Earnings Per Share Growth of 23 Percent: Prepares For Challenging Year

The non-GAAP financial measures included in the table above are non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income and non-GAAP diluted net income per share, which adjust for the following items: expenses related to acquisitions, stock-based compensation expense and restructuring charges. Management uses these non-GAAP measures to assess trends in its business and for budgeting purposes, as many of these excluded items are non-cash. In addition, we believe that the presentation of these non-GAAP financial measures is useful to investors for the reasons associated with each of the adjusting items as described below.


     (A)  Restructuring. The amounts recorded are for employee compensation
          resulting from reductions in employee headcount in connection with
          our company restructurings and we believe they are not directly
          related to the operation of our business.
     (B)  Amortization of purchased intangibles.  The amounts recorded as
          amortization of purchased intangibles arise from prior acquisitions
          and are non-cash in nature.  We exclude these expenses because we
          believe they are not reflective of ongoing operating results in the
          period incurred and are not directly related to the operation of our
          business.
     (C)  In-process research and development. The amounts recorded as in-
          process research and development arise from prior acquisitions and
          are non-cash in nature.  We exclude these expenses because we
          believe they are not reflective of ongoing operating results in the
          period incurred and not directly related to the operation of our
          business.
     (D)  Stock-based Compensation. We exclude these stock-based compensation
          expenses because they are non-cash expenses that we believe are not
          reflective of ongoing operation results.  For the three and nine
          months ended September 26, 2008 and September 28, 2007, stock-based
          compensation was allocated as follows:



                                             Three Months    Twelve Months
                                                Ended            Ended
                                           Jan-02, Dec-28,  Jan-02,  Dec-28,
                                             2009    2007    2009     2007
        Cost of sales                        $487    $493   $1,920   $1,733
        Research and development              860     954    3,489    3,573
        Sales and Marketing                 1,095   1,091    3,993    3,891
        General and administrative          2,121   1,529    6,764    5,819
                                           $4,563  $4,067  $16,166  $15,016


     (E)  Amortization of acquisition-related inventory step-up. The purchase
          accounting entries associated with our business acquisitions require
          us to record inventory at its fair value, which is sometimes greater
          than the previous book value of the inventory.  The increase in
          inventory value is amortized to cost of sales over the period that
          the related product is sold.  We exclude inventory step-up
          amortization from our non-GAAP measures because we do not believe it
          is reflective of our ongoing operating results, and it is not used
          by management to assess the core profitability of our business
          operations.
     (F)  Income tax effect on non-GAAP adjustments. This amounts adjusts the
          provision for income taxes to reflect the effect of the non-GAAP
          adjustments on non-GAAP operating income.



                             NON-GAAP RECONCILIATION
                                REPORTING SEGMENTS
                              (Dollars in thousands)
                                   (Unaudited)


                                                Reporting Segments
                                     Engineering  Field    Mobile   Advanced
                                         and    Solutions Solutions  Devices
                                    Construction
        THREE MONTHS ENDED JANUARY 2,
     2009:
      Revenue                          $142,613   $58,245   $39,995   $27,231

      GAAP operating income before
       corporate  allocations:                        $2,339      $17,528        $3,331        $6,340
                Stock-based  compensation  (G)            1,533              221          1,167              399
            Non-GAAP  operating  income  before
              corporate  allocations:                        $3,872      $17,749        $4,498        $6,739
            Non-GAAP  operating  margin  (%  of
              segment  external  net  revenues)            2.7%          30.5%          11.2%          24.7%

        THREE  MONTHS  ENDED  DECEMBER  28,
          2007:
            Revenue                                                    $186,699      $49,616      $47,685      $28,783

            GAAP  operating  income  before
              corporate  allocations:                      $36,818      $13,976        $5,739        $3,656
                Stock-based  compensation  (G)            1,073              232          1,306              368
            Non-GAAP  operating  income  before
              corporate  allocations:                      $37,891      $14,208        $7,045        $4,024
            Non-GAAP  operating  margin  (%  of
              segment  external  net  revenues)          20.3%          28.6%          14.8%          14.0%

        TWELVE  MONTHS  ENDED  JANUARY  2,
          2009:
            Revenue                                                    $741,670    $300,706    $167,113    $119,745

            GAAP  operating  income  before
              corporate  allocations:                    $126,014    $109,489      $11,328      $24,445
                Stock-based  compensation  (G)            4,726              821          4,749          1,378
            Non-GAAP  operating  income  before
              corporate  allocations:                    $130,740    $110,310      $16,077      $25,823
            Non-GAAP  operating  margin  (%  of
              segment  external  net  revenues)          17.6%          36.7%            9.6%          21.6%

        TWELVE  MONTHS  ENDED  DECEMBER  28,
          2007:
            Revenue                                                    $743,291    $200,614    $157,673    $120,692

            GAAP  operating  income  before
              corporate  allocations:                    $174,177      $60,933      $12,517      $17,276
                Stock-based  compensation  (G)            3,614              763          4,976          1,369
            Non-GAAP  operating  income  before
              corporate  allocations:                    $177,791      $61,696      $17,493      $18,645
            Non-GAAP  operating  margin  (%  of
              segment  external  net  revenues)          23.9%          30.8%          11.1%          15.4%


          (G)    Stock-based  Compensation.  The  amounts  consist  of  expenses  for
                    employee  stock  options  and  purchase  rights  under  our  employee  stock
                    purchase  plan  determined  in  accordance  with  SFAS  123(R),  which
                    became  effective  for  us  on  January  1,  2006.    We  discuss  our
                    operating  results  by  segment  with  and  with-out  stock-based
                    compensation  expense,  as  we  believe  it  is  useful  to  investors  to
                    understand  the  impact  of  the  application  of  SFAS  123(R)  to  our
                    results  of  operations.    Stock-based  compensation  not  allocated  to
                    the  reportable  segments  was  approximately  $1,243K  and  $1,088K  for
                    the  three  months  ended  January  2,  2009  and  December  28,  2007,
                    respectively  and  $4,492K  and  $4,294K  for  the  twelve  months  ended
                    January  2,  2009  and  December  28,  2007,  respectively.
 

Web site: http://www.trimble.com/



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