Trimble Reports Second Quarter 2009 Revenue of $290.1 Million and Non-GAAP Earnings Per Share of $0.31
TRIMBLE
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended
Jul-3, Jun-27,
2009 2008
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Cash flow from operating activities:
Net Income $38,847 $88,666
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation expense 9,071 9,274
Amortization expense 25,348 21,811
Provision for doubtful accounts 3,053 119
Amortization of debt issuance cost 113 113
Deferred income taxes (3,406) (2,791)
Stock-based compensation 8,780 7,777
Equity gain from joint ventures (520) (4,633)
Gain on bargain purchase (386) -
Excess tax benefit for stock-based
compensation (304) (5,249)
Provision for excess and obsolete
inventories 2,933 3,283
Other non-cash items (2,360) 1
Add decrease (increase) in assets:
Accounts receivables 4,117 (26,832)
Other receivables 5,242 481
Inventories (7,556) (8,997)
Other current and non-current assets 2,289 (464)
Add increase (decrease) in liabilities:
Accounts payable 4,790 4,637
Accrued compensation and benefits 2,808 (303)
Accrued liabilities 8,591 (597)
Deferred revenue 7,224 3,974
Income taxes payable - 10,093
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Net cash provided by operating activities 108,674 100,363
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Cash flow from investing activities:
Acquisitions of businesses, net of cash
acquired (39,029) (45,082)
Acquisition of property and equipment (7,415) (7,932)
Acquisitions of intangible assets (26,839) (165)
Other (513) 302
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Net cash used in investing activities (73,796) (52,877)
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Cash flow from financing activities:
Issuance of common stock 5,775 15,425
Excess tax benefit for stock-based
compensation 304 5,249
Repurchase and retirement of common stock - (36,293)
Payments on long-term debt and revolving credit
lines (149) (60,314)
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Net cash provided by (used in) financing
activities 5,930 (75,933)
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Effect of exchange rate changes on cash and cash
equivalents 1,815 5,068
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Net decrease in cash and cash equivalents 42,623 (23,379)
Cash and cash equivalents - beginning of period 147,531 103,202
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Cash and cash equivalents - end of period $190,154 $79,823
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