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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2013 |
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2012 |
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2013 |
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2012 |
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Revenues: |
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Product |
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$409,733 |
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$379,337 |
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$1,649,965 |
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$1,566,975 |
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Service |
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112,646 |
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77,627 |
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364,274 |
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262,889 |
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Subscription |
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76,839 |
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58,559 |
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273,885 |
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210,249 |
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Total revenues |
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599,218 |
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515,523 |
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2,288,124 |
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2,040,113 |
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Cost of sales: |
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Product |
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189,538 |
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190,245 |
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776,597 |
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767,526 |
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Service |
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46,553 |
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32,695 |
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141,904 |
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100,286 |
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Subscription |
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22,492 |
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17,987 |
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84,682 |
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65,847 |
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Amortization of purchased intangible assets |
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21,181 |
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18,132 |
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81,119 |
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60,277 |
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Total cost of sales |
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279,764 |
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259,059 |
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1,084,302 |
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993,936 |
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Gross margin |
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319,454 |
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256,464 |
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1,203,822 |
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1,046,177 |
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Gross margin (%) |
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53.3% |
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49.7% |
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52.6% |
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51.3% |
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Operating expenses |
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Research and development |
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77,636 |
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70,737 |
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299,421 |
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256,458 |
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Sales and marketing |
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93,669 |
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83,598 |
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348,106 |
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313,692 |
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General and administrative |
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58,498 |
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53,207 |
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216,876 |
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195,802 |
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Restructuring |
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1,358 |
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333 |
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5,960 |
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2,227 |
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Amortization of purchased intangible assets |
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20,947 |
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18,260 |
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81,722 |
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65,430 |
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Total operating expenses |
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252,108 |
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226,135 |
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952,085 |
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833,609 |
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Operating income |
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67,346 |
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30,329 |
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251,737 |
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212,568 |
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Non-operating income (loss), net |
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Interest expense, net |
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(4,134) |
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(4,796) |
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(17,582) |
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(16,357) |
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Foreign currency transaction gain (loss), net |
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172 |
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(683) |
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(954) |
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(2,526) |
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Income from equity method investments, net |
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4,772 |
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5,019 |
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20,680 |
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24,727 |
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Other income (loss), net |
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(1,864) |
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9,115 |
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(1,017) |
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11,012 |
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Total non-operating income (loss), net |
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(1,054) |
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8,655 |
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1,127 |
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16,856 |
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Income before taxes |
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66,292 |
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38,984 |
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252,864 |
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229,424 |
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Income tax provision |
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6,631 |
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6,305 |
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34,698 |
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39,708 |
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Net income |
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59,661 |
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32,679 |
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218,166 |
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189,716 |
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Less: Net gain attributable to noncontrolling interests |
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(336) |
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(507) |
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(689) |
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(1,344) |
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Net income attributable to Trimble Navigation Ltd. |
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$ 59,997 |
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$ 33,186 |
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$ 218,855 |
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$ 191,060 |
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Earnings per share attributable to Trimble Navigation Ltd. |
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Basic |
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$ 0.23 |
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$ 0.13 |
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$ 0.85 |
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$ 0.76 |
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Diluted |
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$ 0.23 |
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$ 0.13 |
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$ 0.84 |
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$ 0.74 |
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Shares used in calculating earnings per share: |
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Basic |
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258,187 |
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253,314 |
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256,648 |
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251,132 |
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Diluted |
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262,832 |
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258,236 |
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261,206 |
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256,774 |
