FTRMB
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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(In millions, except per share data) |
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(Unaudited) |
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First Quarter of |
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2015 |
2014 |
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Revenues: |
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Product |
$ 400.6 |
$ 442.6 |
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Service |
100.9 |
93.3 |
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Subscription |
81.1 |
68.8 |
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Total revenues |
582.6 |
604.7 |
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Cost of sales: |
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Product |
187.7 |
203.7 |
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Service |
41.4 |
34.2 |
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Subscription |
23.8 |
19.0 |
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Amortization of purchased intangible assets |
22.5 |
20.9 |
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Total cost of sales |
275.4 |
277.8 |
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Gross margin |
307.2 |
326.9 |
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Gross margin (%) |
52.7% |
54.1% |
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Operating expenses |
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Research and development |
87.2 |
76.4 |
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Sales and marketing |
96.5 |
97.4 |
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General and administrative |
64.7 |
57.4 |
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Restructuring |
1.1 |
0.3 |
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Amortization of purchased intangible assets |
18.2 |
19.7 |
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Total operating expenses |
267.7 |
251.2 |
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Operating income |
39.5 |
75.7 |
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Non-operating income, net |
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Interest expense, net |
(6.4) |
(3.7) |
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Foreign currency transaction gain, (loss), net |
1.1 |
(0.1) |
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Income from equity method investments, net |
3.0 |
3.5 |
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Other income, net |
7.0 |
13.1 |
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Total non-operating income, net |
4.7 |
12.8 |
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Income before taxes |
44.2 |
88.5 |
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Income tax provision |
10.2 |
20.4 |
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Net income |
34.0 |
68.1 |
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Less: Net loss attributable to noncontrolling interests |
(0.1) |
(0.5) |
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Net income attributable to Trimble Navigation Ltd. |
$ 34.1 |
$ 68.6 |
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Earnings per share attributable to Trimble Navigation Ltd. |
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Basic |
$ 0.13 |
$ 0.26 |
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Diluted |
$ 0.13 |
$ 0.26 |
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Shares used in calculating earnings per share: |
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Basic |
259.4 |
259.8 |
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Diluted |
262.4 |
264.8 |
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