Trimble Reports Third Quarter 2015 Results

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)

	Third Quarter of		First Three Quarters of

	2015	2014	2015	2014

Revenues:
Product	$373.0	$415.6	$1,168.2	$1,327.1
Service	103.9	98.3	310.5	291.7
Subscription	85.4	70.9	252.0	212.9
Total revenues	562.3	584.8	1,730.7	1,831.7

Cost of sales:
Product	175.5	189.3	554.0	605.4
Service	39.4	36.8	123.0	108.6
Subscription	26.1	21.8	75.8	58.4
Amortization of purchased intangible assets	23.3	20.1	68.8	61.0
Total cost of sales	264.3	268.0	821.6	833.4
		-		-
Gross margin	298.0	316.8	909.1	998.3
Gross margin (%)	53.0%	54.2%	52.5%	54.5%

Operating expenses
Research and development	79.6	79.0	251.3	237.2
Sales and marketing	89.1	95.8	281.8	288.8
General and administrative	63.2	111.4	192.1	230.2
Restructuring charges	2.7	0.2	9.0	1.3
Amortization of purchased intangible assets	17.4	19.3	53.4	56.8
Total operating expenses	252.0	305.7	787.6	814.3


Operating income	46.0	11.1	121.5	184.0

Non-operating income (expense), net
Interest expense, net	(6.4)	(3.0)	(19.1)	(9.8)
Foreign currency transaction gain (loss)	0.1	(3.2)	1.2	(3.8)
Income from equity method investments	4.7	2.8	14.1	11.5
Other income (expense), net	(0.9)	(0.6)	5.8	12.5
Total non-operating income (expense), net	(2.5)	(4.0)	2.0	10.4

Income before taxes	43.5	7.1	123.5	194.4

Income tax provision (benefit)	6.5	(4.7)	26.7	36.4
Net income	37.0	11.8	96.8	158.0
Less: Net loss attributable to noncontrolling interests	(0.1)	-	(0.3)	(0.3)
Net income attributable to Trimble Navigation Ltd.	$ 37.1	$ 11.8	$ 97.1	$ 158.3

Earnings per share attributable to Trimble Navigation Ltd.
Basic	$ 0.15	$ 0.05	$ 0.38	$ 0.61
Diluted	$ 0.14	$ 0.04	$ 0.37	$ 0.60

Shares used in calculating earnings per share:
Basic	254.8	260.3	257.5	260.4
Diluted	257.2	264.4	260.3	265.1

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