8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported):  April 29, 2009

Intermec, Inc.

(Exact name of registrant as specified in its charter)

Delaware	001-13279	95-4647021
(State or other jurisdiction of incorporation)	(Commission file number)	(I.R.S. Employer Identification Number)
6001 36th Avenue West Everett, Washington www.intermec.com		98203-1264
(Address of principal executive offices and internet site)		(Zip Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On April 30, 2009, Intermec, Inc. (“we,” “our” or “the company”) issued a press release announcing our preliminary financial results for the first fiscal quarter ended March 29, 2009.  A copy of the press release is furnished as Exhibit 99.1 to this Current Report and is incorporated herein by reference (the “April 30, 2009 Press Release”).

The April 30, 2009 Press Release includes non-GAAP (adjusted) financial measures for

Ÿ   earnings (loss) from operations before taxes

Ÿ   net (loss) earnings, and

Ÿ   earnings (loss) per diluted share.

The April 30, 2009 Press Release also includes an outlook for second quarter 2009 non-GAAP (adjusted) earnings (loss) per diluted share. Reconciliations of each of these non-GAAP financial measures to the most directly comparable GAAP financial measures are detailed in the Reconciliation of GAAP to Non-GAAP Net Earnings attached to the April 30, 2009 Press Release.

Our non-GAAP measures should be read in conjunction with the corresponding GAAP measures.  The non-GAAP measures should be considered in addition to, and not as an alternative or substitute for, the measures prepared in accordance with generally accepted accounting principles.

We believe that excluding restructuring charges (principally related to severance costs in connection with distinct organizational initiatives to reduce costs and improve operational efficiency) provides supplemental information useful to investors’ and management’s understanding of the company’s core operating results, especially when comparing those results on a consistent basis to results for previous periods and anticipated results for future periods.

The foregoing information in this Item 2.02 is furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 2.05 Costs Associated with Exit or Disposal Activities.

On April 29, 2009, we committed to a business restructuring plan intended to reduce our operating cost structure over the remainder of 2009 (the “April Announcement”).  These reductions are intended to help us realize a profitable annualized business model that reflects significantly reduced operating costs in line with revenue expectations driven by current economic conditions. We are announcing the plan to employees beginning on April 30, 2009, and have issued a press release announcing the restructuring activities described in this Item 2.05 of this Current Report.  The press release is attached as Exhibit 99.1 to this Current Report.

Under the business restructuring plan announced on April 30, 2009, we will reduce our global work force by approximately 12%. The headcount reductions will be across most areas of the company.   We expect to implement this restructuring plan over the remainder of this year, beginning in the second fiscal quarter of 2009.

The charges for the restructuring plan announced today are expected to be in a pre-tax range of $15.0 million to $17.0 million. We expect to record approximately $9.0 million to $10.0 million of restructuring charge for this plan in the second quarter of 2009, and we expect that the balance will be recorded over the remainder of 2009.  We anticipate that substantially all of the costs will be severance related and will be cash expenditures.

Item 7.01 Regulation FD Disclosure.

In the press release issued on April 30, 2009 and attached to this Current Report as Exhibit 99.1 (the “April 30, 2009 Press Release”), we announced our outlook for the second fiscal quarter of 2009 with respect to our anticipated range of revenues, our anticipated range of GAAP diluted earnings (loss) per share from continuing operations, and our anticipated range of non-GAAP diluted earnings (loss) per share from continuing operations excluding restructuring costs.

In the April 30, 2009 Press Release, we also announced our commitment to a restructuring plan relating to a reduction of our global work force, as described more fully in Item 2.05 above.  In the April 30, 2009 Press Release and in Item 2.05, we described the anticipated restructuring costs resulting from the actions described in Item 2.05.

In a press release issued on January 8, 2009 and in a Current Report on Form 8-K dated January 7, 2009, we disclosed our commitment to a restructuring plan related to reorganization of our sales function and to reduce our operating cost structure and improve efficiency (the “January Announcement”). In the April 30, 2009 Press Release reported in Item 2.02 of this Current Report, we described anticipated restructuring costs resulting from the actions described in the January Announcement.

When completed, we estimate that the actions described in Item 2.05 of this Current Report are expected to result in annualized cost savings of approximately $22 million to $25 million. These savings would be in addition to the annualized savings of approximately $14 million to $16 million expected to result from the restructuring plan relating to our sales organization and other business functions disclosed in the January Announcement.  The foregoing estimates are included in the April 30, 2009 Press Release reported in Item 2.02 of this Current Report.

Forward-Looking Statements

Statements made in this Current Report, our April 30, 2009 Press Release, and any related statements that express Intermec’s or our management’s intentions, hopes, indications, beliefs, expectations, guidance, estimates, forecasts or predictions of the future constitute forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, and relate to matters that are not historical facts. They include, without limitation, statements regarding: our cost reduction plans; our view of general economic and market conditions; and our revenue, expense, earnings or financial outlook for the second fiscal quarter of 2009 or any current or future period.  They also include statements about our ability to develop, produce, market or sell our products, either directly or through third parties, reduce expenses, improve efficiency, realign resources, continue operational improvement and year-over-year growth, and about the applicability of accounting policies used in our financial reporting. These statements represent beliefs and expectations only as of the date they were made. We may elect to update forward-looking statements but we expressly disclaim any obligation to do so, even if our beliefs and expectations change. Actual results may differ from those expressed or implied in our forward-looking statements. Such forward-looking statements involve and are subject to certain risks and uncertainties. These include, but are not limited to, risks and uncertainties described more fully in  our reports filed or to be filed with the Securities and Exchange Commission including, but not limited to, our annual reports on Form 10-K and quarterly reports on Form 10-Q.

The foregoing information in this Item 7.01 is furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

(d)   Exhibits

Exhibit Number	Description
99.1	Press release issued by Intermec, Inc. on April 30, 2009

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Intermec, Inc.

(Registrant)

Date:  April 30, 2009 By:  /s/ Robert J. Driessnack Robert J. Driessnack Senior Vice President and Chief Financial Officer

EX-99.01

 Exhibit 99.1

Intermec, Inc.

6001 36th Avenue West

Everett, WA  98203-1264

www.intermec.com

FOR IMMEDIATE RELEASE

Contact:

Kevin P. McCarty

Director of Investor Relations

Intermec, Inc.

425-265-2472

kevin.mccarty@intermec.com

INTERMEC REPORTS FIRST QUARTER 2009 RESULTS IN-LINE WITH GUIDANCE

§   Q1’09 Revenue of $163 million; EPS Net Loss of ($0.17), Including ($0.09) Restructuring

§   Operating Cash Flow Positive, Including Restructuring Payment Impact

EVERETT, Wash. – April 30, 2009 – Intermec, Inc. (NYSE: IN) today announced financial results for its first quarter, which ended March 29, 2009.

First quarter 2009 revenues were $163 million and a net loss of ($10.4) million, or ($0.17) per diluted share, compared to 2008 first quarter revenues of $217 million and net earnings of $7.7 million, or $0.13 per diluted share.

“We delivered first quarter operating results in line with guidance provided in February and did a solid job on managing cash. We are very confident in our market position and strategy. Our new product programs are on track to address growth opportunities this year and in the future,” said Patrick J. Byrne, Intermec’s president and CEO. “Our focus going forward is to lower our break-even point while positioning the Company for strong operating leverage and growth when the markets recover.”

The following table presents our GAAP (loss) earnings from operations before taxes, net (loss) earnings, and diluted (loss) earnings per share as reported for the first quarter of 2009 and 2008, and as adjusted by excluding the effect of restructuring charges.

	Quarter Ended March 29, 2009									Quarter Ended March 30, 2008
($ in millions, except per share amounts)	(Loss) earnings from operations before taxes			Net (loss) earnings			Diluted (loss) earnings per share			Earnings from operations before taxes		Net earnings		Diluted Earnings per share
Earnings as Reported	$	(16.3	)	$	(10.4	)	$	(0.17	)	$	12.1	$	7.7	$	0.13
Restructuring charges		8.6			5.5		$	0.09			-		-		-
Earnings as Adjusted	$	(7.7	)	$	(4.9	)	$	(0.08	)	$	12.1	$	7.7	$	0.13

First Quarter 2009 Operating Performance

§   Total revenues of $163 million were down 25% from the prior year quarter.  Approximately 5 percentage points of the decline was due to currency translation.

§   Geographically, North American revenues decreased 9% over the comparable prior-year period. Revenues in Europe, Middle East and Africa (EMEA) decreased 50% over the prior year period with approximately $8 million, or 10 percentage points of the decline due to currency translation. Latin American revenues decreased 20%, and Asia Pacific (APAC) revenues decreased 18%, both over the comparable prior-year period.

§   From a product line perspective, Systems and Solutions revenue decreased 26% and Printer and Media revenue decreased 34% both over the comparable prior-year period. Service revenue decreased 9% compared to the prior-year period.

§   Gross profit margins decreased 4.0 percentage points to 36.3%, and product gross margins decreased 4.8 percentage points to 35.2% both compared to the first quarter of 2008.  The gross profit margin decline was primarily attributable to reduced product volumes, product and geographical mix and the impact of currency translation.

§   Operating expenses excluding restructuring charges were $66.9 million, down 11%, compared to $75.2 million in first quarter 2008. There were no restructuring charges in the first quarter of 2008.

§   Included in the first quarter 2009 results are pre-tax restructuring charges of $8.6 million or ($0.09) per diluted share relating to the business restructuring plan announced in January 2009. Excluding these charges the non-GAAP adjusted net loss for the first quarter of 2009 was ($4.9) million, or ($0.08) per diluted share, as compared with the prior year first quarter’s net income of $7.7 million, or $0.13 per diluted share, as more fully described in the Non-GAAP (Adjusted) Financial Measures section of this release.

§   The Company’s first quarter 2009 effective tax rate was 36.3%, consistent with the prior-year comparable quarter.

§   Operating cash flow was approximately $0.1 million in the quarter, including the impact of cash paid for restructuring of $4.3 million.

§   The Company’s cash and cash equivalents at the end of the first quarter totaled $216 million. The Company has no debt.

Cost Reduction Activities

§   On April 30, 2009 the Company announced a plan to reduce its work force by approximately 12%. These actions are intended to align the Company’s cost structure with projected revenues and will occur through the remainder of 2009. These decisions are expected to reduce the Company’s break-even point and yield significant operating leverage when the markets recover. The April 30th announcement is expected to result in $22 to $25 million in annualized cost savings. This amount is in addition to the approximately $14 to $16 million of annualized savings expected to result from the business restructuring announced in January 2009.

Pre-tax restructuring costs for the plan announced today are expected to be in the range of $15.0 to $17.0 million. The Company expects to record approximately $10.0 to $11.0 million of combined restructuring charges in the second quarter of 2009, and expects that the balance will be recorded in the third and fourth quarters of 2009.

Outlook – Second Quarter 2009

Intermec announced its financial forecast for the second quarter of 2009, which reflects the on-going economic slowdown, limited visibility and weaker foreign currencies.

§  Revenues are expected to be within a range of $150 to $165 million.

§   Earnings (loss) per share are expected to be within a range of ($0.11) to ($0.18) per diluted share, including the expected impact range of ($0.10) to ($0.11) for the restructuring plans announced in January and April of 2009. Excluding these restructuring charges the non-GAAP adjusted earnings (loss) per share are expected to be within a range of ($0.01) to ($0.08) per diluted share.

Conference Call Information

Intermec will hold its conference call on April 30 2009 at 5 p.m. ET (2 p.m. PT).  The dial-in numbers for participants are 1 (210) 234-0002 (US and International) 1 (800) 621-8495 (Toll free); Passcode: (“Intermec”). The call will be broadcast on the Internet via a link from the investor’s Web page at www.intermec.com/InvestorRelations

###

Non-GAAP (Adjusted) Financial Measures

This press release includes non-GAAP (adjusted) financial measures for earnings (loss) from operations before taxes, net (loss) earnings, and earnings (loss) per diluted share. It also includes an outlook for the second quarter 2009 non-GAAP (adjusted) earnings (loss) per diluted share.  Reconciliations of each of these non-GAAP financial measures to the most directly comparable GAAP financial measures are detailed in the Reconciliation of GAAP to Non-GAAP Net Earnings attached to this press release.

Our non-GAAP measures should be read in conjunction with the corresponding GAAP measures.  The non-GAAP measures should be considered in addition to and not as an alternative or substitute for the measures prepared in accordance with generally accepted accounting principles.

We believe that excluding restructuring charges (principally related to severance costs in connection with distinct organizational initiatives to reduce costs and improve operational efficiency) provides supplemental information useful to investors’ and management’s understanding of the company’s core operating results, especially when comparing those results on a consistent basis to results for previous periods and anticipated results for future periods.

About Intermec, Inc.

Intermec, Inc. (NYSE:IN) develops, manufactures and integrates technologies that identify, track and manage supply chain assets. Core technologies include RFID, mobile computing and data collection systems, bar code printers and label media. The Company’s products and services are used by customers in many industries worldwide to improve the productivity, quality and responsiveness of business operations. For more information about Intermec, visit www.intermec.com or call 800-347-2636.  Contact Intermec Investor Relations Director Kevin McCarty at kevin.mccarty@intermec.com, 425-265-2472.

(Forward-looking Statements)

Statements made in this release and related statements that express Intermec’s or our management’s intentions, hopes, indications, beliefs, expectations, guidance, estimates, forecasts or predictions of the future constitute forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, and relate to matters that are not historical facts. They include, without limitation, statements regarding: our cost reduction plans; our view of general economic and market conditions; and our revenue, expense, earnings or financial outlook for the second quarter of 2009 or any current or future period.  They also include statements about our ability to develop, produce, market or sell our products, either directly or through third parties, reduce expenses, improve efficiency, realign resources, continue operational improvement and year-over-year growth, and about the applicability of accounting policies used in our financial reporting. These statements represent beliefs and expectations only as of the date they were made. We may elect to update forward-looking statements but we expressly disclaim any obligation to do so, even if our beliefs and expectations change. Actual results may differ from those expressed or implied in our forward-looking statements. Such forward-looking statements involve and are subject to certain risks and uncertainties. These include, but are not limited to, risks and uncertainties described more fully in our reports filed or to be filed with the Securities and Exchange Commission including, but not limited to, our annual reports on Form 10-K and quarterly reports on Form 10-Q.

INTERMEC, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, amounts in thousands except per share amounts)
	Three Months Ended
	March			March
	29, 2009			30, 2008
Revenues
Product	$	128,664		$	179,574
Service		33,909			37,205
Total revenues		162,573			216,779
Costs and Expenses
Cost of product revenues		83,366			107,705
Cost of service revenues		20,136			21,706
Research and development		15,913			17,192
Selling, general and administrative		51,009			57,966
Restructuring		8,582			-
Total costs and expenses		179,006			204,569
Operating (loss) profit		(16,433	)		12,210
Interest income		341			1,675
Interest expense		(226	)		(1,790	)
(Loss) earnings from operations before taxes		(16,318	)		12,095
Income tax (benefit) expense		(5,917	)		4,389
Net (loss) earnings	$	(10,401	)	$	7,706
Basic (loss) earnings per share	$	(0.17	)	$	0.13
Diluted (loss) earnings per share	$	(0.17	)	$	0.13
Shares used in computing (loss) earnings per share
Basic		61,455			60,956
Diluted		61,455			61,475

INTERMEC, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited, amounts in thousands)
	March			December
	29, 2009			31, 2008
ASSETS
Current assets:
Cash and cash equivalents	$	216,049		$	221,335
Short-term investments		71			156
Accounts receivable, net of allowance for doubtful accounts
and sales returns of $10,268 and $10,789		107,936			138,549
Inventories, net		107,541			116,949
Net current deferred tax assets		62,207			56,295
Other current assets		14,040			14,405
Total current assets		507,844			547,689
Property, plant and equipment, net		39,720			41,348
Intangibles, net		3,264			3,521
Net deferred tax assets		166,888			167,834
Other assets		29,166			29,503
Total assets	$	746,882		$	789,895
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	82,078		$	112,772
Payroll and related expenses		23,575			24,799
Deferred revenue		42,381			38,712
Total current liabilities		148,034			176,283
Long-term deferred revenue		23,538			25,980
Pension liability		91,922			92,129
Other long-term liabilities		13,109			13,747
Shareholders' equity:
Common stock, 250,000 shares authorized, 61,957 and 61,766 shares issued and outstanding		619			618
Additional paid-in-capital		696,136			694,296
Accumulated deficit		(172,803	)		(162,402	)
Accumulated other comprehensive loss		(53,673	)		(50,756	)
Total shareholders' equity		470,279			481,756
Total liabilities and shareholders' equity	$	746,882		$	789,895

INTERMEC, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, amounts in thousands of dollars)
	Quarter Ended
	March 29			March 30
	2009			2008
Cash and cash equivalents at beginning of year	$	221,335		$	237,247
Cash flows from operating activities
Net (loss) earnings from operations		(10,401	)		7,706
Adjustments to reconcile net (loss) earnings to net cash
provided by operating activities
Depreciation and amortization		3,974			3,742
Deferred taxes		(6,183	)		3,804
Excess tax shortfall (benefit) from stock-based payment arrangements		557			(581	)
Change in working capital accounts
Accounts receivable		30,613			25,454
Inventories		9,228			(21,380	)
Accounts payable and accrued expenses		(31,192	)		(372	)
Changes in other working capital and other operating activities		3,495			(857	)
Net cash provided by operating activities		91			17,516
Cash flows from investing activities
Capital expenditures		(2,385	)		(3,803	)
Purchases of investments		-			(760	)
Proceeds from sale of property		1,866			-
Sale of investments		-			27,755
Patent legal fees		(1,096	)		(778	)
Net cash (used in) provided by investing activities		(1,615	)		22,414
Cash flows from financing activities
Repayment of debt		-			(100,000	)
Excess tax (shortfall) benefit from stock-based payment arrangements		(557	)		581
Stock options exercised		142			2,345
Other financing activities		220			879
Net cash used in financing activities		(195	)		(96,195	)
Effect of exchange rate changes on cash and cash equivalents		(3,567	)		5,546
Resulting decrease in cash and cash equivalents		(5,286	)		(50,719	)
Cash and cash equivalents at end of period	$	216,049		$	186,528

INTERMEC, INC.
RECONCILIATION OF GAAP TO NON-GAAP NET EARNINGS
(Unaudited, amounts in thousands except per share amounts)
	Three Months Ended
	March			Non GAAP			Adjusted			March
	29, 2009			Adjustments			March 29, 2009			30, 2008
Revenues
Product	$	128,664					$	128,664		$	179,574
Service		33,909						33,909			37,205
Total revenues		162,573						162,573			216,779
Costs and Expenses								-
Cost of product revenues		83,366						83,366			107,705
Cost of service revenues		20,136						20,136			21,706
Research and development		15,913						15,913			17,192
Selling, general and administrative		51,009						51,009			57,966
Restructuring		8,582			(8,582	)		-			-
Total costs and expenses		179,006			(8,582	)		170,424			204,569
								-
Operating (loss) profit		(16,433	)		8,582			(7,851	)		12,210
Interest income		341						341			1,675
Interest expense		(226	)					(226	)		(1,790	)
(Loss) earnings from operations before taxes		(16,318	)		8,582			(7,736	)		12,095
(Benefit) provision for income taxes		(5,917	)		3,069			(2,848	)		4,389
Net (loss) earnings	$	(10,401	)	$	5,513		$	(4,888	)	$	7,706
Basic (loss) earnings per share	$	(0.17	)	$	0.09		$	(0.08	)	$	0.13
Diluted (loss) earnings per share	$	(0.17	)	$	0.09		$	(0.08	)	$	0.13
Shares used in computing (loss) earnings per share
Basic		61,455			61,455			61,455			60,956
Diluted		61,455			61,455			61,455			61,475

INTERMEC, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK FOR THE QUARTER ENDED JUNE 28, 2009
(Unaudited)
	Diluted (loss) earnings per share
Earnings as Reported	$	(0.11) to (0.18)
Restructuring charge	0.10 to 0.11
Earnings as Adjusted	$	(0.1) to (0.08)