EX-99.1 2 a06-7045_1ex99d1.htm EXHIBIT 99

Exhibit 99.1

 

INTERMEC, INC.

(Unaudited, amounts in thousands, except per share amounts)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

December 31,

 

December 31,

 

 

 

2005

 

2004

 

2005

 

2004

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENTS OF OPERATIONS (Preliminary)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Product

 

$

198,369

 

$

199,216

 

$

720,959

 

$

674,517

 

Service

 

43,345

 

37,703

 

154,523

 

136,800

 

Total Revenues

 

241,714

 

236,919

 

875,482

 

811,317

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

Cost of product revenues

 

118,952

 

115,790

 

420,707

 

384,609

 

Cost of service revenues

 

24,846

 

22,467

 

91,899

 

80,821

 

Selling, general and administrative

 

82,141

 

77,515

 

304,995

 

281,174

 

Total Costs and Expenses

 

225,939

 

215,772

 

817,601

 

746,604

 

Operating Profit From Continuing Operations

 

15,775

 

21,147

 

57,881

 

64,713

 

Interest, net

 

(115

)

(2,918

)

(4,026

)

(12,361

)

Foreign currency exchange, net

 

507

 

(763

)

670

 

(1,675

)

Earnings from Continuing Operations before Income Taxes

 

16,167

 

17,466

 

54,525

 

50,677

 

Provision (Benefit) for income taxes

 

4,057

 

(8,980

)

13,880

 

(1,504

)

Earnings from Continuing Operations

 

12,110

 

26,446

 

40,645

 

52,181

 

Earnings (Loss) from discontinued operations, net of tax

 

29,563

 

(97,663

)

21,147

 

(101,310

)

Net Earnings (Loss)

 

$

41,673

 

$

(71,217

)

$

61,792

 

$

(49,129

)

 

 

 

 

 

 

 

 

 

 

Basic Earnings (Loss) per Share

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.19

 

$

0.44

 

$

0.66

 

$

0.86

 

Discontinued operations

 

0.48

 

(1.61

)

0.34

 

(1.67

)

Net earnings (Loss) per share

 

$

0.67

 

$

(1.17

)

$

1.00

 

$

(0.81

)

 

 

 

 

 

 

 

 

 

 

Diluted Earnings (Loss) per Share

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.19

 

$

0.42

 

$

0.64

 

$

0.84

 

Discontinued operations

 

0.46

 

(1.56

)

0.34

 

(1.63

)

Net earnings (Loss) per share

 

$

0.65

 

$

(1.14

)

$

0.98

 

$

(0.79

)

 

 

 

 

 

 

 

 

 

 

Shares Used in Computing Earnings (Loss) per Share

 

 

 

 

 

 

 

 

 

Basic

 

62,629

 

60,780

 

61,785

 

60,502

 

Diluted

 

64,204

 

62,374

 

63,350

 

62,154

 

 



 

INTERMEC, INC.

CONSOLIDATED BALANCE SHEETS (Preliminary)

(Unaudited, amounts in thousands)

 

 

 

December 31,

 

December 31,

 

 

 

2005

 

2004

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

Cash and cash equivalents

 

$

256,782

 

$

217,899

 

Restricted cash

 

 

50,000

 

Accounts receivable, net

 

180,985

 

157,833

 

Inventories

 

82,088

 

80,854

 

Net deferred tax assets

 

100,656

 

81,769

 

Assets held for sale

 

8,517

 

19,748

 

Current assets of discontinued operations

 

 

211,116

 

Other current assets

 

29,468

 

8,831

 

 

 

 

 

 

 

Total Current Assets

 

658,496

 

828,050

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

30,820

 

30,375

 

 

 

 

 

 

 

Other Intangibles, Net

 

6,871

 

4,072

 

 

 

 

 

 

 

Net Deferred Tax Assets

 

137,578

 

134,978

 

 

 

 

 

 

 

Long Term Assets of Discontinued Operations

 

 

21,238

 

 

 

 

 

 

 

Other Assets

 

68,955

 

53,964

 

 

 

 

 

 

 

Total Assets

 

$

902,720

 

$

1,072,677

 

 

 

 

 

 

 

Liabilities and Shareholders’ Investment

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

Accounts payable and accrued expenses

 

$

148,731

 

$

128,630

 

Payroll and related expenses

 

31,011

 

30,077

 

Deferred revenue

 

38,369

 

31,371

 

Current portion of long-term debt

 

 

108,500

 

Current liabilities of discontinued operations

 

 

130,257

 

 

 

 

 

 

 

Total Current Liabilities

 

218,111

 

428,835

 

 

 

 

 

 

 

Deferred Revenue

 

20,095

 

2,730

 

 

 

 

 

 

 

Long-term Debt

 

100,000

 

100,000

 

 

 

 

 

 

 

Other Long-term Liabilities

 

88,711

 

86,220

 

 

 

 

 

 

 

Long-term Liabilities of Discontinued Operations

 

 

46,388

 

 

 

 

 

 

 

Shareholders’ Investment:

 

 

 

 

 

Common stock

 

627

 

611

 

Additional paid-in capital

 

736,224

 

703,416

 

Accumulated deficit

 

(244,903

)

(306,695

)

Accumulated other comprehensive income (loss)

 

(16,145

)

13,902

 

 

 

 

 

 

 

Total Shareholders’ Investment

 

475,803

 

411,234

 

 

 

 

 

 

 

Total Liabilities and Shareholders’ Investment

 

$

902,720

 

$

1,072,677