-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KGm5MhO4Y/Lu4Pur1eirnllnQpNciqkGN87ApI6FpYKbNM+6rC0Sie7j5xGgYU+i 0p0WjcieyYh4XnD+fqIg1g== 0001157523-06-001296.txt : 20060208 0001157523-06-001296.hdr.sgml : 20060208 20060208172556 ACCESSION NUMBER: 0001157523-06-001296 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060208 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060208 DATE AS OF CHANGE: 20060208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Intermec, Inc. CENTRAL INDEX KEY: 0001044590 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 954647021 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13279 FILM NUMBER: 06590042 BUSINESS ADDRESS: STREET 1: 6001 36TH AVENUE WEST CITY: EVERETT STATE: WA ZIP: 98203-1264 BUSINESS PHONE: 425-265-2400 MAIL ADDRESS: STREET 1: 6001 36TH AVENUE WEST CITY: EVERETT STATE: WA ZIP: 98203-1264 FORMER COMPANY: FORMER CONFORMED NAME: UNOVA INC DATE OF NAME CHANGE: 19970815 8-K 1 a5076125.txt INTERMEC, INC. 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): February 8, 2006 INTERMEC, INC. (Exact name of registrant as specified in its charter) Delaware 001-13279 95-4647021 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) file number) Identification Number) 6001 36th Avenue West 98203-1264 Everett, Washington (Zip Code) www.intermec.com ---------------- (Address of principal executive offices and internet site) Registrant's telephone number, including area code: (425) 265-2400 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: [_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [_] Pre-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 February 8, 2006, Intermec, Inc. issued a press release announcing its financial results for the quarter and year ended December 31, 2005. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference. Item 9.01 Financial Statements and Exhibits (c) The following exhibit is filed as part of this report: Exhibit Description - ------- ----------- 99.1 Press Release issued by Intermec, Inc., dated February 8, 2006. SIGNATURE 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. By: /s/ Fredric B. Anderson ----------------------- Fredric B. Anderson Vice President, Controller and Acting Chief Financial Officer February 8, 2006 EX-99.1 2 a5076125ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 Intermec Announces Fourth Quarter and Full Year 2005 Results EVERETT, Wash.--(BUSINESS WIRE)--Feb. 8, 2006--Intermec, Inc. (NYSE:IN): -- Q4 and FY 2005 Revenues of $241.7M and $875.5M, from Continuing Operations -- Q4 and FY 2005 Diluted EPS of $0.19 and $0.64, from Continuing Operations -- Cash and Cash Equivalents increase $77M during the quarter to a year end balance of $257M -- Company Completes its Strategic Divestitures with Sale of the Landis Grinding Systems Business Intermec, Inc. (NYSE:IN) today announced financial results for its fourth quarter and fiscal year which ended December 31, 2005. Intermec reported 2005 fourth quarter revenues of $241.7 million and earnings from continuing operations of $12.1 million, or $0.19 per diluted share, compared to 2004 fourth quarter revenues of $236.9 million and earnings from continuing operations of $26.4 million, or $0.42 per diluted share. The effective tax rate for the fourth quarter of 2005 was 25 percent. In the fourth quarter of 2004, the Company had recorded a tax benefit from continuing operations of $9.0 million primarily reflecting the recognition of earned tax credits and the benefit of net operating losses resulting from foreign legal entity restructuring. Including discontinued operations, net earnings for the fourth quarter of 2005 were $44.5 million or $0.69 per diluted share compared to net loss of ($71.2) million or ($1.14) per diluted share in the prior years fourth quarter. Fourth quarter 2005 gross margin was 40.5 percent, compared to the fourth quarter of 2004 of 41.6 percent and compared to the sequential third quarter 2005 of 39.9 percent. This amount was below the company's expectation of 42 percent, primarily due to a higher customer mix of lower margin enterprise accounts during the quarter. Fiscal year 2005 revenues were $875.5 million and earnings from continuing operations were $40.6 million, or $0.64 per diluted share, compared to 2004 revenues of $811.3 million and earnings from continuing operations of $52.2 million, or $0.84 per diluted share. Revenues and earnings from continuing operations before income taxes for fiscal year 2004 included a settlement for an intellectual property (IP) dispute regarding its smart battery patents in the amount of $19.7 million and $15.6 million, respectively. Including discontinued operations, net earnings for fiscal year 2005 were $64.7 million or $1.02 per diluted share compared to net loss of ($49.1) million or ($0.79) per diluted share in the prior fiscal year. The Company's cash and cash equivalent position at the end of the fourth quarter was $256.8 million, an increase of $77.2 million during the fourth quarter. The increase in cash primarily reflects the sales of its Landis Grinding Systems business, cash flows from operating activities and the sale of certain assets held for sale. The Company's net cash, defined as cash and cash equivalents less total debt, increased to a record $156.8 million. Geographically during the fourth quarter, North American revenues increased 8 percent over the comparable prior-year period. Revenues in Europe, Mid-East and Africa (EMEA) decreased 13 percent; and the rest of the world, consisting of Asia Pacific and Latin America, increased 7 percent. During the fourth quarter, Systems and Solutions revenue decreased 2 percent and Printer and Media revenues increased 7 percent over the comparable prior-year period. Service revenue increased 15 percent over the comparable prior-year period. Geographically for fiscal year 2005, North American revenues increased 14 percent over the comparable prior-year period. Revenues in Europe, Mid-East and Africa (EMEA) increased 3 percent; and the rest of the world, consisting of Asia Pacific and Latin America, increased 12 percent. For the full fiscal year 2005, Systems and Solutions revenue increased 9 percent and Printer and Media revenues increased 13 percent over the comparable prior-year period. Service revenue increased 13 percent over the comparable prior-year period. 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 Statement) Certain forward-looking statements in this release (as defined by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934) relate to matters that are not historical facts. They include, but are not limited to, statements about the Company's ability to continue to improve profit of its business segments, reduce expenses, improve efficiency, leverage its research and development investment to drive significant future revenue, and the ability to continue operational improvement and year over year growth. Such forward-looking statements involve and are dependent upon certain risks and uncertainties. These include, but are not limited to, other risks and uncertainties described more fully in the Company's filings on Form 10-K and 10-Q with the Securities and Exchange Commission. Intermec will hold a conference call on February 8, 2006 at 5 p.m. Eastern (2 p.m. Pacific) to review financial results from its fourth fiscal quarter and fiscal year 2005. The call will be hosted by Intermec, Inc. Chairman and Chief Executive Officer, Larry D. Brady, President and COO, Steven J. Winter, Controller and Acting Chief Financial Officer, Rick B. Anderson and Director of Investor Relations, Kevin P. McCarty. The dial-in number for participants is 1-800-988-9454 (US); 1-312-470-7109 (International) (Pass code is "Intermec"). The call will be broadcast on the Internet via a link from the investor's Web page at the Intermec website at www.intermec.com/InvestorRelations INTERMEC, INC. (Unaudited, amounts in thousands, except per share amounts) Three Months Ended Twelve Months Ended ------------------- -------------------- Dec. 31, Dec. 31, Dec. 31, Dec. 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 32,430 (97,663) 24,014 (101,310) -------- -------- -------- --------- Net Earnings (Loss) $ 44,540 $(71,217) $ 64,659 $ (49,129) ======== ======== ======== ========= Basic Earnings (Loss) per Share Continuing operations $ 0.19 $ 0.44 $ 0.66 $ 0.86 Discontinued operations 0.52 (1.61) 0.39 (1.67) -------- -------- -------- --------- Net earnings (Loss) per share $ 0.71 $ (1.17) $ 1.05 $ (0.81) ======== ======== ======== ========= Diluted Earnings (Loss) per Share Continuing operations $ 0.19 $ 0.42 $ 0.64 $ 0.84 Discontinued operations 0.50 (1.56) 0.38 (1.63) -------- -------- -------- --------- Net earnings (Loss) per share $ 0.69 $ (1.14) $ 1.02 $ (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) Dec. 31, Dec. 31, 2005 2004 --------- ---------- Assets Current Assets: Cash and cash equivalents $ 256,782 $ 217,899 Restricted cash - 50,000 Accounts receivable, net 185,916 157,833 Inventories 81,706 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 23,775 8,831 --------- ---------- Total Current Assets 657,352 828,050 Property, Plant and Equipment, Net 30,820 30,375 Other Intangibles, Net 6,871 4,072 Net Deferred Tax Assets 137,437 134,978 Long Term Assets of Discontinued Operations - 21,238 Other Assets 69,090 53,964 --------- ---------- Total Assets $ 901,570 $1,072,677 ========= ========== Liabilities and Shareholders' Investment Current Liabilities: Accounts payable and accrued expenses $ 185,913 $ 160,001 Payroll and related expenses 31,011 30,077 Current portion of long-term debt - 108,500 Current liabilities of discontinued operations - 130,257 --------- ---------- Total Current Liabilities 216,924 428,835 Long-term Debt 100,000 100,000 Other Long-term Liabilities 108,806 86,220 Long-term Liabilities of Discontinued Operations - 46,388 Shareholders' Investment: Common stock 628 611 Additional paid-in capital 736,223 703,416 Accumulated deficit (242,036) (306,695) Accumulated other comprehensive income (loss) (18,975) 13,902 --------- ---------- Total Shareholders' Investment 475,840 411,234 --------- ---------- Total Liabilities and Shareholders' Investment $ 901,570 $1,072,677 ========= ========== CONTACT: Intermec, Inc. Kevin P. McCarty, 425-265-2472 kevin.mccarty@intermec.com -----END PRIVACY-ENHANCED MESSAGE-----