-----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, DUpjL9Au7pR2OnYts1OjYeH7q77F8tyA3ynVvw94Kdt2dHOgatI0wW+dLLTZIK+1 L5U4/enRnwLy/tSmxbcPmw== 0000864749-04-000003.txt : 20040203 0000864749-04-000003.hdr.sgml : 20040203 20040203170750 ACCESSION NUMBER: 0000864749-04-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040203 ITEM INFORMATION: ITEM INFORMATION: Other events FILED AS OF DATE: 20040203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRIMBLE NAVIGATION LTD /CA/ CENTRAL INDEX KEY: 0000864749 STANDARD INDUSTRIAL CLASSIFICATION: MEASURING & CONTROLLING DEVICES, NEC [3829] IRS NUMBER: 942802192 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14845 FILM NUMBER: 04563790 BUSINESS ADDRESS: STREET 1: 645 N MARY AVE CITY: SUNNYVALE STATE: CA ZIP: 94088 BUSINESS PHONE: 4084818000 MAIL ADDRESS: STREET 1: 645 NORTH MARY AVENUE CITY: SUNNYVALE STATE: CA ZIP: 94088 8-K 1 form8k-020304.txt 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 3, 2004 (February 3, 2004) Trimble Navigation Limited (Exact name of registrant as specified in its charter) California (State or other jurisdiction of incorporation) 0-18645 (Commission File Number) 94-2802192 (IRS Employer I.D. No.) 749 N. Mary Ave. Sunnyvale, CA (Address of principal executive offices) 94088 (Zip Code) Registrant's telephone number, including area code: (408) 481-8000 Item 5. Other Events and Regulation FD Disclosure On February 3, 2004, the Company announced that its Board of Directors has approved a 3-for-2 split of all outstanding shares of the Company's common stock, payable March 4, 2004 to stockholders of record on February 17, 2004. Item 12. Results of Operations and Financial Condition. On February 3, 2004, the Company announced its financial results for the quarter and year ended January 2, 2004. A copy of the press release dated February 3, 2004 relating to this announcement is attached as Exhibit 99.1 and is incorporated into this current report by reference. 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. TRIMBLE NAVIGATION LIMITED a California corporation Dated: February 3, 2004 /s/ Irwin Kwatek ---------------- Irwin Kwatek Vice President EXHIBIT INDEX Exhibit Number Description 99.1 Text of Company Press Release dated February 3, 2004. EX-99 3 ex991.txt EXHIBIT 99.1 Trimble Fourth Quarter Results Exceed Guidance Company Announces 3-for-2 Stock Split o Revenues of $135.9 million versus guidance of $128.0 - $130.0 million; o GAAP EPS of $0.43 versus guidance of $0.16 - $0.19; GAAP net income and EPS were increased by a $7.6 million or $0.21 income tax benefit under FAS 109 related to adjustments in valuation of deferred tax assets; o Adjusted EPS, which excludes acquisition and tax-related items, were $0.29 SUNNYVALE, Calif., Feb. 3, 2004 - Trimble (Nasdaq: TRMB) today announced results for its fourth fiscal quarter and year ended January 2, 2004. The Company reported fourth quarter revenues of approximately $135.9 million, versus approximately $124.6 million in the fourth quarter of 2002. GAAP net income and EPS for the fourth quarter of 2003 were approximately $15.1 million and $0.43, respectively versus $4.0 million and $0.14 in the fourth quarter of 2002. Adjusted net income and EPS for the fourth quarter of 2003 were $10.2 million and $0.29, respectively versus $8.1 million and $0.27 in the fourth quarter of 2002. GAAP and adjusted EPS for the fourth quarter of 2003 were calculated on a diluted basis using approximately 35.4 million shares. 3-for-2 Stock Split Trimble's Board of Directors has approved a 3-for-2 split of all outstanding shares of the Company's common stock, payable March 4, 2004 to stockholders of record on February 17, 2004. Cash will be paid in lieu of fractional shares. Full-year Results For 2003, revenues were $540.9 million, a 16 percent increase over 2002 revenues of $466.6 million. 2003 GAAP net income and EPS were $38.5 million and $1.15, respectively versus $10.3 million and $0.36 in 2002. Adjusted net income and EPS were $44.7 million and $1.34, respectively versus $21.0 million and $.72 in 2002. GAAP and adjusted EPS for 2003 were calculated on a diluted basis using a weighted average of approximately 33.3 million shares. Use of Non-GAAP Financial Measures The Company provides non-GAAP financial measures called "Adjusted Net Income" and "Adjusted EPS" to supplement its consolidated financial statements presented in accordance with GAAP. These non-GAAP financial measures are intended to supplement the user's overall understanding of the Company's current financial performance and its prospects for the future. Specifically, the Company believes the non-GAAP results provide useful information to both management and investors by identifying certain expenses, gains or losses that, when excluded from the GAAP results, may provide additional understanding of the Company's core operating results or business performance. However, these non-GAAP financial measures are not intended to supercede or replace the Company's GAAP results. A detailed reconciliation of the GAAP results to the non-GAAP results is provided below in Table A "Reconciliation of GAAP and Adjusted Net Income and EPS." Table A. Reconciliation of GAAP and Adjusted Net Income and EPS
Three Months Ended Twelve Months Ended ------------------ ------------------- Jan 2, Jan 3, Jan 2, Jan 3, 2004 2003 2004 2003 ---- ---- ---- ---- GAAP net income $ 15,091 $ 4,005 $ 38,485 $ 10,324 Infrequent & acquisition related adjustments * : Amortization of purchased intangibles assets 1,922 2,166 7,312 8,300 Amortization of acquisition-related inventory step-up 456 - 926 - Restructuring charges 286 453 2,019 1,099 Amortization and write off of debt issuance cost and warrants - - 3,556 - Gain on sale of investment - - - (165) Write down of investment - 1,453 - 1,453 ----- ----- Total infrequent and acquisition related adjustments 2,664 4,072 13,813 10,687 ----- ----- ------ ------ Adjustments in valuation of deferred tax assets (7,600) - (7,600) - ------ ------ Adjusted net income $ 10,155 $ 8,077 $ 44,698 $ 21,011 ======== ======= ======== ======== Diluted adjusted net earnings per share $ 0.29 $ 0.27 $ 1.34 $ 0.72 ======== ======= ======== ======== Shares used in calculating diluted adjusted net earnings per share 35,414 29,469 33,341 29,052 ====== ====== ====== ======
* Non-GAAP adjustments "Trimble's solid performance in the fourth quarter capped a record year for both revenues and net income," said Steven W. Berglund, president and CEO of Trimble. "In addition to our strong financial performance, we believe our strategic positioning in our markets is strong. We have reinforced this position in 2004 through acquisitions, joint ventures and alliances, as well as introducing innovative new products and solutions that bring productivity improvements and real cost savings to our customers. Heading into 2004, Trimble is in a strong position in the markets we serve." Fourth Fiscal Quarter Business Segment Highlights Engineering and Construction (E&C) Fourth quarter revenues for E&C increased by 13 percent over the fourth quarter of 2002. Survey instruments continued to drive sales, as demand remained strong despite the winter months, which typically experience seasonal weakness. Tripod Data Systems data collection software and rugged handheld computing products had another strong quarter, with substantial increases in sales versus the fourth quarter of 2002. Field Solutions (TFS) - Agriculture and Geographic Information Systems (GIS) Fourth quarter revenues for TFS increased by approximately 7 percent over the fourth quarter of 2002. Increasing adoption of automated guidance products drove agriculture sales, especially in the U.S. Demand for GIS products in Europe helped offset customary seasonal weakness in the U.S. Component Technologies (CT) Fourth quarter revenues for CT declined by approximately 23 percent over the fourth quarter of 2002. Fourth quarter is typically a seasonally weak period for sales to wireless infrastructure customers, and as expected, sales were down from an exceptionally strong period in the fourth quarter of 2002. Sales to in-vehicle navigation customers were robust and helped offset the decline in wireless infrastructure. Mobile Solutions (TMS) Fourth quarter revenues for TMS increased by approximately 70 percent over the fourth quarter of 2002, while growing by approximately 31 percent sequentially. The fourth quarter marked a recovery in sales in the construction vertical, specifically ready mix concrete trucks, as sales and marketing efforts returned to normal levels following the decrease in activity during the third quarter related to the failure of purchased components in the field. Pre-split Guidance The first quarter is typically a seasonally soft period for most of Trimble's businesses, except agriculture. For the first quarter ending April 2, 2004, the Company expects revenues will be between $146.0 and $148.0 million. Gross margins are expected to be approximately 49.5 percent. Operating expenses, including approximately $2.0 million of amortization of purchased intangibles are expected to be approximately $59.5 million. Net interest expense is expected to be approximately $1.0 million, and other non-operating expense should be approximately $1.5 million. For income tax provision, the Company is no longer providing an absolute dollar amount and now believes it should be taxed at a 12 percent effective tax rate on a quarterly basis in 2004. Within these revenue guidelines, Trimble expects GAAP EPS to be between $0.25 and $0.28, assuming 35.8 million shares outstanding. GAAP EPS includes approximately $2.0 million for amortization of purchased intangibles that should be excluded when calculating non-GAAP (adjusted) EPS. Guidance for the entire fiscal year 2004 is for revenues between $580.0 and $590.0 million, with GAAP EPS of $1.30 to $1.40, assuming a weighted average of 36.3 million shares outstanding for the year. GAAP EPS includes approximately $8.0 million for amortization of purchased intangibles and $1.0 million for potential restructuring activities that should be excluded when calculating non-GAAP (adjusted) EPS. Investor Conference Call / Webcast Details The Company will hold a conference call on Tuesday, February 3, 2004 at 2:00 PM Pacific Time to review its fourth quarter results. It will be broadcast live on the web at http://www.trimble.com/investors.html. A replay of the call will be available for 7 days beginning at 5:00 PM, Pacific Time. The replay number is (800) 642-1687, and the passcode is 4815924. About Trimble Trimble is a leading innovator of Global Positioning System (GPS) technology. In addition to providing advanced GPS components, Trimble augments GPS with other positioning technologies, as well as wireless communications and software, to create complete customer solutions. Trimble's worldwide presence and unique capabilities position the Company for growth in emerging applications including surveying, automobile navigation, machine guidance, asset tracking, wireless platforms, and telecommunications infrastructure. Founded in 1978 and headquartered in Sunnyvale, California, Trimble has more than 2,000 employees in more than 20 countries worldwide. For an interactive look at Company news and products, visit Trimble's Web site at http://www.trimble.com Forward Looking Statement: Certain statements made in this press release are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements include the revenue, gross margin, operating expenses, net interest expense, non-operating expense, income tax provision and earnings per share estimates for the quarter ending April 2, 2004 and for the fiscal year ending December 31, 2004. These forward-looking statements are subject to change, and actual results may materially differ from those set forth in this press release due to certain risks and uncertainties. For example, recent strong demand for the Company's products may not continue because of a decline in the overall health of the economy and international markets, which may result in reduced capital spending. In addition, the Company's results may be adversely affected if our joint ventures and recent acquisitions do not achieve anticipated results. Any failure to achieve predicted results could negatively impact the Company's revenues and gross margin. Whether the Company achieves its guidance for the first quarter of 2004 and the entire fiscal year 2004 will also depend on a number of other factors, including the risks detailed from time to time in reports filed with the SEC, including its quarterly reports on Form 10-Q and its annual report on Form 10-K. Undue reliance should not be placed on any forward-looking statement, contained herein. These statements reflect the Company's position as of the date of this release. The Company expressly disclaims any undertaking to release publicly any updates or revisions to any statements to reflect any change in the Company's expectations or any change of events, conditions, or circumstances on which any such statement is based.
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended Twelve Months Ended ------------------ ------------------- Jan 2, Jan 3, Jan 2, Jan 3, 2004 2003 2004 2003 ---- ---- ---- ---- Revenue $ 135,877 $ 124,569 $ 540,903 $ 466,602 Cost of revenue 69,809 63,002 272,873 232,170 ------ ------ ------- ------- Gross Margin 66,068 61,567 268,030 234,432 ------ ------ ------- ------- Gross Margin (%) 48.6% 49.4% 49.6% 50.2% Operating expenses: Research and development 17,178 15,973 67,641 61,232 Sales and marketing 24,298 23,982 97,870 89,344 General and administrative 10,416 9,150 39,253 40,634 Restructuring charges 286 453 2,019 1,099 Amortization of purchased intangibles 1,922 2,166 7,312 8,300 ----- ----- ----- ----- Total operating expenses 54,100 51,724 214,095 200,609 ------ ------ ------- ------- Operating income 11,968 9,843 53,935 33,823 Non-operating income (expense), net: Interest expense, net (1,025) (3,155) (11,473) (14,051) Foreign exchange gain / (loss), net (1,241) 300 (592) (823) Other income (expense), net (8) (1,505) 118 (1,171) Expenses for affiliated operations, net (1,303) (1,228) (6,403) (3,954) Total non-operating expense, net (3,577) (5,588) (18,350) (19,999) Income before income taxes 8,391 4,255 35,585 13,824 Income tax (benefit) provision * (6,700) 250 (2,900) 3,500 ------ --- ------ ----- Net income $ 15,091 $ 4,005 $ 38,485 $ 10,324 ========= ======= ======== ======== Earnings per share : Basic $ 0.46 $ 0.14 $ 1.22 $ 0.36 Diluted $ 0.43 $ 0.14 $ 1.15 $ 0.36 Shares used in calculating earnings per share : Basic 33,152 29,173 31,670 28,573 ====== ====== ====== ====== Diluted 35,414 29,469 33,341 29,052 ====== ====== ====== ======
* Includes $7.6M of Income tax benefit in fiscal 2003 from adjustments in valuation of deferred tax assets SUPPLEMENTAL DATA (In thousands, except per share data) (Unaudited)
Three Months Ended Twelve Months Ended ------------------ ------------------- Jan 2, Jan 3, Jan 2, Jan 3, 2004 2003 2004 2003 ---- ---- ---- ---- GAAP net income $ 15,091 $ 4,005 $ 38,485 $ 10,324 Infrequent & acquisition related adjustments * : Amortization of purchased intangibles assets 1,922 2,166 7,312 8,300 Amortization of acquisition-related inventory step-up 456 - 926 - Restructuring charges 286 453 2,019 1,099 Amortization and write off of debt issuance cost and warrants - - 3,556 - Gain on sale of investment - - - (165) Write down of investment - 1,453 - 1,453 ----- ----- Total infrequent and acquisition related adjustments 2,664 4,072 13,813 10,687 Adjustments in valuation of deferred tax assets (7,600) - (7,600) - ------ ------ Adjusted net income $ 10,155 $ 8,077 $ 44,698 $ 21,011 ======== ======= ========= ======== Diluted adjusted net earnings per share $ 0.29 $ 0.27 $ 1.34 $ 0.72 ======== ======= ========= ======== Shares used in calculating diluted adjusted net earnings per share 35,414 29,469 33,341 29,052 ====== ====== ====== ======
* Non-GAAP adjustments CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)
Jan 2, Jan 3, 2004 2003 ---- ---- Assets Current assets: Cash and cash equivalents $ 45,416 $ 28,679 Accounts and other receivables, net 103,350 79,645 Inventories, net 70,826 61,144 Deferred income taxes 4,380 76 Other current assets 5,659 8,401 ----- ----- Total current assets 229,631 177,945 Property and equipment, net 27,379 22,037 Goodwill and other purchased intangible assets, net 261,166 229,171 Deferred income taxes 4,173 417 Other assets 22,554 12,086 ------ ------ Total assets $ 544,903 $ 441,656 =========== =========== Liabilities and Shareholders' Equity Current liabilities: Bank and other short-term borrowings $ - $ 6,556 Current portion of long-term debt 12,885 24,104 Accounts payable 26,019 30,669 Accrued compensation and benefits 25,950 17,728 Accrued liabilities 20,746 27,394 Deferred income taxes 1,136 - Income taxes payable 9,969 6,450 ----- ----- Total current liabilities 96,705 112,901 Non-current portion of long-term debt 77,601 107,865 Deferred gain on joint venture 9,845 10,792 Deferred income taxes 4,229 2,561 Other non-current liabilities 8,279 6,186 ----- ----- Total liabilities 196,659 240,305 ------- ------- Shareholders' equity: Common stock 303,015 225,872 Accumulated surplus (deficit) 14,990 (23,495) Accumulated other comprehensive income/(loss) 30,239 (1,026) Total shareholders' equity 348,244 201,351 ------- ------- Total liabilities and shareholders' equity $ 544,903 $ 441,656 =========== ===========
CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
Three Months Ended Twelve Months Ended ------------------ ------------------- Jan 2, Jan 3, Jan 2, Jan 3, 2004 2003 2004 2003 ---- ---- ---- ---- Cash flow from operating activities: Net Income $ 15,091 $ 4,005 $ 38,485 $ 10,324 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 2,217 2,046 8,864 9,850 Amortization expense 2,010 2,393 7,890 9,168 Provision for doubtful accounts (327) 1,853 (32) 5,443 Amortization of deferred gain - - - (1,061) Amortization of debt issuance cost 126 1,197 3,515 1,197 Deferred income taxes (8,412) 733 (6,532) 1,464 Other 531 (1,661) 2,533 616 Add decrease (increase) in assets: Accounts receivables, net 1,340 517 (16,683) (10,615) Inventories 3,028 (3,776) (4,862) (7,649) Other current and non-current assets 1,794 (1,525) (792) (3,920) Effect of foreign currency translation adjustment 4,048 2,712 9,797 3,218 Add increase (decrease) in liabilities: Accounts payable (347) 4,707 (6,387) 8,593 Accrued compensation and benefits 2,823 (361) 6,723 3,452 Accrued liabilities (723) (1,073) (5,088) (4,823) Deferred gain on joint venture (392) (208) (947) 10,792 Income taxes payable 2,138 (1,527) 4,201 (953) ----- ------ ----- ---- Net cash provided by operating activities 24,945 10,032 40,685 35,096 Cash flows from investing activities: Acquisitions, net of cash acquired (4,647) - (12,765) 1,717 Acquisition of property and equipment (4,518) (1,682) (10,901) (7,156) Proceeds from disposal of property and equipment 177 1,407 334 1,407 Cost of capitalized patents (18) (1,686) (670) (1,734) --- ------ ---- ------ Net cash (used in) investing activities (9,006) (1,961) (24,002) (5,766) Cash flow from financing activities: Issuance of common stock 3,499 2,091 50,514 21,393 Collections (Payments) of notes receivable 831 (492) 1,326 (1,082) Payments on long-term debt and revolving credit lines (18,262) (11,343) (51,786) (52,040) ------- ------- ------- ------- Net cash provided by (used in) financing activities (13,932) (9,744) 54 (31,729) Net increase (decrease) in cash and cash equivalents 2,007 (1,673) 16,737 (2,399) Cash and cash equivalents - beginning of period 43,409 30,352 28,679 31,078 ------ ------ ------ ------ Cash and cash equivalents - end of period $ 45,416 $ 28,679 $ 45,416 $ 28,679 ========= ========= ========== ========== Supplemental disclosures of cash flow information: Cash paid during the period for: Interest $ 1,075 $ 1,052 $ 10,208 $ 12,215 ========== ========= ======== ========== Income taxes, net of refunds $ 106 $ 729 $ 688 $ 2,635 ========== ========= ======== ==========
Financial Dashboard (Dollars in thousands, except EPS)
Q4'02 FY'02 Q3'03 Q4'03 FY'03 Actual Actual Actual Actual Actual ------ ------ ------ ------ ------ Income Statement Metrics Total Revenue $124,569 $ 466,602 $ 139,569 $ 135,877 $ 540,903 -------- --------- --------- --------- --------- Engineering & Construction 81,673 319,615 93,607 91,991 367,058 Trimble Field Solutions 17,764 67,259 20,160 19,088 79,879 Component Technologies 19,948 59,755 16,230 15,277 64,193 Trimble Mobile Solutions 2,050 8,486 2,672 3,490 12,981 Portfolio Technologies 3,134 11,487 6,900 6,031 16,792 Gross Margin 49.4% 50.2% 49.5% 48.6% 50.2% ---- ---- ---- ---- ---- Total Segment Income $ 17,002 $ 62,320 $ 21,344 $ 19,947 $ 83,586 -------- --------- --------- --------- --------- Engineering & Construction 11,544 53,453 14,997 14,804 60,664 Trimble Field Solutions 1,955 9,676 4,111 3,520 14,500 Component Technologies 4,934 10,673 4,625 3,522 16,560 Trimble Mobile Solutions (2,405) (12,039) (2,118) (1,622) (6,452) Portfolio Technologies 974 557 (271) (277) (1,686) Corporate and Other Charges $(7,159) $(28,497) $ (7,396) $ (7,979) $(29,652) Non-operating expense and income taxes $(5,838) $(23,499) $ (4,012) $ 3,123 $(15,449) Net Income $ 4,005 $ 10,324 $ 9,936 $ 15,091 $ 38,485 -------- --------- --------- --------- --------- EBITDA $ 11,622 $ 46,025 $ 16,452 $ 13,555 $ 63,234 Amortization of Intangibles 2,166 8,300 1,870 1,922 7,312 Depreciation 2,046 9,850 2,187 2,217 8,864 GAAP EPS $ 0.14 $ 0.36 $ 0.29 $ 0.43 $ 1.15 -------- ------ --------- --------- --------- Balance Sheet and Liquidity Metrics Cash & Cash Equivalents $ 28,679 $ 28,679 $ 43,409 $ 45,416 $ 45,416 Accounts Receivables, Net $ 77,618 $ 77,618 $ 95,669 $ 96,245 $ 96,245 Inventories, Net $ 61,144 $ 61,144 $ 72,699 $ 70,826 $ 70,826 Total Debt $138,525 $ 138,525 $ 107,997 $ 90,486 $ 90,486 Short Term Debt 30,660 30,660 12,767 12,885 12,885 Long Term Debt 107,865 107,865 95,230 77,601 77,601 Equity $201,351 ` $ 201,351 $ 318,243 $ 348,244 $ 348,244 Working Capital $ 65,044 $ 65,044 $ 135,850 $ 132,926 $ 132,926 Capital Expenditures $ 1,683 $ 7,156 $ 2,883 $ 4,518 $ 10,901 Cash Flow from (used in ) Operations* $ 10,032 $ 35,096 $ 19,373 $ 24,945 $ 40,685 -------- --------- --------- --------- --------- Financial Ratios Days Sales Outstanding 58 58 59 60 60 Days Sales in Inventory 89 89 94 93 93 Current ratio 1.6 1.6 2.5 2.4 2.4 Debt to Equity 0.7 0.7 0.3 0.3 0.3 --- --- --- --- --- Other Headcount 2,050 2,050 2,096 2,145 2,145 ----- ----- ----- ----- -----
Notes: 1) Engineering & Construction consists of Construction Instruments (CI), Machine Control, Survey, Tripod Data Systems (TDS) and Mensi beginning Dec03. 2) Trimble Field Solutions consists of Geographic Information Systems (GIS) and Agriculture. 3) Portfolio Technologies consists of Military and Advanced Systems (MAS) and Applanix beginning Q303. * Cash Flow from Operations includes impact of exchange rate changes on cash. EBITDA RECONCILIATION (In thousands) (Unaudited)
Three Months Ended Twelve Months Ended ------------------ ------------------- Jan 2, Oct 3, Jan 3, Jan 2, Jan 3, 2004 2003 2003 2004 2003 ---- ---- ---- ---- ---- GAAP net income 15,091 9,936 4,005 38,485 10,324 Add back : Interest expenses, net 1,025 1,059 3,155 11,473 14,051 Income tax (6,700) 1,400 250 (2,900) 3,500 Depreciation expense 2,217 2,187 2,046 8,864 9,850 Amortization of purchased intangibles 1,922 1,870 2,166 7,312 8,300 ----- ----- ----- ----- ----- EBITDA 13,555 16,452 11,622 63,234 46,025 ====== ====== ====== ====== ======
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