EX-99.1 2 tn5447ex991.htm EXHIBIT 99.1

Exhibit 99.1

Trimble Reports First Quarter 2006 Revenue Growth of 16 Percent and Earnings Per Share Growth of 45 Percent

SUNNYVALE, Calif., April 19, 2006 – Trimble (NASDAQ: TRMB) today announced results for its first quarter 2006, ended March 31, 2006.  Revenue for the first quarter of 2006 was $225.9 million, up approximately 16 percent from revenue of $195.4 million in the first quarter of 2005. 

Operating income for the first quarter of 2006 was $33.1 million, up 10 percent over operating income of $30.2 million in the first quarter of 2005.  For year-over-year comparisons, it should be noted that for the first time operating income reflects the impact of stock-based compensation resulting from the adoption of FAS 123(r) of $3.2 million.  Additionally, the quarter was the first in which transactions with the Caterpillar joint venture, Caterpillar Trimble Control Technologies (CTCT), which were $5.2 million, were reflected in operating results, versus non-operating results.  On a comparative basis, adjusting for the above factors, operating income in the first quarter of 2006 was up 38 percent compared to the first quarter of 2005.

Net income for the first quarter of 2006 was $25.8 million, up 48 percent when compared to net income of $17.4 million in the first quarter of 2005.  Earnings per share for the first quarter of 2006 were $0.45, up approximately 45 percent compared to earnings per share of $0.31 in the first quarter of 2005.  Earnings per share were negatively impacted by $0.04 due to the adoption of FAS 123(r).  It should be noted that the tax rate for the first quarter of 2006 was 28 percent, compared to a first quarter 2005 tax rate of 34 percent, due to the favorable outcome of an income tax audit.

“Trimble’s results in the first quarter of 2006 demonstrate continuing progression in both our strategic and financial development,” said Steven W. Berglund, Trimble’s president and chief executive officer.  “We continue to see robust demand for position-centric productivity solutions as we convert traditional work techniques to new solutions enabled by technology.  Our outlook for the full year remains positive in each of our segments.”

Trimble Results by Business Segment

The impact of the adoption of FAS-123(r), discussed above, should be considered in all year-over-year segment comparisons as first quarter 2005 results did not include stock-based compensation expense.

Engineering and Construction

Revenue for Engineering and Construction (E&C) was $146.7 million for the first quarter of 2006, up approximately 22 percent compared to revenue of $120.2 million in the first quarter of 2005.  



On a reported basis, operating margins in E&C were 18 percent in the first quarter of 2006, flat when compared to the first quarter of 2005.  Excluding the impact of FAS 123(r) adoption and the CTCT joint venture, discussed above, E&C operating margins were up significantly year-over-year.

E&C growth was driven by a steady market and upgrade cycle, as well as continued sales of products introduced in the last year.  Margins were positively impacted by higher gross margins, as well as strong operating leverage.

Field Solutions

Revenue for Field Solutions (TFS) was $43.0 million in the first quarter of 2006, down 5 percent compared to $45.4 million in revenue in the first quarter of 2005.  Given an 84 percent year-over-year revenue growth in TFS in the first quarter of 2005, year-over-year comparisons were expected to be lower for the first quarter of 2006.  During the first quarter of 2006, sales in agriculture products were less than the previous year, while geographical information system products demonstrated growth. 

TFS operating margins for the first quarter of 2006 were 32 percent, compared to 34 percent in the first quarter of 2005 due to shifts in product mix.

Advanced Devices

Advanced Devices, a newly reported segment, combines Trimble’s previous Component Technologies and Portfolio segments.  This combination is recognition of the small size of each of the businesses comprising these two former segments relative to the total company.  Year-over-year comparisons combine the two former segments in the first quarter of 2005.  Most of the businesses in the Advanced Devices segment will continue to focus primarily on products which embed technologies that can be utilized in a number of different markets. 

First quarter 2006 revenue in the segment was $23.5 million, up 5 percent from revenue of $22.4 million in the first quarter of 2005. 

Advanced Devices’ operating margins were 10 percent, compared to 14 percent in the first quarter of 2005.  The decline is mainly due to the impact of product mix and higher spending for new product development and roll-out.

Mobile Solutions

First quarter 2006 revenue for Mobile Solutions (TMS), was $12.6 million, up 70 percent from revenue of $7.4 million in the first quarter of 2005.  Revenue growth resulted from organic growth, as well as from the acquisitions of MobileTech Solutions, Inc. and Advanced Public Safety, Inc. 

TMS operating margins were 2 percent for the first quarter of 2006, compared to a negative 9 percent in the first quarter of 2005.  The Company achieved break-even in this segment in the fourth quarter of 2005 and expects to maintain profitability going forward.



Non-GAAP Net Income and Earnings Per Share 

Non-GAAP net income for the first quarter of 2006 was $29.8 million, up 57 percent compared to non-GAAP net income of $19.0 million in the first quarter of fiscal 2005. 

Non-GAAP earnings per share for the first quarter of 2006 was $0.52 up approximately 53 percent from $0.34 per share in the first quarter of 2005. 

GAAP and non-GAAP earnings per share for the first quarter of 2006 were calculated on a diluted basis using approximately 57.9 million shares. 

Forward Looking Guidance

In the second quarter of 2006 the Company expects revenue to grow 13 to 16 percent compared to the second quarter of 2005, with revenue between $231 million and $237 million.  At a 34 percent tax rate, with 58.7 million shares outstanding, the Company expects second quarter 2006 GAAP earnings per share between $0.43 and $0.46 cents.

The above GAAP guidance includes stock-based compensation due to the adoption of FAS 123(r).  On a post-tax basis, the Company expects stock-based compensation for the second quarter of 2006 to be $2.1 million, or approximately $0.04 per share.  For comparative purposes, in the second quarter of 2005 the pro forma stock-based compensation expense was $2.5 million, or $0.05 per share.

Using a 34 percent tax rate – excluding the amortization of intangibles of $2.3 million and the impact of stock-based compensation expense of $3.1 million – the Company expects non-GAAP earnings per share between $0.49 and $0.52. 

Non-GAAP vs. GAAP Financials 

The Company provides non-GAAP financial measures called “non-GAAP net income,” “non-GAAP earnings per share,” “non-GAAP operating income,” and “non-GAAP E&C operating margins” 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. In many cases, non-GAAP financial measures are used by analysts and investors to evaluate the Company.

The Company excludes the amortization of purchased intangibles, restructuring charges, the amortization of acquisition related inventory step-up charges, and the impact of stock-based compensation in computing non-GAAP measures because the chief executive officer excludes these items when budgeting and evaluating the business.  These non-GAAP financial measures are not intended to supersede or replace the Company’s GAAP results. Please see the supplemental financial statements, attached to this press release, for a reconciliation of GAAP to non-GAAP results.



Investor Conference Call / Webcast Details

The Company will hold a conference call on April 19, 2006 at 1:30 p.m. PT to review its first quarter 2006 results.  It will be broadcast live on the Web at www.trimble.com/investors.shtml.  A replay of the call will be available for thirty days beginning at 8:00 p.m., PT. The replay number is (800) 642-1687 (U.S.), or (706) 645-9291 (international), and the pass code is 7751380.

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, agriculture, machine guidance, asset and fleet management, wireless platforms, and telecommunications infrastructure. Founded in 1978 and headquartered in Sunnyvale, California, Trimble has more than 2,400 employees in more than 18 countries worldwide.

Certain statements made in this press release are forward-looking statements within the meaning of 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, operating margins, effective tax rate, stock-based compensation, amortization of purchased intangibles and earnings per share estimates for the second fiscal quarter of 2006 and the Company’s outlook for the remainder of the year.  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, 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.  Fuel and other operating costs could remain high or increase, which could weaken sales into the agricultural market.  In addition, the Company’s results may be adversely affected if the growth rates and profitability expectations for each of its four segments are not achieved, or its joint ventures and recent acquisitions do not achieve anticipated results, or if the Company is unable to market, manufacture and ship new products.  Any failure to achieve predicted results could negatively impact the Company’s revenues, gross margin and other financial results. Whether the Company achieves its guidance for the second fiscal quarter of 2006 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.



Message

CONSOLIDATED STATEMENTS OF OPERATIONS
(In  thousands, except per share data)
(Unaudited)

 

 

Three Months Ended

 

 

 


 

 

 

Mar-31,
2006

 

Apr-01,
2005

 

 

 



 



 

Revenue

 

$

225,854

 

$

195,383

 

Cost of sales

 

$

118,391

 

$

97,576

 

 

 



 



 

Gross margin

 

 

107,463

 

 

97,807

 

 

 



 



 

Gross margin (%)

 

 

47.6

%

 

50.1

%

Operating expenses

 

 

 

 

 

 

 

Research and development

 

 

24,446

 

 

21,828

 

Sales and marketing

 

 

32,706

 

 

30,371

 

General and administrative

 

 

15,761

 

 

12,832

 

Restructuring charges

 

 

0

 

 

278

 

Amortization of purchased intangible assets

 

 

1,485

 

 

2,298

 

 

 



 



 

Total operating expenses

 

 

74,398

 

 

67,607

 

 

 



 



 

Operating income

 

 

33,065

 

 

30,200

 

Non-operating income (expense), net

 

 

 

 

 

 

 

Interest income (expense), net

 

 

434

 

 

(611

)

Foreign currency transaction gain (loss), net

 

 

593

 

 

(157

)

Income (Expense) for affiliated operations, net

 

 

1,616

 

 

(3,039

)

Other income, net

 

 

164

 

 

30

 

 

 



 



 

Total non-operating income (expense), net

 

 

2,807

 

 

(3,777

)

 

 



 



 

Income before taxes

 

 

35,872

 

 

26,423

 

Income tax provision

 

 

10,044

 

 

8,984

 

 

 



 



 

Net income

 

$

25,828

 

$

17,439

 

 

 



 



 

Earnings per share :

 

 

 

 

 

 

 

Basic

 

$

0.48

 

$

0.33

 

Diluted

 

$

0.45

 

$

0.31

 

Shares used in calculating earnings per share :

 

 

 

 

 

 

 

Basic

 

 

54,242

 

 

52,500

 

 

 



 



 

Diluted

 

 

57,859

 

 

56,371

 

 

 



 



 




Message

NON-GAAP RECONCILIATION
(Dollars in  thousands, except per share data)
(Unaudited)

 

 

Three Months Ended

 

 

 


 

 

 

Mar-31,
2006

 

Apr-01,
2005

 

 

 



 



 

GAAP income before taxes

 

$

35,872

 

$

26,423

 

Non-GAAP adjustments

 

 

 

 

 

 

 

Amortization of purchased intangibles

 

 

2,340

*(a)

 

2,298

 

Amortization of acquisition-related inventory step-up

 

 

—  

 

 

228

 

Restructuring charges

 

 

—  

 

 

278

 

Stock-based compensation

 

 

3,229

*(b)

 

—  

 

 

 



 



 

Total Non-GAAP adjustments

 

 

5,569

 

 

2,804

 

 

 



 



 

Non-GAAP income before taxes

 

 

41,441

 

 

29,227

 

Income tax provision

 

 

11,603

 

 

10,229

 

 

 



 



 

Non-GAAP net income

 

$

29,838

 

$

18,998

 

 

 



 



 

Diluted Non-GAAP earnings per share

 

$

0.52

 

$

0.34

 

 

 



 



 

Shares used in calculating diluted non-GAAP earnings per share

 

 

57,859

 

 

56,371

 

 

 



 



 

 


*(a) Amortization of purchased intangibles, includes $855K recorded in cost of sales.

*(b) Stock compensation expense by Segment and GAAP category (in $000’s):


($K)

 

E&C

 

TFS

 

TMS

 

Advanced
Devices

 

Corporate

 

Total

 


 



 



 



 



 



 



 

Cost of Sales

 

$

97

 

$

24

 

$

10

 

$

16

 

$

140

 

$

287

 

Research & development

 

$

261

 

$

76

 

$

54

 

$

201

 

$

47

 

$

639

 

Sales & Marketing

 

$

346

 

$

59

 

$

45

 

$

95

 

$

196

 

$

741

 

General & Administrative

 

$

330

 

$

86

 

$

67

 

$

173

 

$

906

 

$

1,562

 

 

 



 



 



 



 



 



 

Total

 

$

1,034

 

$

245

 

$

176

 

$

485

 

$

1,289

 

$

3,229

 




Message

EBITDA RECONCILIATION
(Dollars in  thousands)
(Unaudited)

 

 

Three Months Ended

 

 

 


 

 

 

Mar-31,
2006

 

Apr-01,
2005

 

 

 



 



 

GAAP net income

 

$

25,828

 

$

17,439

 

Add back :

 

 

 

 

 

 

 

Interest income (expense), net

 

 

(434

)

 

611

 

Income tax provision (benefit)

 

 

10,044

 

 

8,984

 

Depreciation expense

 

 

3,104

 

 

2,512

 

Amortization of purchased intangibles

 

 

2,340

 

 

2,339

 

 

 



 



 

EBITDA

 

$

40,882

 

$

31,885

 

 

 



 



 




Message

CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

 

 

Mar-31,
2006

 

Dec-30,
2005

 

 

 



 



 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

97,648

 

 

73,853

 

Accounts receivables, net

 

 

171,392

 

 

145,100

 

Other receivables

 

 

5,998

 

 

6,489

 

Inventories, net

 

 

101,552

 

 

107,851

 

Deferred income taxes

 

 

20,709

 

 

18,504

 

Other current assets

 

 

10,047

 

 

8,580

 

 

 



 



 

Total current assets

 

 

407,346

 

 

360,377

 

Property and equipment, net

 

 

44,012

 

 

42,664

 

Goodwill and other purchased intangible assets, net

 

 

316,465

 

 

313,456

 

Deferred income taxes

 

 

4,485

 

 

3,580

 

Other assets

 

 

23,947

 

 

23,011

 

 

 



 



 

Total non-current assets

 

 

388,909

 

 

382,711

 

 

 



 



 

Total assets

 

$

796,255

 

$

743,088

 

 

 



 



 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Current portion of long-term debt

 

 

166

 

 

216

 

Accounts payable

 

 

49,684

 

 

45,206

 

Accrued compensation and benefits

 

 

29,290

 

 

36,083

 

Accrued liabilities

 

 

22,284

 

 

16,189

 

Deferred revenues

 

 

18,727

 

 

12,588

 

Accrued warranty expenses

 

 

7,445

 

 

7,466

 

Deferred income taxes

 

 

1,260

 

 

4,087

 

Income taxes payable

 

 

29,188

 

 

24,922

 

 

 



 



 

Total current liabilities

 

 

158,044

 

 

146,757

 

Non-current portion of long-term debt

 

 

437

 

 

433

 

Deferred income taxes

 

 

9,881

 

 

5,602

 

Other non-current liabilities

 

 

16,033

 

 

19,041

 

 

 



 



 

Total liabilities

 

 

184,395

 

 

171,833

 

 

 



 



 

Shareholders’ equity:

 

 

 

 

 

 

 

Common stock

 

 

397,688

 

 

384,196

 

Retained earnings

 

 

193,353

 

 

167,525

 

Accumulated other comprehensive income

 

 

20,819

 

 

19,534

 

 

 



 



 

Total shareholders’ equity

 

 

611,860

 

 

571,255

 

 

 



 



 

Total liabilities and shareholders’ equity

 

$

796,255

 

$

743,088

 

 

 



 



 




Message

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

 

 

Three Months Ended

 

 

 


 

 

 

 

Mar-31,
2006

 

 

Apr-01,
2005

 

 

 



 



 

Cash flow from operating activities:

 

 

 

 

 

 

 

Net Income

 

 

25,828

 

$

17,439

 

Adjustments to reconcile net income  to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation expense

 

 

3,104

 

 

2,512

 

Amortization expense

 

 

2,380

 

 

2,339

 

Provision for doubtful accounts

 

 

360

 

 

388

 

Amortization and write-off of debt issuance cost

 

 

45

 

 

122

 

Deferred income taxes

 

 

(1,880

)

 

488

 

Stock-based compensation

 

 

3,230

 

 

—  

 

Excess tax benefit for stock-based compensation

 

 

(3,941

)

 

—  

 

Other

 

 

383

 

 

(51

)

Add decrease (increase) in assets:

 

 

 

 

 

 

 

Accounts receivables, net

 

 

(26,211

)

 

(32,155

)

Other receivables

 

 

527

 

 

456

 

Inventories

 

 

5,870

 

 

(4,739

)

Other current and non-current assets

 

 

(6,827

)

 

1,054

 

Add increase (decrease) in liabilities:

 

 

 

 

 

 

 

Accounts payable

 

 

4,361

 

 

2,121

 

Accrued compensation and benefits

 

 

(6,601

)

 

(3,033

)

Accrued liabilities

 

 

9,110

 

 

765

 

Deferred gain on joint venture

 

 

—  

 

 

125

 

Deferred revenue

 

 

(197

)

 

1,513

 

Income taxes payable

 

 

7,336

 

 

8,521

 

 

 



 



 

Net cash provided (used) by operating activities

 

 

16,877

 

 

(2,135

)

Cash flows from investing activities:

 

 

 

 

 

 

 

Acquisitions, net of cash acquired

 

 

(2,272

)

 

(11,197

)

Acquisition of property and equipment

 

 

(4,972

)

 

(3,164

)

Cost of capitalized patents

 

 

—  

 

 

(75

)

 

 



 



 

Net cash used in investing activities

 

 

(7,244

)

 

(14,436

)

Cash flow from financing activities:

 

 

 

 

 

 

 

Issuance of common stock

 

 

7,149

 

 

5,566

 

Collections of notes receivable

 

 

10

 

 

110

 

Excess tax benefit for stock-based compensation

 

 

3,941

 

 

—  

 

Payments on long-term debt and revolving credit lines

 

 

—  

 

 

(10,125

)

 

 



 



 

Net cash provided (used) in financing activities

 

 

11,100

 

 

(4,449

)

Effect of exchange rate changes on cash and cash equivalents

 

 

3,062

 

 

(659

)

Net increase (decrease)  in cash and cash equivalents

 

 

23,795

 

 

(21,679

)

Cash and cash equivalents - beginning of period

 

 

73,853

 

 

71,872

 

 

 



 



 

Cash and cash equivalents - end of period

 

$

97,648

 

$

50,193

 

 

 



 



 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

 

Income taxes, net of refunds

 

$

(4,607

)

$

(388

)

 

 



 



 




Message

 

 

Q1’05
Actual

 

 

Q2’05
Actual

 

 

Q3’05
Actual

 

 

Q4’05
Actual

 

 

FY’05
Actual

 

 

Q1’06
Actual

 


 















 



 

Income Statement Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 















 



 

Total Revenue

 

$

195,383

 

$

204,225

 

$

188,483

 

$

186,821

 

$

774,912

 

$

225,854

 

 

 















 



 

Engineering & Construction

 

 

120,198

 

 

141,096

 

 

134,172

 

 

128,994

 

 

524,460

 

 

146,734

 

Trimble Field Solutions

 

 

45,425

 

 

32,187

 

 

24,882

 

 

25,349

 

 

127,843

 

 

43,043

 

Advanced Devices

 

 

22,359

 

 

24,505

 

 

22,215

 

 

22,049

 

 

91,128

 

 

23,470

 

Trimble Mobile Solutions

 

 

7,401

 

 

6,437

 

 

7,214

 

 

10,429

 

 

31,481

 

 

12,607

 

Gross Margin

 

 

50.1

%

 

50.1

%

 

51.6

%

 

49.4

%

 

50.3

%

 

47.6

% (a)

 

 















 



 

Total Segment Income

 

$

39,663

 

$

47,916

 

$

40,492

 

$

32,589

 

$

160,660

 

$

42,833

 

 

 















 



 

Engineering & Construction

 

 

21,490

 

 

37,173

 

 

34,360

 

 

24,970

 

 

117,993

 

 

26,378

 

Trimble Field Solutions

 

 

15,577

 

 

8,044

 

 

3,962

 

 

4,944

 

 

32,527

 

 

13,909

 

Advanced Devices

 

 

3,232

 

 

4,578

 

 

2,916

 

 

2,486

 

 

13,212

 

 

2,323

 

Trimble Mobile Solutions

 

 

(636

)

 

(1,879

)

 

(746

)

 

189

 

 

(3,072

)

 

223

 

Corporate and Other Charges

 

$

(9,463

)

$

(9,179

)

$

(7,464

)

$

(9,609

)

 

(35,715

)

$

(9,768

)

Non-operating income (expense) and income taxes

 

$

(12,761

)

$

(14,951

)

$

(12,792

)

$

413

 

 

(40,091

)

$

(7,237

)

 

 















 



 

Net Income

 

$

17,439

 

$

23,786

 

$

20,236

 

$

23,393

 

$

84,854

 

$

25,828

 

 

 















 



 

GAAP operating margin%

 

 

15.5

%

 

19.0

%

 

17.5

%

 

12.3

%

 

16.1

%

 

14.6

% (a)

Non-GAAP operating margin%

 

 

16.9

%

 

20.0

%

 

18.5

%

 

13.7

%

 

17.2

%

 

17.1

%

GAAP EPS

 

$

0.31

 

$

0.42

 

$

0.35

 

$

0.41

 

$

1.49

 

$

0.45

 

Fully-taxed Non-GAAP EPS

 

$

0.34

 

$

0.44

 

$

0.37

 

$

0.29

 

$

1.43

 

$

0.52

 


 















 



 

Balance Sheet Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash & Cash Equivalents

 

$

50,193

 

$

56,860

 

$

87,293

 

$

73,853

 

 

 

 

$

97,648

 

Accounts Receivables, Net

 

$

154,540

 

$

150,590

 

$

146,792

 

$

145,100

 

 

 

 

$

171,392

 

Inventories, Net

 

$

91,309

 

$

89,853

 

$

93,940

 

$

107,851

 

 

 

 

$

101,552

 

Total Debt

 

$

28,836

 

$

661

 

$

659

 

$

649

 

 

 

 

$

603

 

Short Term Debt

 

 

12,500

 

 

—  

 

 

—  

 

 

216

 

 

 

 

 

166

 

Long Term Debt

 

 

16,336

 

 

661

 

 

659

 

 

433

 

 

 

 

 

437

 

Equity

 

$

490,188

 

$

513,817

 

$

543,394

 

$

571,255

 

 

 

 

$

611,860

 


 















 



 

Cashflow Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flow from (used in) Operations

 

$

(2,135

)

$

38,705

 

$

33,540

 

$

22,771

 

$

92,880

 

$

16,878

 

Working Capital

 

$

197,372

 

$

208,410

 

$

232,276

 

$

214,337

 

 

 

 

$

249,302

 

Capital Expenditures

 

$

3,164

 

$

4,570

 

$

6,666

 

$

9,036

 

$

23,436

 

$

4,972

 

EBITDA

 

$

31,885

 

$

41,126

 

$

35,142

 

$

35,822

 

$

143,974

 

$

40,922

 

Amortization of Intangibles

 

 

2,339

 

 

2,209

 

 

910

 

 

1,561

 

 

7,019

 

 

2,380

 

Depreciation

 

 

2,512

 

 

2,378

 

 

3,000

 

 

2,781

 

 

10,671

 

 

3,104

 


 















 



 

Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Days Sales Outstanding

 

 

62

 

 

60

 

 

60

 

 

66

 

 

 

 

 

57

 

Inventory Turns (trailing 12 months)

 

 

4.3

 

 

4.1

 

 

4.0

 

 

3.9

 

 

 

 

 

4.0

 

Current ratio

 

 

2.5

 

 

2.7

 

 

2.8

 

 

2.5

 

 

 

 

 

2.6

 

Debt to Equity

 

 

0.1

 

 

0.0

 

 

0.0

 

 

0.0

 

 

 

 

 

0.0

 


 















 



 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Headcount

 

 

2,231

 

 

2,308

 

 

2,347

 

 

2,462

 

 

 

 

 

2,543

 


 















 



 



(a)

Impact of moving joint venture transactions from non-operating to operating income - reduced gross margin by 2.8 points and operating income by 2.5 points in fiscal 2006.

 

In addition, operating margins were impacted by 1.4 points due to stock-based compensation expense. (For details, please refer to the non-GAAP P&L).