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August 3rd, 2011
Trimble Announces Second Quarter 2011 Revenue of $407.2 Million, Up 22 Percent

Second quarter 2011 net income was $53.7 million, up 745 percent as compared to the second quarter of 2010.  Second quarter 2010 net income was impacted by a one-time charge for an IRS settlement.  Diluted earnings per share in the second quarter of 2011 were $0.43 as compared to diluted earnings per share of $0.05 in the second quarter of 2010.  

Second quarter 2011 non-GAAP operating income of $80.3 million was up 30 percent as compared to the second quarter of 2010.  Non-GAAP operating margin was 19.7 percent compared to 18.5 percent in the second quarter of 2010.  

Non-GAAP net income of $75.2 million for the second quarter of 2011 was up 46 percent as compared to the second quarter of 2010.  Diluted non-GAAP earnings per share in the second quarter of 2011 were $0.60 as compared to diluted non-GAAP earnings per share of $0.42 in the second quarter of 2010. 

Second quarter 2011 non-GAAP results exclude:

  • Restructuring expense of $550 thousand as compared to $430 thousand in the second quarter of 2010;
  • Amortization of intangibles of $16.6 million as compared to $13.9 million in the second quarter of 2010;
  • Stock-based compensation expense of $7.1 million as compared to $5.0 million in the second quarter of 2010;
  • Acquisition-related inventory step-up charge of $1.2 million as compared to no charge in the second quarter of 2010;
  • Acquisition-related costs of $3.7 million as compared to $1.8 million in the second quarter of 2010;
  • Write-off of debt issuance costs of $377 thousand on a terminated credit facility;
  • Gain on foreign exchange of $5.6 million associated with the Tekla acquisition versus no gain in the second quarter of 2010 and;
  • No IRS settlement costs excluded as compared to $27.5 million excluded in the second quarter of 2010.