California | 94-2802192 | |||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
935 Stewart Drive, Sunnyvale, CA | 94085 | |||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Name of each exchange on which stock registered | |||
Common Stock | NASDAQ Global Select Market | |||
NASDAQ Global Select Market | ||||
Yes x | No ¨ |
Yes ¨ | No x |
Yes x | No ¨ |
Large Accelerated Filerx | Accelerated Filer¨ | |
Non-accelerated Filer¨ (Do not check if a smaller reporting company) | Smaller Reporting Company ¨ |
Yes ¨ | No x |
Class | Outstanding at February | |
Common stock, no par value |
PART I | ||
Item 1 | 5 | |
Item 1A | ||
Item 1B | 23 | |
Item 2 | 23 | |
Item 3 | 23 | |
Item 4 | 24 | |
PART II | ||
Item 5 | 24 | |
Item 6 | ||
Item 7 | ||
Item 7A | ||
Item 8 | ||
Item 9 | ||
Item 9A | ||
Item 9B | ||
PART III | ||
Item 10 | ||
Item 11 | ||
Item 12 | ||
Item 13 | ||
Item 14 | ||
PART IV | ||
Item 15 |
· | Attractive markets |
· | Innovative solutions that provide significant benefits to our customers |
· | Distribution channels to best access our markets |
Name | Age | Position | ||
Steven W. Berglund | 57 | President and Chief Executive Officer | ||
Rajat Bahri | 44 | Chief Financial Officer | ||
Rick Beyer | 51 | Vice President | ||
Bryn A. Fosburgh | 46 | Vice President | ||
Mark A. Harrington | 53 | Vice President | ||
Jürgen Kliem | 51 | Vice President | ||
49 | Vice President and General Counsel | |||
Julie Shepard | 51 | Vice President, Finance | ||
Dennis L. Workman | 64 | Vice President and Chief Technical Officer |
· | changes in market demand, |
· | competitive market conditions, |
· |
fluctuations in foreign currency exchange rates, |
· | the cost and availability of components, |
· |
the mix of our customer base and sales channels, |
· | the mix of products sold, |
· | our ability to expand our sales and marketing organization effectively, |
· | our ability to attract and retain key technical and managerial employees, |
· | general global economic conditions. |
· | potential inability to successfully integrate acquired operations and products or to realize cost savings or other anticipated benefits from integration; |
· | loss of key employees of acquired operations; |
· | the difficulty of assimilating geographically dispersed operations and personnel of the acquired companies; |
· | the potential disruption of our ongoing business; |
· | unanticipated expense related to acquisitions; including significant transactions costs which under the new accounting rules, are required to be expensed rather than capitalized; |
· | the correct assessment of the relative percentages of in-process research and development expense that can be immediately written off as compared to the amount which must be amortized over the appropriate life of the asset; |
· | the impairment of relationships with employees and customers of either an acquired company or our own business; and |
· | the potential unknown liabilities associated with acquired business. |
· | requiring us to dedicate a portion of our cash flow from operations and other capital resources to debt service, thereby reducing our ability to fund working capital, capital expenditures, and other cash requirements; |
· | increasing our vulnerability to adverse economic and industry conditions; |
· | limiting our flexibility in planning for, or reacting to, changes and opportunities in, our industry, which may place us at a competitive disadvantage; and |
· | limiting our ability to incur additional debt on acceptable terms, if at all. |
· | announcements and rumors of developments related to our business or the industry in which we compete; |
· | quarterly fluctuations in our actual or anticipated operating results and order levels; |
· | general conditions in the worldwide |
· | acquisition announcements; |
· | new products or product enhancements by us or our competitors; |
· | developments in patents or other intellectual property rights and litigation; |
· | developments in our relationships with our customers and suppliers; and |
· | any significant acts of |
· | the jurisdictions in which profits are determined to be earned and taxed; |
· | the resolution of issues arising from tax audits with various tax authorities; |
· | changes in the valuation of our deferred tax assets and liabilities; |
· | increases in expense not deductible for tax purposes, including write-offs of acquired in-process |
R&D and impairments of goodwill in connection with acquisitions; |
· | changes in available tax credits; |
· | changes in share-based compensation; |
· | changes in tax laws or the interpretation of such tax laws, and changes in generally accepted |
accounting principles; |
· | the repatriation of non-U.S. earnings for which we have not previously provided for U.S. taxes; and |
· | challenges to the transfer pricing policies related to our global supply chain management structure. |
Location | Segment(s) served | Size in Sq. Feet | Commitment | |||
Sunnyvale, California | All | 160,000 | Leased, expiring in 2012 3 buildings | |||
Huber Heights (Dayton), Ohio | Engineering & Construction Field Solutions | 150,000 57,200 | Owned, no encumbrances Leased, expiring in 2011 Leased, | |||
Westminster, Colorado | Engineering & Construction, Field Solutions | | Leased, expiring in 2013 | |||
Corvallis, Oregon | Engineering & Construction | 20,000 38,000 | Owned, no encumbrances Leased, expiring | |||
Richmond Hill, Canada | Advanced Devices | 50,200 | Leased, expiring | |||
Danderyd, Sweden | Engineering & Construction | 93,900 | Leased, expiring in 2010 | |||
Christchurch, New Zealand | Engineering & Construction, Mobile Solutions, Field Solutions | 65,000 | Leased, expiring in 2010 2 buildings | |||
Fremont, California (@Road) | Mobile Solutions | 102,544 | Leased, expiring in 2010 2 buildings | |||
Chennai, India (@Road) | Mobile Solutions | 37,910 | Leased, expiring |
2008 | 2007 | |||||||||||||||
Sales Price | Sales Price | |||||||||||||||
Quarter Ended | High | Low | High | Low | ||||||||||||
First quarter | $ | 30.97 | $ | 21.47 | $ | 57.41 | $ | 25.47 | ||||||||
Second quarter | 41.42 | 26.09 | 32.65 | 26.83 | ||||||||||||
Third quarter | 36.34 | 27.66 | 41.33 | 32.24 | ||||||||||||
Fourth quarter | 28.04 | 14.43 | 43.15 | 30.40 |
2006 Sales Price | 2005 Sales Price | ||||||||||||
Quarter Ended | High | Low | High | Low | |||||||||
First quarter | $ | 22.53 | $ | 17.51 | $ | 19.12 | $ | 15.02 | |||||
Second quarter | 24.26 | 19.68 | 20.56 | 15.04 | |||||||||
Third quarter | 25.55 | 21.29 | 22.28 | 15.58 | |||||||||
Fourth quarter | 26.18 | 22.10 | 18.98 | 13.32 |
Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program | |||||||||||||
September 27, 2008 – October 31, 2008 | - | - | - | $ | 134,149,431 | |||||||||||
October 31, 2008 – November 28, 2008 | 357,617 | $ | 19.35 | 357,617 | 127,231,086 | |||||||||||
November 29, 2008 – January 2, 2009 | 178,759 | 17.45 | 178,759 | 124,111,572 | ||||||||||||
Total Activities | 536,376 | $ | 18.71 | 536,376 |
January 2, | December 28, | December 29, | December 30, | December 31, | ||||||||||||||||||||||||||||||||
As of And For the Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | January 2, 2004 | January 3, 2003 | 2009 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||||||
(Dollar in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||
Revenue | $ | 940,150 | $ | 774,913 | $ | 668,808 | $ | 540,903 | $ | 466,602 | $ | 1,329,234 | $ | 1,222,270 | $ | 940,150 | $ | 774,913 | $ | 668,808 | ||||||||||||||||
Gross margin | $ | 461,081 | $ | 389,805 | $ | 324,810 | $ | 268,030 | $ | 234,432 | $ | 649,136 | $ | 612,905 | $ | 461,081 | $ | 389,805 | $ | 324,810 | ||||||||||||||||
Gross margin percentage | 49 | % | 50 | % | 49 | % | 50 | % | 50 | % | 48.8 | % | 50.1 | % | 49.0 | % | 50.3 | % | 48.6 | % | ||||||||||||||||
Income from continuing operations | $ | 103,658 | $ | 84,855 | $ | 67,680 | $ | 38,485 | $ | 10,324 | $ | 141,472 | $ | 117,374 | $ | 103,658 | $ | 84,855 | $ | 67,680 | ||||||||||||||||
Net income | $ | 103,658 | $ | 84,855 | $ | 67,680 | $ | 38,485 | $ | 10,324 | $ | 141,472 | $ | 117,374 | $ | 103,658 | $ | 84,855 | $ | 67,680 | ||||||||||||||||
Per common share (1): | ||||||||||||||||||||||||||||||||||||
Net income (1) | ||||||||||||||||||||||||||||||||||||
- Basic | $ | 0.94 | $ | 0.80 | $ | 0.66 | $ | 0.41 | $ | 0.12 | $ | 1.17 | $ | 0.98 | $ | 0.94 | $ | 0.80 | $ | 0.66 | ||||||||||||||||
- Diluted | $ | 0.89 | $ | 0.75 | $ | 0.62 | $ | 0.38 | $ | 0.12 | $ | 1.14 | $ | 0.94 | $ | 0.89 | $ | 0.75 | $ | 0.62 | ||||||||||||||||
Shares used in calculating basic earnings per share (1) | 110,044 | 106,432 | 102,326 | 95,010 | 85,720 | 120,714 | 119,280 | 110,044 | 106,432 | 102,326 | ||||||||||||||||||||||||||
Shares used in calculating diluted earnings per share (1) | 116,072 | 113,638 | 109,896 | 100,024 | 87,156 | 124,235 | 124,410 | 116,072 | 113,638 | 109,896 | ||||||||||||||||||||||||||
Cash dividends per share | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Total assets | $ | 978,431 | $ | 743,088 | $ | 653,978 | $ | 552,602 | $ | 447,704 | $ | 1,635,016 | $ | 1,539,359 | $ | 983,477 | $ | 749,265 | $ | 657,975 | ||||||||||||||||
Non-current portion of long term debt and other non-current liabilities | $ | 28,000 | $ | 19,474 | $ | 38,226 | $ | 85,880 | $ | 114,051 | $ | 213,017 | $ | 116,692 | $ | 28,000 | $ | 19,474 | $ | 38,226 |
(1) | 2-for-1 Stock Split - On January 17, 2007, Trimble’s |
January 2, | December 28, | December 29, | ||||||||||||||||||||
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | 2009 | 2007 | 2006 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
Total consolidated revenue | $ | 940,150 | $ | 774,913 | $ | 668,808 | $ | 1,329,234 | $ | 1,222,270 | $ | 940,150 | ||||||||||
Gross Margin | $ | 461,081 | $ | 389,805 | $ | 324,810 | ||||||||||||||||
Gross Margin % | 49% (1) | 50 | % | 49 | % | |||||||||||||||||
Gross margin | $ | 649,136 | $ | 612,905 | $ | 461,081 | ||||||||||||||||
Gross margin % | 48.8 | % | 50.1 | % | 49.0 | % | ||||||||||||||||
Total consolidated operating income | $ | 135,365 | $ | 124,944 | $ | 85,625 | $ | 185,460 | $ | 178,267 | $ | 135,366 | ||||||||||
Operating Income % | 14% (1) | 16 | % | 13 | % | |||||||||||||||||
Operating income % | 14.0 | % | 14.6 | % | 14.4 | % |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | |||||||
(Dollars in thousands) | ||||||||||
Engineering and Construction | ||||||||||
Revenue | $ | 637,118 | $ | 524,461 | $ | 440,478 | ||||
Segment revenue as a percent of total revenue | 68 | % | 68 | % | 66 | % | ||||
Operating income | $ | 136,157 | $ | 117,993 | $ | 79,505 | ||||
Operating income as a percent of segment revenue | 21 | % | 22 | % | 18 | % | ||||
Field Solutions | ||||||||||
Revenue | $ | 139,230 | $ | 127,843 | $ | 105,591 | ||||
Segment revenue as a percent of total revenue | 15 | % | 16 | % | 16 | % | ||||
Operating income | $ | 37,377 | $ | 32,527 | $ | 25,151 | ||||
Operating income as a percent of segment revenue | 27 | % | 25 | % | 24 | % | ||||
Mobile Solutions | ||||||||||
Revenue | $ | 60,854 | $ | 31,481 | $ | 23,531 | ||||
Revenue as a percent of total consolidated revenue | 6 | % | 4 | % | 4 | % | ||||
Operating income (loss) | $ | 2,550 | $ | (3,072 | ) | $ | (5,997 | ) | ||
Operating income (loss) as a percent of segment revenue | 4 | % | (10 | %) | (25 | %) | ||||
Advanced Devices | ||||||||||
Revenue | $ | 102,948 | $ | 91,128 | $ | 99,208 | ||||
Segment revenue as a percent of total revenue | 11 | % | 12 | % | 15 | % | ||||
Operating income | $ | 10,084 | $ | 13,212 | $ | 18,746 | ||||
Operating income as a percent of segment revenue | 10 | % | 14 | % | 19 | % |
January 2, | December 28, | December 29, | ||||||||||
Fiscal Years Ended | 2009 | 2007 | 2006 | |||||||||
(Dollars in thousands) | ||||||||||||
Engineering and Construction | ||||||||||||
Revenue | $ | 741,668 | $ | 743,291 | $ | 637,118 | ||||||
Segment revenue as a percent of total revenue | 56 | % | 61 | % | 68 | % | ||||||
Operating income | $ | 126,014 | $ | 174,177 | $ | 136,157 | ||||||
Operating income as a percent of segment revenue | 17 | % | 23 | % | 21 | % | ||||||
Field Solutions | ||||||||||||
Revenue | $ | 300,708 | $ | 200,614 | $ | 139,230 | ||||||
Segment revenue as a percent of total revenue | 22 | % | 16 | % | 15 | % | ||||||
Operating income | $ | 109,489 | $ | 60,933 | $ | 37,377 | ||||||
Operating income as a percent of segment revenue | 36 | % | 30 | % | 27 | % | ||||||
Mobile Solutions | ||||||||||||
Revenue | $ | 167,113 | $ | 157,673 | $ | 60,854 | ||||||
Revenue as a percent of total consolidated revenue | 13 | % | 13 | % | 6 | % | ||||||
Operating income | $ | 11,328 | $ | 12,517 | $ | 2,550 | ||||||
Operating income as a percent of segment revenue | 7 | % | 8 | % | 4 | % | ||||||
Advanced Devices | ||||||||||||
Revenue | $ | 119,745 | $ | 120,692 | $ | 102,948 | ||||||
Segment revenue as a percent of total revenue | 9 | % | 10 | % | 11 | % | ||||||
Operating income | $ | 24,445 | $ | 17,276 | $ | 10,084 | ||||||
Operating income as a percent of segment revenue | 20 | % | 14 | % | 10 | % |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | |||||||
(In thousands) | ||||||||||
Consolidated segment operating income | $ | 186,168 | $ | 160,660 | $ | 117,405 | ||||
Unallocated corporate expense | (35,799 | ) | (27,483 | ) | (22,901 | ) | ||||
Restructuring charges | (278 | ) | (552 | ) | ||||||
Amortization of purchased intangible assets | (13,074 | ) | (6,855 | ) | (8,327 | ) | ||||
In-process research and development | (1,930 | ) | (1,100 | ) | - | |||||
Non-operating income (expense), net | 12,727 | (156 | ) | (10,701 | ) | |||||
Consolidated income before income taxes | $ | 148,092 | $ | 124,788 | $ | 74,924 |
January 2, | December 28, | December 29, | ||||||||||
Fiscal Years Ended | 2009 | 2007 | 2006 | |||||||||
(in thousands) | ||||||||||||
Consolidated segment operating income | $ | 271,276 | $ | 264,903 | $ | 186,168 | ||||||
Unallocated corporate expense | (36,284 | ) | (42,914 | ) | (35,798 | ) | ||||||
Restructuring charges | (4,641 | ) | (3,025 | ) | - | |||||||
Amortization of purchased intangible assets | (44,891 | ) | (38,582 | ) | (13,074 | ) | ||||||
In-process research and development expense | - | (2,112 | ) | (1,930 | ) | |||||||
Consolidated operating income | 185,460 | 178,267 | 135,366 | |||||||||
Non-operating income, net | 6,502 | 5,489 | 12,726 | |||||||||
Consolidated income before taxes | $ | 191,962 | $ | 183,756 | $ | 148,092 |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | ||||||||||||||||
(In thousands) | |||||||||||||||||||
Research and development | $ | 103,840 | 11 | % | $ | 84,276 | 11 | % | $ | 77,558 | 11 | % | |||||||
Sales and marketing | 143,623 | 15 | % | 120,215 | 15 | % | 108,054 | 16 | % | ||||||||||
General and administrative | 68,416 | 7 | % | 52,137 | 7 | % | 44,694 | 7 | % | ||||||||||
315,879 | 34 | % | $ | 256,628 | 33 | % | $ | 230,306 | 34 | % |
January 2, | December 28, | December 29, | ||||||||||
Fiscal Years Ended | 2009 | 2007 | 2006 | |||||||||
(Dollars in thousands) | ||||||||||||
Research and development | $ | 148,265 | $ | 131,468 | $ | 103,840 | ||||||
Percentage of revenue | 11 | % | 11 | % | 11 | % | ||||||
Sales and marketing | 196,290 | 186,495 | 143,623 | |||||||||
Percentage of revenue | 15 | % | 15 | % | 15 | % | ||||||
General and administrative | 94,023 | 92,572 | 68,416 | |||||||||
Percentage of revenue | 7 | % | 8 | % | 7 | % | ||||||
Total | $ | 438,578 | $ | 410,535 | $ | 315,879 | ||||||
Percentage of revenue | 33 | % | 34 | % | 33 | % |
2008 | 2007 | 2006 | ||||||||||
(in thousands) | ||||||||||||
Severance and benefits | $ | 4,641 | $ | 3,025 | $ | - |
Balance as of December 30, 2006 | $ | 744 | ||
Acquisition related | 3,547 | |||
Charges | 3,025 | |||
Payments | (6,004) | |||
Adjustment | 14 | |||
Balance as of December 28, 2007 | $ | 1,326 | ||
Acquisition related | 355 | |||
Charges | 4,641 | |||
Payments | (3,351) | |||
Adjustment | (1,054) | |||
Balance as of January 2, 2009 | $ | 1,917 |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | |||||||
(in thousands) | ||||||||||
Amortization of purchased intangibles included in cost of sales | $ | 5,168 | $ | - | $ | - | ||||
Amortization of purchased intangibles included in operating expenses | 7,906 | $ | 6,855 | $ | 8,327 | |||||
Amortization of other intangible assets | 185 | 165 | 183 | |||||||
Total amortization of purchased and other intangible assets | $ | 13,259 | $ | 7,020 | $ | 8,510 |
January 2, | December 28, | December 29, | ||||||||||
Fiscal Years Ended | 2009 | 2007 | 2006 | |||||||||
(in thousands) | ||||||||||||
Cost of sales | $ | 22,690 | $ | 19,778 | $ | 5,353 | ||||||
Operating expenses | 22,376 | 18,966 | 7,906 | |||||||||
Total | $ | 45,066 | $ | 38,744 | $ | 13,259 |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | |||||||
(in thousands) | ||||||||||
Interest income | $ | 3,799 | $ | 836 | $ | 436 | ||||
Interest expense | (558 | ) | (2,331 | ) | (3,888 | ) | ||||
Foreign exchange gain (loss) | 1,719 | 1,022 | (859 | ) | ||||||
Income (expenses) for affiliated operations, net | 6,989 | (291 | ) | (7,590 | ) | |||||
Other income | 777 | 608 | 1,200 | |||||||
Total non-operating income (expense), net | $ | 12,726 | $ | (156 | ) | $ | (10,701 | ) |
January 2, | December 28, | December 29, | ||||||||||
Fiscal Years Ended | 2009 | 2007 | 2006 | |||||||||
(in thousands) | ||||||||||||
Interest income | $ | 2,044 | $ | 3,502 | $ | 3,799 | ||||||
Interest expense | (2,760 | ) | (6,602 | ) | (558 | ) | ||||||
Foreign currency transaction gain (loss), net | 1,509 | (1,351 | ) | 1,719 | ||||||||
Income from joint ventures | 7,981 | 8,377 | 6,989 | |||||||||
Minority interests in consolidated subsidiaries | 540 | - | - | |||||||||
Other income (expense), net | (2,812 | ) | 1,563 | 777 | ||||||||
Total non-operating income (expense), net | $ | 6,502 | $ | 5,489 | $ | 12,726 |
As of and for the Fiscal Year Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | |||||||
(dollars in thousands) | ||||||||||
Cash and cash equivalents | $ | 129,621 | $ | 73,853 | $ | 71,872 | ||||
As a percentage of total assets | 13.2 | % | 9.9 | % | 11.0 | % | ||||
Accounts receivable days sales outstanding (DSO) | 55 | 66 | 63 | |||||||
Inventory turns per year | 4 | 4 | 4 | |||||||
Total debt | $ | 481 | $ | 649 | $ | 38,996 | ||||
Cash provided by operating activities | $ | 138,087 | $ | 92,880 | $ | 74,576 | ||||
Cash used in investing activities | $ | (116,432 | ) | $ | (74,918 | ) | $ | (25,133 | ) | |
Cash provided (used) by financing activities | $ | 34,162 | $ | (13,402 | ) | $ | (24,159 | ) | ||
Net increase in cash and cash equivalents | $ | 55,768 | $ | 1,981 | $ | 26,456 |
January 2, | December 28, | December 29, | ||||||||||
As of and for the Fiscal Year Ended | 2009 | 2007 | 2006 | |||||||||
(in thousands) | ||||||||||||
Cash and cash equivalents | $ | 147,531 | $ | 103,202 | $ | 129,621 | ||||||
As a percentage of total assets | 9.0 | % | 6.7 | % | 13.2 | % | ||||||
Total debt | $ | 151,588 | $ | 60,690 | $ | 481 | ||||||
Cash provided by operating activities | $ | 176,074 | $ | 186,985 | $ | 135,843 | ||||||
Cash used in investing activities | $ | (121,696 | ) | $ | (311,392 | ) | $ | (114,188 | ) | |||
Cash provided by (used in) financing activities | $ | (6,441 | ) | $ | 103,816 | $ | 34,162 | |||||
Effect of exchange rate changes on cash and cash equivalents | $ | (3,608 | ) | $ | (5,828 | ) | $ | (49 | ) | |||
Net increase (decrease) in cash and cash equivalents | $ | 44,329 | $ | (26,419 | ) | $ | 55,768 |
January 2, | December 28, | |||||||
As of | 2009 | 2007 | ||||||
Accounts receivable days sales outstanding | 69 | 70 | ||||||
Inventory turns per year | 4.2 | 4.3 |
Payments Due By Period | ||||||||||||||||||||||||||||||||||||
Payments Due By Period | Less than | 1-3 | 3-5 | More than | ||||||||||||||||||||||||||||||||
Total | Less than 1 year | 2-3 Years | 4-5 years | More than 5 years | Total | 1 year | years | years | 5 years | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Total debt including interest (1) | $ | 481 | $ | - | $ | 481 | $ | - | $ | - | $ | 177,258 | $ | 5,258 | $ | 15,866 | $ | 156,134 | $ | - | ||||||||||||||||
Operating leases | 41,857 | 10,852 | 17,505 | 9,944 | 3,556 | 44,179 | 17,598 | 19,750 | 6,675 | 156 | ||||||||||||||||||||||||||
Other purchase obligations and commitments | 32,129 | 32,129 | - | - | - | 68,722 | 58,026 | 10,692 | - | 4 | ||||||||||||||||||||||||||
Total | $ | 74,467 | $ | 42,981 | $ | 17,986 | $ | 9,944 | $ | 3,556 | $ | 290,159 | $ | 80,882 | $ | 46,308 | $ | 162,809 | $ | 160 |
December 29, 2006 | December 30, 2005 | January 2, 2009 | December 28, 2007 | ||||||||||||||||||||||||||
Nominal Amount | Fair Value | Nominal Amount | Fair Value | Nominal Amount | Fair Value | Nominal Amount | Fair Value | ||||||||||||||||||||||
Forward contracts: | |||||||||||||||||||||||||||||
Purchased | $ | (21,442 | ) | $ | 201 | $ | (14,426 | ) | $ | 249 | $ | (22,012 | ) | $ | 512 | $ | (34,865 | ) | $ | 374 | |||||||||
Sold | $ | 38,579 | $ | (358 | ) | $ | 27,726 | $ | 328 | $ | 24,960 | $ | (1,660 | ) | $ | 34,946 | $ | (552 | ) |
Consolidated Balance Sheets at | |
Consolidated Statements of Income for | |
Consolidated | |
Consolidated Statements of Cash Flows for | |
Notes to Consolidated Financial Statements | |
Reports of |
January 2, | December 28, | |||||
2009 | 2007 | |||||
(In thousands) | ||||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 147,531 | $ | 103,202 | ||
Accounts receivable, less allowance for doubtful accounts of $5,999 and $5,221, and sales return reserve of $1,819and $1,683 at January 2, 2009 and December 28, 2007, respectively | 204,269 | 239,884 | ||||
Other receivables | 17,540 | 10,201 | ||||
Inventories, net | 160,893 | 143,018 | ||||
Deferred income taxes | 41,810 | 44,333 | ||||
Other current assets | 16,404 | 15,661 | ||||
Total current assets | 588,447 | 556,299 | ||||
Property and equipment, net | 50,175 | 51,444 | ||||
Goodwill | 715,571 | 675,850 | ||||
Other purchased intangible assets, net | 228,901 | 197,777 | ||||
Other non-current assets | 51,922 | 57,989 | ||||
Total assets | $ | 1,635,016 | $ | 1,539,359 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Current portion of long-term debt | $ | 124 | $ | 126 | ||
Accounts payable | 49,611 | 67,589 | ||||
Accrued compensation and benefits | 41,291 | 55,133 | ||||
Deferred revenue | 55,241 | 49,416 | ||||
Accrued warranty expense | 13,332 | 10,806 | ||||
Income taxes payable | - | 14,802 | ||||
Other current liabilities | 63,719 | 51,980 | ||||
Total current liabilities | 223,318 | 249,852 | ||||
Non-current portion of long-term debt | 151,464 | 60,564 | ||||
Non-current deferred revenue | 12,418 | 15,872 | ||||
Deferred income taxes | 42,207 | 47,917 | ||||
Other non-current liabilities | 61,553 | 56,128 | ||||
Total liabilities | 490,960 | 430,333 | ||||
Minority interests in consolidated subsidiaries | 3,655 | - | ||||
Commitments and contingencies | ||||||
Shareholders' equity: | ||||||
Preferred stock no par value; 3,000 shares authorized; none outstanding Common stock, no par value; 180,000 shares authorized; 119,051 and 121,596 shares issued and outstanding at January 2, 2009 and December 28, 2007, respectively | 684,831 | 660,749 | ||||
Retained earnings | 427,921 | 388,557 | ||||
Accumulated other comprehensive income | 27,649 | 59,720 | ||||
Total shareholders' equity | 1,140,401 | 1,109,026 | ||||
Total liabilities and shareholders' equity | $ | 1,635,016 | $ | 1,539,359 |
As at | December 29, 2006 | December 30, 2005 | |||||
(in thousands) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 129,621 | $ | 73,853 | |||
Accounts receivable, less allowance for doubtful accounts of $4,063 and $5,230, and sales return reserve of $859 and $1,500, respectively | 172,008 | 145,100 | |||||
Other receivables | 6,014 | 6,489 | |||||
Inventories, net | 112,552 | 107,851 | |||||
Deferred income taxes | 25,905 | 18,504 | |||||
Other current assets | 13,026 | 8,580 | |||||
Total current assets | 459,126 | 360,377 | |||||
Property and equipment, net | 47,998 | 42,664 | |||||
Goodwill | 374,510 | 286,146 | |||||
Other purchased intangible assets, net | 67,172 | 27,310 | |||||
Deferred income taxes | 399 | 3,580 | |||||
Other assets | 29,226 | 23,011 | |||||
Total non-current assets | 519,305 | 382,711 | |||||
Total assets | $ | 978,431 | $ | 743,088 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Current portion of long-term debt | $ | -- | $ | 216 | |||
Accounts payable | 44,148 | 45,206 | |||||
Accrued compensation and benefits | 47,006 | 36,083 | |||||
Accrued liabilities | 24,973 | 16,189 | |||||
Deferred revenues | 28,060 | 12,588 | |||||
Accrued warranty expense | 8,607 | 7,466 | |||||
Deferred income taxes | 4,525 | 4,087 | |||||
Income taxes payable | 23,814 | 24,922 | |||||
Total current liabilities | 181,133 | 146,757 | |||||
Non-current portion of long-term debt | 481 | 433 | |||||
Deferred income tax | 21,633 | 5,602 | |||||
Other non-current liabilities | 27,519 | 19,041 | |||||
Total liabilities | 230,766 | 171,833 | |||||
Commitments and contingencies | |||||||
Shareholders' equity: | |||||||
Preferred stock no par value; 3,000 shares authorized; none outstanding | -- | -- | |||||
Common stock, no par value; 180,000 shares authorized; 111,718 and 107,820 shares issued and outstanding at December 29, 2006 and December 30, 2005, respectively | 435,371 | 384,196 | |||||
Retained earnings | 271,183 | 167,525 | |||||
Accumulated other comprehensive income | 41,111 | 19,534 | |||||
Total shareholders' equity | 747,665 | 571,255 | |||||
Total liabilities and shareholders' equity | $ | 978,431 | $ | 743,088 |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | |||||||
(in thousands, except per share amounts) | ||||||||||
Revenue (1) | $ | 940,150 | $ | 774,913 | $ | 668,808 | ||||
Cost of sales (1) | 479,069 | 385,108 | 343,998 | |||||||
Gross margin | 461,081 | 389,805 | 324,810 | |||||||
Operating expenses | ||||||||||
Research and development | 103,840 | 84,276 | 77,558 | |||||||
Sales and marketing | 143,623 | 120,215 | 108,054 | |||||||
General and administrative | 68,416 | 52,137 | 44,694 | |||||||
Restructuring charges | -- | 278 | 552 | |||||||
Amortization of purchased intangible assets | 7,906 | 6,855 | 8,327 | |||||||
In-process research and development | 1,930 | 1,100 | - | |||||||
Total operating expenses | 325,715 | 264,861 | 239,185 | |||||||
Operating income | 135,366 | 124,944 | 85,625 | |||||||
Non-operating income (expense), net | ||||||||||
Interest income | 3,799 | 836 | 436 | |||||||
Interest expense | (558 | ) | (2,331 | ) | (3,888 | ) | ||||
Foreign currency transaction gain (loss), net | 1,719 | 1,022 | (859 | ) | ||||||
Income (expenses) for affiliated operations, net | 6,989 | (291 | ) | (7,590 | ) | |||||
Other income | 777 | 608 | 1,200 | |||||||
Total non-operating income (expense), net | 12,726 | (156 | ) | (10,701 | ) | |||||
Income before taxes | 148,092 | 124,788 | 74,924 | |||||||
Income tax provision | 44,434 | 39,933 | 7,244 | |||||||
Net income | $ | 103,658 | $ | 84,855 | $ | 67,680 | ||||
Basic earnings per share | $ | 0.94 | $ | 0.80 | $ | 0.66 | ||||
Shares used in calculating basic earnings per share | 110,044 | 106,432 | 102,326 | |||||||
Diluted earnings per share | $ | 0.89 | $ | 0.75 | $ | 0.62 | ||||
Shares used in calculating diluted earnings per share | 116,072 | 113,638 | 109,896 |
January 2, | December 28, | December 29, | |||||||
2009 | 2007 | 2006 | |||||||
(In thousands, except per share data) | |||||||||
Revenue (1) | $ | 1,329,234 | $ | 1,222,270 | $ | 940,150 | |||
Cost of sales (1) | 680,098 | 609,365 | 479,069 | ||||||
Gross margin | 649,136 | 612,905 | 461,081 | ||||||
Operating expense | |||||||||
Research and development | 148,265 | 131,468 | 103,840 | ||||||
Sales and marketing | 196,290 | 186,495 | 143,623 | ||||||
General and administrative | 94,023 | 92,572 | 68,416 | ||||||
Restructuring charges | 2,722 | 3,025 | - | ||||||
Amortization of purchased intangible assets | 22,376 | 18,966 | 7,906 | ||||||
In-process research and development | - | 2,112 | 1,930 | ||||||
Total operating expense | 463,676 | 434,638 | 325,715 | ||||||
Operating income | 185,460 | 178,267 | 135,366 | ||||||
Non-operating income (expense), net | |||||||||
Interest income | 2,044 | 3,502 | 3,799 | ||||||
Interest expense | (2,760) | (6,602) | (558) | ||||||
Foreign currency transaction gain (loss), net | 1,509 | (1,351) | 1,719 | ||||||
Income from joint ventures | 7,981 | 8,377 | 6,989 | ||||||
Minority interests in consolidated subsidiaries | 540 | - | - | ||||||
Other income (expense), net | (2,812) | 1,563 | 777 | ||||||
Total non-operating income (expense), net | 6,502 | 5,489 | 12,726 | ||||||
Income before taxes | 191,962 | 183,756 | 148,092 | ||||||
Income tax provision | 50,490 | 66,382 | 44,434 | ||||||
Net income | $ | 141,472 | $ | 117,374 | $ | 103,658 | |||
Basic earnings per share | $ | 1.17 | $ | 0.98 | $ | 0.94 | |||
Shares used in calculating basic earnings per share | 120,714 | 119,280 | 110,044 | ||||||
Diluted earnings per share | $ | 1.14 | $ | 0.94 | $ | 0.89 | |||
Shares used in calculating diluted earnings per share | 124,235 | 124,410 | 116,072 |
Accumulative | ||||||||||||||||||||
Other | Total | |||||||||||||||||||
Common stock | Retained | Comprehensive | Shareholders' | |||||||||||||||||
Shares | Amount | Earnings | Income/(Loss) | Equity | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Balance at December 30, 2005 | $ | 107,820 | $ | 384,196 | $ | 167,525 | $ | 19,534 | $ | 571,255 | ||||||||||
Components of comprehensive income: | ||||||||||||||||||||
Net income | 103,658 | 103,658 | ||||||||||||||||||
Unrealized loss on investments | 4 | 4 | ||||||||||||||||||
Foreign currency translation adjustments, net of tax | 21,709 | 21,709 | ||||||||||||||||||
Total comprehensive income | 125,371 | |||||||||||||||||||
Adjustment to initially apply FASB Statement No. 158, net of tax | (136 | ) | (136 | ) | ||||||||||||||||
Issuance of common stock in connection with acquisitions and joint venture, net | 52 | - | ||||||||||||||||||
Issuance of common stock under employee plans and exercise of warrants | 3,846 | 26,781 | 26,781 | |||||||||||||||||
Stock based compensation | 12,705 | 12,705 | ||||||||||||||||||
Tax benefit from stock option exercises | 11,689 | 11,689 | ||||||||||||||||||
Balance at December 29, 2006 | 111,718 | $ | 435,371 | $ | 271,183 | $ | 41,111 | $ | 747,665 | |||||||||||
Components of comprehensive income: | ||||||||||||||||||||
Net income | 117,374 | 117,374 | ||||||||||||||||||
Unrealized loss on investments | (33 | ) | (33 | ) | ||||||||||||||||
Foreign currency translation adjustments, net of tax | 18,655 | 18,655 | ||||||||||||||||||
Unrecognized actuarial loss | (13 | ) | (13 | ) | ||||||||||||||||
Total comprehensive income | 135,983 | |||||||||||||||||||
Issuance of common stock in connection with acquisitions and joint venture, net | 5,876 | 163,678 | 163,678 | |||||||||||||||||
Issuance of common stock under employee plans and exercise of warrants | 4,002 | 31,913 | 31,913 | |||||||||||||||||
Stock based compensation | 15,099 | 15,099 | ||||||||||||||||||
Tax benefit from stock option exercises | 14,637 | 14,637 | ||||||||||||||||||
Minority interest | 51 | 51 | ||||||||||||||||||
Balance at December 28, 2007 | $ | 121,596 | $ | 660,749 | $ | 388,557 | $ | 59,720 | $ | 1,109,026 | ||||||||||
Components of comprehensive income: | ||||||||||||||||||||
Net income | 141,472 | 141,472 | ||||||||||||||||||
Unrealized loss on investments | (392 | ) | (392 | ) | ||||||||||||||||
Foreign currency translation adjustments, net of tax | (31,722 | ) | (31,722 | ) | ||||||||||||||||
Unrecognized actuarial gain | 43 | 43 | ||||||||||||||||||
Total comprehensive income | 109,401 | |||||||||||||||||||
Issuance of common stock under employee plans and exercise of warrants | 1,698 | 22,804 | 22,804 | |||||||||||||||||
Stock repurchase | (4,243 | ) | (23,780 | ) | (102,108 | ) | (125,888 | ) | ||||||||||||
Stock based compensation | 16,293 | 16,293 | ||||||||||||||||||
Tax benefit from stock option exercises | 8,765 | 8,765 | ||||||||||||||||||
Balance at January 2, 2009 | 119,051 | $ | 684,831 | $ | 427,921 | $ | 27,649 | $ | 1,140,401 |
Accumulative | ||||||||||||||||
Other | Total | |||||||||||||||
Common stock | Retained | Comprehensive | Shareholders' | |||||||||||||
Shares | Amount | Earnings | Income/(Loss) | Equity | ||||||||||||
(in thousands) | ||||||||||||||||
Balance at January 2, 2004 | 99,976 | $ | 303,015 | $ | 14,990 | $ | 30,239 | $ | 348,244 | |||||||
Components of comprehensive income: | ||||||||||||||||
Net income | 67,680 | 67,680 | ||||||||||||||
Gain on interest rate swap | 106 | 106 | ||||||||||||||
Unrealized loss on investments | (6 | ) | (6 | ) | ||||||||||||
Foreign currency translation adjustments, net of tax | 14,025 | 14,025 | ||||||||||||||
Total comprehensive income | 81,805 | |||||||||||||||
Issuance of common stock in connection with acquisitions and joint venture, net | 589 | 899 | 899 | |||||||||||||
Issuance of common stock under employee plans and exercise of warrants | 3,861 | 26,805 | 26,805 | |||||||||||||
Tax benefit from stock option exercises | 14,408 | 14,408 | ||||||||||||||
Balance at December 31, 2004 | 104,426 | 345,127 | 82,670 | 44,364 | 472,161 | |||||||||||
Components of comprehensive income: | ||||||||||||||||
Net income | 84,855 | 84,855 | ||||||||||||||
Loss on interest rate swap | (106 | ) | (106 | ) | ||||||||||||
Unrealized loss on investments | (34 | ) | (34 | ) | ||||||||||||
Foreign currency translation adjustments, net of tax | (24,690 | ) | (24,690 | ) | ||||||||||||
Total comprehensive income | 60,025 | |||||||||||||||
Issuance of common stock in connection with acquisitions, net | 20 | - | ||||||||||||||
Issuance of common stock under employee plans and exercise of warrants | 3,374 | 24,582 | 24,582 | |||||||||||||
Tax benefit from stock option exercises | 14,487 | 14,487 | ||||||||||||||
Balance at December 30, 2005 | 107,820 | 384,196 | 167,525 | 19,534 | 571,255 | |||||||||||
Components of comprehensive income: | ||||||||||||||||
Net income | 103,658 | 103,658 | ||||||||||||||
Unrealized gain on investments | 3 | 3 | ||||||||||||||
Foreign currency translation adjustments, net of tax | 21,709 | 21,709 | ||||||||||||||
Adjustment to initially apply FASB Statement No. 158, net of tax | (136 | ) | (136 | ) | ||||||||||||
Total comprehensive income | 125,234 | |||||||||||||||
Issuance of common stock in connection with acquisitions, net | 52 | |||||||||||||||
Issuance of common stock under employee plans and exercise of warrants | 3,846 | 26,781 | 26,781 | |||||||||||||
Stock based compensation | 12,705 | 12,706 | ||||||||||||||
Tax benefit from stock option exercises | 11,689 | 11,689 | ||||||||||||||
Balance at December 29, 2006 | 111,718 | $ | 435,371 | $ | 271,183 | $ | 41,110 | $ | 747,665 |
January 2, | December 28, | December 29, | ||||||||||
Fiscal Years Ended | 2009 | 2007 | 2006 | |||||||||
(In thousands) | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 141,472 | $ | 117,374 | $ | 103,658 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation | 19,047 | 17,212 | 13,523 | |||||||||
Amortization | 45,066 | 38,744 | 13,259 | |||||||||
Provision for doubtful accounts | 2,709 | 1,410 | 163 | |||||||||
Amortization of debt issuance cost | 169 | 218 | 180 | |||||||||
Deferred income taxes | (17,356 | ) | 6,368 | 10,368 | ||||||||
Non-cash restructuring expense | - | 1,725 | - | |||||||||
Stock-based compensation | 16,166 | 15,016 | 12,571 | |||||||||
In-process research and development | - | 2,112 | 1,930 | |||||||||
Equity gain from joint ventures | (7,981 | ) | (8,377 | ) | (6,989 | ) | ||||||
Excess tax benefit for stock-based compensation | (5,970 | ) | (12,409 | ) | (8,761 | ) | ||||||
Provision for excess and obsolete inventories | 4,426 | 4,352 | 7,376 | |||||||||
Other | (348 | ) | 651 | 720 | ||||||||
Add decrease (increase) in assets: | ||||||||||||
Accounts receivable | 33,414 | (35,696 | ) | (12,185 | ) | |||||||
Other receivables | (7,422 | ) | 4,825 | (51 | ) | |||||||
Inventories | (16,461 | ) | (18,678 | ) | (7,588 | ) | ||||||
Other current and non-current assets | 779 | 7,650 | (18,936 | ) | ||||||||
Add increase (decrease) in liabilities: | ||||||||||||
Accounts payable | (20,898 | ) | (3,521 | ) | (4,487 | ) | ||||||
Accrued compensation and benefits | (12,487 | ) | 1,691 | 7,807 | ||||||||
Accrued liabilities | 3,183 | (4,635 | ) | 9,790 | ||||||||
Deferred revenue | (1,320 | ) | 32,400 | 3,263 | ||||||||
Income taxes payable | (114 | ) | 18,553 | 10,232 | ||||||||
Net cash provided by operating activities | 176,074 | 186,985 | 135,843 | |||||||||
Cash flows from investing activities: | ||||||||||||
Acquisitions of businesses, net of cash acquired | (115,137 | ) | (295,848 | ) | (99,887 | ) | ||||||
Acquisition of property and equipment | (16,196 | ) | (13,187 | ) | (16,529 | ) | ||||||
Purchase of debt and equity securities | - | (5,576 | ) | - | ||||||||
Proceeds from dividends | 10,648 | 2,888 | 2,244 | |||||||||
Capital infusion from minority investor | 4,200 | - | - | |||||||||
Other | (5,211 | ) | 331 | (16 | ) | |||||||
Net cash used in investing activities | (121,696 | ) | (311,392 | ) | (114,188 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Issuance of common stock and warrants | 22,802 | 31,864 | 26,566 | |||||||||
Excess tax benefit for stock-based compensation | 5,970 | 12,409 | 8,761 | |||||||||
Repurchase and retirement of common stock | (125,888 | ) | - | - | ||||||||
Proceeds from long-term debt and revolving credit lines | 151,000 | 250,000 | - | |||||||||
Payments on long-term debt and revolving credit lines | (60,314 | ) | (190,457 | ) | - | |||||||
Other | (11 | ) | - | (1,165 | ) | |||||||
Net cash provided by (used in) financing activities | (6,441 | ) | 103,816 | 34,162 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | (3,608 | ) | (5,828 | ) | (49 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | 44,329 | (26,419 | ) | 55,768 | ||||||||
Cash and cash equivalents, beginning of fiscal year | 103,202 | 129,621 | 73,853 | |||||||||
Cash and cash equivalents, end of fiscal year | $ | 147,531 | $ | 103,202 | $ | 129,621 |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | |||||||
(In thousands) | ||||||||||
Cash flows from operating activities: | ||||||||||
Net income | $ | 103,658 | $ | 84,855 | $ | 67,680 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Depreciation | 13,523 | 10,671 | 8,874 | |||||||
Amortization | 13,259 | 7,020 | 8,510 | |||||||
Provision for doubtful accounts | 163 | (502 | ) | 1,210 | ||||||
Amortization of debt issuance cost | 180 | 1,270 | 487 | |||||||
Deferred income taxes | 10,368 | 14,242 | (1,482 | ) | ||||||
Stock-based compensation | 12,571 | - | - | |||||||
In-process research and development | 1,930 | 1,100 | - | |||||||
Equity (gain) loss from joint ventures | (6,989 | ) | 290 | (1,212 | ) | |||||
Excess tax benefit for stock-based compensation | (8,761 | ) | - | - | ||||||
Other | 720 | (756 | ) | 1,191 | ||||||
Add decrease (increase) in assets: | ||||||||||
Accounts receivable, net | (12,185 | ) | (19,018 | ) | (17,245 | ) | ||||
Other receivables | 1,949 | (2,108 | ) | 2,231 | ||||||
Inventories, net | (374 | ) | (17,888 | ) | (15,529 | ) | ||||
Other current and non-current assets | (18,692 | ) | (2,294 | ) | (69 | ) | ||||
Add increase (decrease) in liabilities: | ||||||||||
Accounts payable | (4,487 | ) | 1,078 | 14,668 | ||||||
Accrued compensation and benefits | 7,807 | 3,408 | 4,847 | |||||||
Accrued liabilities | 9,952 | 6,232 | (1,757 | ) | ||||||
Deferred gain on joint venture | - | (9,180 | ) | (665 | ) | |||||
Deferred revenues | 3,263 | 2,406 | 1,619 | |||||||
Income taxes payable | 10,232 | 12,054 | 1,218 | |||||||
Net cash provided by operating activities | 138,087 | 92,880 | 74,576 | |||||||
Cash flows from investing activities: | ||||||||||
Acquisition of property and equipment | (16,529 | ) | (23,436 | ) | (12,750 | ) | ||||
Acquisitions, net of cash acquired | (99,887 | ) | (51,379 | ) | (11,388 | ) | ||||
Other | (16 | ) | (103 | ) | (995 | ) | ||||
Net cash used in investing activities | (116,432 | ) | (74,918 | ) | (25,133 | ) | ||||
Cash flows from financing activities: | ||||||||||
Issuance of common stock and warrants | 26,566 | 24,463 | 26,805 | |||||||
Excess tax benefit for stock-based compensation | 8,761 | - | - | |||||||
Proceeds from long-term debt and revolving credit lines | - | 6,000 | 14,000 | |||||||
Payments on long-term debt and revolving credit lines | - | (44,250 | ) | (65,235 | ) | |||||
Other | (1,165 | ) | 385 | 271 | ||||||
Net cash provided by (used in) financing activities | 34,162 | (13,402 | ) | (24,159 | ) | |||||
Effect of exchange rate changes on cash and cash equivalents | (49 | ) | (2,579 | ) | 1,172 | |||||
Net increase in cash and cash equivalents | 55,768 | 1,981 | 26,456 | |||||||
Cash and cash equivalents, beginning of fiscal year | 73,853 | 71,872 | 45,416 | |||||||
Cash and cash equivalents, end of fiscal year | $ | 129,621 | $ | 73,853 | $ | 71,872 |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | |||||
(In thousands) | |||||||
Beginning balance | $ | 7,466 | $ | 6,425 | |||
Warranties accrued | 8,446 | 7,960 | |||||
Warranty claims | (7,305 | ) | (6,919 | ) | |||
Ending Balance | $ | 8,607 | $ | 7,466 |
January 2, | December 28, | |||||||
Fiscal Years Ended | 2009 | 2007 | ||||||
(in thousands) | ||||||||
Beginning balance | $ | 10,806 | $ | 8,607 | ||||
Acquired warranties | 930 | 67 | ||||||
Accruals for warranties issued | 22,214 | 15,883 | ||||||
Changes in estimates | - | - | ||||||
Warranty settlements (in cash or in kind) | (20,618 | ) | (13,751 | ) | ||||
Ending Balance | $ | 13,332 | $ | 10,806 |
Year Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | ||||||||||
(in thousands) | |||||||||||||
Cost of sales | $ | 1,173 | $ | - | $ | - | |||||||
Research & development | 2,554 | - | - | ||||||||||
Sales & marketing | 2,814 | - | - | ||||||||||
General & administrative | 6,029 | - | - | ||||||||||
Stock-based compensation expense included in operating expenses | 11,397 | - | - | ||||||||||
Total stock-based compensation | 12,570 | - | - | ||||||||||
Tax benefit | (1) | (1,185 | ) | - | - | ||||||||
Total stock-based compensation, net of tax | $ | 11,385 | $ | - | $ | - | |||||||
Effect of FAS 123(R) on basic earnings per share | $ | 0.10 | $ | - | $ | - | |||||||
Effect of FAS 123(R) on diluted earnings per share | $ | 0.10 | $ | - | $ | - |
January 2, | December 28, | December 29, | ||||||||||
Fiscal Years Ended | 2009 | 2007 | 2006 | |||||||||
(in thousands) | ||||||||||||
Cost of sales | $ | 1,920 | $ | 1,733 | $ | 1,173 | ||||||
Research and development | 3,489 | 3,573 | 2,554 | |||||||||
Sales and marketing | 3,993 | 3,891 | 2,815 | |||||||||
General and administrative | 6,764 | 5,819 | 6,029 | |||||||||
Total operating expenses | 14,246 | 13,283 | 11,398 | |||||||||
Total stock-based compensation expense | 16,166 | 15,016 | 12,571 | |||||||||
Tax benefit (1) | (2,636 | ) | (1,857 | ) | (1,185 | ) | ||||||
Total stock-based compensation expense, net of tax | $ | 13,530 | $ | 13,159 | $ | 11,386 |
Fiscal Years Ended | December 30, 2005 | December 31, 2004 | ||||||||
(in thousands, except per share amounts) | ||||||||||
Net income - as reported | $ | 84,855 | $ | 67,680 | ||||||
Stock-based compensation expense, net of tax | (1) | 11,149 | 9,986 | |||||||
Net income - pro forma | $ | 73,706 | $ | 57,694 | ||||||
Basic earnings per share - as reported | $ | 0.80 | $ | 0.66 | ||||||
Basic earnings per share - pro forma | $ | 0.69 | $ | 0.56 | ||||||
Diluted earnings per share - as reported | $ | 0.75 | $ | 0.62 | ||||||
Diluted earnings per share - pro forma | $ | 0.65 | $ | 0.52 |
December 29, 2006 | December 30, 2005 | December 31, 2004 | |
Expected dividend yield | - | - | - |
Expected stock price volatility | 42% | 47% | 56% |
Risk free interest rate | 4.8% | 4.3% | 3.5% |
Expected life of options after vesting | 1.3 years | 1.7 years | 1.6 years |
January 2, | December 28, | December 29, | ||||||||||
Fiscal Years Ended | 2009 | 2007 | 2006 | |||||||||
Expected dividend yield | - | - | - | |||||||||
Expected stock price volatility | 45 | % | 37 | % | 42 | % | ||||||
Risk free interest rate | 2.50 | % | 4.20 | % | 4.80 | % | ||||||
Expected life of options after vesting | 1.3 years | 1.3 years | 1.3 years |
Fiscal years ended | December 29, 2006 | December 30, 2005 | December 31, 2004 |
Expected dividend yield | - | - | - |
Expected stock price volatility | 35.5% | 47% | 46% |
Risk free interest rate | 4.8% | 3.5% | 1.7% |
Expected life of purchase | 0.6 years | 0.5 years | 0.5 years |
January 2, | December 28, | December 29, | ||||||||||
Fiscal Years Ended | 2009 | 2007 | 2006 | |||||||||
Expected dividend yield | - | - | - | |||||||||
Expected stock price volatility | 44.0 | % | 36.5 | % | 35.5 | % | ||||||
Risk free interest rate | 2.70 | % | 4.90 | % | 4.80 | % | ||||||
Expected life of purchase | 0.5 years | 0.5 years | 0.6years |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | |||||||
(In thousands, except per share data) | ||||||||||
Numerator: | ||||||||||
Income available to common shareholders: | ||||||||||
Used in basic and diluted earnings per share | $ | 103,658 | $ | 84,855 | $ | 67,680 | ||||
Denominator: | ||||||||||
Weighted average number of common shares used in basic earnings per share | 110,044 | 106,432 | 102,326 | |||||||
Effect of dilutive securities (using treasury stock method): | ||||||||||
Common stock options | 5,134 | 5,900 | 5,894 | |||||||
Common stock warrants | 894 | 1,306 | 1,676 | |||||||
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share | 116,072 | 113,638 | 109,896 | |||||||
Basic earnings per share | $ | 0.94 | $ | 0.80 | $ | 0.66 | ||||
Diluted earnings per share | $ | 0.89 | $ | 0.75 | $ | 0.62 |
January 2, | December 28, | December 29, | ||||||||||
Fiscal Years Ended | 2009 | 2007 | 2006 | |||||||||
(in thousands, except per share amounts) | ||||||||||||
Numerator: | ||||||||||||
Income available to common shareholders: | $ | 141,472 | $ | 117,374 | $ | 103,658 | ||||||
Denominator: | ||||||||||||
Weighted average number of common shares used in basic earnings per share | 120,714 | 119,280 | 110,044 | |||||||||
Effect of dilutive securities (using treasury stock method): | ||||||||||||
Common stock options and restricted stock units | 3,516 | 4,907 | 5,134 | |||||||||
Common stock warrants | 5 | 223 | 894 | |||||||||
Weighted average number of common shares and dilutive potential common shares used in diluted earnings per share | 124,235 | 124,410 | 116,072 | |||||||||
Basic earnings per share | $ | 1.17 | $ | 0.98 | $ | 0.94 | ||||||
Diluted earnings per share | $ | 1.14 | $ | 0.94 | $ | 0.89 |
Cash consideration | $ | 327,370 | ||
Common stock consideration | 161,947 | |||
Merger costs * | 5,712 | |||
Total purchase price | $ | 495,029 |
Value to be allocated to assets, based upon merger consideration | $ | 495,029 | ||
Less: value of @Road’s assets acquired: | ||||
Net tangible assets acquired | 137,492 | |||
Amortizable intangibles assets: | ||||
Developed product technology | 66,600 | |||
Customer relationships | 75,300 | |||
Trademarks and tradenames | 5,200 | |||
Subtotal | 147,100 | |||
In-process research and development | 2,100 | |||
Deferred tax liability | (56,855 | ) | ||
Goodwill | $ | 265,192 |
As of | ||||
February 16, | ||||
(in thousands) | 2007 | |||
Cash and cash equivalents | $ | 74,729 | ||
Accounts receivable, net | 14,255 | |||
Other receivables | 8,774 | |||
Inventories, net | 15,272 | |||
Other current assets | 12,627 | |||
Property and equipment, net | 5,854 | |||
Deferred income taxes | 40,435 | |||
Other non-current assets | 7,935 | |||
Total assets acquired | $ | 179,881 | ||
Accounts payable | 19,285 | |||
Deferred revenue | 7,365 | |||
Other current liabilities | 15,739 | |||
Total liabilities assumed | $ | 42,389 | ||
Total net assets acquired | $ | 137,492 |
Fiscal Years Ended | ||||||||
December 28, | December 29, | |||||||
2007 (a) | 2006 (b) | |||||||
(in thousands, except per share data) | ||||||||
Pro-forma revenue | $ | 1,239,319 | $ | 1,017,852 | ||||
Pro-forma net income | 114,835 | 69,959 | ||||||
Pro-forma basic net income per share | $ | 0.96 | $ | 0.60 | ||||
Pro-forma diluted net income per share | $ | 0.92 | $ | 0.57 |
(a) | The pro-forma results of operations represent the Company’s results for fiscal 2007 together with @Road’s historical results through the acquisition date of February 16, 2007 as though they had been combined as of December 31, 2005. Pro-forma adjustments have been made based on the fair values of assets acquired and liabilities assumed as of February 16, 2007. Pro-forma revenue includes a $2.8 million increase due to the timing of recognizing deferred revenue write-downs and customer contracts where the product was delivered prior to the acquisition date. Pro-forma net income includes a $0.7 million increase due to the timing of recognizing revenue write-downs and related deferred cost of sales write-downs, amortization of intangible assets related to the acquisition of $2.2 million, and interest expense for debt used to purchase @Road of $1.4 million. The year to date amounts provided herein include adjustments to previously filed pro-forma numbers in the Company’s 10-Q’s. |
(b) | The pro-forma results of operations represent the Company’s results for fiscal 2006 together with @Road’s historical results had they been combined as of December 31, 2005. Pro-forma adjustments have been made based on the fair values of assets acquired and liabilities assumed as of the acquisition date of February 16, 2007. Pro-forma revenue for fiscal 2006 includes a $22.0 million decrease due to deferred revenue write-downs and customer contracts for which the product was delivered prior to the acquisition date. Pro-forma net income for fiscal 2006 includes revenue write-downs and related deferred cost of sales write-downs of $3.1 million, amortization of intangible assets related to the acquisition of $18.3 million, and interest expense for debt used to purchase @Road of $11.2 million. |
Acquisition | Primary Service or Product | Operating Segment | Acquisition Date | |||
Rawson Control Systems | Hydraulic and electronic controls for the agriculture equipment industry | Field Solutions | December 3, 2008 | |||
FastMap and GeoSite | Field-based software suite for GIS and software solution for land surveyors and construction professionals | Field Solutions and Engineering & Construction | November 28, 2008 | |||
Callidus Precision Systems Assets | 3D laser scanning solutions | Engineering & Construction | November 28, 2008 | |||
Toposys | Aerial data collection systems comprised of LiDAR and metric cameras | Engineering & Construction | November 13, 2008 | |||
TruCount | Air and electric clutches that automate individual planter row shut-off | Field Solutions | October 30, 2008 | |||
RolleiMetric | Metric camera systems for aerial imaging and terrestrial close range photogrammetry | Engineering & Construction | October 20, 2008 | |||
SECO | Accessories for the geomatics, surveying, mapping, and construction industries | Engineering & Construction | July 29, 2008 | |||
Géo-3D | Roadside infrastructure asset inventory solutions | Engineering & Construction | January 22, 2008 | |||
Crain Enterprises | Accessories for the geomatics, surveying, mapping, and construction industries | Engineering & Construction | January 8, 2008 | |||
HHK Datentechnik GmbH | Office and field software solutions for the cadastral survey market | Engineering & Construction | December 19, 2007 | |||
UtilityCenter | Field service management software for utilities | Field Solutions | November 8, 2007 | |||
Ingenieurbüro Breining GmbH | Office and field software solutions for the cadastral survey market | Engineering & Construction | September 19, 2007 | |||
Inpho GmbH | Photogrammetry and digital surface modeling software for aerial surveying, mapping and remote sensing applications | Engineering & Construction | February 13, 2007 | |||
Spacient Technologies, Inc. | Enterprise field service management and mobile mapping solutions | Field Solutions | November 21, 2006 | |||
Meridian Project Systems, Inc. | Enterprise project management and lifecycle software | Engineering & Construction | November 7, 2006 | |||
XYZ Solutions, Inc. | Real-time, interactive 3D intelligence software | Engineering & Construction | October 27, 2006 | |||
Visual Statement, Inc. | Desktop software tools | Mobile Solutions | October 11, 2006 | |||
Intransix | Mobile GPS applications | Advanced Devices | April 21, 2006 | |||
BitWyse Solutions, Inc. | Engineering and construction information management software | Engineering & Construction | May 1, 2006 | |||
Eleven Technology, Inc. | Mobile application software | Mobile Solutions | April 28, 2006 | |||
Quantm International, Inc. | Transportation route optimization solution | Engineering & Construction | April 5, 2006 | |||
XYZs of GPS, Inc. | Real-time Global Navigation Satellite System | Engineering & Construction | February 26, 2006 | |||
Advanced Public Safety, Inc. | Mobile and handheld software for public safety | Mobile Solutions | December | |||
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | |||||||
Purchase price | $ | 114,442 | $ | 63,830 | $ | 12,246 | ||||
Purchase price adjustments | 4,964 | 1,595 | 1,167 | |||||||
Acquisition costs | 2,127 | 466 | 279 | |||||||
Total purchase price | $ | 121,533 | $ | 65,891 | $ | 13,692 | ||||
Purchase price allocation: | ||||||||||
Fair value of net assets acquired | $ | 1,142 | $ | 1,237 | $ | 2,649 | ||||
Identified intangible assets | 52,471 | 21,171 | 2,117 | |||||||
In-Process Research & Development | 1,930 | 1,100 | - | |||||||
Goodwill | 65,990 | 42,383 | 8,926 | |||||||
Total | $ | 121,533 | $ | 65,891 | $ | 13,692 |
January 2, | December 28, | December 29, | ||||||||||
Fiscal Years Ended | 2009 | 2007 | 2006 | |||||||||
Purchase price | $ | 99,948 | $ | 49,311 | $ | 114,442 | ||||||
Acquisition costs * | 2,623 | 956 | 2,650 | |||||||||
Total purchase price | $ | 102,571 | $ | 50,267 | $ | 117,092 | ||||||
Purchase price allocation: | ||||||||||||
Fair value of net assets acquired | $ | 7,238 | $ | 9,504 | $ | 7,960 | ||||||
Identified intangible assets | 50,242 | 19,937 | 51,613 | |||||||||
In-process research and development | - | - | 1,930 | |||||||||
Deferred tax liability | (3,426 | ) | (2,763 | ) | (14,723 | ) | ||||||
Goodwill | 48,517 | 23,589 | 70,312 | |||||||||
Total | $ | 102,571 | $ | 50,267 | $ | 117,092 |
As of | December 29, 2006 | December 30, 2005 | |||||
(In thousands) | |||||||
Intangible assets: | |||||||
Intangible assets with definite life: | |||||||
Existing technology | $ | 92,430 | $ | 48,100 | |||
Trade names, trademarks, patents, backlog and other intellectual properties | 37,690 | 26,808 | |||||
Total intangible assets with definite life | 130,120 | 74,908 | |||||
Less accumulated amortization | (62,948 | ) | (47,598 | ) | |||
Total net intangible assets | $ | 67,172 | $ | 27,310 |
January 2, 2009 | ||||||||||||
Gross | ||||||||||||
Carrying | Accumulated | Net Carrying | ||||||||||
(in thousands) | Amount | Amortization | Amount | |||||||||
Developed product technology | $ | 188,391 | $ | (78,867 | ) | $ | 109,524 | |||||
Trade names and trademarks | 20,254 | (13,100 | ) | 7,154 | ||||||||
Customer relationships | 124,596 | (40,263 | ) | 84,333 | ||||||||
Distribution rights and other intellectual properties (*) | 37,913 | (10,023 | ) | 27,890 | ||||||||
$ | 371,154 | $ | (142,253 | ) | $ | 228,901 |
December 28, 2007 | ||||||||||||
Gross | ||||||||||||
Carrying | Accumulated | Net Carrying | ||||||||||
(in thousands) | Amount | Amortization | Amount | |||||||||
Developed product technology | $ | 157,394 | $ | (58,273 | ) | $ | 99,121 | |||||
Trade names and trademarks | 19,192 | (12,490 | ) | 6,702 | ||||||||
Customer relationships | 110,802 | (24,435 | ) | 86,367 | ||||||||
Distribution rights and other intellectual properties | 13,479 | (7,892 | ) | 5,587 | ||||||||
$ | 300,867 | $ | (103,090 | ) | $ | 197,777 |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | |||||||
(In thousands) | ||||||||||
Reported as: | ||||||||||
Cost of sales | $ | 5,168 | $ | 165 | $ | 183 | ||||
Operating expenses | 8,091 | 6,855 | 8,327 | |||||||
Total | $ | 13,259 | $ | 7,020 | $ | 8,510 |
January 2, | December 28, | December 29, | ||||||||||
Fiscal Years Ended | 2009 | 2007 | 2006 | |||||||||
(in thousands) | ||||||||||||
Reported as: | ||||||||||||
Cost of sales | $ | 22,690 | $ | 19,778 | $ | 5,353 | ||||||
Operating expenses | 22,376 | 18,966 | 7,906 | |||||||||
Total | $ | 45,066 | $ | 38,744 | $ | 13,259 |
2009 | $ | 50,329 | ||
2010 | 48,164 | |||
2011 | 43,474 | |||
2012 | 34,727 | |||
2013 | 31,146 | |||
Thereafter | 21,061 | |||
Total | $ | 228,901 |
Amortization Expense | ||||
2007 | $ | 17,805 | ||
2008 | 15,916 | |||
2009 | 12,919 | |||
2010 | 10,721 | |||
2011 | 6,470 | |||
Thereafter | 3,341 | |||
Total | $ | 67,172 |
As of | December 29, 2006 | December 30, 2005 | |||||
(In thousands) | |||||||
Goodwill, Spectra Precision acquisition | $ | 209,693 | $ | 196,676 | |||
Goodwill, other acquisitions | 164,817 | 89,470 | |||||
Goodwill | $ | 374,510 | $ | 286,146 |
Engineering and Construction | Field Solutions | Mobile Solutions | Advanced Devices | Total | ||||||||||||||
Balance as of December 28, 2007 | $ | 317,886 | $ | 5,224 | $ | 337,661 | $ | 15,079 | $ | 675,850 | ||||||||
Additions due to acquisitions | 44,999 | 3,518 | - | - | 48,517 | |||||||||||||
Purchase price adjustments | 15,280 | 1,909 | (4,675) | - | 12,514 | |||||||||||||
Foreign currency translation adjustments | (14,257) | - | (4,265) | (2,788) | (21,310) | |||||||||||||
Balance as of January 2, 2009 | $ | 363,908 | $ | 10,651 | $ | 328,721 | $ | 12,291 | $ | 715,571 |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | |||||||
(In millions) | ||||||||||
CTCT incremental pricing effects, net | $ | - | $ | 11.4 | $ | 8.8 | ||||
Trimble's 50% share of CTCT's reported (gain) loss | (5.7 | ) | (2.0 | ) | 0.5 | |||||
Amortization of deferred gain | - | (9.2 | ) | (0.7 | ) | |||||
Total CTCT expense (gain) for affiliated operations, net | ($5.7 | ) | $ | 0.2 | $ | 8.6 |
As of | December 29, 2006 | December 30, 2005 | |||||
Inventories: | |||||||
Raw materials | $ | 66,853 | $ | 52,199 | |||
Work-in-process | 6,181 | 7,249 | |||||
Finished goods | 39,518 | 48,403 | |||||
Total | $ | 112,552 | $ | 107,851 | |||
Property and equipment, net: | |||||||
Machinery and equipment | $ | 79,238 | $ | 72,273 | |||
Furniture and fixtures | 12,399 | 10,110 | |||||
Leasehold improvements | 13,124 | 8,695 | |||||
Buildings | 5,689 | 5,707 | |||||
Land | 1,231 | 1,231 | |||||
111,681 | 98,016 | ||||||
Less accumulated depreciation | (63,683 | ) | (55,352 | ) | |||
Total | $ | 47,998 | $ | 42,664 |
Other Non-Current Liabilities: | |||||||
Deferred compensation | $ | 5,887 | $ | 3,231 | |||
Pension | 6,616 | 5,529 | |||||
Deferred Rent | 5,327 | 3,364 | |||||
Other long term liabilities | 9,689 | 6,917 | |||||
Total | $ | 27,519 | $ | 19,041 |
January 2, | December 28, | |||||
As of | 2009 | 2007 | ||||
(in thousands) | ||||||
Inventories: | ||||||
Raw materials | $ | 71,319 | $ | 63,465 | ||
Work-in-process | 5,551 | 9,267 | ||||
Finished goods | 84,023 | 70,286 | ||||
Total inventories, net | $ | 160,893 | $ | 143,018 |
January 2, | December 28, | |||||
As of | 2009 | 2007 | ||||
(in thousands) | ||||||
Property and equipment, net: | ||||||
Machinery and equipment | $ | 88,067 | $ | 79,956 | ||
Furniture and fixtures | 12,140 | 10,974 | ||||
Leasehold improvements | 16,432 | 15,391 | ||||
Buildings | 6,519 | 6,527 | ||||
Land | 1,383 | 1,384 | ||||
124,541 | 114,232 | |||||
Less accumulated depreciation | (74,366) | (62,788) | ||||
Total | $ | 50,175 | $ | 51,444 |
January 2, | December 28, | |||||||
As of | 2009 | 2007 | ||||||
(in thousands) | ||||||||
Other Non-Current Liabilities: | ||||||||
Deferred compensation | $ | 6,631 | $ | 8,646 | ||||
Pension | 5,439 | 6,646 | ||||||
Deferred rent | 4,303 | 5,215 | ||||||
Unrecognized tax benefits | 34,275 | 25,774 | ||||||
Other non-current liabilities | 10,905 | 9,847 | ||||||
Total | $ | 61,553 | $ | 56,128 |
· | Engineering and Construction — Consists of products currently used by survey and construction professionals in the field for positioning, data collection, field computing, data management, and machine guidance and control. The applications served include surveying, road, runway, construction, site preparation and building construction. |
· | Field Solutions — Consists of products that provide solutions in a variety of agriculture and geographic information systems (GIS) applications. In agriculture these include precise land leveling and machine guidance systems. In GIS they include handheld devices and software that enable the collection of data on assets for a variety of governmental and private entities. |
· | Mobile Solutions — Consists of products that enable end users to monitor and manage their mobile assets by communicating location and activity-relevant information from the field to the office. Trimble offers a range of products that address a number of sectors of this market including truck fleets, security, and public safety vehicles. |
· | Advanced Devices — The various operations that comprise this segment were aggregated on the basis that no single operation accounted for more than 10% of Trimble’s total revenue, operating income |
January 2, | December 28, | December 29, | ||||||||||
Fiscal Years Ended | 2009 | 2007 | 2006 | |||||||||
(in thousands) | ||||||||||||
Engineering & Construction | ||||||||||||
Revenue | $ | 741,668 | $ | 743,291 | $ | 637,118 | ||||||
Operating income | 126,014 | 174,177 | 136,157 | |||||||||
Field Solutions | ||||||||||||
Revenue | $ | 300,708 | $ | 200,614 | $ | 139,230 | ||||||
Operating income | 109,489 | 60,933 | 37,377 | |||||||||
Mobile Solutions | ||||||||||||
Revenue | $ | 167,113 | $ | 157,673 | $ | 60,854 | ||||||
Operating income | 11,328 | 12,517 | 2,550 | |||||||||
Advanced Devices | ||||||||||||
Revenue | $ | 119,745 | $ | 120,692 | $ | 102,948 | ||||||
Operating income | 24,445 | 17,276 | 10,084 | |||||||||
Total | ||||||||||||
Revenue | $ | 1,329,234 | $ | 1,222,270 | $ | 940,150 | ||||||
Operating income | 271,276 | 264,903 | 186,168 |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | |||||||
(in thousands) | ||||||||||
Engineering & Construction | ||||||||||
Revenue | $ | 637,118 | $ | 524,461 | $ | 440,478 | ||||
Operating income before corporate allocations | 136,157 | 117,993 | 79,505 | |||||||
Accounts receivable | 127,567 | 105,980 | 90,743 | |||||||
Inventories | 82,827 | 80,590 | 65,116 | |||||||
Goodwill | 296,597 | 229,176 | 238,801 | |||||||
Field Solutions | ||||||||||
Revenue | $ | 139,230 | $ | 127,843 | $ | 105,591 | ||||
Operating income before corporate allocations | 37,377 | 32,527 | 25,151 | |||||||
Accounts receivable | 21,016 | 21,823 | 19,141 | |||||||
Inventories | 10,946 | 11,790 | 7,016 | |||||||
Goodwill | 1,517 | - | - | |||||||
Mobile Solutions | ||||||||||
Revenue | $ | 60,854 | $ | 31,481 | $ | 23,531 | ||||
Operating income (loss) before corporate allocations | 2,550 | (3,072 | ) | (5,997 | ) | |||||
Accounts receivable | 15,630 | 10,789 | 9,073 | |||||||
Inventories | 1,666 | 1,983 | 5,735 | |||||||
Goodwill | 63,430 | 44,118 | 7,660 | |||||||
Advanced Devices | ||||||||||
Revenue | $ | 102,948 | $ | 91,128 | $ | 99,208 | ||||
Operating income before corporate allocations | 10,084 | 13,212 | 18,746 | |||||||
Accounts receivable | 16,474 | 14,033 | 17,660 | |||||||
Inventories | 17,113 | 13,488 | 9,878 | |||||||
Goodwill | 12,966 | 12,852 | 13,061 | |||||||
Total | ||||||||||
Revenue | $ | 940,150 | $ | 774,913 | $ | 668,808 | ||||
Operating income before corporate allocations | 186,168 | 160,660 | 117,405 | |||||||
Accounts receivable (1) | 180,687 | 152,625 | 136,617 | |||||||
Inventories | 112,552 | 107,851 | 87,745 | |||||||
Goodwill | 374,510 | 286,146 | 259,522 |
Engineering & Construction | ||||||||||||
Accounts receivable | $ | 125,734 | $ | 158,913 | ||||||||
Inventories | 104,934 | 89,780 | ||||||||||
Goodwill | 363,908 | 317,886 | ||||||||||
Field Solutions | ||||||||||||
Accounts receivable | $ | 37,791 | $ | 37,294 | ||||||||
Inventories | 21,778 | 15,745 | ||||||||||
Goodwill | 10,651 | 5,224 | ||||||||||
Mobile Solutions | ||||||||||||
Accounts receivable | $ | 23,736 | $ | 25,469 | ||||||||
Inventories | 16,391 | 18,781 | ||||||||||
Goodwill | 328,721 | 337,661 | ||||||||||
Advanced Devices | ||||||||||||
Accounts receivable | $ | 17,008 | $ | 18,208 | ||||||||
Inventories | 17,790 | 18,712 | ||||||||||
Goodwill | 12,291 | 15,079 | ||||||||||
Total | ||||||||||||
Accounts receivable (1) | $ | 204,269 | $ | 239,884 | ||||||||
Inventories | 160,893 | 143,018 | ||||||||||
Goodwill | 715,571 | 675,850 |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | |||||||
(in thousands) | ||||||||||
Consolidated segment operating income | $ | 186,168 | $ | 160,660 | $ | 117,405 | ||||
Unallocated corporate expense | (35,798 | ) | (27,483 | ) | (22,901 | ) | ||||
Restructuring charges | (278 | ) | (552 | ) | ||||||
Amortization of purchased intangible assets | (13,074 | ) | (6,855 | ) | (8,327 | ) | ||||
In-process research and development | (1,930 | ) | (1,100 | ) | - | |||||
Non-operating expense, net | 12,726 | (156 | ) | (10,701 | ) | |||||
Consolidated income before income taxes | $ | 148,092 | $ | 124,788 | $ | 74,924 |
As of | December 29, 2006 | December 30, 2005 | |||||
(in thousands) | |||||||
Assets: | |||||||
Accounts receivable total for reportable segments | $ | 180,687 | $ | 152,625 | |||
Unallocated (1) | (8,679 | ) | (7,525 | ) | |||
Accounts receivable, net | $ | 172,008 | $ | 145,100 |
December 29, 2006 | December 30, 2005 | ||||||
(In thousands) | |||||||
Engineering and Construction | $ | 641,352 | $ | 529,034 | |||
Field Solutions | 139,230 | 127,843 | |||||
Mobile Solutions | 60,854 | 31,481 | |||||
Advanced Devices | 102,873 | 91,182 | |||||
Total Gross Consolidated Revenue | 944,309 | 779,540 | |||||
Eliminations | (4,159 | ) | (4,627 | ) | |||
Total External Consolidated Revenue | $ | 940,150 | $ | 774,913 |
January 2, | December 28, | December 29, | ||||||||||
Fiscal Years Ended | 2009 | 2007 | 2006 | |||||||||
(in thousands) | ||||||||||||
Consolidated segment operating income | $ | 271,276 | $ | 264,903 | $ | 186,168 | ||||||
Unallocated corporate expense | (36,284 | ) | (42,914 | ) | (35,798 | ) | ||||||
Restructuring charges | (4,641 | ) | (3,025 | ) | - | |||||||
Amortization of purchased intangible assets | (44,891 | ) | (38,585 | ) | (13,074 | ) | ||||||
In-process research and development | - | (2,112 | ) | (1,930 | ) | |||||||
Consolidated operating income | 185,460 | 178,267 | 135,366 | |||||||||
Non-operating expense, net | 6,502 | 5,489 | 12,726 | |||||||||
Consolidated income before income taxes | $ | 191,962 | $ | 183,756 | $ | 148,092 |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | |||||||
(in thousands) | ||||||||||
Revenue (1): | ||||||||||
United States | $ | 511,030 | $ | 415,443 | $ | 331,607 | ||||
Europe | 231,428 | 191,734 | 186,197 | |||||||
Asia Pacific | 112,465 | 88,315 | 86,117 | |||||||
Other Non-US Countries | 85,227 | 79,421 | 64,886 | |||||||
Total Consolidated Revenue | $ | 940,150 | $ | 774,913 | $ | 668,808 |
January 2, | December 28, | December 29, | ||||||||||
Fiscal Years Ended | 2009 | 2007 | 2006 | |||||||||
(in thousands) | ||||||||||||
Revenue (1): | ||||||||||||
United States | $ | 646,734 | $ | 608,137 | $ | 511,030 | ||||||
Europe | 333,436 | 325,888 | 231,428 | |||||||||
Asia Pacific | 182,952 | 146,545 | 112,465 | |||||||||
Other non-US countries | 166,112 | 141,700 | 85,227 | |||||||||
Total consolidated revenue | $ | 1,329,234 | $ | 1,222,270 | $ | 940,150 |
As of | December 29, 2006 | December 30, 2005 | |||||
(in thousands) | |||||||
Identifiable assets: | |||||||
United States | $ | 347,474 | $ | 295,196 | |||
Europe | 143,038 | 120,582 | |||||
Asia Pacific and Other Non-US Countries | 30,190 | 13,853 | |||||
Total Identifiable Assets | $ | 520,702 | $ | 429,631 |
January 2, | December 28, | |||||||
As of | 2009 | 2007 | ||||||
(in thousands) | ||||||||
Identifiable assets: | ||||||||
United States | $ | 441,947 | $ | 381,755 | ||||
Europe | 179,350 | 217,422 | ||||||
Asia Pacific and other non-US countries | 42,649 | 36,167 | ||||||
Total identifiable assets | $ | 663,946 | $ | 635,344 |
2008 | 2007 | 2006 | ||||||||||
(in thousands) | ||||||||||||
Severance and benefits | $ | 4,641 | $ | 3,025 | $ | - |
Balance as of December 30, 2006 | $ | 744 | ||
Acquisition related | 3,547 | |||
Charges | 3,025 | |||
Payments | (6,004 | ) | ||
Adjustment | 14 | |||
Balance as of December 28, 2007 | $ | 1,326 | ||
Acquisition related | 355 | |||
Charges | 4,641 | |||
Payments | (3,351 | ) | ||
Adjustment | (1,054 | ) | ||
Balance as of January 2, 2009 | $ | 1,917 |
As of | December 29, 2006 | December 30, 2005 | |||||
(In thousands) | |||||||
Credit Facilities: | |||||||
Term loan | $ | - | $ | - | |||
Revolving credit facility | - | - | |||||
Promissory notes and other | 481 | 649 | |||||
481 | 649 | ||||||
Less current portion of long-term debt | - | 216 | |||||
Non-current portion | $ | 481 | $ | 433 |
January 2, | December 28, | |||||||
As of | 2009 | 2007 | ||||||
(in thousands) | ||||||||
Credit Facilities: | ||||||||
Term loan | $ | - | $ | 60,000 | ||||
Revolving credit facility | 151,000 | - | ||||||
Promissory notes and other | 588 | 690 | ||||||
Total debt | 151,588 | 60,690 | ||||||
Less current portion of long-term debt | 124 | 126 | ||||||
Non-current portion | $ | 151,464 | $ | 60,564 |
Total | 2007 | 2008 | 2009 | 2010 | 2011 | 2011 and Beyond | ||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Promissory note and other | 481 | - | 115 | 366 | - | - | ||||||||||||||||
Total contractual cash obligations | $ | 481 | $ | - | $ | 115 | $ | 366 | $ | $ | - | $ | - |
Operating Lease Payments | ||||
(In thousands) | ||||
2007 | $ | 10,852 | ||
2008 | 9,318 | |||
2009 | 8,187 | |||
2010 | 6,414 | |||
2011 | 3,530 | |||
Thereafter | 3,556 | |||
Total | $ | 41,857 |
2009 | $ | 17,598 | ||
2010 | 12,084 | |||
2011 | 7,666 | |||
2012 | 5,631 | |||
2013 | 1,044 | |||
Thereafter | 156 | |||
Total | $ | 44,179 |
Carrying Amount | Fair Value | Carrying Amount | Fair Values | ||||||||||
December 29, 2006 | December 30, 2005 | ||||||||||||
As of | |||||||||||||
(In thousands) | |||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents | $ | 129,621 | $ | 129,621 | $ | 73,853 | $ | 73,853 | |||||
Forward foreign currency exchange contracts | - | - | 516 | 577 | |||||||||
Accounts receivable, net | 172,008 | 172,008 | 145,100 | 145,100 | |||||||||
Liabilities: | |||||||||||||
Credit facilities | $ | - | $ | - | $ | - | $ | - | |||||
Forward foreign currency exchange contracts | 70 | 157 | - | - | |||||||||
Promissory note and other | 481 | 406 | 649 | 562 | |||||||||
Accounts payable | 44,418 | 44,418 | 45,206 | 45,206 |
Fair Values as of January 2, 2009 | ||||||||||||||||
(in thousands) | Level I | Level II | Level III | Total | ||||||||||||
Assets | ||||||||||||||||
Money market funds (1) | $ | 16,246 | $ | - | $ | - | $ | 16,246 | ||||||||
Commercial paper (2) | - | 12,000 | - | 12,000 | ||||||||||||
Deferred compensation plan assets (3) | - | 6,679 | - | 6,679 | ||||||||||||
Derivative assets (4) | - | 627 | - | 627 | ||||||||||||
Total | $ | 16,246 | $ | 19,306 | $ | - | $ | 35,552 | ||||||||
Liabilities | ||||||||||||||||
Deferred compensation plan liabilities (3) | $ | - | $ | 6,631 | $ | - | $ | 6,631 | ||||||||
Derivative liabilities (4) | - | 1,775 | - | 1,775 | ||||||||||||
Total | $ | - | $ | 8,406 | $ | - | $ | 8,406 |
(1) | The Company may invest some of its cash and cash equivalents in highly liquid investments such as money market funds. The fair values are determined using observable quoted prices. |
(2) | The Company may invest some of its cash and cash equivalents in highly liquid investments such as commercial paper. The fair values are determined using observable quoted prices for similar assets in active markets. The Company’s investment in commercial paper is part of the Federal Deposit Insurance Corporation’s (FDIC) Temporary Liquidity Guarantee Program (TLGP), which is fully guaranteed by FDIC. |
(3) | The Company maintains a self-directed, non-qualified deferred compensation plan for certain executives and other highly compensated employees. The investment assets and liabilities included in Level II are valued using quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. |
(4) | Derivative assets and liabilities included in Level II primarily represent forward currency exchange contracts. The fair values are determined using inputs based on observable quoted prices. |
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
As of | January 2, 2009 | December 28, 2007 | ||||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 147,531 | $ | 147,531 | $ | 103,202 | $ | 103,202 | ||||||||
Forward foreign currency exchange contracts | 627 | 627 | 374 | 374 | ||||||||||||
Liabilities: | ||||||||||||||||
Credit facility | $ | 151,000 | $ | 127,754 | $ | 60,000 | $ | 49,000 | ||||||||
Forward foreign currency exchange contracts | 1,775 | 1,775 | 552 | 552 | ||||||||||||
Promissory note and other | 588 | 554 | 690 | 630 |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | |||||||
(In thousands) | ||||||||||
United States | $ | 123,800 | 99,500 | 70,000 | ||||||
Foreign | $ | 24,300 | 25,300 | 4,900 | ||||||
Total | $ | 148,100 | $ | 124,800 | 74,900 |
January 2, | December 28, | December 29, | ||||||||||
Fiscal Years Ended | 2009 | 2007 | 2006 | |||||||||
(in thousands) | ||||||||||||
United States | $ | 89,696 | $ | 126,768 | $ | 123,800 | ||||||
Foreign | 102,266 | 57,362 | 24,300 | |||||||||
Total | $ | 191,962 | $ | 184,130 | $ | 148,100 |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | |||||||
(In thousands) | ||||||||||
US Federal: | ||||||||||
Current | $ | 47,795 | $ | 36,493 | 18,196 | |||||
Deferred | (2,972 | ) | (1,534 | ) | (17,995 | ) | ||||
44,823 | 34,959 | 201 | ||||||||
US State: | ||||||||||
Current | 2,967 | 3,500 | 2,895 | |||||||
Deferred | (2,168 | ) | (2,348 | ) | (897 | ) | ||||
799 | 1,152 | 1,998 | ||||||||
Foreign: | ||||||||||
Current | (1,493 | ) | 3,102 | 3,137 | ||||||
Deferred | 305 | 720 | 1,908 | |||||||
(1,188 | ) | 3,822 | 5,045 | |||||||
Income tax provision | $ | 44,434 | $ | 39,933 | 7,244 |
The Company's income tax provision consisted of the following: | ||||||||||||
January 2, | December 28, | December 29, | ||||||||||
Fiscal Years Ended | 2009 | 2007 | 2006 | |||||||||
(in thousands) | ||||||||||||
US Federal: | ||||||||||||
Current | $ | 42,473 | $ | 48,833 | $ | 47,795 | ||||||
Deferred | (7,024 | ) | (1,658 | ) | (2,972 | ) | ||||||
35,449 | 47,175 | 44,823 | ||||||||||
US State: | ||||||||||||
Current | 5,165 | 6,374 | 2,967 | |||||||||
Deferred | (2,271 | ) | (3,669 | ) | (2,168 | ) | ||||||
2,894 | 2,705 | 799 | ||||||||||
Foreign: | ||||||||||||
Current | 13,976 | 10,403 | (1,493 | ) | ||||||||
Deferred | (1,829 | ) | 6,099 | 305 | ||||||||
12,147 | 16,502 | (1,188 | ) | |||||||||
Income tax provision | $ | 50,490 | $ | 66,382 | $ | 44,434 |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | |||||||
(In thousands) | ||||||||||
Expected tax from continuing operations at 35% in all years | $ | 51,832 | $ | 43,677 | $ | 26,223 | ||||
Change in valuation allowance | -0- | -0- | (24,004 | ) | ||||||
US State income taxes | (110 | ) | 749 | 1,299 | ||||||
Export sales incentives | (4,138 | ) | (2,316 | ) | (1,176 | ) | ||||
NonForeign components | (7,682 | ) | 3,684 | 5,134 | ||||||
US Federal research and development credit | (662 | ) | (895 | ) | (508 | ) | ||||
In process research & development | 1,046 | -0- | -0- | |||||||
Stock option compensation | 3.626 | -0- | -0- | |||||||
Benefit from repatriation legislation | (1,050 | ) | (6,445 | ) | -0- | |||||
Other | 1,572 | 1,479 | 276 | |||||||
Income tax provision | $ | 44,434 | $ | 39,933 | $ | 7,244 | ||||
Effective tax rate | 30 | % | 32 | % | 10 | % |
January 2, | December 28, | December 29, | ||||||||||
Fiscal Years Ended | 2009 | 2007 | 2006 | |||||||||
(in thousands) | ||||||||||||
Expected tax from continuing operations at 35% in all years | $ | 67,187 | $ | 64,446 | $ | 51,832 | ||||||
US State income taxes | 3,339 | 1,654 | (110 | ) | ||||||||
Export sales incentives | - | (365 | ) | (4,138 | ) | |||||||
Foreign tax rate differential | (23,553 | ) | (711 | ) | (7,682 | ) | ||||||
US Federal and California research and development credits | (3,651 | ) | (2,206 | ) | (662 | ) | ||||||
Stock option compensation | 3,550 | 3,889 | 3,626 | |||||||||
Other | 3,618 | (325 | ) | 1,568 | ||||||||
Income tax provision | $ | 50,490 | $ | 66,382 | $ | 44,434 | ||||||
Effective tax rate | 26 | % | 36 | % | 30 | % |
January 2, | December 28, | |||||||
As of | 2009 | 2007 | ||||||
(in thousands) | ||||||||
Deferred tax liabilities: | ||||||||
Purchased intangibles | $ | 64,737 | $ | 68,561 | ||||
Depreciation and amortization | 24,085 | 26,720 | ||||||
Other | 568 | 183 | ||||||
Total deferred tax liabilities | 89,390 | 95,464 | ||||||
Deferred tax assets: | ||||||||
Inventory valuation differences | 8,298 | 7,359 | ||||||
Expenses not currently deductible | 8,091 | 10,044 | ||||||
US Federal credit carryforwards | 2,314 | 2,313 | ||||||
Deferred revenue | 10,850 | 8,000 | ||||||
US State credit carryforwards | 11,350 | 10,011 | ||||||
Warranty | 2,418 | 2,177 | ||||||
US Federal net operating loss carryforward | 16,272 | 24,765 | ||||||
Net foreign tax credits on undistributed foreign earnings | 19,689 | 12,857 | ||||||
Accruals not currently deductible | 15,280 | 17,104 | ||||||
Total deferred tax assets | 94,562 | 94,630 | ||||||
Valuation allowance | (5,787 | ) | (6,471 | ) | ||||
Total deferred tax assets | 88,775 | 88,159 | ||||||
Total net deferred tax liabilities | $ | (615 | ) | $ | (7,305 | ) |
As of | December 29, 2006 | December 30, 2005 | |||||
(In thousands) | |||||||
Deferred tax liabilities: | |||||||
Purchased intangibles | $ | 25,263 | $ | 11,058 | |||
Depreciation and amortization | 21,283 | 11,711 | |||||
Other | 175 | 1,516 | |||||
Total deferred tax liabilities | 46,721 | 24,285 | |||||
Deferred tax assets: | |||||||
Inventory valuation differences | 9,469 | 8,983 | |||||
Expenses not currently deductible | 8,546 | 6,233 | |||||
US Federal credit carryforwards | -0- | -0- | |||||
Deferred revenue | 1,298 | 564 | |||||
US State credit carryforwards | 8,869 | 8,530 | |||||
Warranty | 2,738 | 2,361 | |||||
US Federal net operating losscarryforward | 2,055 | 2,669 | |||||
Net foreign tax credits on undistributed foreign earnings | 9,344 | 5,743 | |||||
Accruals not currently deductible | 8,803 | 7,452 | |||||
Total deferred tax assets | 51,121 | 42,535 | |||||
Valuation allowance | (4,254 | ) | (5,855 | ) | |||
Total deferred tax assets | 46,867 | 36,680 | |||||
Total net deferred tax assets | $ | 146 | $ | 12,395 |
(in thousands) | Federal, State and Foreign Tax | Accrued Interest and Penalties | Unrecognized Income Tax Benefits | |||||||||
Balance at December 29, 2006 | $ | 21,500 | $ | 2,200 | $ | 23,700 | ||||||
Additions for tax positions related to the current year | 2,800 | 1,000 | 3,800 | |||||||||
Additions for tax positions related to prior years | 800 | - | 800 | |||||||||
Other reductions for tax positions related to prior years | (400 | ) | (100 | ) | (500 | ) | ||||||
Foreign exchange | 600 | - | 600 | |||||||||
Balance at December 28, 2007 | $ | 25,300 | $ | 3,100 | $ | 28,400 | ||||||
Total UTBs that, if recognized, would impact the effective tax rate as of December 28, 2007 | $ | 25,300 | $ | 3,100 | $ | 28,400 | ||||||
Additions for tax positions related to the current year | 5,300 | 1,320 | 6,620 | |||||||||
Additions for tax positions related to prior years | 3,800 | - | 3800 | |||||||||
Other reductions for tax positions related to prior years | (900 | ) | (20 | ) | (920 | ) | ||||||
Foreign exchange | (600 | ) | - | (600 | ) | |||||||
Balance at January 2, 2009 | $ | 32,900 | $ | 4,400 | 37,300 | |||||||
Total UTBs that, if recognized, would impact the effective tax rate as of January 2, 2009 | $ | 32,900 | $ | 4,400 | 37,300 |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | |||||||
(in thousands) | ||||||||||
Net income | $ | 103,658 | $ | 84,855 | $ | 67,680 | ||||
Foreign currency translation adjustments, net of tax of $(108) in 2006 and $308 in 2005 | 21,709 | (24,690 | ) | 14,025 | ||||||
Net gain (loss) on hedging transactions | - | (106 | ) | 106 | ||||||
Adjustment to initially apply SFAS 158, net of tax | (136 | ) | - | - | ||||||
Net unrealized gain (loss) on investments | 3 | (34 | ) | (6 | ) | |||||
Total comprehensive income | $ | 125,234 | $ | 60,025 | $ | 81,805 |
January 2, | December 28, | December 29, | ||||||||||
Fiscal Years Ended | 2009 | 2007 | 2006 | |||||||||
(in thousands) | ||||||||||||
Net income | $ | 141,472 | $ | 117,374 | $ | 103,658 | ||||||
Foreign currency translation adjustments, net of tax of $583 in 2008 and $(636) in 2007 | (31,722 | ) | 18,655 | 21,709 | ||||||||
Net unrealized actuarial gain (loss) | 43 | (13 | ) | - | ||||||||
Net unrealized gain (loss) on investments | (392 | ) | (33 | ) | 4 | |||||||
Total comprehensive income | $ | 109,401 | $ | 135,983 | $ | 125,371 |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | |||||
(in thousands) | |||||||
Accumulated foreign currency translation adjustments | $ | 41,214 | $ | 19,504 | |||
Adjustment to initially apply FASB Statement No. 158, net of tax | (136 | ) | - | ||||
Accumulated net unrealized gain on foreign currency | 33 | 30 | |||||
Total accumulated other comprehensive income | $ | 41,111 | $ | 19,534 |
January 2, | December 28, | |||||||
Fiscal Years Ended | 2009 | 2007 | ||||||
(in thousands) | ||||||||
Accumulated foreign currency translation adjustments | $ | 28,147 | $ | 59,869 | ||||
Net unrealized loss on investments | (392 | ) | - | |||||
Net unrealized actuarial losses | (106 | ) | (149 | ) | ||||
Total accumulated other comprehensive income | $ | 27,649 | $ | 59,720 |
Options Outstanding | Options Exercisable | |||||||||||||||||||||
Weighted- | ||||||||||||||||||||||
Weighted- | Average | Weighted- | ||||||||||||||||||||
Average | Remaining | Average | ||||||||||||||||||||
Range | Number Outstanding | Exercise Price per Share | Contractual Life (Years) | Number Exercisable | Exercise Price per Share | |||||||||||||||||
(in thousands, except for per share data) | ||||||||||||||||||||||
$2.67 – $5.82 | 1,263 | $ | 5.05 | 2.78 | 1,263 | $ | 5.05 | |||||||||||||||
$6.00 – $7.85 | 281 | 6.77 | 2.30 | 281 | 6.77 | |||||||||||||||||
$8.02 – $8.50 | 1,077 | 8.50 | 4.46 | 1,078 | 8.50 | |||||||||||||||||
$8.77 – $14.53 | 1534 | 13.65 | 4.78 | 1305 | 13.56 | |||||||||||||||||
$14.56 – $17.00 | 1,514 | 16.59 | 6.58 | 967 | 16.49 | |||||||||||||||||
$17.06 – $19.78 | 339 | 18.66 | 6.44 | 247 | 18.73 | |||||||||||||||||
$19.96 | 1,280 | 19.96 | 6.77 | - | - | |||||||||||||||||
$20.04 – $23.36 | 227 | 21.80 | 6.87 | 154 | 21.91 | |||||||||||||||||
$23.44 | 1,206 | 23.44 | 4.74 | 499 | 23.44 | |||||||||||||||||
$23.55 – $40.59 | 1,735 | 32.96 | 6.07 | 200 | 30.00 | |||||||||||||||||
Total | 10,456 | $ | 17.76 | 5.25 | 5,994 | $ | 12.81 |
Options Outstanding | Options Exercisable | |||||||||||||||
Range | Number Outstanding | Weighted- Average Exercise Price per Share | Weighted- Average Remaining Contractual Life (Years) | Number Exercisable | Weighted- Average Exercise Price per Share | |||||||||||
$ 2.67 - 4.27 | 1,198,584 | $ | 3.40 | 2.84 | 1,151,164 | $ | 3.38 | |||||||||
4.40 - 5.45 | 1,137,822 | 5.08 | 5.38 | 962,556 | 5.08 | |||||||||||
5.60 - 6.50 | 1,185,640 | 5.88 | 4.04 | 1,185,640 | 5.88 | |||||||||||
6.52 - 8.02 | 251,048 | 7.29 | 4.84 | 238,928 | 7.29 | |||||||||||
8.50 | 1,468,152 | 8.5 | 6.55 | 832,356 | 8.5 | |||||||||||
8.78 - 13.71 | 1,144,950 | 12.44 | 5.03 | 922,590 | 12.82 | |||||||||||
13.78 | 4,350 | 13.78 | 7.07 | 600 | 13.78 | |||||||||||
14.53 | 1,244,334 | 14.53 | 7.81 | 457,570 | 14.53 | |||||||||||
15.29 - 16.53 | 525,700 | 15.98 | 8.04 | 204,620 | 15.99 | |||||||||||
17.00 - 25.48 | 3,147,600 | 20.41 | 7.95 | 356,744 | 17.80 | |||||||||||
Total | 11,308,180 | $ | 12.04 | 6.18 | 6,312,768 | $ | 8.35 |
Number Of Shares | Weighted- Average Exercise Price per Share | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | ||||||||||
Options Outstanding | 11,308,180 | $ | 12.04 | 6.2 | $ | 150,669 | |||||||
Options Outstanding and Expected to Vest | 10,977,900 | 11.84 | 6.1 | 148,469 | |||||||||
Options Exercisable | 6,312,768 | 8.35 | 5.1 | 107,456 |
Number Of Shares (in thousands) | Weighted- Average Exercise Price per Share | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | ||||||||||
Options outstanding | 10,456 | $ | 17.76 | 5.27 | $ | 67,317 | |||||||
Options outstanding and expected to vest | 9,696 | 17.26 | 5.20 | 65,915 | |||||||||
Options exercisable | 5,594 | 12.81 | 4.60 | 59,012 |
Options | Weighted average exercise price | |||||||
(in thousands, except for per share data) | ||||||||
Outstanding at beginning of year | 10,123 | $ | 15.88 | |||||
Granted | 1,998 | 23.32 | ||||||
Assumed from @Road | - | - | ||||||
Exercised | (1,262 | ) | 9.99 | |||||
Cancelled | (403 | ) | 22.49 | |||||
Outstanding at end of year | 10,456 | $ | 17.76 | |||||
Available for grant | 1,934 |
December 29, 2006 | December 30, 2005 | December 31, 2004 | |||||||||||||||||
Fiscal Years Ended | Options | Weighted average exercise price | Options | Weighted average exercise price | Options | Weighted average exercise price | |||||||||||||
(In thousands, except for per share data) | |||||||||||||||||||
Outstanding at beginning of year | 12,828 | $ | 9.35 | 13,442 | $ | 8.05 | 15,202 | $ | 6.81 | ||||||||||
Granted | 1,744 | 22.94 | 1,748 | 17.05 | 2,238 | 14.1 | |||||||||||||
Exercised | (3,082 | ) | 6.95 | (2,120 | ) | 7.37 | (3,420 | ) | 6.46 | ||||||||||
Cancelled | (178 | ) | 12.99 | (242 | ) | 10.20 | (578 | ) | 8.28 | ||||||||||
Outstanding at end of year | 11,308 | 12.04 | 12,828 | 9.35 | 13,442 | 8.05 | |||||||||||||
Available for grant | 4,460 | 3,026 | 4,550 | ||||||||||||||||
Weighted-average fair value of options granted during year | $ | 8.04 | $ | 7.27 | $ | 6.93 |
Restricted Stock Units | Weighted Average Grant-Date Fair Value | |||||||
(in thousands, except for per share data) | ||||||||
Nonvested at beginning of year | 63 | $ | 40.55 | |||||
Granted | 99 | $ | 20.19 | |||||
Vested | - | - | ||||||
Cancelled | (6 | ) | $ | 38.56 | ||||
Nonvested at end of year | 156 | $ | 27.78 |
At December 29. 2006 | ||||||||||
Prior to Application of SFAS 158 | Effect of Application of SFAS 158 | As Reported at December 29. 2006 | ||||||||
(in thousands) | ||||||||||
Intangible asset (pension) | $ | 82 | $ | (82 | ) | $ | - | |||
Total assets | 978,513 | (82 | ) | 978,431 | ||||||
Current accrued pension liability | - | 218 | 218 | |||||||
Non-current accrued pension liability | 6,594 | 22 | 6,616 | |||||||
Deferred income taxes | 4,629 | (104 | ) | 4,525 | ||||||
Total liabilities | 230,630 | 136 | 230,766 | |||||||
Accumulated other comprehensive income | 41,128 | (17 | ) | 41,111 | ||||||
Total shareholders’ equity | 747,682 | (17 | ) | 747,665 |
Fiscal Years Ended | January 2, 2009 | December 28, 2007 | ||||||
(in thousands) | ||||||||
Current accrued pension liability | $ | 140 | $ | 276 | ||||
Non-current accrued pension liability | 5,439 | 6,646 | ||||||
Unrecognized actuarial loss | (106 | ) | (149 | ) |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | |||||
(in thousands) | |||||||
Change in benefit obligation: | |||||||
Benefit obligation at beginning of year | $ | 6,929 | $ | 7,208 | |||
Adjustment to include benefit obligation for the Netherlands subsidiary (1) | 1,412 | - | |||||
Benefit obligation at beginning of year (restated) | 8,341 | $ | 7,208 | ||||
Service cost | 323 | 90 | |||||
Interest cost | 396 | 270 | |||||
Benefits paid | (311 | ) | (312 | ) | |||
Foreign exchange impact | 1,253 | (1,145 | ) | ||||
Actuarial (gains) losses | (268 | ) | 818 | ||||
Benefit obligation at end of year | 9,734 | 6,929 | |||||
Change in plan assets: | |||||||
Fair value of plan assets at beginning of year | 980 | 1,088 | |||||
Adjustment to include fair value of plan assets for the Netherlands subsidiary (1) | 1,242 | - | |||||
Fair value of plan assets at beginning of year (restated) | 2,222 | 1,088 | |||||
Actual return on plan assets | 106 | 36 | |||||
Employer contribution | 455 | 339 | |||||
Plan participants’ contributions | - | - | |||||
Benefits paid | (311 | ) | (312 | ) | |||
Foreign exchange impact | 428 | (172 | ) | ||||
Fair value of plan assets at end of year | 2,900 | 980 | |||||
Benefit obligation in excess of plan assets at end of year | $ | 6,834 | $ | 5,949 | |||
Current portion (included in accrued compensation and benefits) | 218 | - | |||||
Non-current portion (included in other non-current liabilities) | 6,616 | 5,529 |
Fiscal Years Ended | January 2, 2009 | December 28, 2007 | ||||||
(in thousands) | ||||||||
Change in benefit obligation: | ||||||||
Benefit obligation at beginning of year | $ | 10,231 | $ | 9,398 | ||||
Adjustment to (exclude)/include benefit obligation for the Netherlands subsidiary* | (2,334 | ) | 336 | |||||
Benefit obligation at beginning of year (restated) | 7,897 | 9,734 | ||||||
Service cost | 33 | 411 | ||||||
Interest cost | 337 | 460 | ||||||
Benefits paid | (303 | ) | (359 | ) | ||||
Foreign exchange impact | (963 | ) | 173 | |||||
Actuarial (gains) losses | (62 | ) | (188 | ) | ||||
Benefit obligation at end of year | 6,939 | 10,231 | ||||||
Change in plan assets: | ||||||||
Fair value of plan assets at beginning of year | 3,309 | 2,913 | ||||||
Adjustment to include fair value of plan assets for the Netherlands subsidiary | (1,984 | ) | (13 | ) | ||||
Fair value of plan assets at beginning of year (restated) | 1,325 | 2,900 | ||||||
Actual return on plan assets | 38 | (92 | ) | |||||
Employer contribution | 68 | 355 | ||||||
Plan participants’ contributions | - | - | ||||||
Benefits paid | (59 | ) | (123 | ) | ||||
Foreign exchange impact | (12 | ) | 269 | |||||
Fair value of plan assets at end of year | 1,360 | 3,309 | ||||||
Benefit obligation in excess of plan assets at end of year | $ | 5,579 | $ | 6,922 | ||||
Current portion (included in accrued compensation and benefits) | 140 | 276 | ||||||
Non-current portion (included in other non-current liabilities) | 5,439 | 6,646 |
Swedish Subsidiary | German Subsidiaries | Netherlands Subsidiary | |
Discount rate | 4.5% | 4.3% | 4.0% |
Rate of compensation increase | 2.0% | 2.0% | 2.0% |
Measurement Date | 12/29/06 | 12/29/06 | 12/29/06 |
Swedish Subsidiary | German Subsidiaries | |||||||
Discount rate | 4.8 | % | 6.5 | % | ||||
Rate of compensation increase | 2.0 | % | 2.0 | % | ||||
Measurement Date | 1/2/2009 | 1/2/2009 |
Expected Benefit Payments | ||||
(In thousands) | ||||
2007 | $ | 320 | ||
2008 | $ | 380 | ||
2009 | $ | 461 | ||
2010 | $ | 529 | ||
2011 | $ | 558 | ||
2012-2016 | $ | 3,040 | ||
Total | $ | 5,288 |
2009 | $ | 390 | |||
2010 | 422 | ||||
2011 | 431 | ||||
2012 | 434 | ||||
2013 | 465 | ||||
Thereafter | 6,457 | ||||
Total | $ | 8,599 |
Fiscal Years Ended | December 29, 2006 | December 30, 2005 | December 31, 2004 | |||||||
(in thousands) | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||
Interest paid | $ | 8 | $ | 1,081 | $ | 3,142 | ||||
Income taxes paid | $ | 36,000 | $ | 8,938 | $ | 6,694 | ||||
Significant non-cash investing activities: | ||||||||||
Issuance of shares related to acquisition related earn-out payments | $ | - | $ | - | $ | 1,798 |
January 2, | December 28, | December 29, | ||||||||||
Fiscal Years Ended | 2009 | 2007 | 2006 | |||||||||
(in thousands) | ||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Interest paid | $ | 2,451 | $ | 6,250 | $ | 8 | ||||||
Income taxes paid | $ | 73,756 | $ | 35,170 | $ | 36,000 | ||||||
Significant non-cash investing activities: | ||||||||||||
Issuance of shares to acquire @Road | $ | - | $ | 161,947 | $ | - | ||||||
March 28, | June 27, | September 26, | January 2, | |||||||||||||
Fiscal period ended | 2008 | 2008 | 2008 | 2009 | ||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Revenue | $ | 355,296 | $ | 377,767 | $ | 328,087 | $ | 268,084 | ||||||||
Gross margin | 174,376 | 187,099 | 165,623 | 122,038 | ||||||||||||
Net income | 40,067 | 48,599 | 39,067 | 13,739 | ||||||||||||
Basic net income per share | 0.33 | 0.40 | 0.32 | 0.12 | ||||||||||||
Diluted net income per share | 0.32 | 0.39 | 0.31 | 0.11 |
March 30, | June 29, | September 28, | December 28, | |||||||||||||
Fiscal period ended | 2007 | 2007 | 2007 | 2007 | ||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Revenue | $ | 285,732 | $ | 327,732 | $ | 296,023 | $ | 312,783 | ||||||||
Gross margin | 143,130 | 167,169 | 146,940 | 155,666 | ||||||||||||
Net income | 28,683 | 35,026 | 27,374 | 26,291 | ||||||||||||
Basic net income per share | 0.25 | 0.29 | 0.23 | 0.22 | ||||||||||||
Diluted net income per share | 0.24 | 0.28 | 0.22 | 0.21 |
Fiscal period ended | March 31, 2006 | June 30, 2006 | September 29, 2006 | December 29, 2006 | |||||||||
(in thousands, except per share data) | |||||||||||||
Revenue | $ | 225,854 | $ | 245,326 | $ | 234,851 | $ | 234,120 | |||||
Gross margin | 107,463 | 121,656 | 116,191 | 115,771 | |||||||||
Net income | 25,828 | 28,503 | 25,342 | 23,983 | |||||||||
Basic net income per share | 0.24 | 0.26 | 0.23 | 0.22 | |||||||||
Diluted net income per share | 0.23 | 0.25 | 0.22 | 0.21 |
Fiscal period ended | April 1, 2005 | July 1, 2005 | September 30, 2005 | December 30, 2005 | |||||||||
(in thousands, except per share data) | |||||||||||||
Revenue | $ | 195,383 | $ | 204,225 | $ | 188,484 | $ | 186,821 | |||||
Gross margin | 97,807 | 102,407 | 97,292 | 92,299 | |||||||||
Net income | 17,439 | 23,787 | 20,236 | 23,393 | |||||||||
Basic net income per share | 0.17 | 0.23 | 0.19 | 0.22 | |||||||||
Diluted net income per share | 0.16 | 0.21 | 0.18 | 0.21 |
(a) (1) Financial Statements |
Page in this Annual Reporton | ||||
Consolidated Balance Sheets at | 46 | |||
Consolidated Statements of Income for | 47 | |||
Consolidated Statement of Shareholders’ Equity for | 48 | |||
Consolidated Statements of Cash Flows for | 49 | |||
Notes to Consolidated Financial Statements | 50 | |||
Reports of Independent Registered Public Accounting Firm | 85 |
(2) Financial Statement Schedules |
Page in this Annual Report on Form 10-K | ||||
Schedule II | S-1 |
(b) Exhibits |
3.1 | Restated Articles of Incorporation of the Company filed June 25, 1986. (5) | |
3.2 | Certificate of Amendment of Articles of Incorporation of the Company filed October 6, 1988. (6) | |
3.3 | Certificate of Amendment of Articles of Incorporation of the Company filed July 18, 1990. (7) | |
3.4 | Certificate of Determination of the Company filed February 19, 1999. (8) | |
3.5 | Certificate of Amendment of Articles of Incorporation of the Company filed May 29, 2003. | |
3.6 | Certificate of Amendment of Articles of Incorporation of the Company filed March 4, 2004. | |
3.7 | Certificate of Amendment of Articles of Incorporation of the Company filed February 21, 2007. (23) | |
3.8 | Bylaws of the Company (amended and restated through July 20, 2006). | |
4.1 | Specimen copy of certificate for shares of Common Stock of the Company. (1) | |
4.2 | Preferred Shares Rights Agreement dated as of February 18, 1999. (4) | |
4.3 | Agreement of Substitution and Amendment of Preferred Shares Rights Agreement dated September 10, 2004. |
10.1+ | Form of Indemnification Agreement between the Company and its officers and directors. |
10. 2+ | 1990 Director Stock Option Plan, as amended, and form of Outside Director Non-statutory Stock Option Agreement. (3) | |
10.3+ | 1992 Management Discount Stock Option and form of Non-statutory Stock Option Agreement. (2) | |
10.4+ | 1993 Stock Option Plan, as amended October 24, 2003. (11) | |
10.5+ | Trimble Navigation 1988 Employee Stock Purchase Plan, as amended January 17, 2007. | |
10.6+ | Employment Agreement between the Company and Steven W. Berglund dated March 17, 1999. (9) | |
10.7+ | Trimble Navigation Limited Deferred Compensation Plan effective December 30, 2004, as amended | |
10.8+ | Australian Addendum to the Trimble Navigation Limited 1988 Employee Stock Purchase Plan. (12) | |
10.9+ | Trimble Navigation Limited 2002 Stock Plan (as amended and restated | |
10.10 | Amended and Restated Credit Agreement dated February 16, 2007 (amending and restating the Credit Agreement dated as of July 28, | |
10.11+ | Employment Agreement between the Company and Rajat Bahri dated December 6, 2004. | |
10.12+ | Board of Directors Compensation Policy effective | |
10.13+ | ||
10.14+ | ||
10.15+ | ||
10.16 | Lease dated May 11, 2005 between CarrAmerica Realty Operating Partnership, L.P. and the Company. | |
10.17+ | Trimble Navigation Limited 2007 Management Incentive Plan Description. | |
10.18+ | @Road, Inc. 2000 Stock Option | |
10.19 | Amendment No. 1 to the Amended and Restated Credit Agreement. (27) | |
10.20+ | Trimble Navigation Limited Annual Management Incentive Plan Description. (21) | |
21.1 | Subsidiaries of the Company. | |
23.1 | Consent of | |
24.1 | Power of Attorney included on signature page herein. | |
31.1 | Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2 | Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1 | Certification of CEO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2 | Certification of CFO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
+ | Management contract or compensatory plan or | |
(1) | Incorporated by reference to exhibit number 4.1 to the Company’s Registration Statement on Form S-1, as amended (File No. 33-35333), which became effective July 19, 1990. | |
(2) | Incorporated by reference exhibit number 10.46 to the Company’s Registration Statement on Form S-1 (File No. 33-45990), which was filed February 25, 1992. | |
(3) | Incorporated by reference to exhibit number 10.32 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1993. | |
(4) | Incorporated by reference to exhibit number 1 to the Company’s Registration Statement on Form 8-A, which was filed on February 18, 1999. | |
(5) | Incorporated by reference to exhibit number 3.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 1999. | |
(6) | Incorporated by reference to exhibit number 3.2 to the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 1999. | |
(7) | Incorporated by reference to exhibit number 3.3 to the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 1999. | |
(8) | Incorporated by reference to exhibit number 3.4 to the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 1999. | |
(9) | Incorporated by reference to exhibit number 10.67 to the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 1999. | |
(10) | Incorporated by reference to exhibit number |
(11) | Incorporated by reference to exhibit number 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 3, 2003. |
(12) | Incorporated by reference to exhibit number 10.77 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2000. | |
(13) | ||
Incorporated by reference to exhibit number 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended | ||
(14) | Incorporated by reference to exhibit number 3.5 to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 4, 2003. | |
(15) | Incorporated by reference to exhibit number 3.7 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 29, 2006. | |
(16) | Incorporated by reference to exhibit number 3.6 to the Company’s Quarterly Report on Form 10-Q for the quarter ended April 2, 2004. | |
(17) | Incorporated by reference to exhibit number 4.3 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2004. | |
(18) | Incorporated by reference to exhibit number 10.13 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2004. | |
(19) | Incorporated by reference to exhibit number 10.1 to the Company’s Annual Report on Form 10-K for the year ended December | |
(20) | Incorporated by reference to exhibit number 10.1 to the Company’s Current Report on Form 8-K filed on January 30, | |
Incorporated by reference to exhibit number 10.1 to the Company’s Current Report on Form 8-K filed on April 24, 2008. | ||
(22) | Incorporated by reference to exhibit number 10.17 to the Company’s Annual Report on Form 10-K for the year ended December 30, 2005. | |
Incorporated by reference to exhibit number 3.7 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2007. | ||
(24) | Incorporated by reference to exhibit number 10.19 to the Company’s Annual Report on Form 10-K for the year ended December 29, 2006. | |
(25) | Incorporated by reference to exhibit 10.5 to the Company’s Annual Report on Form 10-K for the year ended December 29, 2006. | |
(26) | Incorporated by reference to exhibit 10.12 to the Company’s Annual Report on Form 10-K for the year ended December 28, 2007. | |
(27) | Filed herewith. |
3.1 | Restated Articles of Incorporation of the Company filed June 25, 1986. (5) | ||
3.2 | Certificate of Amendment of Articles of Incorporation of the Company filed October 6, 1988. (6) | ||
3.3 | Certificate of Amendment of Articles of Incorporation of the Company filed July 18, 1990. (7) | ||
3.4 | Certificate of Determination of the Company filed February 19, 1999. (8) | ||
3.5 | Certificate of Amendment of Articles of Incorporation of the Company filed May 29, 2003. | ||
3.6 | Certificate of Amendment of Articles of Incorporation of the Company filed March 4, 2004. | ||
3.7 | Certificate of Amendment of Articles of Incorporation of the Company filed February 21, 2007. (23) | ||
3.8 | Bylaws of the Company (amended and restated through July 20, 2006). | ||
4.1 | Specimen copy of certificate for shares of Common Stock of the Company. (1) | ||
4.2 | Preferred Shares Rights Agreement dated as of February 18, 1999. (4) | ||
4.3 | Agreement of Substitution and Amendment of Preferred Shares Rights Agreement dated September 10, 2004. | ||
10.1+ | Form of Indemnification Agreement between the Company and its officers and directors. | ||
10. 2+ | 1990 Director Stock Option Plan, as amended, and form of Outside Director Non-statutory Stock Option Agreement. (3) | ||
10.3+ | 1992 Management Discount Stock Option and form of Non-statutory Stock Option Agreement. (2) | ||
10.4+ | 1993 Stock Option Plan, as amended October 24, 2003. (11) | ||
Trimble Navigation 1988 Employee Stock Purchase Plan, as amended January 17, 2007. | |||
10.6+ | Employment Agreement between the Company and Steven W. Berglund dated March 17, 1999. (9) | ||
10.7+ | Trimble Navigation Limited Deferred Compensation Plan effective December 30, 2004, as amended | ||
10.8+ | Australian Addendum to the Trimble Navigation Limited 1988 Employee Stock Purchase Plan. (12) | ||
Trimble Navigation Limited 2002 Stock Plan (as amended and restated | |||
10.10 | Amended and Restated Credit Agreement dated February 16, 2007 (amending and restating the Credit Agreement dated as of July 28, | ||
10.11+ | Employment Agreement between the Company and Rajat Bahri dated December 6, 2004. | ||
10.12+ | Board of Directors Compensation Policy effective | ||
10.16 | Lease dated May 11, 2005 between CarrAmerica Realty Operating Partnership, L.P. and the Company. | ||
10.17+ | Trimble Navigation Limited 2007 Management Incentive Plan Description. | ||
10.18+ | @Road, Inc. 2000 Stock Option | ||
Amendment No. 1 to the Amended and Restated Credit Agreement. (27) | |||
10.20+ | Trimble Navigation Limited Annual Management Incentive Plan Description. (21) | ||
Subsidiaries of the Company. | |||
Consent of | |||
24.1 | Power of Attorney included on signature page herein. | ||
Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||
Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||
Certification of CEO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||
Certification of CFO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
+ | Management contract or compensatory plan or | |
(1) | Incorporated by reference to exhibit number 4.1 to the Company’s Registration Statement on Form S-1, as amended (File No. 33-35333), which became effective July 19, 1990. |
(2) | Incorporated by reference exhibit number 10.46 to the Company’s Registration Statement on Form S-1 (File No. 33-45990), which was filed February 25, 1992. | |
(3) | Incorporated by reference to exhibit number 10.32 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1993. | |
(4) | Incorporated by reference to exhibit number 1 to the Company’s Registration Statement on Form 8-A, which was filed on February 18, 1999. | |
(5) | Incorporated by reference to exhibit number 3.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 1999. | |
(6) | Incorporated by reference to exhibit number 3.2 to the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 1999. | |
(7) | Incorporated by reference to exhibit number 3.3 to the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 1999. | |
(8) | Incorporated by reference to exhibit number 3.4 to the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 1999. | |
(9) | Incorporated by reference to exhibit number 10.67 to the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 1999. | |
(10) | Incorporated by reference to exhibit number | |
(11) | Incorporated by reference to exhibit number 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 3, 2003. | |
(12) | Incorporated by reference to exhibit number 10.77 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2000. | |
(13) | ||
Incorporated by reference to exhibit number 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended | ||
(14) | Incorporated by reference to exhibit number 3.5 to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 4, 2003. | |
(15) | Incorporated by reference to exhibit number 3.7 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 29, 2006. | |
(16) | Incorporated by reference to exhibit number 3.6 to the Company’s Quarterly Report on Form 10-Q for the quarter ended April 2, 2004. | |
(17) | Incorporated by reference to exhibit number 4.3 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2004. | |
(18) | Incorporated by reference to exhibit number 10.13 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2004. | |
(19) | Incorporated by reference to exhibit number 10.1 to the Company’s Annual Report on Form 10-K for the year ended December | |
(20) | Incorporated by reference to exhibit number 10.1 to the Company’s Current Report on Form 8-K filed on January 30, | |
Incorporated by reference to exhibit number 10.1 to the Company’s Current Report on Form 8-K filed on April 24, 2008. | ||
(22) | Incorporated by reference to exhibit number 10.17 to the Company’s Annual Report on Form 10-K for the year ended December 30, 2005. | |
Incorporated by reference to exhibit number 3.7 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2007. | ||
(24) | Incorporated by reference to exhibit number 10.19 to the Company’s Annual Report on Form 10-K for the year ended December 29, 2006. | |
(25) | Incorporated by reference to exhibit 10.5 to the Company’s Annual Report on Form 10-K for the year ended December 29, 2006. | |
(26) | Incorporated by reference to exhibit 10.12 to the Company’s Annual Report on Form 10-K for the year ended December 28, 2007. | |
(27) | Filed herewith. |
Signature | Capacity in which Signed | |||
/s/ Steven W. Berglund | President, Chief Executive Officer, Director | February | ||
Steven W. Berglund | ||||
/s/ Rajat Bahri | Chief Financial Officer and Assistant | February | ||
Rajat Bahri | Secretary (Principal Financial | |||
/s/ Julie Shepard | Vice President of Finance and | February 27, 2009 | ||
Julie Shepard | Principal Accounting Officer | |||
Director | ||||
John B. Goodrich | ||||
/s/ William Hart | Director | March 2, 2009 | ||
William Hart | ||||
/s/ Ulf J. Johansson | Director | March 2, 2009 | ||
Ulf J. Johansson | ||||
/s/ Bradford W. Parkinson | Director | February 25, 2009 | ||
Bradford W. Parkinson | ||||
Director | ||||
Nickolas W. Vande Steeg | ||||
/s/ | Director | February | ||
Merit E. Janow |
Allowance for doubtful accounts: | January 2, 2009 | December 28, 2007 | December 29, 2006 | |||||||||
Balance at beginning of period | $ | 5,221 | $ | 4,063 | $ | 5,230 | ||||||
Acquired allowance | 131 | 1,812 | 494 | |||||||||
Bad debt expense | 2,667 | 1,303 | 163 | |||||||||
Write-offs, net of recoveries | (2,020 | ) | (1,957 | ) | (1,824 | ) | ||||||
Balance at end of period | $ | 5,999 | $ | 5,221 | $ | 4,063 | ||||||
Inventory allowance: | ||||||||||||
Balance at beginning of period | $ | 29,626 | $ | 28,582 | $ | 23,238 | ||||||
Acquired allowance | 1,720 | 560 | 1 | |||||||||
Additions to allowance | 4,892 | 4,524 | 7,061 | |||||||||
Write-offs, net of recoveries | (6,481 | ) | (4,040 | ) | (1,718 | ) | ||||||
Balance at end of period | $ | 29,757 | $ | 29,626 | $ | 28,582 | ||||||
Sales return reserve: | ||||||||||||
Balance at beginning of period | $ | 1,684 | $ | 859 | $ | 1,500 | ||||||
Acquired allowance | - | 295 | 55 | |||||||||
Additions (Reductions) to allowance | 162 | 465 | (586 | ) | ||||||||
Write-offs, net of recoveries | (27 | ) | 64 | (110 | ) | |||||||
Balance at end of period | $ | 1,819 | $ | 1,683 | $ | 859 |
Allowance for doubtful accounts: | December 29, 2006 | December 30, 2005 | December 31, 2005 | |||||||
Balance at beginning of period | $ | 5,230 | $ | 8,952 | $ | 9,953 | ||||
Acquired allowance | 494 | 237 | 116 | |||||||
Bad debt expense | 163 | 502 | 1,210 | |||||||
Write-offs, net of recoveries | (1,824 | ) | (3,459 | ) | (2,327 | ) | ||||
Balance at end of period | $ | 4,063 | $ | 5,230 | $ | 8,952 | ||||
Inventory allowance: | ||||||||||
Balance at beginning of period | $ | 23,238 | $ | 26,217 | $ | 25,885 | ||||
Acquired allowance | 1 | 357 | 591 | |||||||
Additions to allowance | 7,061 | 5,612 | 3,765 | |||||||
Write-offs, net of recoveries | (1,718 | ) | (8,948 | ) | (4,024 | ) | ||||
Balance at end of period | $ | 28,582 | $ | 23,238 | $ | 26,217 | ||||
Sales return reserve: | ||||||||||
Balance at beginning of period | $ | 1,500 | $ | 2,210 | $ | 3,252 | ||||
Acquired allowance | 55 | 21 | - | |||||||
Additions (Reductions) to allowance | (586 | ) | (383 | ) | (809 | ) | ||||
Write-offs, net of recoveries | (110 | ) | (348 | ) | (233 | ) | ||||
Balance at end of period | $ | 859 | $ | 1,500 | $ | 2,210 |