Intermec, Inc. 6001 36Pth Avenue West Everett, WA 98203-1264 HTUwww.intermec.comUTH |
FOR IMMEDIATE RELEASE
Contact:
Kevin McCarty
Vice President, Corporate Development &
Investor Relations
Intermec, Inc.
425-265-2472
HTUkevin.mccarty@intermec.comUTH
INTERMEC REPORTS THIRD QUARTER 2010 RESULTS
§ | Q3 Revenue of $169 Million, up 6% Y/Y, up 5% Q/Q |
§ | Q3 Earnings Before Tax of $2.3M; Non-GAAP Earnings Before Tax of $4.1M |
§ | Q3 Positive Cash Flow From Operations of $5.7M |
EVERETT, Wash. – October 28, 2010 – Intermec, Inc. (NYSE: IN) today announced financial results for its third quarter, which ended September 26, 2010.
Third quarter 2010 revenues were $169 million and earnings before tax were $2.3 million. The Company recorded a $9.2 million primarily non-cash tax expense in the quarter to align its year-to-date provision with updated fiscal-year 2010 revenue and income estimates, as further described below. This resulted in a third quarter net loss of ($6.9) million, or ($0.11) per diluted share, compared to 2009 third quarter revenues of $159 million and a net income of $0.1 million, or $0.00 per diluted share.
“Third quarter revenue and operating margins met our expectations due to continued strength in international markets and gradual recovery in the North America region. Our new products and service offerings and channel programs continue to make progress and position the company for long-term growth,” said Patrick J. Byrne, Intermec President and CEO.
The following table presents our GAAP earnings before taxes, net loss, and diluted loss per share as reported for the third quarters of 2010 and 2009, and as adjusted by excluding restructuring charges.
Quarter Ended September 26, 2010 | Quarter Ended September 27, 2009 | |||||||||||||||||||||||
($ in millions, except per share amounts) | Earnings from operations before taxes | Net (loss) earnings | Diluted (loss) earnings per share | Earnings from operations before taxes | Net earnings | Diluted earnings per share | ||||||||||||||||||
Earnings (loss) as reported | $ | 2.3 | $ | (6.9 | ) | $ | (0.11 | ) | $ | 0.1 | $ | 0.1 | $ | 0.00 | ||||||||||
Restructuring charges | $ | 1.8 | $ | 1.2 | $ | 0.02 | $ | 2.7 | $ | 1.7 | $ | 0.03 | ||||||||||||
Earnings (loss) as adjusted | $ | 4.1 | $ | (5.7 | ) | $ | (0.09 | ) | $ | 2.8 | $ | 1.8 | $ | 0.03 |
Excluding the restructuring charges, the non-GAAP net loss for the third quarter of 2010 was ($5.7) million, or ($0.09) per diluted share, as described in the Reconciliation of GAAP to Non-GAAP net earnings financial measures section of this release.
Tax Expenses
The $9.2 million tax expense in the quarter is primarily non-cash. There are three main factors that drove the third quarter tax provision:
§ | The Company reversed tax benefits recorded in Q1 and Q2, which were based on then-current estimates of fiscal-year 2010 revenue and earnings. Combined with tax on earnings in the third quarter, this year-to-date true-up is a non-cash tax expense of approximately $6.2 million. |
§ | The Company recorded a non-cash tax expense of approximately $2 million related to the establishment of an offshore headquarters for our supply chain operations and foreign sales activities. |
§ | The Company’s foreign sales office profits are taxed separately in those countries, resulting in cash tax expense of approximately $1 million for the quarter. |
The Company expects that as profitability increases, additional pre-tax income will lower its total tax rate to normal levels.
Product and Service Introductions
§ | Intermec introduced the CS40 mobile computer, an innovative new product that has a small lightweight form factor. It combines compact ruggedness with advanced data capture capabilities and a robust software environment required for line-of-business applications. The CS40 is targeted at the merchandising, field service and transportation markets. It is fully compatible with Intermec’s printers, peripherals, SkynaxTM software, Smart Systems™ foundation, and IN Control™ managed services, enabling ease of configuration and effective deployment and support. |
§ | Intermec acquired SkynaxTM, which provides software for secure mobile communications and data management. SkynaxTM software reduces the deployment time and life-cycle management costs of mobile computing systems. |
§ | Intermec launched INcontrolTM services, the Company’s new managed services offerings. Utilizing a hosted web-based platform, INcontrolTM enables customers to outsource the day-to-day task of managing mobile devices to Intermec or its partners. |
§ | In a joint development, Intermec and Seattle-based RAF technologies, a leader in intelligent information extraction and data verification solutions, have introduced VERDEXTM software. VERDEXTM targets the Courier Express Parcel market and provides mobile address verification and correction capability exclusively on Intermec mobile computers. |
Other Business Activities
§ | The local government in Brazil's Rio Norte region will begin implementing its electronic vehicle registration system based on RFID sticker tags supplied by Intermec. Intermec received the initial order comprised of fixed RFID readers, handheld RFID readers, CN3 rugged mobile computers’ and RFID tags. |
§ | The Company added new North America distribution partners, Ingram Micro and Bluestar, to increase Intermec’s market reach and presence. |
§ | Intermec’s Asia Pacific (APAC) Partner Summit was held in Taiwan during September. The Summit launched the Company’s APAC PartnerNet Program, which was deployed in the Americas and EMEA earlier in the year. |
Third Quarter 2010 Operating Performance
§ | Total revenue of $169 million increased 6% from the prior-year quarter, and was up 9% when adjusted for currency translation. |
§ | Geographically, compared to the prior-year quarter, revenues in North America declined 6%; excluding U.S. government sales, the region increased approximately 4%. In Europe, Middle East and Africa (EMEA) revenues increased 11%, up 21% in constant currency. The rest of world improved by 41%, led by Latin America’s increase of 62% and APAC growth of 13%. |
§ | Systems and Solutions revenue grew 6%, Printer and Media revenue increased 10% and Service revenue was up 4%, all as compared to the prior-year quarter. |
§ | Gross profit margins of 38.8% increased 0.2 percentage points compared to the prior-year quarter. Product gross margins of 37.9% increased 0.9 percentage points while service gross margins of 42.2% decreased 2.5 percentage points over the third quarter 2009. |
§ | Total operating expenses for the quarter were $63.1 million, compared to $61.2 million in the prior-year quarter. Operating expenses, excluding restructuring charges of $1.8 million in Q3’10 and $2.7 million in Q3’09, totaled $61.3 million and $58.5 million, respectively. Third quarter 2010 expenses also reflect an offsetting gain from the sale of intellectual property of $2.9 million. |
§ | In the quarter, Intermec repurchased approximately 1.8 million shares of its common stock at a total cost of $20 million or $10.89 per share. Outstanding shares began the quarter at 61.8 million and ended at 60.0 million. Due to the timing of the repurchases, the average share count for Q3’10 was 61.4 million. There is $55 million remaining under the share repurchase authorization. |
§ | The Company generated positive cash flow from operations during the quarter of $5.7 million; year-to-date cash flow from operations was $5.0 million. The Company’s cash, cash equivalents, and short-term investments ended the quarter at approximately $211 million. The Company has no debt. |
Outlook – Fourth Quarter 2010
Intermec announced its financial guidance for the fourth quarter of 2010.
§ | Q4’10 revenues are expected to be within a range of $180 to $190 million. |
§ | Q4’10 GAAP EPS is expected to be within a range of $0.04 to $0.09 per diluted share. |
Conference Call Information
Intermec will hold its conference call on October 28, 2010 at 5:00 p.m. ET (2:00 p.m. PT). The dial-in number for participants is 1-(888)-790-1746 (US and International); Passcode: (“Intermec”). The call will be broadcast on the Internet via a link from the investor’s Web page at HTUwww.intermec.com/InvestorRelationsUTH
###
Non-GAAP Financial Measures
This press release includes non-GAAP financial measures for earnings (loss) from continuing operations before taxes, net earnings (loss), and earnings (loss) per diluted share. Reconciliations of each of these non-GAAP financial measures to the most directly comparable GAAP financial measures are detailed in the Reconciliation of GAAP to Non-GAAP Net Earnings attached to this press release.
Our non-GAAP measures should be read in conjunction with the corresponding GAAP measures. The non-GAAP measures should be considered in addition to and not as an alternative or substitute for the measures prepared in accordance with generally accepted accounting principles.
We believe that excluding our restructuring charges (principally related to severance costs in connection with distinct organizational initiatives to reduce costs and improve operational efficiency) provides supplemental information useful to investors’ and management’s understanding of the Company’s core operating results, especially when comparing those results on a consistent basis to results for previous periods and anticipated results for future periods.
About Intermec, Inc.
Intermec Inc. (NYSE:IN) develops and integrates products, services and technologies that identify, track and manage supply chain assets and information. Core technologies include rugged mobile computing and data collection systems, bar code printers, label media, and RFID. The company’s products and services are used by customers in many industries worldwide to improve the productivity, quality and responsiveness of business operations. For more information about Intermec, visit www.intermec.com or call 800-347-2636.
(Forward-looking Statements)
Statements made in this release and related statements that express Intermec’s or our management’s intentions, indications, beliefs, expectations, guidance, estimates, forecasts or predictions of the future constitute forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, and relate to matters that are not historical facts. They include, without limitation, statements regarding: our cost reduction plans; our view of general economic and market conditions; and our revenue, expense, earnings or financial outlook for the fourth quarter of 2010, the full-year of 2010 or any current or future period. They a lso include statements about our ability to develop, produce, market or sell our products, either directly or through third parties, reduce or control expenses, improve efficiency, realign resources, continue operational improvement and year-over-year or sequential growth, and about the applicability of accounting policies used in our financial reporting. These statements represent beliefs and expectations only as of the date they were made. We may elect to update forward-looking statements but we expressly disclaim any obligation to do so, even if our beliefs and expectations change. Actual results may differ from those expressed or implied in our forward-looking statements. Such forward-looking statements involve and are subject to certain risks and uncertainties that may cause our actual results to differ materially from those discussed in a forward looking statement. These include, but are not limited to, risks and uncertainties described more fully in our reports filed or to be filed with the Securities and Exchange Commission including, but not limited to, our annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on our website at www.intermec.com.
INTERMEC, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||
September 26, 2010 | September 27, 2009 | September 26, 2010 | September 27, 2009 | |||||||||||||
Revenues: | ||||||||||||||||
Product | $ | 134,559 | $ | 125,822 | $ | 379,032 | $ | 377,824 | ||||||||
Service | 34,154 | 32,969 | 100,072 | 101,255 | ||||||||||||
Total revenues | 168,713 | 158,791 | 479,104 | 479,079 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Cost of product revenues | 83,511 | 79,289 | 238,354 | 243,583 | ||||||||||||
Cost of service revenues | 19,726 | 18,239 | 58,845 | 58,089 | ||||||||||||
Research and development | 16,489 | 14,065 | 49,777 | 45,353 | ||||||||||||
Selling, general and administrative | 47,741 | 44,460 | 138,573 | 140,178 | ||||||||||||
Gain on intellectual property sales | (2,944 | ) | - | (2,944 | ) | - | ||||||||||
Restructuring charges | 1,817 | 2,703 | 2,779 | 18,631 | ||||||||||||
Impairment of facility | - | - | 3,008 | - | ||||||||||||
Total costs and expenses | 166,340 | 158,756 | 488,392 | 505,834 | ||||||||||||
Operating profit (loss) | 2,373 | 35 | (9,288 | ) | (26,755 | ) | ||||||||||
Interest income | 243 | 325 | 787 | 927 | ||||||||||||
Interest expense | (318 | ) | (261 | ) | (986 | ) | (713 | ) | ||||||||
Earnings (loss) before income taxes | 2,298 | 99 | (9,487 | ) | (26,541 | ) | ||||||||||
Income tax expense (benefit) | 9,182 | 35 | 3,750 | (9,663 | ) | |||||||||||
Net (loss) earnings | $ | (6,884 | ) | $ | 64 | $ | (13,237 | ) | $ | (16,878 | ) | |||||
Basic (loss) earnings per share | $ | (0.11 | ) | $ | 0.00 | $ | (0.21 | ) | $ | (0.27 | ) | |||||
Diluted (loss) earnings per share | $ | (0.11 | ) | $ | 0.00 | $ | (0.21 | ) | $ | (0.27 | ) | |||||
Shares used in computing basic (loss) earnings per share | 61,412 | 61,714 | 61,732 | 61,593 | ||||||||||||
Shares used in computing diluted (loss) earnings per share | 61,412 | 62,062 | 61,732 | 61,593 |
INTERMEC, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
September 26, 2010 | December 31, 2009 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 173,781 | $ | 201,884 | ||||
Short-term investments | 37,416 | 36,301 | ||||||
Accounts receivable, net | 107,412 | 106,890 | ||||||
Inventories, net | 85,336 | 101,537 | ||||||
Current deferred tax assets, net | 48,466 | 51,140 | ||||||
Assets held for sale | 3,196 | - | ||||||
Other current assets | 16,543 | 16,826 | ||||||
Total current assets | 472,150 | 514,578 | ||||||
Property, plant and equipment, net | 36,255 | 37,383 | ||||||
Other acquired intangibles, net | 2,718 | 2,587 | ||||||
Deferred tax assets, net | 182,433 | 182,457 | ||||||
Other assets | 31,004 | 34,404 | ||||||
Total assets | $ | 724,560 | $ | 771,409 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued expenses | $ | 86,597 | $ | 102,607 | ||||
Payroll and related expenses | 21,979 | 20,683 | ||||||
Deferred revenue | 37,261 | 39,038 | ||||||
Total current liabilities | 145,837 | 162,328 | ||||||
Long-term deferred revenue | 22,915 | 22,010 | ||||||
Pension and other postretirement benefits liabilities | 78,673 | 81,897 | ||||||
Other long-term liabilities | 15,116 | 14,891 | ||||||
Commitments and contingencies | ||||||||
Shareholders’ equity: | ||||||||
Common stock (250,000 shares authorized, 62,411 and 62,203 shares issued and 60,038 and 61,653 outstanding) | 624 | 622 | ||||||
Additional paid-in-capital | 692,370 | 703,590 | ||||||
Accumulated deficit | (187,482 | ) | (174,245 | ) | ||||
Accumulated other comprehensive loss | (43,493 | ) | (39,684 | ) | ||||
Total shareholders’ equity | 462,019 | 490,283 | ||||||
Total liabilities and shareholders’ equity | $ | 724,560 | $ | 771,409 |
INTERMEC, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended | ||||||||
September 26, 2010 | September 27, 2009 | |||||||
Cash and cash equivalents at beginning of the period | $ | 201,884 | $ | 221,335 | ||||
Cash flows from operating activities: | ||||||||
Net loss | (13,237 | ) | (16,878 | ) | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 11,137 | 11,879 | ||||||
Impairment of facility | 3,008 | - | ||||||
Deferred taxes | 805 | (11,835 | ) | |||||
Stock-based compensation | 7,515 | 5,922 | ||||||
Gain on intellectual property sales | (2,944 | ) | - | |||||
Gain on company owned life insurance | (863 | ) | - | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (289 | ) | 33,743 | |||||
Inventories | 15,453 | 27,684 | ||||||
Accounts payable and accrued expenses | (14,875 | ) | (22,357 | ) | ||||
Deferred revenue | (619 | ) | (6,556 | ) | ||||
Other long-term liabilities | 273 | (40 | ) | |||||
Other operating activities | (343 | ) | (2,199 | ) | ||||
Net cash provided by operating activities | 5,021 | 19,363 | ||||||
Cash flows from investing activities: | ||||||||
Additions to property, plant and equipment | (9,903 | ) | (7,617 | ) | ||||
Sales of property, plant and equipment | - | 1,867 | ||||||
Purchases of investments | (6,645 | ) | (35,645 | ) | ||||
Maturities of investments | 5,800 | - | ||||||
Capitalized patent legal fees | (1,230 | ) | (3,709 | ) | ||||
Other investing activities | 68 | - | ||||||
Net cash used in investing activities | (11,910 | ) | (45,104 | ) | ||||
Cash flows from financing activities: | ||||||||
Stock repurchase | (20,037 | ) | - | |||||
Stock options exercised and other | 1,482 | 1,682 | ||||||
Net cash (used in) provided by financing activities | (18,555 | ) | 1,682 | |||||
Effect of exchange rate changes on cash and cash equivalents | (2,659 | ) | 5,593 | |||||
Resulting decrease in cash and cash equivalents | (28,103 | ) | (18,466 | ) | ||||
Cash and cash equivalents at end of the period | $ | 173,781 | $ | 202,869 |
INTERMEC, INC.
RECONCILIATION OF GAAP TO NON-GAAP NET EARNINGS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||
September 26, 2010 | Non-GAAP Adjustments | Adjusted September 26, 2010 | September 27, 2009 | Non-GAAP Adjustments | Adjusted September 27, 2009 | June 27, 2010 | Non-GAAP Adjustments | June 27, 2010 | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Product | $ | 134,559 | $ | 134,559 | $ | 125,822 | $ | 125,822 | $ | 128,729 | $ | 128,729 | ||||||||||||||||||||
Service | 34,154 | 34,154 | 32,969 | 32,969 | 32,432 | 32,432 | ||||||||||||||||||||||||||
Total revenues | 168,713 | 168,713 | 158,791 | 158,791 | 161,161 | 161,161 | ||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Cost of product revenues | 83,511 | 83,511 | 79,289 | 79,289 | 81,952 | 81,952 | ||||||||||||||||||||||||||
Cost of service revenues | 19,726 | 19,726 | 18,239 | 18,239 | 19,799 | 19,799 | ||||||||||||||||||||||||||
Research and development | 16,489 | 16,489 | 14,065 | 14,065 | 18,315 | 18,315 | ||||||||||||||||||||||||||
Selling, general and administrative | 47,741 | 47,741 | 44,460 | 44,460 | 45,916 | 45,916 | ||||||||||||||||||||||||||
Gain on intellectual property sales | (2,944 | ) | (2,944 | ) | - | - | - | - | ||||||||||||||||||||||||
Restructuring charges | 1,817 | $ | (1,817 | ) | - | 2,703 | $ | (2,703 | ) | - | 225 | $ | (225 | ) | - | |||||||||||||||||
Impairment of facility | - | - | - | - | - | - | 587 | (587 | ) | - | ||||||||||||||||||||||
Total costs and expenses | 166,340 | (1,817 | ) | 164,523 | 158,756 | (2,703 | ) | 156,053 | 166,794 | (812 | ) | 165,982 | ||||||||||||||||||||
Operating profit (loss) | 2,373 | 1,817 | 4,190 | 35 | 2,703 | 2,738 | (5,633 | ) | 812 | (4,821 | ) | |||||||||||||||||||||
Interest income | 243 | 243 | 325 | 325 | 394 | 394 | ||||||||||||||||||||||||||
Interest expense | (318 | ) | (318 | ) | (261 | ) | (261 | ) | (323 | ) | (323 | ) | ||||||||||||||||||||
Earnings (loss) before income taxes | 2,298 | 1,817 | 4,115 | 99 | 2,703 | 2,802 | (5,562 | ) | 812 | (4,750 | ) | |||||||||||||||||||||
Income tax expense (benefit) | 9,182 | 589 | 9,771 | 35 | 963 | 998 | (2,854 | ) | 263 | (2,591 | ) | |||||||||||||||||||||
Net (loss) earnings | $ | (6,884 | ) | $ | 1,228 | $ | (5,656 | ) | $ | 64 | $ | 1,740 | $ | 1,804 | $ | (2,708 | ) | $ | 549 | $ | (2,159 | ) | ||||||||||
Basic (loss) earnings per share | $ | (0.11 | ) | $ | 0.02 | $ | (0.09 | ) | $ | 0.00 | $ | 0.03 | $ | 0.03 | $ | (0.04 | ) | $ | 0.01 | $ | (0.03 | ) | ||||||||||
Diluted (loss) earnings per share | $ | (0.11 | ) | $ | 0.02 | $ | (0.09 | ) | $ | 0.00 | $ | 0.03 | $ | 0.03 | $ | (0.04 | ) | $ | 0.01 | $ | (0.03 | ) | ||||||||||
Shares used in computing basic (loss) earnings per share | 61,412 | 61,412 | 61,412 | 61,714 | 61,714 | 61,714 | 61,949 | 61,949 | 61,949 | |||||||||||||||||||||||
Shares used in computing diluted (loss) earnings per share | 61,412 | 61,412 | 61,412 | 62,062 | 62,062 | 62,062 | 61,949 | 61,949 | 61,949 |
Nine Months Ended | ||||||||||||||||||||
September 26, 2010 | Non-GAAP Adjustments | Adjusted September 26, 2010 | September 27, 2009 | Non-GAAP Adjustments | Adjusted September 27, 2009 | |||||||||||||||
Revenues: | ||||||||||||||||||||
Product | $ | 379,032 | $ | 379,032 | $ | 337,824 | $ | 337,824 | ||||||||||||
Service | 100,072 | 100,072 | 101,255 | 101,255 | ||||||||||||||||
Total revenues | 479,104 | 479,104 | 479,079 | 479,079 | ||||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of product revenues | 238,354 | 238,354 | 243,583 | 243,583 | ||||||||||||||||
Cost of service revenues | 58,845 | 58,845 | 58,089 | 58,089 | ||||||||||||||||
Research and development | 49,777 | 49,777 | 45,353 | 45,353 | ||||||||||||||||
Selling, general and administrative | 138,573 | 138,573 | 140,178 | 140,178 | ||||||||||||||||
Gain on intellectual property sales | (2,944 | ) | (2,944 | ) | - | - | ||||||||||||||
Restructuring charges | 2,779 | $ | (2,779 | ) | - | 18,631 | $ | (18,631 | ) | - | ||||||||||
Impairment of facility | 3,008 | (3,008 | ) | - | - | - | - | |||||||||||||
Total costs and expenses | 488,392 | (5,787 | ) | 482,605 | 505,834 | (18,631 | ) | 487,203 | ||||||||||||
Operating (loss) profit | (9,288 | ) | 5,787 | (3,501 | ) | (26,755 | ) | 18,631 | (8,124 | ) | ||||||||||
Interest income | 787 | 787 | 927 | 927 | ||||||||||||||||
Interest expense | (986 | ) | (986 | ) | (713 | ) | (713 | ) | ||||||||||||
(Loss) earnings before income taxes | (9,487 | ) | 5,787 | (3,700 | ) | (26,541 | ) | 18,631 | (7,910 | ) | ||||||||||
Income tax expense (benefit) | 3,750 | 2,007 | 5,757 | (9,663 | ) | 6,733 | (2,930 | ) | ||||||||||||
Net (loss) earnings | $ | (13,237 | ) | $ | 3,780 | $ | (9,457 | ) | $ | (16,878 | ) | $ | 11,898 | $ | (4,980 | ) | ||||
Basic (loss) earnings per share | $ | (0.21 | ) | $ | 0.06 | $ | (0.15 | ) | $ | (0.27 | ) | $ | 0.19 | $ | (0.08 | ) | ||||
Diluted (loss) earnings per share | $ | (0.21 | ) | $ | 0.06 | $ | (0.15 | ) | $ | (0.27 | ) | $ | 0.19 | $ | (0.08 | ) | ||||
Shares used in computing basic (loss) earnings per share | 61,732 | 61,732 | 61,732 | 61,593 | 61,593 | 61,593 | ||||||||||||||
Shares used in computing diluted (loss) earnings per share | 61,732 | 61,732 | 61,732 | 61,593 | 61,593 | 61,593 |
INTERMEC, INC.
SUPPLEMENTAL SALES INFORMATION BY CATEGORY
(In millions)
(Unaudited)
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||
September 26, 2010 | Percent of Revenues | September 27, 2009 | Percent of Revenues | Percent Change in Revenues | June 27, 2010 | Percent of Revenues | Percent Change in Revenues | ||||||||||||||||||||||
Revenues by category: | |||||||||||||||||||||||||||||
Systems and solutions | $ | 93.2 | 55.2 | % | $ | 88.1 | 55.5 | % | 5.8 | % | $ | 86.3 | 53.5 | % | 8.0 | % | |||||||||||||
Printer and media | 41.4 | 24.6 | % | 37.7 | 23.7 | % | 9.8 | % | 42.4 | 26.3 | % | (2.4 | %) | ||||||||||||||||
Total product | 134.6 | 79.8 | % | 125.8 | 79.2 | % | 7.0 | % | 128.7 | 79.8 | % | 4.6 | % | ||||||||||||||||
Service | 34.1 | 20.2 | % | 33.0 | 20.8 | % | 3.6 | % | 32.5 | 20.2 | % | 4.9 | % | ||||||||||||||||
Total revenues | $ | 168.7 | 100.0 | % | $ | 158.8 | 100.0 | % | 6.2 | % | $ | 161.2 | 100.0 | % | 4.7 | % |
Nine Months Ended | ||||||||||||||||||||
September 26, 2010 | Percent of Revenues | September 27, 2009 | Percent of Revenues | Percent Change in Revenues | ||||||||||||||||
Revenues by category: | ||||||||||||||||||||
Systems and solutions | $ | 258.6 | 54.0 | % | $ | 267.5 | 55.8 | % | (3.3 | %) | ||||||||||
Printer and media | 120.4 | 25.1 | % | 110.3 | 23.0 | % | 9.2 | % | ||||||||||||
Total product | 379.0 | 79.1 | % | 377.8 | 78.8 | % | 0.3 | % | ||||||||||||
Service | 100.1 | 20.9 | % | 101.3 | 21.2 | % | (1.2 | %) | ||||||||||||
Total revenues | $ | 479.1 | 100.0 | % | $ | 479.1 | 100.0 | % | 0.0 | % |
SUPPLEMENTAL SALES INFORMATION BY GEOGRAPHIC REGION
(In millions)
(Unaudited)
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||
September 26, 2010 | Percent of Revenues | September 27, 2009 | Percent of Revenues | Percent Change in Revenues | June 27, 2010 | Percent of Revenues | Percent Change in Revenues | |||||||||||||||||||
Revenues by geographic region: | ||||||||||||||||||||||||||
North America | $ | 84.1 | 49.8 | % | $ | 89.0 | 56.0 | % | (5.5 | %) | $ | 84.7 | 52.5 | % | (0.7 | %) | ||||||||||
Europe, Middle East and Africa (EMEA) | 50.8 | 30.1 | % | 45.9 | 28.9 | % | 10.7 | % | 49.7 | 30.8 | % | 2.2 | % | |||||||||||||
All others | 33.8 | 20.1 | % | 23.9 | 15.1 | % | 41.4 | % | 26.8 | 16.7 | % | 26.1 | % | |||||||||||||
Total revenues | $ | 168.7 | 100.0 | % | $ | 158.8 | 100.0 | % | 6.2 | % | $ | 161.2 | 100.0 | % | 4.7 | % |
Nine Months Ended | ||||||||||||||||||||
September 26, 2010 | Percent of Revenues | September 27, 2009 | Percent of Revenues | Percent Change in Revenues | ||||||||||||||||
Revenues by geographic region: | ||||||||||||||||||||
North America | $ | 243.3 | 50.8 | % | $ | 280.9 | 58.6 | % | (13.4 | %) | ||||||||||
Europe, Middle East and Africa (EMEA) | 151.4 | 31.6 | % | 133.4 | 27.8 | % | 13.5 | % | ||||||||||||
All others | 84.4 | 17.6 | % | 64.8 | 13.6 | % | 30.2 | % | ||||||||||||
Total revenues | $ | 479.1 | 100.0 | % | $ | 479.1 | 100.0 | % | 0.0 | % |