Exhibit 99.1
INTERMEC, INC.
(Unaudited, amounts in thousands, except per share amounts)
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| Three Months Ended |
| Twelve Months Ended |
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| December 31, |
| December 31, |
| December 31, |
| December 31, |
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| 2005 |
| 2004 |
| 2005 |
| 2004 |
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CONSOLIDATED STATEMENTS OF OPERATIONS (Preliminary) |
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Revenues: |
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Product |
| $ | 198,369 |
| $ | 199,216 |
| $ | 720,959 |
| $ | 674,517 |
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Service |
| 43,345 |
| 37,703 |
| 154,523 |
| 136,800 |
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Total Revenues |
| 241,714 |
| 236,919 |
| 875,482 |
| 811,317 |
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Costs and Expenses: |
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Cost of product revenues |
| 118,952 |
| 115,790 |
| 420,707 |
| 384,609 |
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Cost of service revenues |
| 24,846 |
| 22,467 |
| 91,899 |
| 80,821 |
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Selling, general and administrative |
| 82,141 |
| 77,515 |
| 304,995 |
| 281,174 |
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Total Costs and Expenses |
| 225,939 |
| 215,772 |
| 817,601 |
| 746,604 |
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Operating Profit From Continuing Operations |
| 15,775 |
| 21,147 |
| 57,881 |
| 64,713 |
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Interest, net |
| (115 | ) | (2,918 | ) | (4,026 | ) | (12,361 | ) | ||||
Foreign currency exchange, net |
| 507 |
| (763 | ) | 670 |
| (1,675 | ) | ||||
Earnings from Continuing Operations before Income Taxes |
| 16,167 |
| 17,466 |
| 54,525 |
| 50,677 |
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Provision (Benefit) for income taxes |
| 4,057 |
| (8,980 | ) | 13,880 |
| (1,504 | ) | ||||
Earnings from Continuing Operations |
| 12,110 |
| 26,446 |
| 40,645 |
| 52,181 |
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Earnings (Loss) from discontinued operations, net of tax |
| 29,563 |
| (97,663 | ) | 21,147 |
| (101,310 | ) | ||||
Net Earnings (Loss) |
| $ | 41,673 |
| $ | (71,217 | ) | $ | 61,792 |
| $ | (49,129 | ) |
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Basic Earnings (Loss) per Share |
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Continuing operations |
| $ | 0.19 |
| $ | 0.44 |
| $ | 0.66 |
| $ | 0.86 |
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Discontinued operations |
| 0.48 |
| (1.61 | ) | 0.34 |
| (1.67 | ) | ||||
Net earnings (Loss) per share |
| $ | 0.67 |
| $ | (1.17 | ) | $ | 1.00 |
| $ | (0.81 | ) |
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Diluted Earnings (Loss) per Share |
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Continuing operations |
| $ | 0.19 |
| $ | 0.42 |
| $ | 0.64 |
| $ | 0.84 |
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Discontinued operations |
| 0.46 |
| (1.56 | ) | 0.34 |
| (1.63 | ) | ||||
Net earnings (Loss) per share |
| $ | 0.65 |
| $ | (1.14 | ) | $ | 0.98 |
| $ | (0.79 | ) |
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Shares Used in Computing Earnings (Loss) per Share |
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Basic |
| 62,629 |
| 60,780 |
| 61,785 |
| 60,502 |
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Diluted |
| 64,204 |
| 62,374 |
| 63,350 |
| 62,154 |
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INTERMEC, INC.
CONSOLIDATED BALANCE SHEETS (Preliminary)
(Unaudited, amounts in thousands)
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| December 31, |
| December 31, |
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| 2005 |
| 2004 |
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Assets |
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Current Assets: |
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Cash and cash equivalents |
| $ | 256,782 |
| $ | 217,899 |
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Restricted cash |
| — |
| 50,000 |
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Accounts receivable, net |
| 180,985 |
| 157,833 |
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Inventories |
| 82,088 |
| 80,854 |
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Net deferred tax assets |
| 100,656 |
| 81,769 |
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Assets held for sale |
| 8,517 |
| 19,748 |
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Current assets of discontinued operations |
| — |
| 211,116 |
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Other current assets |
| 29,468 |
| 8,831 |
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Total Current Assets |
| 658,496 |
| 828,050 |
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Property, Plant and Equipment, Net |
| 30,820 |
| 30,375 |
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Other Intangibles, Net |
| 6,871 |
| 4,072 |
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Net Deferred Tax Assets |
| 137,578 |
| 134,978 |
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Long Term Assets of Discontinued Operations |
| — |
| 21,238 |
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Other Assets |
| 68,955 |
| 53,964 |
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Total Assets |
| $ | 902,720 |
| $ | 1,072,677 |
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Liabilities and Shareholders’ Investment |
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Current Liabilities: |
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Accounts payable and accrued expenses |
| $ | 148,731 |
| $ | 128,630 |
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Payroll and related expenses |
| 31,011 |
| 30,077 |
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Deferred revenue |
| 38,369 |
| 31,371 |
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Current portion of long-term debt |
| — |
| 108,500 |
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Current liabilities of discontinued operations |
| — |
| 130,257 |
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Total Current Liabilities |
| 218,111 |
| 428,835 |
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Deferred Revenue |
| 20,095 |
| 2,730 |
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Long-term Debt |
| 100,000 |
| 100,000 |
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Other Long-term Liabilities |
| 88,711 |
| 86,220 |
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Long-term Liabilities of Discontinued Operations |
| — |
| 46,388 |
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Shareholders’ Investment: |
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Common stock |
| 627 |
| 611 |
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Additional paid-in capital |
| 736,224 |
| 703,416 |
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Accumulated deficit |
| (244,903 | ) | (306,695 | ) | ||
Accumulated other comprehensive income (loss) |
| (16,145 | ) | 13,902 |
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Total Shareholders’ Investment |
| 475,803 |
| 411,234 |
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Total Liabilities and Shareholders’ Investment |
| $ | 902,720 |
| $ | 1,072,677 |
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