EXHIBIT 99.1
Confidential
FOR: TRIMBLE NAVIGATION LIMITED
APPROVED BY:
CONTACT: Investor Relations
Brian Siegel
(408) 481-6914
investor_relations@trimble.com
Media
Lea Ann McNabb
(408) 481-7808
leaann_mcnabb@trimble.com
The Ruth Group
David Pasquale
(646) 536-7006
Trimble Completes $26.75 Million Private Equity Placement
SUNNYVALE, Calif., Dec. 21, 2001 - Trimble (Nasdaq: TRMB) today announced that
it has completed a private placement of 1,783,337 shares of its common stock at
a price of $15.00 per share to certain qualified investors. Additionally,
Trimble has granted these investors five-year warrants to purchase an additional
356,670 shares of common stock, subject to certain adjustments, at an exercise
price of $19.475 per share. Trimble plans to use the net proceeds from this
transaction to pay down a portion of its outstanding debt. Salomon Smith Barney
served as financial advisor to Trimble.
"Over the past year, we have made significant progress towards reducing our
overall costs to remain profitable in an uncertain economic environment," said
Mary Ellen Genovese, vice president and CFO of Trimble. "By completing this
transaction, we are complementing our ongoing cost cutting initiatives and
increasing our financial flexibility. This will allow us to more aggressively
pursue opportunities that we believe will drive our growth over the next several
years."
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From a financial perspective, Trimble expects this transaction will save
approximately $2.0 million in interest expense during fiscal 2002. In addition
to this transaction, the company said it also retired approximately $29 million
of bank debt during its fourth fiscal quarter through normal operating
initiatives.
The securities sold in this private placement have not been registered under the
Securities Act of 1933, as amended, and may not be offered or sold in the
absence of an effective registration statement or exemption from registration
requirements. The Company expects to file a registration statement with the
Securities and Exchange Commission for purposes of registering the resale of the
shares of common stock issued to the investors in the private placement.
About Trimble
Trimble is a leading innovator of Global Positioning System (GPS) technology. In
addition to providing advanced GPS components, Trimble augments GPS with other
positioning technologies, as well as wireless communications and software, to
create complete customer solutions. Trimble's worldwide presence and unique
capabilities position the Company for growth in emerging applications including
surveying, automobile navigation, machine guidance, asset tracking, wireless
platforms, and telecommunications infrastructure. Founded in 1978 and
headquartered in Sunnyvale, Calif., Trimble has more than 2,000 employees in
more than 20 countries worldwide.
For an interactive look at Company news and products, visit Trimble's Web site
at http://www.trimble.com
Certain statements made in this press release are forward looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934, and are made pursuant to the safe harbor
provisions of the Securities Litigation Reform Act of 1995. These forward
looking statements are subject to change, and actual results may differ from
those set forth in this press release due to certain risks and uncertainties,
including overall economic trends affecting the end markets that we serve,
changes in interest rates and financial markets, market acceptance of new
product offerings and continued demand for existing products. Among other
things, these results or expectations may not continue beyond the current
quarter due to seasonal and economic trends and
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additional competitive issues that may have an adverse effect on the ongoing
positioning and growth of the Company. These and other risks are detailed from
time to time in reports filed with the SEC, including its quarterly reports on
Form 10-Q and its annual report on Form 10-K.