[SYMBOL TECHNOLOGIES, INC. LOGO]
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Symbol Technologies, Inc.
Q4 & Year-End 2003 Financial Results
March 4, 2004
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PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 SAFE HARBOR PROVISION
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During the course of this presentation, we may make projections or other
forward-looking statements regarding future events or the future financial
performance of the company.
Such statements are just estimates, and actual events or results may differ
materially. We refer you to the documents that Symbol files from time to time
with the SEC. These documents contain and identify forward factors, risks and
uncertainties that could cause actual results to differ materially from those
contained in our projections or forward-looking statements.
Copies of our SEC filings are available upon request or by accessing our company
website at www.symbol.com.
[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 2
AGENDA
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o Fourth-quarter & year-end 2003 results
o New product update
o Customer wins
o Operational Progress
o Bookings and backlog
o Outlook and 2004 Guidance
[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 3
STATEMENT OF OPERATIONS-Q4 & YEAR-END 2003
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$US MILLIONS Q4'03 Q3'03 Q2'03 Q1'03 FY03 Q4'02 FY02
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Product 314.1 308.8 290.3 310.7 1,223.9 292.2 1,103.1
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Services 78.9 68.3 83.5 75.6 306.4 80.7 298.5
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Total 393.0 377.1 373.8 386.3 1,530.3 372.9 1,401.6
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Gross Margin 184.1 166.9 152.4 171.9 675.2 150.0 487.7
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GM as a % of Revenue 46.8% 44.3% 40.8% 44.5% 44.1% 40.2% 34.8%
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Operating Expense 161.7 148.9 148.1 208.9 667.7 246.3 519.4
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Opex as a % of Revenue 41.2% 39.5% 39.6% 54.1% 43.6% 66.1% 37.1%
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Earnings/(Loss)
Before Tax 21.0 15.3 8.8 (41.1) 3.9 (98.2) (61.7)
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NET EARNINGS/(LOSS) 16.2 11.5 6.6 (31.0) 3.3 (68.7) (44.9)
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EARNINGS PER SHARE
Basic
Diluted 0.07 0.05 0.03 (0.13) 0.01 (0.30) (0.20)
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Sequential - Revenue Growth 4.2% 0.9% (3.2)% 3.6%
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Year over Year - Revenue Growth 5.4% (1.3)% 13.6% 21.6% 9.2%
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MEMO:
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Restatement expenses included in OPEX:
Q1 $ 5.3 Million
Q2 $14.5 Million
Q3 $10.0 Million
Q4 $ 6.1 Million
FY 03 # 35.9 Million (results un-audited).
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[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 4
NOTE: ALL FINANCIAL INFORMATION UNAUDITED
REVENUE COMPARISON
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$US MILLIONS Q4'03 Q3'03 Q2'03 Q1'03 FY'03
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Product revenue 314.1 308.8 290.3 310.7 1,223.9
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Services revenue 78.9 68.3 83.5 75.6 306.4
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Total revenue 393.0 377.1 373.8 386.3 1,530.3
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Items affecting volatility
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Billed & collected product (12.0) (1.0) (10.0) 23.0
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Billed & collected service 4.0 (3.0) 9.0 4.0
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$US MILLIONS Q4'02 Q3'02 Q2'02 Q1'02 FY'02
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Product revenue 292.2 303.5 252.5 254.9 1,103.1
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Services revenue 80.7 78.5 76.6 62.7 298.5
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Total revenue 372.9 382.0 329.1 317.6 1,401.6
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Items affecting volatility
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Billed & collected product (5.0) 9.0 10.0 17.0
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Billed & collected service 2.0 4.0 6.0 (9.0)
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[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 5
NOTE: ALL FINANCIAL INFORMATION UNAUDITED
OPERATING EXPENSE OVERVIEW
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TOTAL ENGINEERING SG&A
----- ----------- ----
4Q '03 $ 161.7 $ 38.9 $ 122.8
3Q '03 148.9 42.3 106.6
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o/(u) $ 12.8 $ (3.4) $ 16.2
======== =========== =========
EXPLANATION:
ENGINEERING:
Engineering expense $ (1.0)
Severance (2.4)
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$ (3.4)
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SG&A:
Equity related comp. chrgs (0.4)
Restatement (3.9)
Finance 3.5
Marketing 2.7
IT 3.3
EMEA sales severance 4.4
Other SG&A 6.6
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$ 16.2
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% OF REVENUE
TOTAL ENG. SG&A
----- ---- ----
41.1% 9.9% 31.2%
39.5% 11.2% 28.3%
----- ---- ----
1.7% -1.3% 3.0%
===== ==== ====
COMMENTS
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Lower severance in Q4 vs. Q3
4Q ESPP & Stock option adj. of $7.2M vs 3Q of $7.6M
4Q restatement expenses of $6.1M vs. 3Q of $10M
Sarbanes Oxley, YE audit & consulting support
Conferences & tradeshows
Project spending
Severance related to restructuring
Primarily Sales
[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 6
NOTE: ALL FINANCIAL INFORMATION UNAUDITED
BALANCE SHEET -- DEC. 31, 2003
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$US MILLIONS 12/31/03 9/30/03 6/30/03 3/31/03 12/31/02
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CASH $ 150.0 $ 120.9 $ 98.0 $ 98.6 $ 76.1
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RECEIVABLES 152.4 131.6 126.6 140.0 151.4
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DSOs 35 32 31 33 37
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INVENTORY 212.9 197.2 211.5 240.5 261.1
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Turns 3.9 4.3 4.2 3.6 3.4
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OTHER CURRENT 218.8 191.0 186.4 197.1 201.8
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TOTAL CURRENT ASSETS 734.0 640.6 622.5 676.2 690.4
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FIXED ASSETS 210.9 203.5 206.1 205.2 208.2
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OTHER 701.6 710.4 698.0 680.5 673.6
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TOTAL ASSETS $1,646.5 $1,554.6 $1,526.6 $1,561.8 $1,572.2
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CURRENT LIABILITIES 536.2 501.7 512.6 578.0 474.1
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LONG TERM LIABILITIES 189.7 161.9 141.3 126.4 210.4
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EQUITY 920.6 891.0 872.7 857.5 887.7
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TOTAL LIABILITIES &
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EQUITY $1,646.5 $1,554.6 $1,526.6 $1,561.8 $1,572.2
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[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 7
NOTE: ALL FINANCIAL INFORMATION UNAUDITED
STATEMENT OF CASH FLOW
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$US MILLIONS FY'03 FY`02
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CASH FROM OPERATIONS
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Net Income/(Loss) $ 3 $ (45)
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Adjustments
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Depreciation & Amortization 69 69
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Non-Cash Compensation 17 (65)
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Provision for legal settlements 72 98
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Changes in Accounts Receivable 11 (10)
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Changes in Accounts Payable (10) 54
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Changes in inventory 54 78
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Other changes, net 18 (2)
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NET CASH FROM OPERATIONS 234 177
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CASH USED IN INVESTING
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Purchases of Property Plant & Equipment (61) (35)
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Other financing, net (18) (9)
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NET CASH USED IN INVESTING ACTIVITIES (79) (44)
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CASH USED IN FINANCING
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Net repayment of Debt (87) (136)
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Other, net 6 8
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NET CASH USED IN FINANCING (INCLUDING FX) (81) (128)
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NET INCREASE IN CASH 74 6
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Cash, beginning of period 76 70
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CASH, END OF PERIOD 150 76
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[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 8
NOTE: ALL FINANCIAL INFORMATION UNAUDITED
PRODUCT REVENUE DISTRIBUTION BY SALES THEATER
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[PIE CHART OMITTED]
Q4' 03 Q3' 03 Q4' 02
----------------- ----------------- -----------------
EMEA AP TASS EMEA AP TASS EMEA AP TASS
27% 11% 62% 26% 8% 66% 31% 8% 61%
[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 9
REVENUE DISTRIBUTION BY PRODUCT GROUP
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[PIE CHART OMITTED]
Q4' 03 Q3' 03 Q4' 02
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SCANNERS 24% 20% 23%
SCAN ENGINES 6% 8% 5%
MOBILE COMPUTERS 59% 59% 62%
WIRELESS 10% 12% 9%
OTHER 1% 1% 1%
[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 10
WIFI - SYMBOL GAINING SHARE IN THE ENTERPRISE
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SYMBOL IS NO. 2 WITH 22.2% UP 3.5 FROM 18.7% LAST
QUARTER IN THE ENTERPRISE WLAN SEGMENT ------------------------
DELL'ORO, FEBRUARY '04
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SYMBOL LEADS THE THIN ACCESS POINT MARKET SEGMENT WITH 92.5%
SYMBOL LEADS WIFI WIRELESS SWITCH SECTOR WITH 61.4%
SYMBOL WLAN REVENUE UP 36% YEAR-OVER YEAR
ENTERPRISE WLAN EQUIPMENT WAS UP 26% YEAR-OVER-YEAR ----------------------
- ---------------------------------------------------- SYNERGY, FEBRUARY '04 -----
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IN 2003, SYMBOL WAS RECOGNIZED
AS THE THIN ACCESS POINT AND WIRELESS SWITCH MARKET LEADER
BY SYNERGY, INFONETICS, AND INSTAT-MDR
[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 11
WIRELESS SWITCH 2000
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[PHOTOS OMITTED]
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"THE WS 2000 WIRELESS SWITCH STRIKES US AS A PRAGMATIC AND COST-EFFECTIVE
SOLUTION THAT SOLVES REAL PROBLEMS...SYMBOL IS DELIVERING A NETWORK SOLUTION
THAT PROVIDES CORE WIRED AND WIRELESS NETWORK SERVICES, AND IT IS DOING SO AT AN
AFFORDABLE PRICE."
-----------------------------------
- --------------------------------------------- -- DAVE MOLTA, NETWORK COMPUTING
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[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 12
NEW PRODUCTS & SOLUTIONS FOR RETAIL
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[PHOTOS OMITTED]
SYMBOL MK 1100 MICRO KIOSK(TM)
Real-time information access
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SYMBOL CLIENTELE 1:1 SOLUTION SUITE
In-store mobile access to critical
customer information
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[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 13
MOBILE POINT-OF-SALE
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o Lets retailers provide greater value to customers
o 'Queue busting' during peak shopping times
o Convenient, fast, flexible
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[PHOTO OMITTED] PPT 8800 [PHOTO OMITTED]
[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 14
RFID UPDATE
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COMMITTED TO RFID MARKET LEADERSHIP
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SYMBOL SIGNS ON TO EPCGLOBAL IP POLICY - cements commitment to open RFID
standards
[PHOTO OMITTED] o Partnering in pilots
with key customers
o Commercial
deployments
anticipated in 2005
"2004 IS GOING TO BE A LEARNING CURVE YEAR FOR RFID"
-IDC analyst Chris Boone
WAL*MART'S LINDA DILLMAN ON RFID:
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"...PILOT-TEST IT THROUGH 2004 IN THE DALLAS MARKET AREA STARTING WITH A
SMALL GROUP OF SUPPLIERS. OUR GOAL IS TO BE LIVE WITH THE TOP 129 SUPPLIERS BY
JANUARY 2005 IN THE DALLAS MARKET."
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IDC FORECAST
FOR RFID
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91.5M 1.3B
2003 2008
[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 15
GLOBAL SERVICES UPDATE
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IMPROVEMENTS IN ALL AREAS
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o 2003 quality and restructuring initiatives had positive impact in Q4
o 'Service from the Start' introduced to drive attach rates at time of hardware
sale
o Break-fix transitioned to Symbol from those in compliance with
PartnerSelect
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[PHOTO OMITTED]
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CERTIFIED PROFESSIONAL SERVICES
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150%
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Membership Is Up
As Professional Services
Migrates To Partners
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[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 16
GLOBAL SERVICES IMPROVEMENTS
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-------------------- -------------------- --------------------
TURNAROUND TIME REPEAT REPAIRS BACKLOG
-------------------- -------------------- --------------------
DELIVERY PERFORMANCE RATE DROPPED BACKLOG HAS DROPPED
IMPROVED TO 97% 27% 67%
FROM 63% OVER NOW RUNNING --------------------
LAST TWO QUARTERS AT 7.9%
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--------------------
-------------------- -------------------- ABANDON RATE
AVERAGE WAIT LONGEST WAIT --------------------
-------------------- -------------------- AT Q4 END, RUNNING
BY Q4 END REDUCED BY 70% LESS THAN 2%
30 SECONDS DOWN TO FROM HIGH
-------------------- LESS THAN 5 OF 42%
MINUTES --------------------
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[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 17
PARTNERSELECT - CHANNEL PROGRAM UPDATE
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SYMBOL
PARTNERSELECT [GRAPHIC OMITTED] TOP 5-STAR RATING
PROGRAM PARTNER PROGRAM SURVEY...
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...UP FROM 2 STARS LAST YEAR
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COMPLETELY ROLLED OUT
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Americas and EMEA
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ROLLOUT Q2
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Asia Pacific
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o 55% of business fulfilled through Channel
o Dimension Data signs as Symbol Partner...focus on Enterprise Mobility
o Global Partnership with IBM
- Solutions for mobile workers in retailing, warehousing, public sector
agencies and travel and hospitality companies
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ONE OF IBM'S 6 PREMIER HARDWARE PARTNERS
[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 18
WHAT THE CHANNEL IS SAYING
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"SCLogic has been a Symbol-exclusive partner for more than eight years. We are
very pleased with the emphasis on the PartnerSelect program and focus that
Symbol has placed on the channel. WE'VE SEEN TREMENDOUS COMMITMENT TO THE
CHANNEL AT ALL LEVELS OF THE COMPANY FROM SENIOR MANAGEMENT ON DOWN."
-- Mike Saldi, President, SCLogic
"We are seeing significant improvement in our relationship due to a
determination, by Symbol, to accelerate teaming with its partners through
technology-based sales tools. One initiative is a program that lets Peak and
Symbol identify joint sales activity to ensure that our teams are engaged to
yield maximum customer benefit. THIS NOTEWORTHY CHANGE DEMONSTRATES SYMBOL'S
COMMITMENT TO MEETING ITS SALES GOALS THROUGH THE CHANNEL."
-- Paul O'Donnell, COO, Peak Technologies, Europe
"We are impressed with Symbol's structured program, PartnerSelect. Industries we
address need this vision, leadership and resource to highlight benefits derived
from Symbol as The Enterprise Mobility Company. We see a strong growth period
ahead and ARE CONFIDENT SYMBOL WILL RETAIN A LEADERSHIP POSITION IN ITS
TRADITIONAL MARKETS EVEN AS IT ADDRESSES NEW MARKETS that are yet to fully
appreciate the impact mobility solutions can make in their enterprise."
-- Doug Phillips Sales & Marketing Director WARP Systems Pty Ltd
[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 19
SAMSUNG SEMICONDUCTOR [GRAPHIC OMITTED]
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SECURING THE NETWORK
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o PPT8846 ensures security of fab's wireless LAN
o Supports 802.1xTTLS dynamic WEP key security standard
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PPT8846
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o Rugged, compact, lightweight
o Powerful: Intel(R)Xscale(TM)400 Mhz processor
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[PHOTOS OMITTED] Partnered with Exers Technologies, one of
Seoul's top network management companies
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[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 20
THE CO-OPERATIVE GROUP [GRAPHIC OMITTED]
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SYSTEM REFRESH FOR 600 C-STORES
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o Secure wireless infrastructure
o PDT8146 X-scale for real-time price and stock management
o LS9208 omnidirectional POS scanner to speed checkout
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[PHOTOS OMITTED]
[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 21
GENUINE PARTS / NAPA [GRAPHIC OMITTED]
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ENTERPRISE MOBILITY SOLUTION
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SYMBOL & STRATIX PARTNER TO PROVIDE KEY TOOLS FOR WAREHOUSE CONTROL SYSTEM
o Symbol WLAN connectivity
o Forklift-mounted Symbol VRC6940s
o Rugged PDT6800 handhelds
o WSS1060 wearable systems
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More than 75 Units per Distribution Center
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[PHOTOS OMITTED]
60 DCS X 300,000 PARTS X 7,000 STORES
[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 22
AMERISOURCEBERGEN
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HIGH-VOLUME ORDER FULFILLMENT
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NETWORK MANAGEMENT TOOLS, NETWORK RELIABILITY
ENHANCED OPERATOR PRODUCTIVITY AND INCREASED DATA ACCURACY
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SYMBOL WEARABLES, WLAN IN 38 DCS
o High-volume picking
o Inventory management
o Receiving
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[PHOTOS OMITTED]
[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 23
IMPROVING BACKLOG, SOLID Q4 BOOKINGS VELOCITY
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[BAR CHART OMITTED]
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Q4'02 Q1'03 Q2'03 Q3'03 Q4'03 Q1'04
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Backlog-Curr Qtr 133 132 102 119 148 146.8
Gross Bookings 280 261 271 326 347.9
Product Revenue 292 311 290 309 314
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[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 24 NOTE: PRODUCT ONLY NO PS
OUTLOOK AND 2004 GUIDANCE
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o REVENUE
- 1Q '04 up approximately 3% - 5% sequentially and 5% - 7% Yr/Yr
- FY '04 up 10% - 15% vs. FY '03
o GROSS MARGIN
- 1Q '04 at approximately 45%
- FY '04 slightly over 45%
o OPERATING EXPENSES
- 1Q '04 at approximately $155M
- FY '04 between $620M - $640M
o EFFECTIVE TAX RATE
- FY '04 at 34% vs. 16% in FY '03
o DILUTED EPS
- FY '04 at $0.40 - $0.50
[PHOTOS OMITTED]
[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 25
STRATEGIC INVESTMENTS FOR TOMORROW
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BUSINESS TRANSFORMATION GLOBAL PRODUCTS GROUP
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SYSTEMS ARCHITECTURE INVESTMENT
IN PRODUCT
LOWER COST DEVELOPMENT
IMPROVE DRIVE GROWTH &
PRODUCTIVITY & GAIN MARKET SHARE
ORGANIZATIONAL AGILITY
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SALES ORGANIZATION WORLDWIDE FINANCE
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EXPAND COVERAGE UPGRADE
CONTROLS & SYSTEMS
DRIVE GROWTH
GOVERNANCE,
INCREASE MARKET SHARE FINANCIAL AND
BUSINESS CONTROLS
IMPROVE CUSTOMER
SATISFACTION
[PHOTOS OMITTED]
[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential 26
THANK YOU
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THE PHONE LINES ARE OPEN FOR QUESTIONS
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DIAL IN PHONE NUMBER:
1+(719-457-2657)
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[PHOTOS OMITTED]
[SYMBOL TECHNOLOGIES, INC. LOGO] Confidential