Comparable Stuff!Below is an ER that came out yesterday from a comparable company to CSY. Looks pretty good. Cheers!!!
Tuesday July 24, 7:01 am Eastern Time
Press Release
SOURCE: Trimble
Trimble Announces Significantly Better Than Expected Second Fiscal Quarter Results
SUNNYVALE, Calif., July 24 /PRNewswire/ -- Trimble (Nasdaq: TRMB - news), a leading innovator of positioning and location-based solutions, today announced that revenue and earnings for its second fiscal quarter ended June 29, 2001 were significantly higher than the Company's previous guidance. The second quarter has traditionally been the Company's strongest quarter due to the seasonal nature of the Engineering and Construction business.
Trimble reported second quarter 2001 revenues of approximately $133.6 million, an increase over the Company's previous revenue guidance of $118 to $122 million. Trimble also achieved a return to profitability on an adjusted basis, reporting adjusted earnings per share (EPS) of $.24 for the second quarter. Earlier guidance had been for a profit of $.03 - $.09. Adjusted EPS excludes amortization costs from acquisitions, a previously announced restructuring charge related to the Company's cost cutting actions, and the additional profit realized from the sale of a minority investment.
``The second quarter, which has traditionally been our strongest, marked our expected return to profitability,'' said Steven W. Berglund, president and CEO. ``Despite continued economic uncertainty, we are encouraged by our results, which highlight the fundamental strength of our products. For example, we saw particularly strong sales of our new, advanced line of integrated GPS and optical land survey tools, our GPS machine control products, and timing products for wireless communications networks. Additionally, we achieved a significant improvement in our GIS division. We believe demand for GIS products should remain relatively steady through the second half of the year.''
Business Segment Detail
Engineering and Construction revenues grew 18 percent sequentially to $86.7 million from $73.7 million in the first quarter. This represented 65 percent of total revenues. Demand for the Company's newly introduced line of integrated Land Survey products continued to accelerate throughout the second quarter. Other areas of strength included GPS machine control, which grew over 25 percent, both on a sequential and a pro-forma year-over-year basis. Part of this strength was a result of higher sales from Trimble's OEM relationship with Caterpillar due to increased demand in the mining industry.
Revenues from the Components Technologies segment were $16.6 million, a 3 percent increase sequentially and 13 percent year-over-year. This business represented 12 percent of total revenues for the quarter. The Company saw particular strength in its timing products for wireless communication networks. Additionally, in April, Trimble introduced the M-Loc(TM) MPM module based on its FirstGPS(TM) technology. This product has a very small footprint and was designed to provide a low cost and low power module to fill the technology gap between GPS boards and chipsets. It gives high-volume manufacturers of mobile devices a higher level of integration and the economic advantage of faster time to market.
Fleet and Asset Management revenues were $15.2 million, a 29 percent increase over the first quarter. This represented 11 percent of total sales. During the quarter Trimble announced the formation of Trimble Information Services, Inc., to offer Internet location-based services for the mobile workplace. On the GIS side, initial indications showed strong interest for the Company's recently introduced GPS Pathfinder® Pocket receiver. Additionally, at the ESRI International User Conference, the Company introduced GPS Pathfinder Express, a new service for processing GPS field data online, and MediaMapper® software, which allows easy integration of digital imagery with GPS data from Trimble's GIS data collection systems.
Revenues from Portfolio Technologies were $8.2 million, or 6 percent of total revenues. Tripod Data Systems (TDS) remained a bright spot as revenues increased by greater than 25 percent over the first quarter. Additionally, Trimble's Military and Advanced Systems group was awarded a $2.7 million contract from Boeing.
The Company has previously indicated that the second quarter is historically weaker in the agriculture market due to seasonality. For the second quarter, revenues for this segment were $6.7 million, down 18 percent sequentially. This represented 5 percent of total revenues. Despite the decrease, customer acceptance of Trimble's AgGPS® Autopilot system was very positive as farmers continued to discover the benefits and significant cost savings of this tool. The Company also expanded the agriculture product portfolio to offer a portable computing solution for its field management systems with the introduction of the AgGPS160 Portable Computer.
Looking Ahead
Berglund commented, ``As we move forward, Trimble has the broadest portfolio of advanced positioning and location-based solutions in the industry. Our organization-wide focus is now on expanding the distribution of our solutions into new markets and increasing penetration in our existing markets. We are confident that we have the right strategy to grow the Company, and have taken additional steps to enable our success by lowering our operating and manufacturing costs in order to maintain our profitability during this time of economic uncertainty. At the same time, we are continuing to invest in the areas that will drive our long-term growth.''
As a result of seasonality in certain end-markets, as well as on a geographic basis, Trimble expects third quarter revenues to be down sequentially to approximately $120 million. This is in-line with previous expectations. At these levels, the Company expects adjusted EPS of approximately $.04-$.06. For fiscal 2001, Trimble now expects revenues of approximately $495 million. Previous guidance was for revenues of $475-$490 million.
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https://biz.yahoo.com/prnews/010724/sftu049.html