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Trimble Reports Fourth Quarter and Fiscal 2010 Results; Fourth Quarter 2010 Revenue Up 17 Percent, Non-GAAP EPS $0.46

SUNNYVALE, Calif. Feb. 3, 2011

Fourth Quarter 2010 Results

$323.3 million

$19.3 million

$46.4 million

$36.6 million $0.29 $0.08

$57.1 million $0.46 $0.21

Fourth quarter 2010 non-GAAP results exclude:

  • $1.6 million
  • $15.5 million $13.7 million
  • $7.0 million $5.3 million
  • $588 thousand
  • $3.5 million $826 thousand
  • $7.6 million

Fiscal 2010 Results

$1.3 billion

$127.6 million

$217.7 million

$103.7 million $0.84 $0.52

$199.5 million $1.61 $1.04

Fiscal 2010 non-GAAP results exclude:

  • $2.0 million $10.8 million
  • $57.6 million $52.5 million
  • $23.1 million $18.7 million
  • $728 thousand $470 thousand
  • $3.4 million $3.8 million
  • $27.5 million $7.6 million

Steven W. Berglund

Trimble Results by Business Segment

Segment operating income is revenue less cost of goods sold and operating expenses, excluding general corporate expenses, restructuring expenses, amortization of intangibles, amortization of acquisition-related inventory step-up charges and non-recurring acquisition costs.  Non-GAAP segment operating income also excludes the impact of stock-based compensation expense.

Engineering and Construction (E&C)

$183.4 million

$21.6 million $15.5 million $24.0 million $17.5 million

$719.1 million

$111.0 million $58.3 million $118.9 million $64.6 million

Field Solutions

$74.8 million

$27.1 million $15.9 million $27.6 million $16.2 million

$318.1 million

$116.4 million $104.5 million $118.4 million $105.6 million

Mobile Solutions

$40.4 million

$267 thousand $4.2 million $931 thousand $5.2 million

$154.3 million

$1.9 million $14.3 million $5.3 million $18.6 million

Advanced Devices

$24.7 million

$3.4 million $3.6 million $4.0 million $4.1 million

$102.5 million

$18.3 million $17.2 million $20.3 million $18.8 million

Stock Repurchase Program

$73.8 million $28.67

Use of Non-GAAP Financial Information

http://investor.trimble.com

Forward Looking Guidance

$370 million and $375 million $0.32 to $0.34 $0.47 to $0.49 $13.8 million

For fiscal 2011, Trimble expects revenue growth of approximately 20 percent, with non-GAAP operating leverage of approximately 25 percent and a full-year tax rate of 15 to 17 percent.

Investor Conference Call / Webcast Details

Feb. 3, 2011 1:30 p.m. PT http://investor.trimble.com

About Trimble

Sunnyvale, Calif.

www.trimble.com

Safe Harbor  

Certain statements made in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995.  These statements include expectations for future financial market and economic conditions, the ability to deliver revenue, earnings per share and other financial projections that Trimble has guided for the first quarter and full year 2011 the expected tax-rate, the anticipated impact of stock-based compensation expense, the amortization of intangibles related to previous acquisitions.  The Company may suspend its stock repurchase plan at any time and for any reason without further notice.  These forward-looking statements are subject to change, and actual results may materially differ from those set forth in this press release due to certain risks and uncertainties. If the current economic conditions worsen it may negatively impact our customers’ purchasing decisions worldwide, including in emerging markets. In addition, the Company’s results may be adversely affected if the Company is unable to market, manufacture and ship new products or obtain new customers for its mobile solutions segment.  Any weakening of our accounts receivable or write-off of goodwill could also impair our financial results. Any failure to achieve predicted results could negatively impact the Company’s revenues, cash flow from operations, and other financial results. The Company’s financial results will also depend on a number of other factors, including the risks 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. Undue reliance should not be placed on any forward-looking statement contained herein, especially in light of greater uncertainty than normal in the economy in general. These statements reflect the Company’s position as of the date of this release. The Company expressly disclaims any undertaking to release publicly any updates or revisions to any statements to reflect any change in the Company’s expectations or any change of events, conditions, or circumstances on which any such statement is based.

FTRMB

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Twelve Months Ended

Dec-31,

Jan-1,

Dec-31,

Jan-1,

2010

2010

2010

2010

Revenue

$ 323,349

$ 277,529

$ 1,293,937

$ 1,126,259

Cost of sales

160,019

146,877

648,436

576,391

Gross margin

163,330

130,652

645,501

549,868

Gross margin (%)

50.5%

47.1%

49.9%

48.8%

Operating expenses

   Research and development

40,750

35,795

150,089

136,639

   Sales and marketing

61,609

48,739

215,127

189,859

   General and administrative

32,878

24,929

118,352

100,830

   Restructuring

348

588

1,592

6,385

   Amortization of purchased intangible assets

8,489

7,924

32,739

30,335

      Total operating expenses

144,074

117,975

517,899

464,048

Operating income

19,256

12,677

127,602

85,820

Non-operating income, net

   Interest income

219

237

1,083

783

   Interest expense

(367)

(404)

(1,752)

(1,812)

   Foreign currency transaction gain (loss), net

210

(297)

(836)

463

   Income from equity method investments, net

2,770

309

11,795

730

   Other income, net

173

161

3,195

1,637

      Total non-operating income, net

3,005

6

13,485

1,801

Income before taxes

22,261

12,683

141,087

87,621

Income tax provision (benefit)

(13,587)

3,414

37,474

23,658

Net income

35,848

9,269

103,613

63,963

Less: Net income (loss) attributable to noncontrolling interests

(716)

(278)

(47)

517

Net income attributable to Trimble Navigation Ltd.

$   36,564

$     9,547

$    103,660

$      63,446

Earnings per share attributable to Trimble Navigation Ltd.

    Basic

$       0.30

$       0.08

$          0.86

$          0.53

    Diluted

$       0.29

$       0.08

$          0.84

$          0.52

Shares used in calculating earnings per share:

   Basic

120,522

120,395

120,352

119,814

   Diluted

124,395

123,155

123,798

122,208

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

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