Trimble Reports Fourth Quarter and Full Year 2014 Results

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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 impact of acquisitions, the ability to deliver revenue, earnings per share and other financial projections that Trimble has guided for the first quarter, the expected tax rate, the anticipated impact of stock-based compensation expense, the amortization of intangibles related to previous acquisitions and the anticipated number of shares outstanding and interest costs. 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. The Company's results may be adversely affected if the Company is unable to market, manufacture and ship new products, obtain new customers, or integrate new acquisitions. The Company's results would also be negatively impacted by weakening in the macro environment. 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 and 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, such as changes in economic conditions, further worsening in the agricultural market, critical part supply chain shortages, possible write-offs of goodwill, and regulatory proceedings affecting GPS. 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)

	Fourth Quarter of		Fiscal Years

	2014	2013	2014	2013

Revenues:
Product	$ 386,510	$ 409,733	$1,713,564	$1,649,965
Service	104,315	112,646	396,062	364,274
Subscription	73,005	76,839	285,920	273,885
Total revenues	563,830	599,218	2,395,546	2,288,124

Cost of sales:
Product	182,662	189,538	788,114	776,597
Service	44,007	46,553	152,612	141,904
Subscription	22,603	22,492	81,063	84,682
Amortization of purchased intangible assets	21,950	21,181	82,913	81,119
Total cost of sales	271,222	279,764	1,104,702	1,084,302

Gross margin	292,608	319,454	1,290,844	1,203,822
Gross margin (%)	51.9%	53.3%	53.9%	52.6%

Operating expenses
Research and development	80,855	77,636	317,992	299,421
Sales and marketing	98,751	93,669	387,569	348,106
General and administrative	16,924	58,498	247,120	216,876
Restructuring	396	1,358	1,741	5,960
Amortization of purchased intangible assets	18,793	20,947	75,599	81,722
Total operating expenses	215,719	252,108	1,030,021	952,085


Operating income	76,889	67,346	260,823	251,737

Non-operating income (loss), net
Interest expense, net	(8,859)	(4,134)	(18,681)	(17,582)
Foreign currency transaction gain, (loss), net	(1,275)	172	(5,084)	(954)
Income from equity method investments, net	840	4,772	12,368	20,680
Other income (loss), net	4,022	(1,864)	16,589	(1,017)
Total non-operating income (loss), net	(5,272)	(1,054)	5,192	1,127

Income before taxes	71,617	66,292	266,015	252,864

Income tax provision	15,756	6,631	52,127	34,698
Net income	55,861	59,661	213,888	218,166
Less: Net gain (loss) attributable to noncontrolling interests	33	(336)	(230)	(689)
Net income attributable to Trimble Navigation Ltd.	$ 55,828	$ 59,997	$ 214,118	$ 218,855

Earnings per share attributable to Trimble Navigation Ltd.
Basic	$ 0.22	$ 0.23	$ 0.82	$ 0.85
Diluted	$ 0.21	$ 0.23	$ 0.81	$ 0.84

Shares used in calculating earnings per share:
Basic	259,217	258,187	260,103	256,648
Diluted	262,665	262,832	264,456	261,206

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