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Intermec Preliminary Third Quarter 2012 Results

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EVERETT, Wash.--(BUSINESS WIRE)--

Intermec, Inc. (NYSE: IN) today announced preliminary financial results for its third quarter ended September 30, 2012.

Third quarter 2012 net revenues were $192.8 million and net earnings on a GAAP basis were $7.2 million, or $0.12 per diluted share, compared to 2011 third quarter revenues of $211.8 million and GAAP net earnings of $704 thousand, or $0.01 per diluted share. Excluding certain adjustments totaling $3.2 million (detailed in the table below), adjusted net earnings for the quarter were $10.4 million, or $0.17 per diluted share.

"I am pleased with our progress improving the Company's overall performance during the third quarter," said Allen J. Lauer, Intermec Chairman and Interim CEO. “The steps taken in the second quarter led to sequential improvement in gross margins, operating expenses and cash flow. Improved bookings in North America and Latin America contributed to a relatively significant increase in backlog. This provides an improved foundation as we maintain our focus on continuous growth in revenue and profitability."

The Company remains engaged in a review of its long-term strategic direction and leadership requirements. The Company is continuing its work with its financial advisor BofA Merrill Lynch in performing its evaluation of the Company's business and strategic alternatives. There is no specific timetable for completion of the evaluation. Concurrently, the Company is working with Spencer Stuart to conduct a nationwide search for its next Chief Executive Officer for the Company.

The following table presents the Company's operating profit (loss), net earnings (loss) and earnings (loss) per share reported for the third quarters and nine months ended September 30, 2012 and October 2, 2011, on a GAAP basis and as adjusted excluding the impact of restructuring costs, acquisition-related costs and other adjustments, and also presents Adjusted EBITDA for those periods:

 
PRELIMINARY
INTERMEC, INC.
RECONCILIATION OF GAAP TO NON-GAAP OPERATING PROFIT (LOSS) AND ADJUSTED EBITDA
NET EARNINGS (LOSS) AND EARNINGS (LOSS) PER SHARE
(Unaudited)
(In millions, except per share amounts)
               
 
Three Months Ended September 30, 2012 Three Months Ended October 2, 2011
Operating Profit Net earnings Earnings (loss) Operating Profit Net earnings Earnings (loss)
(loss) (loss) per share (loss) (loss) per share
 
Operating profit as reported $ 9.0 $ 7.2 $ 0.12 $ 1.0 $ 0.7 $ 0.01
Acquisition related adjustments 4.5 4.5 0.07 7.1 4.4 0.07
Restructuring costs (1.1 ) (1.1 ) (0.02 ) 0.6 0.6 0.01
Executive severance - - - - - -
Forfeited executive stock awards - - - - - -
Impairment of goodwill (0.2 ) (0.2 ) - - - -
Deferred taxes and valuation allowance   -     -     -     -     0.3     0.01  
Non-GAAP profit as adjusted $ 12.2   $ 10.4   $ 0.17   $ 8.7  

$

6.0  

$

0.10  
 
Depreciation and other amortization 4.7 5.1
Stock-based compensation   1.6     3.2  
Adjusted EBITDA $ 18.5   $ 17.0  
 
Nine Months Ended September 30, 2012 Nine Months Ended October 2, 2011
Operating Profit Net earnings Earnings (loss) Operating Profit Net earnings Earnings (loss)
(loss) (loss) per share (loss) (loss) per share
 
Operating profit (loss) as reported $ (58.2 ) $ (272.4 ) $ (4.52 ) $ (10.7 ) $ (9.2 ) $ (0.15 )
Acquisition related adjustments 13.8 13.8 0.23 21.6 14.2 0.23
Capitalized legal fees charge - - - -
Restructuring costs 4.5 4.5 0.07 5.7 5.7 0.10
Executive severance 1.9 1.9 0.03 - - -
Forfeited executive stock awards (1.2 ) (1.2 ) (0.02 ) - - -
Impairment of goodwill 41.3 41.3 0.69 - - -
Deferred taxes and valuation allowance   -     212.9     3.53     -     1.1     0.02  
Non-GAAP profit as adjusted $ 2.1   $ 0.8   $ 0.01   $ 16.6   $ 11.8   $ 0.20  
 
Depreciation and other amortization 13.7 13.4
Stock-based compensation   6.0     7.5  
Adjusted EBITDA $ 21.8   $ 37.5  
 

Third Quarter 2012 Operating Performance

  • Total revenue for the third quarter was $192.8 million, a decrease of 4% compared to the second quarter of 2012 and down 9% compared to the same period in 2011. On a constant currency basis total revenue declined 6% compared to the prior year.
  • Due primarily to the previously announced cost reduction initiatives, SG&A and R&D expense for the quarter was $74.8 million compared to $81.8 million in the second quarter 2012 and $85.7 million in the third quarter 2011.
  • In conjunction with its financial analysis and reporting procedures, the Company is evaluating its goodwill and long-lived assets including its intangible assets for impairment for the third quarter of 2012. The final income per share reported for the quarter could be less than the preliminary results reported in this press release, or could be a loss per share, if either or both of these items require adjustment as a result of this analysis. Any such adjustments would be non-cash charges and are not expected to result in any change to our Non-GAAP results.
  • Including gains from the sale of certain assets of $2.5 million, a favorable adjustment for restructuring costs of $1.1 million and a favorable adjustment of $200 thousand related to goodwill impairment finalization from the first and second quarter of 2012 analyses, GAAP operating profit was $9.0 million compared to GAAP operating profit of $1.0 million in the same period 2011.
  • North America revenues decreased 3% compared to the third quarter 2011, while Latin America revenue rose 16%. Europe, Middle East and Africa (EMEA) revenues declined 22% and Asia Pacific declined 31% compared to the third quarter 2011. On a constant currency basis EMEA revenues were down 18% compared to the prior year.
  • Total gross margin was 41.5% compared to 41.5% in the same period in 2011 and 39.4% in the second quarter 2012. Excluding certain adjustments, third quarter adjusted gross margins were 43.4% compared to 43.6% for the same period in 2011 and 41.2% in the second quarter 2012.
  • Adjusted EBITDA for the quarter was $18.5 million compared to Adjusted EBITDA of $17.0 million in the same period 2011 and Adjusted EBITDA of $10.2 million in the second quarter 2012.
  • Cash, cash equivalents, and short-term investments totaled approximately $86 million at quarter-end, an increase of over $11 million from the end of the second quarter 2012. During the quarter the company also repaid $5 million on its line of credit and the outstanding balance of its credit facility is now $80 million.

Recent Intermec and Vocollect Business Highlights

  • Launched the SRX2, an innovative new wireless headset for distribution centers (DCs) and warehouses that significantly enhances the operational efficiency of workers with superior voice recognition performance. Its modular design enables shared use of headset electronics across multiple shifts, resulting in lower total cost of ownership.
  • Announced a new HTML5 browser allowing for the development of OS agnostic web applications that can run on iOS, Android and select Intermec rugged mobile computers, enhancing workflow efficiency and offering increased flexibility to mobile workforces.
  • Announced the establishment of Intermec China, a Wholly Foreign Owned Enterprise (WFOE). Intermec China was recently granted a business license from the Chinese Ministry of Commerce to directly conduct business in China.
  • Awarded and began shipping RFID tags for a large Electronic Toll Collection (ETC) contract with the State of Sao Paulo and the Department of Transportation in Brazil to greatly improve collections revenue and to enable a more secure processing environment.
  • The 70 series rugged mobile computer enjoyed a record quarter with multiple large wins in the Direct Store Delivery, Rugged Delivery and Transportation and Logistics Deployment Environments.
  • Announced the CK3 Next Generation Series – the CK3X and CK3R which utilize a 1GHZ OMAP architecture to optimize workforce performance through industry-leading battery life, enhanced barcode scanning, superior device health monitoring and broad compliance for emerging industry standards such as HTML5.

About Intermec, Inc.

Intermec Inc. (NYSE: IN) is the workflow performance company. We design the leading data capture and information management solutions at the interface between mobile workers, assets, and customers. For more information about Intermec, visit www.intermec.com or call 800-347-2636.

Non-GAAP Financial Measures

This press release includes Non-GAAP financial measures for operating profit (loss), net earnings (loss), earnings (loss) per diluted share, and gross margins and also presents Adjusted EBITDA. Reconciliations of each of these Non-GAAP financial measures to the most directly comparable GAAP financial measures are detailed in the tables set forth in or attached to this release: Reconciliation of GAAP to Non-GAAP Operating Profit (Loss) and Adjusted EBITDA Net Earnings (Loss) and Earnings (Loss) Per Share, set forth in this press release and Reconciliation of GAAP to Non-GAAP Operating Profit (Loss) and Reconciliation of GAAP to Non-GAAP Gross Margins, for the three and nine months ended September 30, 2012, attached to this press release.

Our Non-GAAP measures should be read in conjunction with the corresponding GAAP measures. The Non-GAAP measures should be considered in addition to and not as an alternative or substitute for the measures prepared in accordance with accounting principles generally accepted in the United States of America.

We believe that excluding items such as, but not limited to, allowances for deferred tax assets, goodwill or asset impairment charges, restructuring charges, costs or adjustments related to completion of acquisitions, amortization of intangibles, executive severance and non-cash stock-based compensation expenses provides supplemental information useful to investors' and management's understanding of Intermec's core operating results, especially when comparing those results on a consistent basis to results for previous periods and anticipated results for future periods.

The Company believes that the Non- GAAP financial measures that it uses provide investors the additional information to evaluate financial performance in a way that is comparable to measures reported by other technology companies. Earnings before interest, taxes, depreciation, and amortization (EBITDA) is net earnings/loss before provisions for income taxes, net interest expense, and depreciation and amortization. EBITDA should not be considered an alternative to, or more meaningful than, earnings before income taxes, cash flow from operations, or other traditional indicators of operating performance. Rather, EBITDA is presented because it is a widely accepted supplemental financial measure that we believe provides relevant and useful information. Our calculation of Adjusted EBITDA adds back the non-cash effect of stock-based compensation as accounted for under ACS 718 as we believe this is a meaningful view of our underlying cash earnings. Adjusted EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this Non- GAAP measure in the same manner.

Statements made in this release and related statements that express Intermec's or our management's intentions, hopes, indications, beliefs, expectations, guidance, estimates, forecasts or predictions of the future constitute forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, and relate to matters that are not historical facts. The forward-looking statements contained herein include, without limitation, statements regarding: our view of general economic and market conditions; our revenue, expenses, earnings or financial outlook for the current period or any other period; our impairment analysis for goodwill and long-lived assets, our deferred tax valuation allowances, the applicability and results of accounting policies and analyses used in our financial reporting, the necessity to update information in our periodic or other required reports; our cost reduction plans; and our ability to develop, produce, market or sell our products, either directly or through third parties, to reduce or control expenses, to improve efficiency, to realign resources, or to continue operational improvement and year-over-year or sequential growth. They also include, without limitation, statements about future financial and operating results of our Company after the acquisition of other businesses and the benefits of such acquisitions. When used in this document and in documents it refers to, the words “anticipate,” “believe,” “will,” “intend,” “project” and “expect” and similar expressions as they relate to us or our management are intended to identify such forward-looking statements. These statements represent beliefs and expectations only as of the date they were made. We may elect to update forward-looking statements, but we expressly disclaim any obligation to do so, even if our beliefs and expectations change.

Actual results may differ from those expressed or implied in our forward-looking statements. Such forward-looking statements involve and are subject to certain risks and uncertainties, which may cause our actual results to differ materially from those discussed in a forward-looking statement. These risk factors include, but are not limited to, risks and uncertainties described more fully in our reports filed or to be filed with the Securities and Exchange Commission including, but not limited to, our annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, which are available, among other places, on our website at www.intermec.com.

 
PRELIMINARY
INTERMEC, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
             
Three Months Ended Nine Months Ended
September 30, October 2, September 30, October 2,
  2012     2011     2012     2011  
 
Revenues:
Product $ 150,214 $ 165,294 $ 445,042 $ 484,781
Service   42,607     46,511     128,408     126,625  
Total revenues 192,821 211,805 573,450 611,406
 
Costs and expenses:
Cost of product revenues 90,369 97,587 281,681 291,825
Cost of service revenues 22,468 26,363 66,663 72,115
Research and development 20,266 22,047 60,706 62,720
Selling, general and administrative 54,565 63,610 181,984 183,906
Gain on sale of assets (2,534 ) - (5,189 ) -
Restructuring costs (1,130 ) 644 4,468 5,756
Impairment of goodwill (200 ) - 41,314 -
Acquisition costs   -     554     -     5,766  
Total costs and expenses 183,804 210,805 631,627 622,088
 
Operating profit (loss) 9,017 1,000 (58,177 ) (10,682 )
Interest income 107 162 308 565
Interest expense   (683 )   (572 )   (2,315 )   (1,964 )
Earnings (loss) before income taxes 8,441 590 (60,184 ) (12,081 )
Income tax expense (benefit)   1,238     (114 )   212,225     (2,911 )
Net earnings (loss) $ 7,203   $ 704   $ (272,409 ) $ (9,170 )
 
Basic earnings (loss) per share $ 0.12 $ 0.01 $ (4.52 ) $ (0.15 )
Diluted earnings (loss) per share $ 0.12 $ 0.01 $ (4.52 ) $ (0.15 )
 
Shares used in computing basic earnings (loss) per share 60,451 59,796 60,243 59,959
Shares used in computing diluted earnings (loss) per share 60,579 59,897 60,243 59,959
 
 
PRELIMINARY
INTERMEC, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
       
September 30, December 31,
  2012     2011  
ASSETS
 
Current assets:
Cash and cash equivalents $ 85,757 $ 95,108
Short-term investments 186 170
Accounts receivable, net 120,501 139,737
Inventories 103,814 103,622
Current deferred tax assets, net 7,419 84,541
Other current assets   31,950     24,226  
Total current assets 349,627 447,404
 
Deferred tax assets, net 8,616 141,064
Goodwill 102,196 143,510
Intangibles, net 48,023 61,996
Property, plant and equipment, net 47,025 47,086
Other assets, net   19,974     28,230  
Total assets $ 575,461   $ 869,290  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 78,234 $ 92,607
Payroll and related expenses 23,478 32,540
Accrued expenses 26,947 35,118
Deferred revenue 53,976 47,234
Finance lease obligation   2,389     -  
Total current liabilities 185,024 207,499
 
Long-term debt 80,000 85,000
Long -term financing lease obligation 1,474 -
Pension and other postretirement benefits liabilities 123,133 124,058
Long-term deferred revenue 33,695 28,960
Other long-term liabilities 15,878 15,344
 
Commitments and contingencies
 
Shareholders' equity:
Common stock (250,000 shares authorized, 63,430 and 62,956 shares issued
and 60,239 and 59,717 outstanding) 640 636
Additional paid-in capital 703,221 697,597
Accumulated deficit (482,734 ) (210,327 )
Accumulated other comprehensive loss   (84,870 )   (79,477 )
Total shareholders' equity   136,257     408,429  
Total liabilities and shareholders' equity $ 575,461   $ 869,290  
 
   
PRELIMINARY
INTERMEC, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
     
Nine Months Ended  
September 30, October 2,
  2012     2011  
 
Cash and cash equivalents at beginning of the period $ 95,108 $ 221,467
 
Cash flows from operating activities:
Net loss (272,409 ) (9,170 )
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 27,172 21,020
Deferred taxes 212,173 (8,099 )
Stock-based compensation 4,770 7,548
Impairment of goodwill 41,314 -
Gain on sale of assets (5,189 ) -
Gain on company owned life insurance (2,414 ) -
Change in pension and other postretirement plans (7,178 ) (3,045 )
Change in other long-term liabilities (2,054 ) 799
Changes in operating assets and liabilities:
Accounts receivable 20,577 (11,194 )
Inventories (6,740 ) (10,209 )
Other current assets (7,673 ) 845
Accounts payable (14,018 ) 3,140
Payroll and related expenses (9,196 ) 3,079
Accrued expenses (7,785 ) (5,766 )
Deferred revenue 10,909 5,351
Other operating activities   (1,159 )   91  
Net cash used in operating activities   (18,900 )   (5,610 )
 
Cash flows from investing activities:
Acquisitions, net of cash acquired - (200,810 )
Additions to property, plant and equipment (6,980 ) (16,075 )
Maturities of investments - 6,564
Proceeds from sale of assets 6,359 -
Proceeds from company owned life insurance 10,238 -
Capitalized patent legal fees - (560 )
Other investing activities   (346 )   (75 )
Net cash provided by (used in) investing activities   9,271     (210,956 )
 
Cash flows from financing activities:
Proceeds from issuance of debt 27,000 111,700
Repayment of debt (32,000 ) (34,700 )
Stock repurchase - (10,014 )
Financing lease obligation 3,863

-

Stock options exercised and other   1,461     2,370  
Net cash provided by financing activities   324     69,356  
 
Effect of exchange rate changes on cash and cash equivalents   (46 )   (770 )
Net change in cash and cash equivalents   (9,351 )   (147,980 )
 
Cash and cash equivalents at end of the period $ 85,757   $ 73,487  
 
 
PRELIMINARY
INTERMEC, INC.
RECONCILIATION OF GAAP TO NON-GAAP OPERATING PROFIT (LOSS)
(Unaudited)
(In thousands)
                 
 
Three Months Ended September 30, 2012 Three Months Ended October 2, 2011
GAAP Non-GAAP GAAP Non-GAAP
Operating Non-GAAP Operating Operating Non-GAAP Operating
Results Adjustments   Results   Results Adjustments Results
 
Total revenues $ 192,821 $ - $ 192,821 $ 211,805 $ 2,178 $ 213,983
 
Costs and expenses:
Cost of revenues 112,837 (3,642 ) 109,195 123,950 (3,170 ) 120,780
Research and development 20,266 - 20,266 22,047 (18 ) 22,029
Selling, general and administrative 54,565 (847 ) 53,718 63,610 (1,178 ) 62,432
Gain on sale of assets (2,534 ) - (2,534 ) - - -
Restructuring costs (1,130 ) 1,130 - 644 (644 ) -
Impairment of goodwill (200 ) 200 - - - -
Acquisition costs   -     -     -     554     (554 )   -
Total costs and expenses   183,804     (3,159 )   180,645     210,805     (5,564 )   205,241
 
Operating profit $ 9,017   $ 3,159   $ 12,176   $ 1,000   $ 7,742   $ 8,742
 
 
 
 
 
Nine Months Ended September 30, 2012 Nine Months Ended October 2, 2011
GAAP Non-GAAP GAAP Non-GAAP
Operating Non-GAAP Operating Operating Non-GAAP Operating
Results Adjustments   Results   Results Adjustments Results
 
Total revenues $ 573,450 $ - $ 573,450 $ 611,406 $ 5,082 $ 616,488
 
Costs and expenses:
Cost of revenues 348,344 (10,939 ) 337,405 363,940 (8,540 ) 355,400
Research and development 60,706

-

60,706 62,720 (35 ) 62,685
Selling, general and administrative 181,984 (3,609 ) 178,375 183,906 (2,159 ) 181,747
Gain on sale of assets (5,189 ) - (5,189 ) - - -
Restructuring costs 4,468 (4,468 ) - 5,756 (5,756 ) -
Impairment of goodwill 41,314 (41,314 ) - - - -
Acquisition costs   -     -     -     5,766     (5,766 )   -
Total costs and expenses   631,627     (60,330 )   571,297     622,088     (22,256 )   599,832
 
Operating profit (loss) $ (58,177 ) $ 60,330   $ 2,153   $ (10,682 ) $ 27,338   $ 16,656
 
 
PRELIMINARY
INTERMEC, INC.
RECONCILIATION OF GAAP TO NON-GAAP GROSS MARGINS
(Unaudited)
(In thousands)
           
 
Three Months Ended September 30, 2012 Nine Months Ended September 30, 2012
Non-GAAP Non-GAAP as Non-GAAP Non-GAAP as
As Reported Adjustments   Adjusted   As Reported Adjustments   Adjusted
Revenues:
Product $ 150,214 $ - $ 150,214 $ 445,042 $ - $ 445,042
Service   42,607     -     42,607     128,408     -     128,408  
Total revenues $ 192,821   $ -   $ 192,821   $ 573,450   $ -   $ 573,450  
 
Cost of revenues:
Product $ 90,369 $ (3,642 ) $ 86,727 $ 281,681 $ (10,939 ) $ 270,742
Service   22,468     -     22,468     66,663     -     66,663  
Total cost of revenues $ 112,837   $ (3,642 ) $ 109,195   $ 348,344   $ (10,939 ) $ 337,405  
 
Gross margins:
Product 39.8 % 42.3 % 36.7 % 39.2 %
Service 47.3 % 47.3 % 48.1 % 48.1 %
Total 41.5 % 43.4 % 39.3 % 41.2 %
 
Three Months Ended October 2, 2011 Nine Months Ended October 2, 2011
Non-GAAP Non-GAAP as Non-GAAP Non-GAAP as
As Reported Adjustments   Adjusted   As Reported Adjustments   Adjusted
Revenues:
Product $ 165,294 $ - $ 165,294 $ 484,781 $ - $ 484,781
Service   46,511     2,178     48,689     126,625     5,082     131,707  
Total revenues $ 211,805   $ 2,178   $ 213,983   $ 611,406   $ 5,082   $ 616,488  
 
Cost of revenues:
Product $ 97,587 $ (3,170 ) $ 94,417 $ 291,825 $ (8,540 ) $ 283,285
Service   26,363     -     26,363     72,115     -     72,115  
Total cost of revenues $ 123,950   $ (3,170 ) $ 120,780   $ 363,940   $ (8,540 ) $ 355,400  
 
Gross margins:
Product 41.0 % 42.9 % 39.8 % 41.6 %
Service 43.3 % 45.9 % 43.0 % 45.2 %
Total 41.5 % 43.6 % 40.5 % 42.4 %
 
 
PRELIMINARY
INTERMEC, INC.
           
SUPPLEMENTAL SALES INFORMATION BY CATEGORY
(Unaudited)
(Amounts in millions)
 
Three Months Ended
Percent
Percent of Percent of Change in
September 30, 2012 Revenues October 2, 2011 Revenues Revenues
Revenues by category:
Intermec-branded:
Systems and solutions $ 92.6 48.1 % $ 102.1 48.2 % -9.3 %
Printer and media 37.4 19.4 % 43.7 20.6 % -14.4 %
Service 33.6 17.4 % 35.2 16.6 % -4.5 %
Voice solutions   29.2 15.1 %   30.8 14.6 % -5.2 %
Total revenues $ 192.8 100.0 % $ 211.8 100.0 % -9.0 %
 
 
Nine Months Ended
Percent
Percent of Percent of Change in
September 30, 2012 Revenues October 2, 2011   Revenues Revenues
Revenues by category:
Intermec-branded:
Systems and solutions $ 271.4 47.3 % $ 301.2 49.3 % -9.9 %
Printer and media 111.6 19.5 % 131.8 21.6 % -15.3 %
Service 103.4 18.0 % 107.4 17.5 % -3.7 %
Voice solutions   87.1 15.2 %   71.0 11.6 % 22.7 %
Total revenues $ 573.5 100.0 % $ 611.4 100.0 % -6.2 %
 
 
SUPPLEMENTAL SALES INFORMATION BY GEOGRAPHICAL REGION
(Unaudited)
(Amounts in millions)
 
 
Three Months Ended
Percent
Percent of Percent of Change in
September 30, 2012 Revenues October 2, 2011 Revenues Revenues
Revenues by geographic region:
North America $ 104.0 53.9 % $ 107.1 50.6 % -2.9 %
Europe, Middle East and Africa (EMEA) 50.2 26.0 % 64.7 30.6 % -22.4 %
Latin America (LATAM) 27.3 14.2 % 23.6 11.1 % 15.7 %
Asia Pacific (ASIAPAC)   11.3 5.9 %   16.4 7.7 % -31.1 %
Total revenues $ 192.8 100.0 % $ 211.8 100.0 % -9.0 %
 
 
Nine Months Ended
Percent
Percent of Percent of Change in
September 30, 2012 Revenues October 2, 2011 Revenues Revenues
Revenues by geographic region:
North America $ 296.8 51.8 % $ 292.6 47.9 % 1.4 %
Europe, Middle East and Africa (EMEA) 160.7 28.0 % 200.6 32.8 % -19.9 %
Latin America (LATAM) 73.9 12.9 % 70.0 11.4 % 5.6 %
Asia Pacific (ASIAPAC)   42.1 7.3 %   48.2 7.9 % -12.7 %
Total revenues $ 573.5 100.0 % $ 611.4 100.0 % -6.2 %
 

Intermec, Inc.
Dan Evans, 425-267-2975
Investor Relations
dan.evans@intermec.com

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