UNOVA, Inc. (NYSE:UNA): -- Intermec Revenues increased 16.6% over
the prior-year-quarter to $217.5 million -- Intermec Operating
Profit was $23.8 million; an 11.0% Operating Margin -- EPS from
Continuing Operations increased to $0.19 versus $0.05 in the
prior-year-quarter UNOVA, Inc. (NYSE:UNA) today announced financial
results for its fiscal second quarter which ended July 3, 2005.
UNOVA reported second quarter revenues of $217.5 million and
earnings from continuing operations of $11.9 million, or $0.19 per
diluted share, compared to 2004 second quarter revenues of $186.6
million and earnings from continuing operations of $3.2 million, or
$0.05 per diluted share. Including discontinued operations, net
earnings for the second quarter of 2005 was $12.1 million, or $0.19
per diluted share compared to net earnings of $5.7 million, or
$0.09 per diluted share in the prior year's second quarter.
Intermec operating profits increased to $23.8 million for the
second quarter of 2005, a 53 percent increase compared to $15.6
million for the same prior year period. Intermec operating margins
were 11.0 percent for the second quarter of 2005, compared to 8.4
percent for the prior-year quarter. "We are pleased with our recent
strategic progress," said Larry D. Brady, Chairman and CEO. "The
impact of our Rapid Start licensing program, the continued
advancement of our divestiture plans, and the strong growth and
solid execution we are seeing at Intermec, have contributed to our
conviction that we are on a clear path to establishing industry
leadership." Intermec product revenue categories achieved double
digit growth over the comparable 2004 quarter. Systems and
Solutions revenue increased 17 percent and Printer and Media
revenues increased 19 percent over the comparable prior-year
period. Service revenue increased 9 percent over the comparable
prior-year period. Geographically, North American revenues achieved
an increase of 21 percent over the comparable prior-year period.
Revenues in Europe, Mid-East and Africa (EMEA) increased 10
percent, Latin America revenues increased 30 percent and revenues
in Asia Pacific decreased 11 percent. Corporate and other
expenditures were $5.4 million for the second quarter of 2005,
versus $5.7 million in the prior-year-quarter. The Company's
discontinued operations contributed an after-tax profit of $0.2
million for the current quarter, compared to $2.5 million for the
second quarter of 2004. The Company's cash and cash equivalent
position at the end of the second quarter was $172.8 million, an
increase of $17.6 million during the second quarter. About UNOVA
UNOVA is a leader in global supply chain solutions and in the
development, manufacture and integration of wired and wireless
automated data collection, Intellitag(R) RFID (radio frequency
identification), mobile computing systems, bar code printers and
label media. The company's products and services are used by
customers in many industries to improve productivity, quality and
responsiveness of business operations, from supply chain management
and enterprise resource planning to field sales and service.
www.unova.com. (Forward-looking Statement) Certain forward-looking
statements in this release (as defined by Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934) relate to matters that are not
historical facts. They include, but are not limited to, statements
about the Company's ability to continue to improve profit of its
business segments, reduce expenses, improve efficiency, leverage
its research and development investment to drive significant future
revenue, complete its divestiture of its IAS businesses and the
ability to continue operational improvement and year over year
growth. Such forward-looking statements involve and are dependent
upon certain risks and uncertainties. These include, but are not
limited to, other risks and uncertainties described more fully in
the Company's filings on Form 10-K and 10-Q with the Securities and
Exchange Commission. SECOND QUARTER FISCAL YEAR 2005 - EARNINGS
CONFERENCE CALL UNOVA will hold a conference call on August 4, 2005
at 5 p.m. EDT (2 p.m. PDT) to review financial results from its
second quarter of fiscal year 2005. The call will be hosted by
UNOVA Chief Executive Officer, Larry D. Brady, Chief Financial
Officer, Michael E. Keane, Intermec President, Thomas O. Miller,
and Kevin P. McCarty, UNOVA Director of Investor Relations. The
dial-in number for participants is (888) 790-3351 (US); 1-(210)
234-0003 (International) (Pass code is "UNOVA"). The call also will
be broadcast live on the Internet under the investor information
section of the UNOVA web site at www.unova.com/investorinfo.asp.
-0- *T UNOVA, INC. (Unaudited, amounts in thousands, except per
share amounts) Three Months Ended Six Months Ended
------------------- ------------------- July 3, June 30, July 3,
June 30, 2005 2004 2005 2004 -------- -------- -------- --------
CONSOLIDATED STATEMENTS OF OPERATIONS (Preliminary) Revenues:
Product $181,007 $152,991 $342,950 $315,247 Service 36,452 33,588
71,004 64,337 -------- -------- -------- -------- Total Revenues
217,459 186,579 413,954 379,584 Costs and Expenses: Cost of product
revenues 101,954 88,610 194,701 173,727 Cost of service revenues
21,084 19,798 41,970 38,008 Selling, general and administrative
75,992 68,316 148,748 133,071 -------- -------- -------- --------
Total Costs and Expenses 199,030 176,724 385,419 344,806 --------
-------- -------- -------- Operating Profit From Continuing
Operations 18,429 9,855 28,535 34,778 Interest, net (1,120) (3,186)
(3,246) (6,254) Foreign currency exchange, net 215 (246) 200 (666)
-------- -------- -------- -------- Earnings from Continuing
Operations before Income Taxes 17,524 6,423 25,489 27,858 Provision
for income taxes 5,669 3,260 8,222 8,969 -------- -------- --------
-------- Earnings from Continuing Operations 11,855 3,163 17,267
18,889 Earnings (Loss) from discontinued operations, net of tax 213
2,540 (1,719) (2,704) -------- -------- -------- -------- Net
Earnings $ 12,068 $ 5,703 $ 15,548 $ 16,185 ======== ========
======== ======== Basic Earnings (Loss) per Share Continuing
operations $ 0.19 $ 0.05 $ 0.28 $ 0.31 Discontinued operations 0.01
0.04 (0.03) (0.04) -------- -------- -------- -------- Net earnings
per share $ 0.20 $ 0.09 $ 0.25 $ 0.27 ======== ======== ========
======== Diluted Earnings (Loss) per Share Continuing operations $
0.19 $ 0.05 $ 0.28 $ 0.30 Discontinued operations 0.00 0.04 (0.03)
(0.04) -------- -------- -------- -------- Net earnings per share $
0.19 $ 0.09 $ 0.25 $ 0.26 ======== ======== ======== ========
Shares Used in Computing Earnings (Loss) per Share Basic 61,361
60,403 61,228 60,296 Diluted 62,768 62,011 62,792 62,069 SELECTED
SEGMENT INFORMATION (Preliminary) Operating Profit (Loss) From
Continuing Operations Intermec Operating Profit $ 23,848 $ 15,599 $
39,888 $ 43,645 Corporate and Other (5,419) (5,744) (11,353)
(8,867) -------- -------- -------- -------- Operating Profit From
Continuing Operations $ 18,429 $ 9,855 $ 28,535 $ 34,778 ========
======== ======== ======== UNOVA, INC. CONSOLIDATED BALANCE SHEETS
(Preliminary) (Unaudited, amounts in thousands) July 3, December
31, 2005 2004 --------- ---------- Assets Current Assets: Cash and
cash equivalents $ 172,769 $ 217,899 Restricted cash - 50,000
Accounts receivable, net 162,706 157,833 Inventories 102,752 80,854
Net deferred tax assets 61,919 81,769 Assets held for sale 13,518
19,748 Current assets of discontinued operations 57,533 211,116
Other current assets 10,081 8,831 --------- ---------- Total
Current Assets 581,278 828,050 Property, Plant and Equipment, Net
30,368 30,375 Other Intangibles, Net 3,872 4,072 Net Deferred Tax
Assets 183,970 134,978 Long Term Assets of Discontinued Operations
19,683 21,238 Other Assets 59,484 53,964 --------- ---------- Total
Assets $ 878,655 $1,072,677 ========= ========== Liabilities and
Shareholders' Investment Current Liabilities: Accounts payable and
accrued expenses $ 178,056 $ 160,001 Payroll and related expenses
26,339 30,077 Current portion of long-term debt 8,500 108,500
Current liabilities of discontinued operations 34,787 130,257
--------- ---------- Total Current Liabilities 247,682 428,835
Long-term Debt 100,000 100,000 Other Long-term Liabilities 92,682
86,220 Long-term Liabilities of Discontinued Operations 11,943
46,388 Shareholders' Investment: Common stock 618 611 Additional
paid-in capital 716,128 703,416 Accumulated deficit (291,147)
(306,695) Accumulated other comprehensive income 749 13,902
--------- ---------- Total Shareholders' Investment 426,348 411,234
--------- ---------- Total Liabilities and Shareholders' Investment
$ 878,655 $1,072,677 ========= ========== UNOVA, INC. CONSOLIDATED
STATEMENT OF CASH FLOWS (Preliminary) (Unaudited, amounts in
thousands) Six Months Ended July 3, 2005 Cash and Cash Equivalents
at Beginning of Period $ 217,899 Cash Flows from Operating
Activities of Continuing Operations: Net earnings from continuing
operations 17,267 Adjustments to reconcile net earnings to net cash
provided by operating activities: Depreciation and amortization
4,992 Change in net deferred tax asset 9,269 Changes in working
capital and other operating activities (10,676) --------- Net Cash
Provided by Operating Activities of Continuing Operations 20,852
--------- Cash Flows from Investing Activities of Continuing
Operations: Capital expenditures (5,510) Other investing activities
6,241 --------- Net Cash Provided by Investing Activities of
Continuing Operations 731 --------- Cash Flows from Financing
Activities of Continuing Operations: Repayment of long-term
obligations (100,000) Decrease in restricted cash 50,000 Stock
options exercised 7,644 Other financing activities 1,258 ---------
Net Cash Used in Financing Activities of Continuing Operations
(41,098) --------- Net Cash Used in Continuing Operations (19,515)
Net Cash Used in Operating Activities of Discontinued Operations
(26,020) Net Cash Provided by Investing Activities of Discontinued
Operations 405 --------- Resulting Decrease in Cash and Cash
Equivalents (45,130) --------- Cash and Cash Equivalents at End of
Period $ 172,769 ========= *T
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