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| 8-K - INTERMEC Q2 EARNINGS RELEASE - Intermec, Inc. | q2_intermecer.htm |
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Intermec, Inc.
6001 36Pth Avenue West
Everett, WA 98203-1264
HTUwww.intermec.comUTH
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FOR IMMEDIATE RELEASE
Contact:
Kevin McCarty
Vice President, Corporate Development &
Investor Relations
Intermec, Inc.
425-265-2472
HTUkevin.mccarty@intermec.comUTH
INTERMEC REPORTS SECOND QUARTER 2010 RESULTS
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§
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Q2 Revenue of $161.2 Million, up 2% Y/Y, up 8% Q/Q
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§
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EPS Loss of ($0.04); Non-GAAP EPS Loss of ($0.03)
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Positive Cash Flow From Operations of $7.1M
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EVERETT, Wash. – July 29, 2010 – Intermec, Inc. (NYSE: IN) today announced financial results for its second quarter, which ended June 27, 2010.
Second quarter 2010 revenues were $161.2 million and a net loss of ($2.7) million, or ($0.04) per diluted share, compared to 2009 second quarter revenues of $157.7 million and a net loss of ($6.5) million, or ($0.11) per diluted share.
“Intermec met its guidance objectives in Q2 as momentum in our international business, new products, and channel continues to build,” said Patrick J. Byrne, Intermec President and CEO. “Going forward, we are focused on introducing new products and taking successful enterprise pilots into larger scale mobility deployments.”
The following table presents our GAAP earnings before taxes, net loss, and diluted loss per share as reported for the second quarters of 2010 and 2009, and as adjusted by excluding the impact of an impairment of a facility associated with properties we retained from our former IAS business and restructuring charges.
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Quarter Ended June 27, 2010
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Quarter Ended June 28, 2009
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|||||||||||||||||||||||
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($ in millions, except per share amounts)
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Loss from operations
before taxes
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Net loss
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Diluted loss
per share
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Loss from operations
before taxes
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Net loss
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Diluted loss
per share
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||||||||||||||||||
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Loss as reported
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$ | (5.6 | ) | $ | (2.7 | ) | $ | (0.04 | ) | $ | (10.3 | ) | $ | (6.5 | ) | $ | (0.11 | ) | ||||||
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Impairment of facility
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$ | 0.6 | $ | 0.4 | $ | 0.01 | - | - | - | |||||||||||||||
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Restructuring charges
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$ | 0.2 | $ | 0.1 | $ | - | $ | 7.3 | $ | 4.6 | $ | 0.08 | ||||||||||||
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Loss as adjusted
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$ | (4.8 | ) | $ | (2.2 | ) | $ | (0.03 | ) | $ | (3.0 | ) | $ | (1.9 | ) | $ | (0.03 | ) | ||||||
Excluding these charges, the non-GAAP net loss for the second quarter of 2010 was ($2.2) million, or ($0.03) per diluted share, as described in the Reconciliation of GAAP to Non-GAAP net earnings financial measures section of this release.
1
Second Quarter 2010 Operating Performance
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Total revenue of $161.2 million increased 2% from the prior-year quarter, and was up 3% when adjusting for currency translation.
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Geographically, compared to the prior-year quarter, revenues in North America declined 4%; excluding our U.S. Government sales the region increased approximately 15%. In Europe, Middle East and Africa (EMEA) revenues increased 3%, up 10% when adjusting for currency translation. The rest of world improved by 28%, led by Asia Pacific up 54% and Latin America’s increase of 13%.
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From a product line perspective, compared to the prior-year quarter, Systems and Solutions revenue was flat, Printer and Media revenue increased 14% and Service revenue was down 6%.
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Gross profit margins of 36.9% increased 0.7 percentage points compared to the prior-year quarter. Product gross margins of 36.3% increased 1.9 percentage points while service gross margins of 39.0% decreased 3.7 percentage points over the second quarter 2009.
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Operating expenses, excluding facility impairment and restructuring charges of $0.6 million and $0.2 million, respectively, were $64.2 million. This includes an additional $3.0 million of R&D expense for planned new product introductions later this year. Due primarily to the R&D investment, this adjusted operating expense was approximately $4.0 million higher compared to the second quarter 2009 expense of $60.1 million, which excludes restructuring charges of $7.3 million. Total operating expenses for these same quarterly periods were $65.0 million and $67.4 million, respectively.
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The Company’s effective tax rate for the second quarter of 2010 was 51.3%, this compares to 36.6% in the second quarter 2009 and compares to a U.S. statutory rate of 35.0%. The effective tax rate reflects our estimated annual effective tax rate of approximately 50.8% for the fiscal year 2010, which excludes the impact of discrete items. Our projected 2010 effective tax rate is higher than 2009 due primarily to our projected mix of taxable income between jurisdictions and the U.S. research and development tax credit benefits that existed in 2009 which Congress has not renewed for 2010.
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The Company generated positive cash flow from operations during the quarter; year-to-date cash flow from operations were slightly negative. The Company’s cash, cash equivalents, and short-term investments ended the quarter at approximately $223 million. The Company has no debt.
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Outlook – Third Quarter 2010
Intermec announced its financial guidance for the third quarter of 2010.
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Q3’10 Revenues are expected to be within a range of $160 to $170 million, compared to Q3’09 Revenues of $159 million.
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Q3’10 GAAP EPS is expected to be within a range of $0.00 to $0.03 per diluted share, compared to Q3’09 GAAP EPS of $0.00.
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Excluding restructuring charges of approximately $1.5 million, Q3’10 Non-GAAP EPS is expected to be $0.01 to $0.04, compared to Q3’09 Non-GAAP EPS of $0.03.
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Conference Call Information
Intermec will hold its conference call on July 29, 2010 at 5:00 p.m. ET (2:00 p.m. PT). The dial-in number for participants is 1-(888)-790-1746 (US and International); Passcode: (“Intermec”). The call will be broadcast on the Internet via a link from the investor’s Web page at HTUwww.intermec.com/InvestorRelationsUTH
###
2
Non-GAAP Financial Measures
This press release includes non-GAAP financial measures for earnings (loss) from continuing operations before taxes, net earnings (loss), and earnings (loss) per diluted share. It also includes an outlook for the third quarter 2010 non-GAAP earnings from continuing operations per diluted share. Reconciliations of each of these non-GAAP financial measures to the most directly comparable GAAP financial measures are detailed in the Reconciliation of GAAP to Non-GAAP Net Earnings 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 generally accepted accounting principles.
We believe that excluding our facility impairment and restructuring charges (principally related to severance costs in connection with distinct organizational initiatives to reduce costs and improve operational efficiency) provides supplemental information useful to investors’ and management’s understanding of the company’s core operating results, especially when comparing those results on a consistent basis to results for previous periods and anticipated results for future periods.
About Intermec, Inc.
Intermec Inc. (NYSE:IN) develops and integrates products, services and technologies that identify, track and manage supply chain assets and information. Core technologies include rugged mobile computing and data collection systems, bar code printers, label media, and RFID. The company’s products and services are used by customers in many industries worldwide to improve the productivity, quality and responsiveness of business operations. For more information about Intermec, visit www.intermec.com or call 800-347-2636.
(Forward-looking Statements)
Statements made in this release and related statements that express Intermec’s or our management’s intentions, 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. They include, without limitation, statements regarding: our cost reduction plans; our view of general economic and market conditions; and our revenue, expense, earnings or financial outlook for the third quarter of 2010 or any current or future period. They also include statements about our ability to develop, produce, market or sell our products, either directly or through third parties, reduce or control expenses, improve efficiency, realign resources, continue operational improvement and year-over-year or sequential growth, and about the applicability of accounting policies used in our financial reporting. 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 that may cause our actual results to differ materially from those discussed in a forward looking statement. These 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 and quarterly reports on Form 10-Q, which are available on our website at www.intermec.com.
3
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INTERMEC, INC.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(In thousands, except per share amounts)
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(Unaudited)
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Three Month Ended
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Six Months Ended
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June
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June
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June
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June
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| 27, 2010 | 28, 2009 | 27, 2010 | 28, 2009 | |||||||||||||
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Revenues:
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Product
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$ | 128,729 | $ | 123,339 | $ | 244,472 | $ | 252,002 | ||||||||
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Service
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32,432 | 34,376 | 65,919 | 68,286 | ||||||||||||
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Total revenues
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161,161 | 157,715 | 310,391 | 320,288 | ||||||||||||
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Costs and expenses:
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Cost of product revenues
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81,952 | 80,927 | 154,843 | 164,293 | ||||||||||||
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Cost of service revenues
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19,799 | 19,714 | 39,119 | 39,851 | ||||||||||||
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Research and development
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18,315 | 15,375 | 33,288 | 31,288 | ||||||||||||
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Selling, general and administrative
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45,916 | 44,711 | 90,832 | 95,719 | ||||||||||||
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Restructuring charges
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225 | 7,345 | 962 | 15,927 | ||||||||||||
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Impairment of facility
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587 | - | 3,008 | - | ||||||||||||
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Total costs and expenses
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166,794 | 168,072 | 322,052 | 347,078 | ||||||||||||
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Operating loss
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(5,633 | ) | (10,357 | ) | (11,661 | ) | (26,790 | ) | ||||||||
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Interest income
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394 | 261 | 544 | 602 | ||||||||||||
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Interest expense
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(323 | ) | (227 | ) | (668 | ) | (452 | ) | ||||||||
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Loss before income taxes
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(5,562 | ) | (10,323 | ) | (11,785 | ) | (26,640 | ) | ||||||||
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Income tax benefit
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(2,854 | ) | (3,781 | ) | (5,431 | ) | (9,698 | ) | ||||||||
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Net loss
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(2,708 | ) | (6,542 | ) | (6,354 | ) | (16,942 | ) | ||||||||
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Basic loss per share
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$ | (0.04 | ) | $ | (0.11 | ) | $ | (0.10 | ) | $ | (0.28 | ) | ||||
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Diluted loss per share
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$ | (0.04 | ) | $ | (0.11 | ) | $ | (0.10 | ) | $ | (0.28 | ) | ||||
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Shares used in computing basic loss per share
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61,949 | 61,606 | 61,896 | 61,532 | ||||||||||||
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Shares used in computing diluted loss per share
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61,949 | 61,606 | 61,896 | 61,532 | ||||||||||||
4
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INTERMEC, INC.
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(In thousands)
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(Unaudited)
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June
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December
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| 27, 2010 | 31, 2009 | |||||||
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ASSETS
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Current assets:
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Cash and cash equivalents
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$ | 186,622 | $ | 201,884 | ||||
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Short-term investments
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36,608 | 36,301 | ||||||
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Accounts receivable, net
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94,307 | 106,890 | ||||||
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Inventories, net
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92,997 | 101,537 | ||||||
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Current deferred tax assets, net
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53,080 | 51,140 | ||||||
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Assets held for sale
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3,196 | - | ||||||
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Other current assets
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15,662 | 16,826 | ||||||
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Total current assets
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482,472 | 514,578 | ||||||
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Property, plant and equipment, net
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36,880 | 37,383 | ||||||
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Other acquired intangibles, net
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2,057 | 2,587 | ||||||
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Deferred tax assets, net
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188,160 | 182,457 | ||||||
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Other assets
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28,004 | 34,404 | ||||||
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Total assets
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$ | 737,573 | $ | 771,409 | ||||
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities:
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Accounts payable and accrued expenses
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$ | 81,222 | $ | 102,607 | ||||
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Payroll and related expenses
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21,968 | 20,683 | ||||||
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Deferred revenue
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38,559 | 39,038 | ||||||
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Total current liabilities
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141,749 | 162,328 | ||||||
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Long-term deferred revenue
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21,641 | 22,010 | ||||||
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Pension and other postretirement benefits liabilities
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79,116 | 81,897 | ||||||
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Other long-term liabilities
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14,319 | 14,891 | ||||||
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Commitments
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Shareholders' equity:
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Common stock (250,000 shares authorized, 62,362 and 62,203 shares issued and 61,795 and 61,653 outstanding)
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624 | 622 | ||||||
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Additional paid-in capital
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708,696 | 703,590 | ||||||
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Accumulated deficit
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(180,599 | ) | (174,245 | ) | ||||
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Accumulated other comprehensive loss
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(47,973 | ) | (39,684 | ) | ||||
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Total shareholders' equity
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480,748 | 490,283 | ||||||
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Total liabilities and shareholders' equity
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$ | 737,573 | $ | 771,409 | ||||
5
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INTERMEC, INC.
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
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(In thousands)
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(Unaudited)
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Six Month Ended
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June 27,
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June 28,
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2010
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2009
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Cash and cash equivalents at beginning of the period
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$ | 201,884 | $ | 221,335 | ||||
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Cash flows from operating activities:
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Net loss
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(6,354 | ) | (16,942 | ) | ||||
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Adjustments to reconcile net loss to net cash provided by operating activities:
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Depreciation and amortization
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7,422 | 7,846 | ||||||
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Impairment of facility
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3,008 | - | ||||||
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Deferred taxes
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(6,790 | ) | (10,524 | ) | ||||
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Stock-based compensation
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4,241 | 4,172 | ||||||
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Changes in operating assets and liabilities:
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Accounts receivable
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8,809 | 33,604 | ||||||
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Inventories
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7,025 | 25,021 | ||||||
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Accounts payable and accrued expenses
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(19,554 | ) | (34,884 | ) | ||||
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Other long-term liabilities
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54 | (3,153 | ) | |||||
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Other operating activities
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1,425 | 3,531 | ||||||
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Net cash (used in) provided by operating activities
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(714 | ) | 8,671 | |||||
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Cash flows from investing activities:
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Additions to property, plant and equipment
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(6,759 | ) | (4,720 | ) | ||||
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Sale of property, plant and equipment
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- | 1,867 | ||||||
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Other investing activities
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(1,487 | ) | (2,321 | ) | ||||
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Net cash used in investing activities
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(8,246 | ) | (5,174 | ) | ||||
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Cash flows from financing activities:
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Stock options exercised and other
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863 | 870 | ||||||
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Net cash provided by financing activities
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863 | 870 | ||||||
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Effect of exchange rate changes on cash and cash equivalents
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(7,165 | ) | 1,373 | |||||
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Resulting (decrease) increase in cash and cash equivalents
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(15,262 | ) | 5,740 | |||||
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Cash and cash equivalents at end of the period
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$ | 186,622 | $ | 227,075 | ||||
6
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INTERMEC, INC.
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RECONCILIATION OF GAAP TO NON-GAAP NET EARNINGS
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(In thousands, except per share amounts)
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(Unaudited)
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Three Months Ended
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Three Months Ended
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June
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Non-GAAP
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Adjusted June
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June
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Non-GAAP
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Adjusted June
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March
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Non-GAAP
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Adjusted March
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| 27, 2010 |
Adjustments
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27, 2010 | 28, 2009 |
Adjustments
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28, 2009 | 28, 2010 |
Adjustments
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28, 2010 | ||||||||||||||||||||||||||||
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Revenues:
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Product
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$ | 128,729 | $ | 128,729 | $ | 123,339 | $ | 123,339 | $ | 115,743 | $ | 115,743 | ||||||||||||||||||||||||
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Service
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32,432 | 32,432 | 34,376 | 34,376 | 33,487 | 33,487 | ||||||||||||||||||||||||||||||
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Total revenues
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161,161 | 161,161 | 157,715 | 157,715 | 149,230 | 149,230 | ||||||||||||||||||||||||||||||
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Costs and expenses:
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Cost of product revenues
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81,952 | 81,952 | 80,927 | 80,927 | 72,891 | 72,891 | ||||||||||||||||||||||||||||||
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Cost of service revenues
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19,799 | 19,799 | 19,714 | 19,714 | 19,320 | 19,320 | ||||||||||||||||||||||||||||||
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Research and development
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18,315 | 18,315 | 15,375 | 15,375 | 14,973 | 14,973 | ||||||||||||||||||||||||||||||
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Selling, general and administrative
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45,916 | 45,916 | 44,711 | 44,711 | 44,916 | 44,916 | ||||||||||||||||||||||||||||||
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Restructuring charges
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225 | $ | (225 | ) | - | 7,345 | $ | (7,345 | ) | - | 737 | $ | (737 | ) | - | |||||||||||||||||||||
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Impairment of facility
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587 | (587 | ) | - | - | - | 2,421 | (2,421 | ) | - | ||||||||||||||||||||||||||
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Total costs and expenses
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166,794 | (812 | ) | 165,982 | 168,072 | (7,345 | ) | 160,727 | 155,258 | (3,158 | ) | 152,100 | ||||||||||||||||||||||||
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Operating loss
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(5,633 | ) | 812 | (4,821 | ) | (10,357 | ) | (7,345 | ) | (3,012 | ) | (6,028 | ) | 3,158 | (2,870 | ) | ||||||||||||||||||||
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Interest income
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394 | 394 | 261 | 261 | 150 | 150 | ||||||||||||||||||||||||||||||
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Interest expense
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(323 | ) | (323 | ) | (227 | ) | (227 | ) | (345 | ) | (345 | ) | ||||||||||||||||||||||||
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Loss before income taxes
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(5,562 | ) | 812 | (4,750 | ) | (10,323 | ) | (7,345 | ) | (2,978 | ) | (6,223 | ) | 3,158 | (3,065 | ) | ||||||||||||||||||||
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Income tax benefit
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(2,854 | ) | 263 | (2,591 | ) | (3,781 | ) | 2,701 | (1,080 | ) | (2,578 | ) | 1,271 | (1,307 | ) | |||||||||||||||||||||
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Net loss
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$ | (2,708 | ) | $ | 549 | $ | (2,159 | ) | $ | (6,542 | ) | $ | 4,644 | $ | (1,898 | ) | $ | (3,645 | ) | $ | 1,887 | $ | (1,758 | ) | ||||||||||||
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Basic loss per share
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$ | (0.04 | ) | $ | 0.01 | $ | (0.03 | ) | $ | (0.11 | ) | $ | 0.08 | $ | (0.03 | ) | $ | (0.06 | ) | $ | 0.03 | $ | (0.03 | ) | ||||||||||||
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Diluted loss per share
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$ | (0.04 | ) | $ | 0.01 | $ | (0.03 | ) | $ | (0.11 | ) | $ | 0.08 | $ | (0.03 | ) | $ | (0.06 | ) | $ | 0.03 | $ | (0.03 | ) | ||||||||||||
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Shares used in computing basic loss per share
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61,949 | 61,949 | 61,949 | 61,606 | 61,606 | 61,606 | 61,841 | 61,841 | 61,841 | |||||||||||||||||||||||||||
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Shares used in computing diluted loss per share
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61,949 | 61,949 | 61,949 | 61,606 | 61,606 | 61,606 | 61,841 | 61,841 | 61,841 | |||||||||||||||||||||||||||
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Six Months Ended
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June
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Non-GAAP
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Adjusted June
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June
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Non-GAAP
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Adjusted June
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| 27, 2010 |
Adjustments
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27, 2010 | 28, 2009 |
Adjustments
|
28, 2009 | |||||||||||||||||||
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Revenues:
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Product
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$ | 244,472 | $ | 244,472 | $ | 252,002 | $ | 252,002 | ||||||||||||||||
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Service
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65,919 | 65,919 | 68,286 | 68,286 | ||||||||||||||||||||
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Total revenues
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310,391 | 310,391 | 320,288 | 320,288 | ||||||||||||||||||||
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Costs and expenses:
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Cost of product revenues
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154,843 | 154,843 | 164,293 | 164,293 | ||||||||||||||||||||
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Cost of service revenues
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39,119 | 39,119 | 39,851 | 39,851 | ||||||||||||||||||||
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Research and development
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33,288 | 33,288 | 31,288 | 31,288 | ||||||||||||||||||||
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Selling, general and administrative
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90,832 | 90,832 | 95,719 | 95,719 | ||||||||||||||||||||
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Restructuring charges
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962 | $ | (962 | ) | - | 15,927 | $ | (15,927 | ) | - | ||||||||||||||
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Impairment of facility
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3,008 | (3,008 | ) | - | - | - | - | |||||||||||||||||
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Total costs and expenses
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322,052 | (3,970 | ) | 318,082 | 347,078 | (15,927 | ) | 331,151 | ||||||||||||||||
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Operating loss
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(11,661 | ) | 3,970 | (7,691 | ) | (26,790 | ) | 15,927 | (10,863 | ) | ||||||||||||||
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Interest income
|
544 | 544 | 602 | 602 | ||||||||||||||||||||
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Interest expense
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(668 | ) | (668 | ) | (452 | ) | (452 | ) | ||||||||||||||||
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Loss before income taxes
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(11,785 | ) | 3,970 | (7,815 | ) | (26,640 | ) | 15,927 | (10,713 | ) | ||||||||||||||
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Income tax benefit
|
(5,431 | ) | 1,414 | (4,017 | ) | (9,698 | ) | 5,770 | (3,928 | ) | ||||||||||||||
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Net loss
|
$ | (6,354 | ) | $ | 2,556 | $ | (3,798 | ) | $ | (16,942 | ) | $ | 10,157 | $ | (6,785 | ) | ||||||||
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Basic loss per share
|
$ | (0.10 | ) | $ | 0.04 | $ | (0.06 | ) | $ | (0.28 | ) | $ | 0.17 | $ | (0.11 | ) | ||||||||
|
Diluted loss per share
|
$ | (0.10 | ) | $ | 0.04 | $ | (0.06 | ) | $ | (0.28 | ) | $ | 0.17 | $ | (0.11 | ) | ||||||||
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Shares used in computing basic loss per share
|
61,896 | 61,896 | 61,896 | 61,532 | 61,532 | 61,532 | ||||||||||||||||||
|
Shares used in computing diluted loss per share
|
61,896 | 61,896 | 61,896 | 61,532 | 61,532 | 61,532 | ||||||||||||||||||
7
|
INTERMEC, INC.
|
|
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK FOR THE QUARTER ENDED SEPTEMBER 26, 2010
|
|
(Unaudited)
|
|
Diluted earnings per share
|
||||
|
As reported
|
$ | 0.00 to 0.03 | ||
|
Restructuring charge
|
0.01 | |||
|
As adjusted
|
$ | 0.01 to 0.04 | ||
8
|
INTERMEC, INC.
|
|
SUPPLEMENTAL SALES INFORMATION
|
|
(Amounts in millions)
|
|
(Unaudited)
|
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||||||||||
|
June 27, 2010
|
Percent of Revenues
|
June 28, 2009
|
Percent of Revenues
|
Percent Change in Revenues
|
March 28, 2010
|
Percent of Revenues
|
Percent Change in Revenues
|
|||||||||||||||||||||||||
|
Revenues by category:
|
||||||||||||||||||||||||||||||||
|
Systems and solutions
|
$ | 86.3 | 53.5 | % | $ | 86.2 | 54.7 | % | 0.1 | % | $ | 79.1 | 53.0 | % | 9.1 | % | ||||||||||||||||
|
Printer and media
|
42.4 | 26.3 | % | 37.1 | 23.5 | % | 14.3 | % | 36.6 | 24.5 | % | 15.8 | % | |||||||||||||||||||
|
Total product
|
128.7 | 79.8 | % | 123.3 | 78.2 | % | 4.4 | % | 115.7 | 77.5 | % | 11.2 | % | |||||||||||||||||||
|
Service
|
32.5 | 20.2 | % | 34.4 | 21.8 | % | (5.5 | %) | 33.5 | 22.5 | % | (3.0 | %) | |||||||||||||||||||
|
Total revenues
|
$ | 161.2 | 100.0 | % | $ | 157.7 | 100.0 | % | 2.2 | % | $ | 149.2 | 100.0 | % | 8.0 | % | ||||||||||||||||
|
Six Months Ended
|
||||||||||||||||||||
|
June 27, 2010
|
Percent of Revenues
|
June 28, 2009
|
Percent of Revenues
|
Percent Change in Revenues
|
||||||||||||||||
|
Revenues by category:
|
||||||||||||||||||||
|
Systems and solutions
|
$ | 165.5 | 53.3 | % | $ | 179.4 | 56.0 | % | (7.7 | %) | ||||||||||
|
Printer and media
|
79.0 | 25.5 | % | 72.6 | 22.7 | % | 8.8 | % | ||||||||||||
|
Total product
|
244.5 | 78.8 | % | 252.0 | 78.7 | % | (3.0 | %) | ||||||||||||
|
Service
|
65.9 | 21.2 | % | 68.3 | 21.3 | % | (3.5 | %) | ||||||||||||
|
Total revenues
|
$ | 310.4 | 100.0 | % | $ | 320.3 | 100.0 | % | (3.1 | %) | ||||||||||
|
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||||||||||
|
June 27, 2010
|
Percent of Revenues
|
June 28, 2009
|
Percent of Revenues
|
Percent Change in Revenues
|
March 28, 2010
|
Percent of Revenues
|
Percent Change in Revenues
|
|||||||||||||||||||||||||
|
Revenues by geographic region:
|
||||||||||||||||||||||||||||||||
|
North America
|
$ | 84.7 | 52.5 | % | $ | 88.4 | 56.1 | % | (4.2 | %) | $ | 74.5 | 49.9 | % | 13.7 | % | ||||||||||||||||
|
Europe, Middle East and Africa (EMEA)
|
49.7 | 30.8 | % | 48.5 | 30.7 | % | 2.5 | % | 50.9 | 34.1 | % | (2.4 | %) | |||||||||||||||||||
|
All others
|
26.8 | 16.7 | % | 20.8 | 13.2 | % | 28.8 | % | 23.8 | 16.0 | % | 12.6 | % | |||||||||||||||||||
|
Total revenues
|
$ | 161.2 | 100.0 | % | $ | 157.7 | 100.0 | % | 2.2 | % | $ | 149.2 | 100.0 | % | 8.0 | % | ||||||||||||||||
|
Six Months Ended
|
||||||||||||||||||||
|
March 28, 2010
|
Percent of Revenues
|
March 29, 2009
|
Percent of Revenues
|
Percent Change in Revenues
|
||||||||||||||||
|
Revenues by geographic region:
|
||||||||||||||||||||
|
North America
|
$ | 159.3 | 51.3 | % | $ | 192.0 | 59.9 | % | (17.0 | %) | ||||||||||
|
Europe, Middle East and Africa (EMEA)
|
100.6 | 32.4 | % | 87.5 | 27.3 | % | 15.0 | % | ||||||||||||
|
All others
|
50.5 | 16.3 | % | 40.8 | 12.8 | % | 23.8 | % | ||||||||||||
|
Total revenues
|
$ | 310.4 | 100.0 | % | $ | 320.3 | 100.0 | % | (3.1 | %) | ||||||||||
9