Intermec Reports Preliminary First Quarter 2012 Results

Intermec, Inc. (NYSE:IN) today announced preliminary financial results for its first quarter ended April 1, 2012.

First quarter 2012 revenues were $179.7 million, with preliminary net (loss) on a GAAP basis of ($16.4) million or ($0.27) per diluted share. That compares to 2011 first quarter revenues of $178.5 million and net loss on a GAAP basis of ($6.1) million or ($0.10) per diluted share. Excluding acquisition-related costs and other adjustments totaling $3.7 million (detailed below), the Adjusted Non-GAAP operating loss for the quarter was $($12.7) million or ($0.21) per diluted share, as compared with Non-GAAP operating loss of ($0.1) million or ($0.01) per diluted share, for the 2011 quarter.

The following table presents the Company’s preliminary GAAP operating income (loss), net earnings (loss) and earnings (loss) per share reported for the first quarters of 2012 and 2011, and as adjusted excluding the impact of restructuring costs, acquisition-related costs and acquisition-related accounting adjustments:
                           
PRELIMINARY
INTERMEC, INC.
RECONCILIATION OF GAAP TO NON-GAAP OPERATING INCOME,
NET EARNINGS AND EARNINGS PER SHARE
(In millions, except per share amounts)
(Unaudited)
 
Quarter Ended April 1, 2012 Quarter Ended April 3, 2011
Operating Net earnings

Earnings (loss) per

Operating
Net earnings Earnings (loss)
Income (loss) (loss)

share

Income (loss)
(loss) per share
 
Loss as reported $ (18.6 ) $ (16.4 ) $ (0.27 ) $ (8.6 ) $ (6.1 ) $ (0.10 )
Acquisition related adjustments 4.8 3.0 0.05 7.8 5.7 0.09
Income taxes - increase in valuation allowance   -     0.7     0.01     -     0.3     -  
Non-GAAP loss as adjusted $ (13.8 ) $ (12.7 ) $ (0.21 ) $ (0.8 ) $ (0.1 ) $ (0.01 )
 

The acquisition-related adjustments reflect amortization of acquisition intangibles of $4.8 million related to acquisitions closed in March 2011. Adjusted operating income for the first quarter of 2012 was ($13.8) million and adjusted net loss was ($0.21) per share as described in the Non-GAAP Financial Measures section of this release.

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