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Intermec – Grew internationally by over 30%

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Intermec, Inc. (NYSE:IN) today announced financial results for its fourth quarter and full year ended December 31, 2011.

  • Q4 revenue increases 18% to $236.8 million and 25% for full year to $848.2 million
  • Q4 Adjusted Operating Income $16.8 million; Adjusted EBITDA $24.5 million
  • Full year 2011 Adjusted Operating Income $32 million; Adjusted EBITDA $60 million
  • Q4 GAAP results impacted by non-cash charges totaling $25.4 million of net earnings

Fourth quarter 2011 net revenues were $236.8 million, with net loss on a GAAP basis of $21.6 million or $0.36 per diluted share compared to 2010 fourth quarter revenues of $200.0 million and GAAP net earnings of $7.9 million or $0.13 per diluted share. Earnings per share for the quarter were significantly impacted by two significant non-cash charges, including $5.6 million to write off certain previously capitalized legal costs, and a $21.4 million of deferred tax valuation allowances. Excluding restructuring, acquisition-related costs, non-cash charges and other adjustments totaling $12.4 million (detailed in the table below), the Adjusted Operating Income for the quarter was $16.8 million and Adjusted Earnings were $0.13 per diluted share.

“Our fourth quarter delivered solid operating results and concluded a transformational year for Intermec,” said Patrick J. Byrne, Intermec President and CEO. “In 2011, we grew internationally by over 30%, leveraged our two strategic acquisitions, updated and broadened our product portfolio and expanded our sales channels quarter after quarter. For 2012, we will accelerate our momentum by offering customers new solutions that improve their business results.”


Full year 2011 revenue was $848.2 million an increase of 25% compared to full-year 2010. Adjusted Operating Income for the year $32.0 million and Adjusted Earnings were $0.29 per share. Latin America revenue was $102.6 million, an increase of 35%; EMEA revenue grew 29% to $275.4 million; Asia Pacific revenue also rose 35% to $61.9 million and North America revenue increased 19% to $408.3 million.

Adjusted Operating Income for 2011 of $32 million compares to $6.1 million for 2010. Adjusted Gross Margins for 2011 increased to 42.5% from 37.9%. Adjusted EBITDA for the full year increased to $60 million compared to the prior year of approximately $29 million.

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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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