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Intermec Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 13, 2011 03:17PM

Intermec Inc. (IN) filed Quarterly Report for the period ended 2011-05-13. Intermec Inc. has a market cap of $727.7 million; its shares were traded at around $12.08 with and P/S ratio of 1.



Highlight of Business Operations:

Our principal capital resources include cash, cash equivalents and short-term investments. In addition, we have a secured Revolving Credit Facility (the “New Facility”) with a maximum amount available under the New Facility of $100.0 million. The New Facility includes standard financial covenants and is secured by pledges of equity in and assets of certain of our domestic subsidiaries and guaranties of payment obligations from certain of our domestic subsidiaries. This New Facility was converted from our previous five-year unsecured revolving credit facility of $50 million. Initially, we used the available credit to fund the Vocollect acquisition. However, the line is available to finance our working capital requirements and for general corporate purposes.

Net of outstanding letters of credit and limitations on availability, we had borrowing capacity of $1.5 million at April 3, 2011 under the New Facility. We had $97.0 million of borrowings under the New Facility during the quarter ended April 3, 2011. There have been no changes to key terms of the New Facility as previously disclosed in the 2010 Form 10-K.

During the quarter ended April 3, 2011, we entered into a share repurchase agreement with a broker under Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, to facilitate the repurchase of up to an aggregate total of $10 million of our outstanding common stock, pursuant to our previously announced share repurchase authorization by our Board of Directors in 2010. We repurchased 429,328 shares of our outstanding common stock at an average price of $10.56 per share as part of this share repurchase agreement. The remainder of the $10 million under this plan was completed on April 21, 2011. During the second quarter of 2011, we have purchased an additional 507,205 shares of our outstanding common stock at an average price of $10.81.

In 2010, our Board of Directors authorized the repurchase up to $75 million in shares of our common stock. During the quarter ended April 3, 2011, we entered into a share repurchase agreement with a broker under Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, to facilitate the repurchase of up to an aggregate total of $10 million of our outstanding common stock, pursuant to our previously announced share repurchase authorization by our Board of Directors. We repurchased 429,328 shares of our outstanding common stock at an average price of $10.56 per share as part of this share repurchase agreement.

The remainder of the $10 million of shares under the share repurchase agreement entered into in the first quarter of 2011was completed on April 21, 2011. During the second quarter of 2011, we have purchased an additional 507,205 shares of our outstanding common stock at an average price of $10.81. Following completion of this repurchase agreement, approximately $45 million of the authorization will remain.

Read the The complete Report



Stocks Discussed: IN,
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