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Intermec Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: October 29, 2009 07:14PM
Intermec Inc. (IN) filed Quarterly Report for the period ended 2009-09-27.
Highlight of Business Operations:
Net interest income was $0.1 and $0.2 million for the three and nine months ended September 27, 2009, respectively, compared to net interest income of $0.7 and $1.4 million for the corresponding prior-year periods. The decrease in net interest income was mainly due to lower average interest rates compared to the prior-year periods.
Our principal sources of liquidity are cash flows generated from operations and our cash, cash equivalents and short-term investments balances, which, at fair value, were $238.8 and $221.5 million at September 27, 2009, and December 31, 2008, respectively. Operating activities for the nine months ended September 27, 2009, provided lower cash flows compared to the same period of 2008 due to a net loss of $16.9 million and cash payment of approximately $12.5 million for restructuring activities, offset by significant improvement in working capital, in particular for inventory in 2009. Cash used in investing activities for the nine months ended September 27, 2009, was $45.1 million. This was related to purchase of short-term investments of $35.6 million, capital expenditures of $7.6 million and capitalized patent legal fees of $3.7 million, offset by proceeds from sale of property of $1.9 million. Cash provided by financing activities for the nine months ended September 27, 2009 was $1.0 million, related primarily to the issuance of stock under our Employee Stock Purchase Plan.
Under our 2007 Revolving Credit Facility (“Revolving Facility”), we have a maximum amount available of $50.0 million. As of September 27, 2009, net of outstanding letters of credit and limitations on minimum availability, we had borrowing capacity of $48.5 million under the Revolving Facility. We made no borrowings under the Revolving Facility during the three and nine months ended September 27, 2009, and as of September 27, 2009, no borrowings were outstanding. As of September 27, 2009, we were in compliance with the financial covenants of the Revolving Facility.