Intermec Inc. (IN, Financial) filed Quarterly Report for the period ended 2010-09-26.
Intermec Inc. has a market cap of $751.5 million; its shares were traded at around $12.19 with a P/E ratio of 135 and P/S ratio of 1.1. IN is in the portfolios of Mario Gabelli of GAMCO Investors, Chuck Royce of Royce& Associates, PRIMECAP Management, Jim Simons of Renaissance Technologies LLC.
The total pre-tax restructuring costs for the restructuring plan announced in January 2009 were approximately $9.5 million, including employee termination costs of approximately $8.4 million, and $1.1 million of other transitional costs. We recorded the entire restructuring charge in 2009, and substantially all of the severance-related and periodic transitional costs were cash expenditures. We expect to achieve an annual labor-related savings of $14.0 to $16.0 million in connection with this restructuring plan.
The total restructuring costs for the restructuring plan announced in April 2009 were approximately $13.9 million, including employee termination costs of $11.9 million, and $2.0 million of other transitional costs. We recorded $11.1 million of the restructuring charges in 2009, and $2.8 million for the nine months ended September 26, 2010. All restructuring related charges have been recorded as of September 26, 2010, and substantially all of the severance-related and periodic transitional costs were cash expenditures. We expect to achieve annualized labor-related savings of $17.0 to $19.0 million in connection with this restructuring plan.
Interest, Net Net interest expense was $0.1 and $0.2 million for the three and nine months ended September 26, 2010, respectively, compared to net interest income of $0.1 and $0.2 million for the corresponding prior-year periods. The decrease in net interest income was mainly due to lower average interest rates compared to prior-year periods.
Cash provided by operating activities for the nine months ended September 26, 2010, was $5.0 million and consisted of net loss of $13.2 million, adjustments for non-cash items of $18.6 million and cash used by working capital and other activities of $0.4 million. Cash provided by operating activities for the nine months ended September 26, 2010, was primarily due to inventory reduction.
For the nine months ended September 26, 2010, investing activities used $11.9 million of cash primarily due to capital expenditures of $9.9 million. Cash used in investing activities for nine months ended September 27, 2009, was $45.1 million. This was primarily related to our purchase of short-term investments of $35.6 million and capital expenditures of $7.6 million.
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Intermec Inc. has a market cap of $751.5 million; its shares were traded at around $12.19 with a P/E ratio of 135 and P/S ratio of 1.1. IN is in the portfolios of Mario Gabelli of GAMCO Investors, Chuck Royce of Royce& Associates, PRIMECAP Management, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Selling, General and Administrative Expenses Total selling, general and administrative (“SG&A”) expenses were $47.7 and $138.5 million for the three and nine months ended September 26, 2010, respectively, compared to SG&A expenses of $44.5 million and $140.2 million for the corresponding prior-year periods. The increase in SG&A expenses for the three months ended September 26, 2010, of $3.2 million, compared to the the corresponding prior-year period, was primarily attributable to higher investment in our sales organization. The decrease in SG&A expenses for the nine months ended September 26, 2010, of $1.7 million, compared to the nine months ended September 27, 2009, was primarily attributable to the labor-related savings from our two restructuring activities announced in 2009, reduction in pension-related costs from the freezing of our pension plans in December 2009 and other ongoing cost reduction programs.The total pre-tax restructuring costs for the restructuring plan announced in January 2009 were approximately $9.5 million, including employee termination costs of approximately $8.4 million, and $1.1 million of other transitional costs. We recorded the entire restructuring charge in 2009, and substantially all of the severance-related and periodic transitional costs were cash expenditures. We expect to achieve an annual labor-related savings of $14.0 to $16.0 million in connection with this restructuring plan.
The total restructuring costs for the restructuring plan announced in April 2009 were approximately $13.9 million, including employee termination costs of $11.9 million, and $2.0 million of other transitional costs. We recorded $11.1 million of the restructuring charges in 2009, and $2.8 million for the nine months ended September 26, 2010. All restructuring related charges have been recorded as of September 26, 2010, and substantially all of the severance-related and periodic transitional costs were cash expenditures. We expect to achieve annualized labor-related savings of $17.0 to $19.0 million in connection with this restructuring plan.
Interest, Net Net interest expense was $0.1 and $0.2 million for the three and nine months ended September 26, 2010, respectively, compared to net interest income of $0.1 and $0.2 million for the corresponding prior-year periods. The decrease in net interest income was mainly due to lower average interest rates compared to prior-year periods.
Cash provided by operating activities for the nine months ended September 26, 2010, was $5.0 million and consisted of net loss of $13.2 million, adjustments for non-cash items of $18.6 million and cash used by working capital and other activities of $0.4 million. Cash provided by operating activities for the nine months ended September 26, 2010, was primarily due to inventory reduction.
For the nine months ended September 26, 2010, investing activities used $11.9 million of cash primarily due to capital expenditures of $9.9 million. Cash used in investing activities for nine months ended September 27, 2009, was $45.1 million. This was primarily related to our purchase of short-term investments of $35.6 million and capital expenditures of $7.6 million.
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