10-year

10-Year Anniversary Promotion (20% off)

Join GuruFocus Premium Membership Now for Only $279/Year

Once a decade discount

Save up to $500 on Global Membership.

Don't Miss It !

Free 7-day Trial
All Articles and Columns »

Intermec Inc. Reports Operating Results (10-Q)

August 10, 2012 | About:
10qk

10qk

18 followers
Intermec Inc. (IN) filed Quarterly Report for the period ended 2012-07-01.

Intermec Inc. has a market cap of $370.7 million; its shares were traded at around $5.91 with a P/E ratio of 206 and P/S ratio of 0.4.

Highlight of Business Operations:

For the three months ended July 1, 2012, worldwide revenues decreased 9% over the prior-year quarter. International revenues declined 12% over the prior-year quarter reflecting the negative impact of foreign currency exchange rates, significantly lower sales in EMEA, partially offset by growth in ASIAPAC and LATAM. Revenues in North America decreased 6% due primarily to declines in Intermec-branded product sales and a reduction in sales to the U.S. government. Within our Intermec-branded product categories, Systems and solutions revenues declined 11%, and Printer and media revenue declined 14%, partially mitigated by a smaller decline in our Intermec-branded services and a small increase in our Voice solutions businesses.

For the six months ended July 1, 2012, worldwide revenues decreased 5% over the prior-year quarter and decreased 11% when revenue from businesses acquired during the first quarter of 2011 are excluded. International revenues declined 12% over the prior-year quarter reflecting the negative impact of foreign currency exchange rates, significantly lower sales in EMEA, partially offset by the benefit of acquired revenues in those geographies. Revenues in North America increased due to the positive effects of revenue from Vocollect and Enterprise Mobile, partially offset by declines in Intermec-branded product sales. Within our Intermec-branded product categories, Systems and solutions revenues declined 10%, and Printer and media revenue declined 16%. Intermec-branded service revenue decreased 4% as compared with the prior-year period, largely due to the related lower product sales, and was down 9% when revenues from acquired businesses are excluded.

Revenues varied across the geographic regions for the quarter ended July 1, 2012. North America revenues decreased $6.0 million, or 5.6%. The decrease in North America revenues was attributable primarily to a decline in Intermec-branded printer and media sales. EMEA revenues decreased $14.1 million, or 20.1%, over the corresponding prior-year period. The decrease in EMEA revenues was mainly attributable to lower sales in our Intermec-branded product revenues driven by a slowing of large deals compared to the prior-year period, competitive pressure and economic conditions in that region. Foreign currency conversion rates unfavorably impacted EMEA revenue by $4.7 million, or 6.7%. LATAM revenues grew slightly, up $0.3 million from the prior year quarter. ASIAPAC revenues decreased $0.3 million, or 1.7% primarily due to a strong comparable quarter in 2011. Across all regions the impact of foreign currency rates as compared to the foreign currency rates in the prior-year period was $8.5 million, or 3.9%, unfavorable to revenue.

Revenues varied across the geographic regions for the six months ended July 1, 2012. North America revenues increased $7.2 million or 3.9%. The increase in North America revenues was attributable to $16.4 million for the inclusion of a full six months results of entities acquired in March, 2011, offset by a decline in Intermec-branded printer and media sales. EMEA revenues decreased $25.4 million, or 18.7%, over the corresponding prior-year period. The decrease in EMEA revenues was mainly attributable to lower sales in our Intermec-branded product revenues driven by a slowing of large deals compared to the prior-year period and economic conditions in that region. Foreign currency conversion rates unfavorably impacted EMEA revenue by $6.7 million, or 4.9%. These decreases in EMEA were partially offset by the inclusion of a full six months of Vocollect results, which increased $4.6 million over the prior year. LATAM revenues remained fairly steady from the prior years period. ASIAPAC revenues decreased $1.0 million, or 3.1% primarily due to a particularly strong first six months in 2011. Across all regions the impact of foreign currency rates as compared to the foreign currency rates in the prior-year period

was $11.4 million, or 2.9%, unfavorable to revenue. Operations of acquired entities positively contributed $16.4, $4.6 and $0.4 million of the total change in revenues in North America, EMEA, and LATAM, respectively, for the six months ended July 1, 2012.

Read the The complete Report

About the author:

10qk
GuruFocus - Stock Picks and Market Insight of Gurus

Rating: 4.5/5 (2 votes)

Comments

Please leave your comment:


Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial
FEEDBACK