FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
March 28, 2003 (March 28, 2003)
Trimble Navigation Limited
(Exact name of registrant as specified in its charter)
California
(State or other jurisdiction of incorporation)
0-18645
(Commission File Number)
94-2802192
(IRS Employer I.D. No.)
645 N. Mary Ave. Sunnyvale, CA
(Address of principal executive offices)
94088
(Zip Code)
Registrant's telephone number, including area code: (408) 481-8000
Item 5. Other Events.
On March 7, 2003, we filed our Annual Report on Form 10-K for our fiscal
year ended January 3, 2003 (the "10-K"). Under Item 6, "Selected Financial Data,
we presented a table entitled "Other Operating Data". In this table, we included
a financial measure, "EBITDA," which we defined as earnings from continuing
operations before interest income, interest expense, income taxes, depreciation
and amortization. "EBITDA" was stated as $46,025,000, $41,038,000, $49,196,000,
$29,345,000 and $(13,637,000) for our fiscal years ended January 3, 2003,
December 28, 2001, December 29, 2000, December 31, 1999 and January 1, 1999,
respectively. "EBITDA" is a financial measure that is not calculated or
presented in accordance with generally accepted accounting principles ("GAAP").
Regulation G, promulgated pursuant to Section 401(b) of the Sarbanes-Oxley
Act of 2002 ("Regulation G"), is effective as of March 28, 2003. Regulation G
requires a registrant that publicly discloses any material information that
includes a "non-GAAP financial measure", as defined in Regulation G, to provide
the following information as part of the disclosure of the non-GAAP financial
measure: (a) a presentation of the most directly comparable financial measure
calculated and presented in accordance with GAAP; and (b) a reconciliation (by
schedule or other clearly understandable method), which shall be quantitative
for historic measures and quantitative, to the extent available without
unreasonable efforts, for prospective measures, of the differences between the
non-GAAP financial measure presented and the most directly comparable financial
measure or measures calculated and presented in accordance with GAAP.
Accordingly, pursuant to Regulation G, we hereby provide the following
presentation and reconciliation of the "EBITDA" financial measure included in
the 10-K:
EBITDA Presentation and Reconciliation
Fiscal years ended January 3, December 28, December 29, December 31, January 1,
(in thousands of dollars) 2003 2001 2000 1999 1999
Net income (loss) from
continuing operations, as reported $ 10,324 $(23,492) $ 14,185 $ 18,662 $ (27,355)
Interest expense (income), net 14,051 21,106 9,960 (463) (192)
Taxes 3,500 1,900 1,575 2,073 1,400
Depreciation and amortization 18,150 41,524 23,476 9,073 12,510
------ ------ ------ ----- ------
EBITDA $ 46,025 $ 41,038 $ 49,196 $ 29,345 $ (13,637)
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Item 7. Financial Statements and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
None.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TRIMBLE NAVIGATION LIMITED
a California corporation
Dated: March 28, 2003 /s/ Mary Ellen Genovese
-----------------------
Mary Ellen Genovese
Chief Financial Officer