UNOVA, Inc. (NYSE:UNA): -- Intermec Revenues increase 13% over the
prior-year-quarter to $219.8 million -- Pre-tax Earnings from
Continuing Operations increase 140% over the prior-year-quarter to
$12.9 million -- Intermec signs 19 participants under the Rapid
Start RFID IP licensing program -- UNOVA signs Definitive Agreement
to sell its Landis Operations UNOVA, Inc. (NYSE:UNA) today
announced financial results for its fiscal third quarter which
ended October 2, 2005. UNOVA reported third quarter revenues of
$219.8 million and after tax earnings from continuing operations of
$11.3 million, or $0.18 per diluted share, compared to 2004 third
quarter revenues of $194.8 million and after tax earnings from
continuing operations of $6.8 million, or $0.11 per diluted share.
Including discontinued operations, net earnings for the third
quarter of 2005 was $4.6 million, or $0.07 per diluted share
compared to net earnings of $5.9 million, or $0.10 per diluted
share in the prior year's third quarter. Intermec operating
profits, including the impact of $5.7 million of incremental legal
expense, increased to $18.0 million for the third quarter of 2005,
compared to $17.1 million for the same prior year period. The
Company's pre-tax earnings from continuing operations increased
140% in the current quarter to $12.9 million, compared to $5.4
million in the prior year's third quarter. "This third quarter
performance reflects the continuing growth and operating leverage
that have characterized our business for some time," said Larry D.
Brady, Chairman and CEO. "Our ongoing efforts to establish Intermec
as the technology leader were bolstered this quarter by the launch
of our MEMS -- based laser scanning technology, along with the
success derived from our RFID Rapid Start licensing program."
Intermec product revenue categories achieved double digit growth
over the comparable 2004 quarter. Systems and Solutions revenue
increased 12 percent and Printer and Media revenues increased 10
percent over the comparable prior-year period. Service revenue
increased 16 percent over the comparable prior-year period.
Geographically, North American revenues achieved an increase of 18
percent over the comparable prior-year period. Revenues in Europe,
Mid-East and Africa (EMEA) increased 7 percent, Latin America
revenues increased 8 percent and revenues in Asia Pacific decreased
6 percent. Corporate and other expenditures were $4.4 million for
the third quarter of 2005, a reduction of $3.9 million compared to
the $8.3 million in the prior-year-quarter. The Company's
discontinued operations recorded an after-tax loss of ($6.7)
million for the current quarter, including an after-tax charge of
approximately $6.5 million related to the settlement of a legal
dispute with Tower Automotive. Subsequent to the quarter end, the
Company reached an agreement to sell its Landis Grinding Systems
operations to Groupe Fives-Lille, a leading industrial engineering
group based in Montreuil-sous-Bois, France. The anticipated
transaction will fully complete UNOVA's stated commitment to divest
its Industrial Automation Systems businesses. The transaction is
subject to customary closing conditions and is expected to be
completed by the end of the year. Under the terms of the agreement,
Groupe Fives-Lille will purchase the global operations of UNOVA's
Landis Grinding Systems. The consideration for the purchased assets
consists of $69 million in cash, a $10 million two-year note plus
the assumption of certain liabilities including pension and other
post-retirement obligations. The purchase price is subject to
possible adjustments based on net working assets at closing. The
Company's cash and cash equivalent position at the end of the third
quarter was $180 million, an increase of $7 million during the
third quarter. The increase in cash reflects the use of $8.5
million for debt repayment, reducing the Company's total debt to
$100 million. The Company's net cash, defined as cash and cash
equivalents less total debt, increased approximately $15 million to
a record $80 million. About UNOVA UNOVA is a leader in global
supply chain solutions and in the development, manufacture and
integration of wired and wireless automated data collection,
Intellitag(R) RFID (radio frequency identification), mobile
computing systems, bar code printers and label media. The company's
products and services are used by customers in many industries to
improve productivity, quality and responsiveness of business
operations, from supply chain management and enterprise resource
planning to field sales and service. www.unova.com (Forward-looking
Statement) Certain forward-looking statements in this release (as
defined by Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934) relate to
matters that are not historical facts. They include, but are not
limited to, statements about the Company's ability to continue to
improve profit of its business segments, reduce expenses, improve
efficiency, leverage its research and development investment to
drive significant future revenue, complete its divestiture of its
IAS businesses and the ability to continue operational improvement
and year over year growth. Such forward-looking statements involve
and are dependent upon certain risks and uncertainties. These
include, but are not limited to, other risks and uncertainties
described more fully in the Company's filings on Form 10-K and 10-Q
with the Securities and Exchange Commission. THIRD QUARTER FISCAL
YEAR 2005 -- EARNINGS CONFERENCE CALL UNOVA will hold a conference
call on November 1, 2005 at 5 p.m. EST (2 p.m. PST) to review
financial results from its third quarter of fiscal year 2005. The
call will be hosted by UNOVA Chief Executive Officer, Larry D.
Brady, Unova Acting Chief Financial Officer, Rick B. Anderson,
Intermec President and COO, Steven J. Winter, and Kevin P. McCarty,
UNOVA Director of Investor Relations. The dial-in number for
participants is 877-546-1566 (US); 1-773-681-5826 (International)
(Pass code is "UNOVA"). The call also will be broadcast live on the
Internet under the investor information section of the UNOVA web
site at www.unova.com/investorinfo.asp. -0- *T UNOVA, INC.
(Unaudited, amounts in thousands, except per share amounts) Three
Months Ended Nine Months Ended ------------------
------------------ Oct. 2, Sept. 30, Oct. 2, Sept. 30, 2005 2004
2005 2004 -------- -------- -------- -------- CONSOLIDATED
STATEMENTS OF OPERATIONS (Preliminary) Revenues: Product $179,640
$160,054 $522,590 $475,301 Service 40,174 34,760 111,178 99,097
-------- -------- -------- -------- Total Revenues 219,814 194,814
633,768 574,398 Costs and Expenses: Cost of product revenues
107,054 95,093 301,755 268,820 Cost of service revenues 25,083
20,345 67,053 58,353 Selling, general and administrative 74,106
70,588 222,854 203,659 -------- -------- -------- -------- Total
Costs and Expenses 206,243 186,026 591,662 530,832 --------
-------- -------- -------- Operating Profit From Continuing
Operations 13,571 8,788 42,106 43,566 Interest, net (665) (3,189)
(3,911) (9,443) Foreign currency exchange, net (37) (246) 163 (912)
-------- -------- -------- -------- Earnings from Continuing
Operations before Income Taxes 12,869 5,353 38,358 33,211 Provision
(Benefit) for income taxes 1,601 (1,493) 9,823 7,476 --------
-------- -------- -------- Earnings from Continuing Operations
11,268 6,846 28,535 25,735 Loss from discontinued operations, net
of tax (6,697) (943) (8,416) (3,647) -------- -------- --------
-------- Net Earnings $ 4,571 $ 5,903 $ 20,119 $ 22,088 ========
======== ======== ======== Basic Earnings (Loss) per Share
Continuing operations $ 0.18 $ 0.11 $ 0.46 $ 0.43 Discontinued
operations (0.11) (0.01) (0.13) (0.06) -------- -------- --------
-------- Net earnings per share $ 0.07 $ 0.10 $ 0.33 $ 0.37
======== ======== ======== ======== Diluted Earnings (Loss) per
Share Continuing operations $ 0.18 $ 0.11 $ 0.45 $ 0.42
Discontinued operations (0.11) (0.01) (0.13) (0.06) --------
-------- -------- -------- Net earnings per share $ 0.07 $ 0.10 $
0.32 $ 0.36 ======== ======== ======== ======== Shares Used in
Computing Earnings (Loss) per Share Basic 62,077 60,631 61,509
60,408 Diluted 63,635 62,098 63,071 62,079 SELECTED SEGMENT
INFORMATION (Preliminary) Operating Profit (Loss) From Continuing
Operations Intermec Operating Profit $ 18,020 $ 17,084 $ 57,908 $
60,729 Corporate and Other (4,449) (8,296) (15,802) (17,163)
-------- -------- -------- -------- Operating Profit From
Continuing Operations $ 13,571 $ 8,788 $ 42,106 $ 43,566 ========
======== ======== ======== UNOVA, INC. CONSOLIDATED BALANCE SHEETS
(Preliminary) (Unaudited, amounts in thousands) Oct. 2, Dec. 31,
2005 2004 --------- ---------- Assets Current Assets: Cash and cash
equivalents $ 179,562 $ 217,899 Restricted cash - 50,000 Accounts
receivable, net 177,919 157,833 Inventories 101,485 80,854 Net
deferred tax assets 63,037 81,769 Assets held for sale 13,492
19,748 Current assets of discontinued operations 63,546 211,116
Other current assets 8,316 8,831 --------- ---------- Total Current
Assets 607,357 828,050 Property, Plant and Equipment, Net 29,619
30,375 Other Intangibles, Net 3,772 4,072 Net Deferred Tax Assets
186,362 134,978 Long Term Assets of Discontinued Operations 19,192
21,238 Other Assets 60,381 53,964 --------- ---------- Total Assets
$ 906,683 $1,072,677 ========= ========== Liabilities and
Shareholders' Investment Current Liabilities: Accounts payable and
accrued expenses $ 187,720 $ 160,001 Payroll and related expenses
25,848 30,077 Current portion of long-term debt - 108,500 Current
liabilities of discontinued operations 32,870 130,257 ---------
---------- Total Current Liabilities 246,438 428,835 Long-term Debt
100,000 100,000 Other Long-term Liabilities 105,176 86,220
Long-term Liabilities of Discontinued Operations 11,773 46,388
Shareholders' Investment: Common stock 625 611 Additional paid-in
capital 729,200 703,416 Accumulated deficit (286,576) (306,695)
Accumulated other comprehensive income 47 13,902 ---------
---------- Total Shareholders' Investment 443,296 411,234 ---------
---------- Total Liabilities and Shareholders' Investment $ 906,683
$1,072,677 ========= ========== UNOVA, INC. CONSOLIDATED STATEMENT
OF CASH FLOWS (Preliminary) (Unaudited, amounts in thousands) Nine
Months Ended October 2, 2005 Cash and Cash Equivalents at Beginning
of Period $ 217,899 Cash Flows from Operating Activities of
Continuing Operations: Net earnings from continuing operations
28,535 Adjustments to reconcile net earnings to net cash provided
by operating activities of continuing operations: Depreciation and
amortization 7,504 Change in net deferred tax asset 7,120 Changes
in working capital and other operating activities (4,503) ---------
Net Cash Provided by Operating Activities of Continuing Operations
38,656 --------- Cash Flows from Investing Activities of Continuing
Operations: Capital expenditures (7,159) Decrease in restricted
cash 50,000 Other investing activities 6,643 --------- Net Cash
Provided by Investing Activities of Continuing Operations 49,484
--------- Cash Flows from Financing Activities of Continuing
Operations: Repayment of long-term obligations (108,500) Stock
options exercised 16,373 Other financing activities 1,118 ---------
Net Cash Used in Financing Activities of Continuing Operations
(91,009) --------- Net Cash Provided by Continuing Operations
(2,869) Net Cash Used in Operating Activities of Discontinued
Operations (34,662) Net Cash Used in Investing Activities of
Discontinued Operations (806) --------- Resulting Decrease in Cash
and Cash Equivalents (38,337) --------- Cash and Cash Equivalents
at End of Period $ 179,562 ========= *T
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