Exhibit 99.1
Non-GAAP Financial Measures
This Exhibit 99.1 includes Non-GAAP financial measures for:
• | operating profit (loss) |
• | net earnings (loss) |
• | earnings (loss) per diluted share |
• | earnings before interest, taxes, depreciation, and amortization (“EBITDA”) |
• | gross margins |
Reconciliations of each of these Non-GAAP financial measures to the most directly comparable GAAP financial measures are detailed in: (i) the “Reconciliation of GAAP to Non-GAAP Operating Profit (Loss), Adjusted EBITDA, Net Earnings (Loss) and Earnings (Loss) Per Share”, (ii) the “Reconciliation of GAAP to Non-GAAP Operating Profit (Loss)”, and (iii) the “Reconciliation of GAAP to Non-GAAP Gross Margins”, each of which is included in this Exhibit 99.1.
Our Non-GAAP measures should be read in conjunction with the corresponding GAAP measures. The Non-GAAP measures should be considered in addition to and not as an alternative or substitute for the measures prepared in accordance with generally accepted accounting principles.
Supplemental Information about EBITDA and Adjusted EBITDA calculation
Intermec is providing disclosure of the reconciliation of certain Non-GAAP financial measures used in our financial reporting and within our press release, among other places, to our comparable financial measures on a U.S. GAAP basis. The Company believes that these Non-GAAP financial measures provide investors the additional information to evaluate financial performance in a way that is comparable to measures reported by other technology companies.
Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) is net income/loss before provisions for income taxes, net interest expense, and depreciation and amortization. EBITDA should not be considered an alternative to, or more meaningful than, income before income taxes, cash flow from operations, or other traditional indicators of operating performance. Rather, EBITDA is presented because it is a widely accepted supplemental financial measure that we believe provides relevant and useful information. Our calculation of adjusted EBITDA adds back the non-cash effect of stock-based compensation as accounted for under ACS 718 as we believe this is a meaningful view of our true cash earnings. Adjusted EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this Non-GAAP measure in the same manner.
INTERMEC, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
June 30, 2013 | December 31, 2012 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 94,713 | $ | 85,169 | ||||
Short-term investments | 258 | 197 | ||||||
Accounts receivable, net | 106,914 | 118,647 | ||||||
Inventories | 98,227 | 110,168 | ||||||
Current deferred tax assets, net | 7,062 | 7,225 | ||||||
Other current assets | 20,904 | 24,592 | ||||||
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Total current assets | 328,078 | 345,998 | ||||||
Deferred tax assets, net | 7,843 | 8,514 | ||||||
Goodwill | 92,353 | 92,353 | ||||||
Intangibles, net | 38,230 | 44,742 | ||||||
Property, plant and equipment, net | 39,874 | 44,327 | ||||||
Other assets, net | 20,738 | 20,336 | ||||||
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Total assets | $ | 527,116 | $ | 556,270 | ||||
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LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 64,574 | $ | 76,440 | ||||
Payroll and related expenses | 21,251 | 22,410 | ||||||
Accrued expenses | 37,366 | 38,149 | ||||||
Deferred revenue | 60,717 | 51,898 | ||||||
Finance lease obligation | 2,097 | 2,460 | ||||||
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Total current liabilities | 186,005 | 191,357 | ||||||
Long-term debt | 65,000 | 65,000 | ||||||
Long-term financing lease obligation | — | 831 | ||||||
Pension and other postretirement benefits liabilities | 128,145 | 125,546 | ||||||
Long-term deferred revenue | 35,543 | 33,186 | ||||||
Other long-term liabilities | 13,329 | 13,730 | ||||||
Commitments and contingencies | ||||||||
Shareholders’ equity: | ||||||||
Common stock (250,000 shares authorized, 63,928 and 63,453 shares issued and 60,802 and 60,354 outstanding) | 643 | 639 | ||||||
Additional paid-in capital | 708,714 | 705,755 | ||||||
Accumulated deficit | (515,931 | ) | (492,830 | ) | ||||
Accumulated other comprehensive loss | (94,332 | ) | (86,944 | ) | ||||
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Total shareholders’ equity | 99,094 | 126,620 | ||||||
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Total liabilities and shareholders’ equity | $ | 527,116 | $ | 556,270 | ||||
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INTERMEC, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 2013 | July 1, 2012 | June 30, 2013 | July 1, 2012 | |||||||||||||
Revenues: | ||||||||||||||||
Product | $ | 150,398 | $ | 159,984 | $ | 307,877 | $ | 298,000 | ||||||||
Service | 41,743 | 40,967 | 83,654 | 82,629 | ||||||||||||
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Total revenues | 192,141 | 200,951 | 391,531 | 380,629 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Cost of product revenues | 93,134 | 100,920 | 194,619 | 192,998 | ||||||||||||
Cost of service revenues | 21,545 | 20,834 | 43,283 | 42,509 | ||||||||||||
Research and development | 22,187 | 20,431 | 43,212 | 40,440 | ||||||||||||
Selling, general and administrative | 62,431 | 61,412 | 129,056 | 127,419 | ||||||||||||
Impairment of goodwill | — | 32,369 | — | 47,294 | ||||||||||||
Gain on sale of assets | — | (1,255 | ) | — | (2,655 | ) | ||||||||||
Restructuring costs | — | 5,598 | 115 | 5,598 | ||||||||||||
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Total costs and expenses | 199,297 | 240,309 | 410,285 | 453,603 | ||||||||||||
Operating loss | (7,156 | ) | (39,358 | ) | (18,754 | ) | (72,974 | ) | ||||||||
Interest income | 53 | 80 | 56 | 201 | ||||||||||||
Interest expense | (565 | ) | (882 | ) | (1,326 | ) | (1,632 | ) | ||||||||
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Loss before income taxes | (7,668 | ) | (40,160 | ) | (20,024 | ) | (74,405 | ) | ||||||||
Income tax expense | 1,917 | 3,142 | 3,078 | 210,987 | ||||||||||||
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Net loss | (9,585 | ) | (43,302 | ) | $ | (23,102 | ) | $ | (285,392 | ) | ||||||
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Basic loss per share | $ | (0.16 | ) | $ | (0.72 | ) | $ | (0.38 | ) | $ | (4.75 | ) | ||||
Diluted loss per share | $ | (0.16 | ) | $ | (0.72 | ) | $ | (0.38 | ) | $ | (4.75 | ) | ||||
Shares used in computing basic loss per share | 60,841 | 60,251 | 60,417 | 60,140 | ||||||||||||
Shares used in computing diluted loss per share | 60,841 | 60,251 | 60,417 | 60,140 |
INTERMEC, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Six Months Ended | ||||||||
June 30, 2013 | July 1, 2012 | |||||||
Cash and cash equivalents at beginning of the period | $ | 85,169 | $ | 95,108 | ||||
Cash flows from operating activities: | ||||||||
Net loss | (23,102 | ) | (285,392 | ) | ||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 15,743 | 18,015 | ||||||
Deferred taxes | 576 | 211,321 | ||||||
Stock-based compensation | 3,543 | 3,125 | ||||||
Impairment of goodwill | — | 47,294 | ||||||
Gain on sale of assets | — | (2,655 | ) | |||||
Gain on company owned life insurance | — | (1,174 | ) | |||||
Change in pension and other postretirement plans | (493 | ) | (1,963 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 8,630 | 7,363 | ||||||
Inventories | 11,675 | 5,032 | ||||||
Other current assets | 3,274 | (4,703 | ) | |||||
Accounts payable | (11,628 | ) | (20,281 | ) | ||||
Payroll and related expenses | (773 | ) | (5,736 | ) | ||||
Accrued expenses | (201 | ) | (8,854 | ) | ||||
Deferred revenue | 12,553 | 13,041 | ||||||
Change in other long-term liabilities | (308 | ) | (739 | ) | ||||
Other operating activities | (484 | ) | (493 | ) | ||||
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Net cash provided by (used in) operating activities | 19,005 | (26,799 | ) | |||||
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Cash flows from investing activities: | ||||||||
Additions to property, plant and equipment | (5,214 | ) | (4,551 | ) | ||||
Proceeds from sale of assets | — | 2,359 | ||||||
Proceeds from company owned life insurance | — | 8,962 | ||||||
Other investing activities | (682 | ) | (346 | ) | ||||
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Net cash (used in) provided by investing activities | (5,896 | ) | 6,424 | |||||
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Cash flows from financing activities: | ||||||||
Proceeds from issuance of debt | 15,000 | — | ||||||
Repayment of debt | (15,000 | ) | — | |||||
Financing lease obligation | (1,194 | ) | — | |||||
Stock options exercised and other | (580 | ) | 1,034 | |||||
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Net cash (used in) provided by financing activities | (1,774 | ) | 1,034 | |||||
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Effect of exchange rate changes on cash and cash equivalents | (1,791 | ) | (1,056 | ) | ||||
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Net change in cash and cash equivalents | 9,544 | (20,397 | ) | |||||
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Cash and cash equivalents at end of the period | $ | 94,713 | $ | 74,711 | ||||
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INTERMEC, INC.
RECONCILIATION OF GAAP TO NON-GAAP OPERATING PROFIT (LOSS) AND ADJUSTED EBITDA
NET EARNINGS (LOSS) AND EARNINGS (LOSS) PER SHARE
(Unaudited)
(In millions, except per share amounts)
Three Months Ended June 30, 2013 | Three Months Ended July 1, 2012 | |||||||||||||||||||||||
Operating Income (loss) | Net earnings (loss) | Earnings (loss) per share | Operating Income (loss) | Net earnings (loss) | Earnings (loss) per share | |||||||||||||||||||
Operating loss as reported | $ | (7.2 | ) | $ | (9.6 | ) | $ | (0.16 | ) | $ | (39.4 | ) | $ | (43.3 | ) | $ | (0.72 | ) | ||||||
Acquisition related adjustments | 3.2 | 3.2 | 0.05 | 4.6 | 4.6 | 0.08 | ||||||||||||||||||
Merger related costs | 1.5 | 1.5 | 0.03 | — | — | — | ||||||||||||||||||
Restructuring costs | — | — | — | 5.6 | 5.6 | 0.09 | ||||||||||||||||||
Executive severance | — | — | — | 1.9 | 1.9 | 0.03 | ||||||||||||||||||
Forfeited executive stock awards | — | — | — | (1.2 | ) | (1.2 | ) | (0.02 | ) | |||||||||||||||
Impairment of goodwill | — | — | — | 32.4 | 32.4 | 0.54 | ||||||||||||||||||
Deferred taxes and valuation allowance | — | 0.1 | — | — | 1.4 | 0.02 | ||||||||||||||||||
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Non-GAAP profit as adjusted | $ | (2.5 | ) | $ | (4.8 | ) | (0.08 | ) | $ | 3.9 | $ | 1.4 | $ | 0.02 | ||||||||||
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Depreciation and other amortization | 5.0 | 4.6 | ||||||||||||||||||||||
Stock-based compensation | 1.6 | 1.7 | ||||||||||||||||||||||
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Adjusted EBITDA | $ | 4.1 | $ | 10.2 | ||||||||||||||||||||
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Six Months Ended June 30, 2013 | Six Months Ended July 1, 2012 | |||||||||||||||||||||||
Operating Income (loss) | Net earnings (loss) | Earnings (loss) per share | Operating Income (loss) | Net earnings (loss) | Earnings (loss) per share | |||||||||||||||||||
Operating loss as reported | $ | (18.8 | ) | $ | (23.1 | ) | $ | (0.38 | ) | $ | (73.0 | ) | $ | (285.4 | ) | $ | (4.75 | ) | ||||||
Acquisition related adjustments | 6.4 | 6.4 | 0.11 | 9.4 | 9.4 | 0.16 | ||||||||||||||||||
Merger related costs | 4.7 | 4.7 | 0.08 | — | — | — | ||||||||||||||||||
Restructuring costs | 0.1 | 0.1 | — | 5.6 | 5.6 | 0.09 | ||||||||||||||||||
Executive severance | — | — | — | 1.9 | 1.9 | 0.03 | ||||||||||||||||||
Forfeited executive stock awards | — | — | — | (1.2 | ) | (1.2 | ) | (0.02 | ) | |||||||||||||||
Impairment of goodwill | — | — | — | 47.3 | 47.3 | 0.79 | ||||||||||||||||||
Deferred taxes and valuation allowance | — | 0.2 | — | — | 212.9 | 3.5 | ||||||||||||||||||
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Non-GAAP profit as adjusted | $ | (7.6 | ) | $ | (11.7 | ) | (0.19 | ) | $ | (10.0 | ) | $ | (9.5 | ) | $ | (0.16 | ) | |||||||
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Depreciation and other amortization | 9.3 | 9.0 | ||||||||||||||||||||||
Stock-based compensation | 3.5 | 4.3 | ||||||||||||||||||||||
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Adjusted EBITDA | $ | 5.3 | $ | 3.3 | ||||||||||||||||||||
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INTERMEC, INC.
RECONCILIATION OF GAAP TO NON-GAAP OPERATING PROFIT (LOSS)
(Unaudited)
(In thousands)
Three Months Ended June 30, 2013 | Three Months Ended July 1, 2012 | |||||||||||||||||||||||
GAAP Operating Results | Non-GAAP Adjustments | Non-GAAP Operating Results | GAAP Operating Results | Non-GAAP Adjustments | Non-GAAP Operating Results | |||||||||||||||||||
Total revenues | $ | 192,141 | $ | — | $ | 192,141 | $ | 200,951 | $ | 200,951 | ||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of revenues | 114,679 | (1,987 | ) | 112,692 | 121,754 | (3,649 | ) | 118,105 | ||||||||||||||||
Research and development | 22,187 | — | 22,187 | 20,431 | — | 20,431 | ||||||||||||||||||
Selling, general and administrative | 62,431 | (2,751 | ) | 59,680 | 61,412 | (1,609 | ) | 59,803 | ||||||||||||||||
Gain on sale of Assets | — | — | — | (1,255 | ) | — | (1,255 | ) | ||||||||||||||||
Restructuring costs | — | — | — | 5,598 | (5,598 | ) | — | |||||||||||||||||
Impairment of goodwill | — | — | — | 32,369 | (32,369 | ) | — | |||||||||||||||||
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Total costs and expenses | 199,297 | (4,738 | ) | 194,559 | 240,309 | (43,225 | ) | 197,084 | ||||||||||||||||
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Operating profit (loss) | $ | (7,156 | ) | $ | 4,738 | $ | (2,418 | ) | $ | (39,358 | ) | $ | 43,225 | $ | 3,867 | |||||||||
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Six Months Ended June 30, 2013 | Six Months Ended July 1, 2012 | |||||||||||||||||||||||
GAAP Operating Results | Non-GAAP Adjustments | Non-GAAP Operating Results | GAAP Operating Results | Non-GAAP Adjustments | Non-GAAP Operating Results | |||||||||||||||||||
Total revenues | $ | 391,531 | $ | — | $ | 391,531 | $ | 380,629 | $ | — | $ | 380,629 | ||||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of revenues | 237,902 | (3,976 | ) | 233,926 | 235,507 | (7,297 | ) | 228,210 | ||||||||||||||||
Research and development | 43,212 | — | 43,212 | 40,440 | — | 40,440 | ||||||||||||||||||
Selling, general and administrative | 129,056 | (7,096 | ) | 121,960 | 127,419 | (2,810 | ) | 124,609 | ||||||||||||||||
Impairment of goodwill | — | — | — | 47,294 | (47,294 | ) | — | |||||||||||||||||
Gain on sale of assets | — | — | — | (2,655 | ) | — | (2,655 | ) | ||||||||||||||||
Restructuring costs | 115 | (115 | ) | — | 5,598 | (5,598 | ) | — | ||||||||||||||||
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Total costs and expenses | 410,285 | (11,187 | ) | 399,098 | 453,603 | (62,999 | ) | 390,604 | ||||||||||||||||
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Operating profit (loss) | $ | (18,754 | ) | $ | 11,187 | $ | (7,567 | ) | $ | (72,974 | ) | $ | 62,999 | $ | (9,975 | ) | ||||||||
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INTERMEC, INC.
RECONCILIATION OF GAAP TO NON-GAAP GROSS MARGINS
(Unaudited)
(In thousands)
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||
As Reported | Non-GAAP Adjustments | Non-GAAP as Adjusted | As Reported | Non-GAAP Adjustments | Non-GAAP as Adjusted | |||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Product | $ | 150,398 | $ | — | $ | 150,398 | $ | 307,877 | $ | — | $ | 307,877 | ||||||||||||
Service | 41,743 | — | 41,743 | 83,654 | — | 83,654 | ||||||||||||||||||
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Total revenues | $ | 192,141 | $ | — | $ | 192,141 | $ | 391,531 | $ | — | $ | 391,531 | ||||||||||||
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Cost of revenues: | ||||||||||||||||||||||||
Product | $ | 93,134 | $ | (1,987 | ) | $ | 91,147 | $ | 194,619 | $ | (3,976 | ) | $ | 190,643 | ||||||||||
Service | 21,545 | — | 21,545 | 43,283 | — | 43,283 | ||||||||||||||||||
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Total cost of revenues | $ | 114,679 | $ | (1,987 | ) | $ | 112,692 | $ | 237,902 | $ | (3,976 | ) | $ | 233,926 | ||||||||||
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Gross margins: | ||||||||||||||||||||||||
Product | 38.1 | % | 39.4 | % | 36.8 | % | 38.1 | % | ||||||||||||||||
Service | 48.4 | % | 48.4 | % | 48.3 | % | 48.3 | % | ||||||||||||||||
Total | 40.3 | % | 41.3 | % | 39.2 | % | 40.3 | % | ||||||||||||||||
Three Months Ended July 1, 2012 | Six Months Ended July 1, 2012 | |||||||||||||||||||||||
As Reported | Non-GAAP Adjustments | Non-GAAP as Adjusted | As Reported | Non-GAAP Adjustments | Non-GAAP as Adjusted | |||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Product | $ | 159,984 | $ | — | $ | 159,984 | $ | 298,000 | $ | — | $ | 298,000 | ||||||||||||
Service | 40,967 | 40,967 | 82,629 | — | 82,629 | |||||||||||||||||||
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Total revenues | $ | 200,951 | $ | — | $ | 200,951 | $ | 380,629 | $ | — | $ | 380,629 | ||||||||||||
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Cost of revenues: | ||||||||||||||||||||||||
Product | $ | 100,920 | $ | (3,649 | ) | $ | 97,271 | $ | 192,998 | $ | (7,297 | ) | $ | 185,701 | ||||||||||
Service | 20,834 | — | 20,834 | 42,509 | — | 42,509 | ||||||||||||||||||
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Total cost of revenues | $ | 121,754 | $ | (3,649 | ) | $ | 118,105 | $ | 235,507 | $ | (7,297 | ) | $ | 228,210 | ||||||||||
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Gross margins: | ||||||||||||||||||||||||
Product | 36.9 | % | 39.2 | % | 35.2 | % | 37.7 | % | ||||||||||||||||
Service | 49.1 | % | 49.1 | % | 48.6 | % | 48.6 | % | ||||||||||||||||
Total | 39.4 | % | 41.2 | % | 38.1 | % | 40.0 | % |
INTERMEC, INC.
SUPPLEMENTAL SALES INFORMATION BY CATEGORY
(Unaudited)
(Amounts in millions)
Three Months Ended | ||||||||||||||||||||
June 30, 2013 | Percent of Revenues | July 1, 2012 | Percent of Revenues | Percent Change in Revenues | ||||||||||||||||
Revenues by category: | ||||||||||||||||||||
Intermec-branded: | ||||||||||||||||||||
Systems and solutions | $ | 85.9 | 44.7 | % | $ | 96.9 | 48.2 | % | -11.4 | % | ||||||||||
Printer and media | 44.0 | 22.9 | % | 40.3 | 20.1 | % | 9.2 | % | ||||||||||||
Service | 32.2 | 16.8 | % | 33.2 | 16.5 | % | -3.0 | % | ||||||||||||
Voice solutions | 29.9 | 15.6 | % | 30.6 | 15.2 | % | -2.3 | % | ||||||||||||
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Total revenues | $ | 192.0 | 100.0 | % | $ | 201.0 | 100.0 | % | -4.5 | % | ||||||||||
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Six Months Ended | ||||||||||||||||||||
June 30, 2013 | Percent of Revenues | July 1, 2012 | Percent of Revenues | Percent Change in Revenues | ||||||||||||||||
Revenues by category: | ||||||||||||||||||||
Intermec-branded: | ||||||||||||||||||||
Systems and solutions | $ | 186.7 | 47.7 | % | $ | 178.7 | 47.0 | % | 4.5 | % | ||||||||||
Printer and media | 83.4 | 21.3 | % | 77.4 | 20.3 | % | 7.8 | % | ||||||||||||
Service | 65.2 | 16.6 | % | 66.5 | 17.5 | % | -2.0 | % | ||||||||||||
Voice solutions | 56.2 | 14.4 | % | 58.0 | 15.2 | % | -3.1 | % | ||||||||||||
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Total revenues | $ | 391.5 | 100.0 | % | $ | 380.6 | 100.0 | % | 2.9 | % | ||||||||||
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SUPPLEMENTAL SALES INFORMATION BY GEOGRAPHICAL REGION
(Unaudited)
(Amounts in millions)
Three Months Ended | ||||||||||||||||||||
June 30, 2013 | Percent of Revenues | July 1, 2012 | Percent of Revenues | Percent Change in Revenues | ||||||||||||||||
Revenues by geographic region: | ||||||||||||||||||||
North America | $ | 96.0 | 50.0 | % | $ | 101.2 | 50.3 | % | -5.1 | % | ||||||||||
Europe, Middle East and Africa (EMEA) | 62.6 | 32.6 | % | 55.9 | 27.8 | % | 12.0 | % | ||||||||||||
Latin America and Mexico (LATAM) | 21.4 | 11.1 | % | 26.7 | 13.3 | % | -19.9 | % | ||||||||||||
Asia Pacific (ASIAPAC) | 12.0 | 6.3 | % | 17.2 | 8.6 | % | -30.2 | % | ||||||||||||
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Total revenues | $ | 192.0 | 100.0 | % | $ | 201.0 | 100.0 | % | -4.5 | % | ||||||||||
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Six Months Ended | ||||||||||||||||||||
June 30, 2013 | Percent of Revenues | July 1, 2012 | Percent of Revenues | Percent Change in Revenues | ||||||||||||||||
Revenues by geographic region: | ||||||||||||||||||||
North America | $ | 192.7 | 49.2 | % | $ | 192.8 | 50.7 | % | -0.1 | % | ||||||||||
Europe, Middle East and Africa (EMEA) | 134.9 | 34.5 | % | 110.5 | 29.0 | % | 22.1 | % | ||||||||||||
Latin America and Mexico (LATAM) | 42.5 | 10.9 | % | 46.5 | 12.2 | % | -8.6 | % | ||||||||||||
Asia Pacific (ASIAPAC) | 21.4 | 5.4 | % | 30.8 | 8.1 | % | -30.5 | % | ||||||||||||
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Total revenues | $ | 391.5 | 100.0 | % | $ | 380.6 | 100.0 | % | 2.9 | % | ||||||||||
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