IN » Topics » Item 2.02 Results of Operations and Financial Conditions

This excerpt taken from the IN 8-K filed Mar 15, 2006.

Item 2.02               Results of Operations and Financial Conditions

 

Intermec, Inc. (the “Company”) is filing this amendment to its Current Report on Form 8-K dated February 8, 2006, to report adjustments to earnings from discontinued operations, net of tax, and net earnings for the fourth quarter and fiscal year ended December 31, 2005.

 

The press release issued by the Company on February 8, 2006, and attached as an exhibit to the Current Report on Form 8-K filed the same day reflects the Company’s former Industrial Automation Systems (“IAS”) business as discontinued operations. Based on the Company’s further analysis related to the sale during the fourth quarter of Landis Grinding Systems, which constituted a portion of the IAS business in 2005, the Company decreased the related gain on sale by approximately $2.9 million compared to the preliminary statements of operations included in the February 8, 2006 press release. This adjustment reduced earnings from discontinued operations, net of tax, by $0.04 per diluted share, to $0.45 and $0.34 per diluted share for the fourth quarter and fiscal year ended December 31, 2005, respectively. The adjustment also reduced earnings per share by $0.04 per diluted share, to $0.65 and $0.98 per diluted share for the fourth quarter and fiscal year ended December 31, 2005, respectively.

 

Certain other amounts have been reclassified in the revised consolidated balance sheets to conform with the 2005 presentation the Company expects to reflect in its 2005 consolidated financial statements to be filed with its annual report on Form 10-K.

 

Attached as Exhibit 99.1 are the Company’s revised preliminary Consolidated Statements of Operations for the three months and fiscal years ended December 31, 2005, and 2004, and the revised preliminary Consolidated Balance Sheets for the years ended December 31, 2005, and 2004. These financial statements are presented in formats consistent with those in the press release attached as an exhibit to the original Current Report on Form 8-K.

 

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