Trimble today announced second quarter 2011 revenue of $407.2 million, up approximately 22 percent as compared to the second quarter of 2010. Operating income for the second quarter of 2011 was $51.6 million, up 27 percent as compared to the second quarter of 2010.  Operating margin in the second quarter of 2011 was 12.7 percent, compared to 12.2 percent in the second quarter of 2010.

Second quarter 2011 net income was $53.7 million, up 745 percent as compared to the second quarter of 2010.  Second quarter 2010 net income was impacted by a one-time charge for an IRS settlement.  Diluted earnings per share in the second quarter of 2011 were $0.43 as compared to diluted earnings per share of $0.05 in the second quarter of 2010.  

Second quarter 2011 non-GAAP operating income of $80.3 million was up 30 percent as compared to the second quarter of 2010.  Non-GAAP operating margin was 19.7 percent compared to 18.5 percent in the second quarter of 2010.  

Non-GAAP net income of $75.2 million for the second quarter of 2011 was up 46 percent as compared to the second quarter of 2010.  Diluted non-GAAP earnings per share in the second quarter of 2011 were $0.60 as compared to diluted non-GAAP earnings per share of $0.42 in the second quarter of 2010. 

Second quarter 2011 non-GAAP results exclude:

• Restructuring expense of $550 thousand as compared to $430 thousand in the second quarter of 2010;
• Amortization of intangibles of $16.6 million as compared to $13.9 million in the second quarter of 2010;
• Stock-based compensation expense of $7.1 million as compared to $5.0 million in the second quarter of 2010;
• Acquisition-related inventory step-up charge of $1.2 million as compared to no charge in the second quarter of 2010;
• Acquisition-related costs of $3.7 million as compared to $1.8 million in the second quarter of 2010;
• Write-off of debt issuance costs of $377 thousand on a terminated credit facility;
• Gain on foreign exchange of $5.6 million associated with the Tekla acquisition versus no gain in the second quarter of 2010 and;
• No IRS settlement costs excluded as compared to $27.5 million excluded in the second quarter of 2010.