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Trimble’s Fiscal Third Quarter

Oct. 24, 2002 – Trimble has announced the results for the fiscal third quarter ended September 27, 2002. The Company reported third quarter revenues of $114.7 million, versus $117.4 million in the year ago quarter. Earnings per share (EPS) for the third quarter on a Generally Accepted Accounting Principles (GAAP) basis were $0.09, versus a loss per share of ($0.11) in the year ago quarter.

Adjusted EPS for the third quarter of 2002 were $0.16, versus adjusted EPS of $0.19 in the year ago quarter. This year’s third quarter GAAP and adjusted EPS benefited from a lower-than-anticipated income tax provision, which added $0.03 – $0.04, but were negatively impacted by approximately ($0.10) due to adverse events as disclosed in the Company’s September 17 news release. These events led the Company to revise its third quarter revenue guidance to $110.0 – $112.0 million, and adjusted EPS guidance to $0.04 – $0.07. Specifically, the revision in guidance was related to the write-off of $1.5 million of receivables associated with the bankruptcy filing of a Japanese distributor, and the deferral of approximately $2.4 million in orders for a new geographic information systems (GIS) product until the fourth quarter due to the delayed delivery of a component by a vendor. Adjusted EPS excludes any infrequent and acquisition related charges, being primarily intangible amortization costs from acquisitions, and restructuring charges related to the Company’s cost-cutting measures that are included when reporting on a GAAP basis. Adjusted EPS numbers were calculated on a diluted basis using approximately 29.2 million shares.