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Intermec, Inc. (NYSE:IN) today announced financial results for its third quarter, which ended September 27, 2009.

Third quarter 2009 revenues were $159 million and net earnings of $0.1 million, or $0.00 per diluted share, compared to 2008 third quarter revenues of $234 million and net earnings of $11.0 million, or $0.18 per diluted share.

"Intermec delivered above guidance on earnings and strong cash flow in the quarter," said Patrick J. Byrne, Intermec President and CEO, "With our recently introduced new products, expanded channel, and lower break even point, we believe we are well positioned for strong operating leverage when the markets recover more fully."

The following table presents our GAAP earnings from operations before taxes, net earnings, and diluted earnings per share as reported for the third quarters of 2009 and 2008, and as adjusted by excluding the impact of restructuring charges.

                                           Quarter Ended September 27, 2009                                                   Quarter Ended September 28, 2008
($ in millions, except per share amounts)  Earnings from operations before taxes  Net earnings   Diluted earnings per share   Earnings from operations before taxes  Net earnings   Diluted earnings per share
Earnings as Reported                       $                  0.1                 $      0.1     $             0.00           $                  16.8                $      11.0    $             0.18
Restructuring charges                                         2.7                        1.7                   0.03                              3.3                        2.1                   0.03
Earnings as Adjusted                       $                  2.8                 $      1.8     $             0.03           $                  20.1                $      13.1    $             0.21

Excluding these charges the non-GAAP adjusted net earnings for the third quarter of 2009 were $1.8 million, or $0.03 per diluted share, as described in the Non-GAAP (Adjusted) Financial Measures section of this release.

Third Quarter 2009 Operating Performance

-- Total revenues of $159 million were down 32% from the prior-year quarter. Approximately 2 percentage points of the year-over-year decline was due to currency translation.

-- Geographically, compared to the prior-year quarter, revenues in North America declined 31%. In Europe, Middle East and Africa (EMEA) revenues declined 41% with approximately 5 percentage points of the year-over-year decline due to currency translation. Latin America declined 23% and Asia Pacific (APAC) increased 8%. Sequentially, revenues in North America increased 1%, EMEA decreased 5%, Latin American increased 4%, and APAC increased 33%.

-- From a product line perspective, compared to the prior-year quarter, Systems and Solutions revenue decreased 39%, Printer and Media revenue declined 25% and Service revenue was down 15%.

-- Gross profit margins of 38.6% declined 0.5 percentage points over the prior-year period. Product gross margins of 37.0% decreased 1.7 percentage points compared to the third quarter of 2008. Service gross margins of 44.7% increased 3.6 percentage points over the third quarter of 2008. Sequentially, product gross margins increased 2.6 percentage points and service gross margins increased 2.0 percentage points.

-- Operating expenses excluding restructuring charges of $2.7 million were $58.5 million in the quarter, lower by 19% compared to $72.2 million in the third quarter 2008 which excluded restructuring charges of $3.3 million. Total operating expenses for these same periods were $61.2 million and $75.6 million, respectively.

-- Included in third quarter 2009 results are restructuring charges of $2.7 million or ($0.03) per diluted share relating to business restructuring plans announced in 2009. This compares to restructuring charges of $3.3 million or ($0.03) in the comparable period of 2008.

-- The Company's third quarter 2009 effective tax rate was approximately 35.4%, consistent with the prior-year comparable quarter.

-- Operating cash flow was positive $10 million in the quarter and $18 million year-to-date.

-- The Company's cash, cash equivalents, and short-term investments increased during the quarter to $239 million. The Company has no debt.

-- During the quarter the CN50 rugged mobile computer, equipped with Qualcomm technology, began shipping to customers worldwide. Intermec collaborated with Qualcomm to develop the 3G wireless WAN Flexible Network(TM) radio. The combination of the computer's quad band radio and multi-processor architecture provides superior computing performance, communication speeds and low battery consumption.

-- Frost & Sullivan awarded the CN50 with the North American Product Innovation Award in the North American Mobile Resource Management (MRM) Market.

-- Intermec's CN3 rugged mobile computer was selected as a Best Channel Product by Business Solutions Magazine, citing the product's richness of features, functionality, product reliability and durability.

Outlook -- Fourth Quarter 2009

Intermec announced its financial guidance for the fourth quarter of 2009.

-- Revenues are expected to be within a range of $160 to $170 million.

-- Earnings per share are expected to be within a range of $0.00 to $0.05 per diluted share, including the expected impact of approximately $0.02 for the restructuring plans announced in 2009. Excluding these restructuring charges the non-GAAP adjusted earnings per share are expected to be within a range of $0.02 to $0.07 per diluted share.

Conference Call Information

Intermec will hold its conference call on October 29, 2009 at 5 p.m. ET (2 p.m. PT). The dial-in numbers for participants are (212) 547-0282 (US and International) (800) 621-8495 (Toll free); Passcode: ("Intermec"). The call will be broadcast on the Internet via a link from the investor's Web page at www.intermec.com/InvestorRelations

Non-GAAP (Adjusted) Financial Measures

This press release includes non-GAAP (adjusted) financial measures for earnings (loss) from operations before taxes, net (loss) earnings, and earnings (loss) per diluted share. It also includes an outlook for the fourth quarter 2009 non-GAAP (adjusted) earnings (loss) per diluted share. Reconciliations of each of these non-GAAP financial measures to the most directly comparable GAAP financial measures are detailed in the Reconciliation of GAAP to Non-GAAP Net Earnings attached to this press release.

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.

We believe that excluding restructuring charges (principally related to severance costs in connection with distinct organizational initiatives to reduce costs and improve operational efficiency) provides supplemental information useful to investors' and management's understanding of the company's core operating results, especially when comparing those results on a consistent basis to results for previous periods and anticipated results for future periods.

About Intermec, Inc.

Intermec Inc. (NYSE:IN) develops and integrates products, services and technologies that identify, track and manage supply chain assets and information. Core technologies include rugged mobile computing and data collection systems, bar code printers, label media, and RFID. The company's products and services are used by customers in many industries worldwide to improve the productivity, quality and responsiveness of business operations. For more information about Intermec, visit www.intermec.com or call 800-347-2636.

(Forward-looking Statements)

Statements made in this release and related statements that express Intermec's or our management's intentions, hopes, indications, beliefs, expectations, guidance, estimates, forecasts or predictions of the future constitute forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, and relate to matters that are not historical facts. They include, without limitation, statements regarding: our cost reduction plans; our view of general economic and market conditions; and our revenue, expense, earnings or financial outlook for the fourth quarter of 2009 or any current or future period. They also include statements about our ability to develop, produce, market or sell our products, either directly or through third parties, reduce or control expenses, improve efficiency, realign resources, continue operational improvement and year-over-year or sequential growth, and about the applicability of accounting policies used in our financial reporting. These statements represent beliefs and expectations only as of the date they were made. We may elect to update forward-looking statements but we expressly disclaim any obligation to do so, even if our beliefs and expectations change. Actual results may differ from those expressed or implied in our forward-looking statements. Such forward-looking statements involve and are subject to certain risks and uncertainties which may cause our actual results to differ materially from the discussed in a forward looking statement. These include, but are not limited to, risks and uncertainties described more fully in our reports filed or to be filed with the Securities and Exchange Commission including, but not limited to, our annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on our website at www.intermec.com.

INTERMEC, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, amounts in thousands except per share amounts)
                                                            Three Months Ended                Nine Months Ended
                                                            September        September        September        September
                                                            27, 2009         28, 2008         27, 2009         28, 2008
Revenues
Product                                                     $   125,822      $   195,727      $   377,824      $   555,756
Service                                                         32,969           38,656           101,255          113,667
Total revenues                                                  158,791          234,383          479,079          669,423
Costs and expenses
Cost of product revenues                                        79,289           119,948          243,583          335,842
Cost of service revenues                                        18,239           22,783           58,089           65,642
Research and development                                        14,065           15,673           45,353           50,687
Selling, general and administrative                             44,460           56,598           140,178          173,393
Restructuring                                                   2,703            3,337            18,631           3,337
Flood related charge                                            -                -                -                1,122
Total costs and expenses                                        158,756          218,339          505,834          630,023
Operating profit (loss)                                         35               16,044           (26,755 )        39,400
Interest income                                                 325              874              927              3,720
Interest expense                                                (261    )        (156    )        (713    )        (2,291  )
Earnings (loss) before taxes                                    99               16,762           (26,541 )        40,829
Income tax expense (benefit)                                    35               5,784            (9,663  )        14,423
Net earnings (loss)                                         $   64           $   10,978       $   (16,878 )    $   26,406
Basic earnings (loss) per share                             $   0.00         $   0.18         $   (0.27   )    $   0.43
Diluted earnings (loss) per share                           $   0.00         $   0.18         $   (0.27   )    $   0.43
Shares used in computing basic earnings (loss) per share        61,714           61,238           61,593           61,121
Shares used in computing diluted earnings (loss) per share      62,062           61,644           61,593           61,599

INTERMEC, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited, amounts in thousands)
                                                                   September         December
                                                                   27, 2009          31, 2008
ASSETS
Current assets:
Cash and cash equivalents                                          $   202,869       $   221,335
Short-term investments                                                 35,949            156
Accounts receivable, net of allowance for doubtful accounts
and sales returns of $11,284 and $10,789                               106,972           138,549
Inventories                                                            89,939            116,949
Net current deferred tax assets                                        67,595            56,295
Other current assets                                                   16,493            14,405
Total current assets                                                   519,817           547,689
Property, plant and equipment, net                                     38,801            41,348
Intangibles, net                                                       2,745             3,521
Net deferred tax assets                                                154,515           167,834
Other assets                                                           33,406            29,503
Total assets                                                       $   749,284       $   789,895
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses                              $   92,200        $   112,772
Payroll and related expenses                                           27,088            24,799
Deferred revenue                                                       40,030            38,712
Total current liabilities                                              159,318           176,283
Long-term deferred revenue                                             19,621            25,980
Pension liability                                                      52,702            92,129
Other long-term liabilities                                            13,502            13,747
Commitments
Shareholders' equity
Common stock (250,000 shares authorized, 62,159 and 61,766 shares      622               618
issued and outstanding)
Additional paid-in-capital                                             701,256           694,296
Accumulated deficit                                                    (179,280 )        (162,402 )
Accumulated other comprehensive loss                                   (18,457  )        (50,756  )
Total shareholders' equity                                             504,141           481,756
Total liabilities and shareholders' equity                         $   749,284       $   789,895

INTERMEC, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
                                                                      Nine months ended
                                                                      September 27,    September 28,
                                                                      2009             2008
Cash and cash equivalents at beginning of the period                  $     221,335    $     237,247
Cash flows from operating activities:
Net (loss) earnings                                                         (16,878 )        26,406
Adjustments to reconcile net (loss) earnings to net cash
provided by operating activities:
Depreciation and amortization                                               11,879           11,770
Deferred taxes                                                              (12,022 )        12,099
Stock-based compensation and other                                          5,922            7,729
Excess tax shortfall (benefit) from stock-based payment arrangements        640              (937     )
Change in operating assets and liabilities:
Accounts receivable                                                         31,157           42,783
Inventories                                                                 26,838           (11,974  )
Accounts payable and accrued expenses                                       (22,030 )        (38,320  )
Other long-term liabilities                                                 (5,630  )        (2,167   )
Other operating activities                                                  (1,768  )        (9,108   )
Net cash provided by operating activities                                   18,108           38,281
Cash flows from investing activities:
Capital expenditures                                                        (7,617  )        (9,880   )
Proceeds from sale of property                                              1,867            5,497
Purchases of investments                                                    (35,645 )        (760     )
Sale of investments                                                         -                28,515
Capitalized patent legal fees                                               (3,709  )        (2,827   )
Net cash (used in) provided by investing activities                         (45,104 )        20,545
Cash flows from financing activities:
Repayment of debt                                                           -                (100,000 )
Excess tax (shortfall) benefit from stock-based payment arrangements        (640    )        937
Other financing activities                                                  1,682            6,332
Net cash provided by (used in) financing activities                         1,042            (92,731  )
Effect of exchange rate changes on cash and cash equivalents                7,488            (1,488   )
Resulting decrease in cash and cash equivalents                             (18,466 )        (35,393  )
Cash and cash equivalents at end of the period                        $     202,869    $     201,854

INTERMEC, INC.
RECONCILIATION OF GAAP TO NON-GAAP NET EARNINGS
(Unaudited, amounts in thousands except per share amounts)
                                     Three Months Ended                                                                                         Three Months Ended
                                     September        Non GAAP         Adjusted September  September        Non GAAP        Adjusted September  June           Non GAAP        Adjusted June
                                     27, 2009         Adjustments      27, 2009            28, 2008         Adjustments     28, 2008            28, 2009       Adjustments     28, 2009
Revenues
Product                              $   125,822                       $      125,822      $   195,727                      $      195,727      $  123,339                     $    123,339
Service                                  32,969                               32,969           38,656                              38,656          34,376                           34,376
Total revenues                           158,791                              158,791          234,383                             234,383         157,715                          157,715
Costs and Expenses
Cost of product revenues                 79,289                               79,289           119,948                             119,948         80,927                           80,927
Cost of service revenues                 18,239                               18,239           22,783                              22,783          19,714                           19,714
Research and development                 14,065                               14,065           15,673                              15,673          15,375                           15,375
Selling, general and administrative      44,460                               44,460           56,598                              56,598          44,711                           44,711
Flood related charge                     -                                    -                -                                   -               -                                -
Restructuring                            2,703        $   (2,703  )           -                3,337        $   (3,337 )           -               7,345       $   (7,345 )         -
Total costs and expenses                 158,756          (2,703  )           156,053          218,339          (3,337 )           215,002         168,072         (7,345 )         160,727
Operating profit (loss)                  35               2,703               2,738            16,044           3,337              19,381          (10,357 )       7,345            (3,012  )
Interest income                          325                                  325              874                                 874             261                              261
Interest expense                         (261    )                            (261    )        (156    )                           (156    )       (227    )                        (227    )
Earnings (loss) before taxes             99               2,703               2,802            16,762           3,337              20,099          (10,323 )       7,345            (2,978  )
Income tax expense (benefit)             35               963                 998              5,784            1,225              7,009           (3,781  )       2,697            (1,084  )
Net earnings (loss)                  $   64           $   1,740        $      1,804        $   10,978       $   2,112       $      13,090       $  (6,542  )   $   4,648       $    (1,894  )
Basic earnings (loss) per share      $   0.00         $   0.03         $      0.03         $   0.18         $   0.03        $      0.21         $  (0.11   )   $   0.08        $    (0.03   )
Diluted earnings (loss) per share    $   0.00         $   0.03         $      0.03         $   0.18         $   0.03        $      0.21         $  (0.11   )   $   0.08        $    (0.03   )
Shares used in computing:
Basic earnings (loss) per share          61,714           61,714              61,714           61,238           61,238             61,238          61,606          61,606           61,606
Diluted earnings (loss) per share        62,062           62,062              62,062           61,644           61,644             61,644          61,606          61,606           61,606
                                     Nine Months Ended
                                     September        Non GAAP         Adjusted September  September        Non GAAP        Adjusted September
                                     27, 2009         Adjustments      27, 2009            28, 2008         Adjustments     28, 2008
Revenues
Product                              $   377,824                       $      377,824      $   555,756                      $      555,756
Service                                  101,255                              101,255          113,667                             113,667
Total revenues                           479,079                              479,079          669,423                             669,423
Costs and Expenses
Cost of product revenues                 243,583                              243,583          335,842                             335,842
Cost of service revenues                 58,089                               58,089           65,642                              65,642
Research and development                 45,353                               45,353           50,687                              50,687
Selling, general and administrative      140,178                              140,178          173,393                             173,393
Flood related charge                     -                                    -                1,122                               1,122
Restructuring                            18,631       $   (18,631 )           -                3,337        $   (3,337 )           -
Total costs and expenses                 505,834          (18,631 )           487,203          630,023          (3,337 )           626,686
Operating (loss) profit                  (26,755 )        18,631              (8,124  )        39,400           3,337              42,737
Interest income                          927                                  927              3,720                               3,720
Interest expense                          (713    )                         (713   )           (2,291 )                  (2,291 )
(Loss) earnings before taxes              (26,541 )           18,631        (7,910 )           40,829        3,337       44,166
Income tax (benefit) expense              (9,663  )           6,733         (2,930 )           14,423        1,234       15,657
Net (loss) earnings                $      (16,878 )      $    11,898   $    (4,980 )        $  26,406     $  2,103    $  28,509
Basic (loss) earnings per share    $      (0.27   )      $    0.19     $    (0.08  )        $  0.43       $  0.03     $  0.46
Diluted (loss) earnings per share  $      (0.27   )      $    0.19     $    (0.08  )        $  0.43       $  0.03     $  0.46
Shares used in computing:
Basic (loss) earnings per share           61,593              61,593        61,593             61,121        61,121      61,121
Diluted (loss) earnings per share         61,593              61,880        61,880             61,599        61,599      61,599
INTERMEC, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK FOR THE QUARTER ENDED
DECEMBER 31, 2009
(Unaudited)
                                                         Diluted (loss) earnings per share
                                   As Reported           $    0.00 to 0.05
                                   Restructuring charge       0.02
                                   As Adjusted           $    0.02 to 0.07

INTERMEC, INC.
SUPPLEMENTAL SALES INFORMATION
(Unaudited, amounts in thousands)
                                Three Months Ended                                                                                              Three Months Ended
                                September 27, 2009   Percent of Revenues  September 27, 2008   Percent of Revenues  Percent Change in Revenues  June 28, 2009  Percent of Revenues  Percent Change in Revenues
Revenues by category:
Systems and solutions           $         88.1       55.5      %          $         145.5      62.1      %          -39.5         %             $      86.2    54.7      %          2.2           %
Printer and media                         37.7       23.7      %                    50.2       21.4      %          -24.9         %                    37.1    23.5      %          1.6           %
Total product                             125.8      79.2      %                    195.7      83.5      %          -35.7         %                    123.3   78.2      %          2.0           %
Service                                   33.0       20.8      %                    38.7       16.5      %          -14.7         %                    34.4    21.8      %          -4.1          %
Total revenues                  $         158.8      100.0     %          $         234.4      100.0     %          -32.3         %             $      157.7   100.0     %          0.7           %
                                Nine Months Ended
                                September 27, 2009   Percent of Revenues  September 27, 2008   Percent of Revenues  Percent Change in Revenues
Revenues by category:
Systems and solutions           $         267.5      55.8      %          $         400.7      59.8      %          -33.2         %
Printer and media                         110.3      23.1      %                    155.0      23.2      %          -28.8         %
Total product                             377.8      78.9      %                    555.7      83.0      %          -32.0         %
Service                                   101.3      21.1      %                    113.7      17.0      %          -10.9         %
Total revenues                  $         479.1      100.0     %          $         669.4      100.0     %          -28.4         %
                                Three Months Ended                                                                                              Three Months Ended
                                September 27, 2009   Percent of Revenues  September 27, 2008   Percent of Revenues  Percent Change in Revenues  June 28, 2009  Percent of Revenues  Percent Change in Revenues
Revenues by geographic region:
North America                   $         89.0       56.0      %          $         129.1      55.1      %          -31.1         %             $      88.3    56.0      %          0.8           %
Europe, Middle East and Africa            45.9       28.9      %                    78.1       33.3      %          -41.2         %                    48.5    30.8      %          -5.4          %
All others                                23.9       15.1      %                    27.2       11.6      %          -12.1         %                    20.9    13.2      %          14.4          %
Total revenues                  $         158.8      100.0     %          $         234.4      100.0     %          -32.3         %             $      157.7   100.0     %          0.7           %
                                Nine Months Ended
                                September 27, 2009   Percent of Revenues  September 27, 2008   Percent of Revenues  Percent Change in Revenues
Revenues by geographic region:
North America                   $         280.9      58.7      %          $         355.8      53.1      %          -21.1         %
Europe, Middle East and Africa            133.4      27.8      %                    232.0      34.7      %          -42.5         %
All others                                64.8       13.5      %                    81.6       12.2      %          -20.6         %
Total revenues                  $         479.1      100.0     %          $         669.4      100.0     %          -28.4         %

SOURCE: Intermec, Inc.

Intermec, Inc. 
Kevin P. McCarty, 425-265-2472 
Director, Investor Relations 
kevin.mccarty@intermec.com