Symbol Technologies: Takes A Licking - ' Reference Checks ' (
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Reference Checks
MILLSTONE
Dave Ziegler
I.T. Manager
(513) 983-0197
Project: A Telxon user when Procter & Gamble acquired it in 1995, the coffee distributor changed to Symbol in 1999, in conjunction with iAnywhere's software package.
KIRKLAND'S
Mona Smith
Director, I.S.
(731) 660-7630
Project: Another Telxon veteran, the retailer began rolling out Symbol 8146s in 2002, in conjunction with Triversity's point-of-sale software.
OLD DOMINION FREIGHT LINE
Ken Erdner
VP, I.T.
(336) 889-5000
Project: Transport company has put Symbol 7500s in the hands of about 1,300 of its 2,000 drivers; the rest will soon follow.
U.S. POSTAL SERVICE
Robert L. Otto
CTO
(202) 268-5400
Project: Symbol's handhelds were part of a $100 million contract to provide data collection.
TOTES ISOTONER
Doug Baker
Dir., Distribution
(513) 682-8385
Project: Isotoner was using Symbol devices (and Manhattan Associates' software) in 1998, when it was acquired by Totes, which later upgraded and expanded the deployment.
GIANT EAGLE
Robert P. Garrity
Senior VP, I.S.
(412) 967-3729
Project: Yet another old-time Telxon user, the regional grocery chain now uses 425 PDT 6846s for shelf-price audits within its stores, along with other wireless infrastructure devices.
TAYLORMADE-ADIDAS GOLF
Rob McClellan
Dir., Global Supply Chain Management & eServices
(760) 476-6735
Project: The equipment company had never used handhelds for sales before deploying 80 units of the Pocket-PC-powered 2837 to its sales reps in the field.
The executives listed here are all SAP customers. Their willingness to talk has been confirmed by Baseline.
SYMBOL TECHNOLOGIES OPERATING RESULTS*
2003YTD§ 2002^ 2001#
Revenue $357M $1.3B $1.5B
Gross margin 38.9% 37.2% 27.1%
Operating income/loss $8.1M $28.3M -$61.2M
Net income/loss $4.8M $10.5M -$53.9M
Net margin 1.3% 0.8% -3.7%
Earnings per share $0.02 $0.05 -$0.24
R&D expenditure $35.3M $124M $117M *FY ends Dec. 31; results from 1999-2002 to be restated
§2003YTD reflects first three months; includes $5M special charge ^Includes $55.8M special charges #Includes $16.4M goodwill amortization
OTHER FINANCIALS**
Total assets $1.7B
Stockholders' equity $1.7B
Cash & equivalents $98.6M
Long-term debt $54.5M
Debt/equity ratio‡ 3.2%
Shares outstanding 234M
Market value at 4/29 $2.7B
**As of march 31, except as noted
‡long-term debt÷stockholders' equity
CHIPPING AWAY AT DEBT
$64.6
Long-term debt, in millions
$54
DEC '98
DEC '99
DEC '00
DEC '01
DEC '02
Mar '03
Projects: Management 
