EVERETT — Everett-based Intermec earned money this quarter but posted a $6.9 million loss after restructuring its taxes, officials reported Oct. 28.
Before taxes, the company earned $2.3 million on revenues of $169 million for the third quarter ending Sept. 26.
“Third-quarter revenue and operating margins met our expectations due to continued strength in international markets and gradual recovery in the North America region,” said Patrick Byrne, company president and chief executive.
He added in a statement that new products and services should continue to set the company up for long-term growth.
Intermec established itself as a bar code company and has repositioned itself to provide mobile computers that help businesses manage their supply chains.
Byrne said the company had a $9.2 million tax expense for the quarter for three reasons.
• It reversed past tax benefits it recorded based on expected 2010 earnings for a cost of $6.2 million.
• It added about $2 million in tax expenses to set up an offshore headquarters for its supply chain operations and foreign sales.
• It owed $1 million in taxes for profits of its foreign sales offices.
Byrne said that as Intermec profits increase, its total tax rates will decrease.
During the quarter, Byrne said, the company introduced a rugged, lightweight mobile computer called the CS40, acquired Skynax, which provides software for secure mobile communications; developed software jointly with Seattle’s RAF Technologies; and added new North America distributions partners.
Byrne also said that the company repurchased 1.8 million shares of its stocks for a total cost of $20 million during the quarter. He said the company has $55 million remaining under the repurchase program.
He noted that Intermec has $211 million in cash and cash equivalents and has no debt. Positive cash flow during the quarter amounted to $5.7 million, he said.
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