EVERETT – On Thursday, Intermec Inc. reported a $3.8 million drop in its second quarter earnings compared with the same period in 2006.
For the fourth quarter in a row, the Everett-based developer of inventory tracking technology reported revenues lower than those of the previous year due in part to decreasing sales in North America. North American sales dropped 21 percent compared with the same quarter in 2006.
Intermec saw its second quarter revenues drop more than $20 million, from $231.4 million in 2006 to $210.5 million in 2007. However, the company’s second quarter revenues increased 17 percent over first quarter revenues.
The company, which employs 800 people at its Everett headquarters, reported second quarter 2007 earnings of $6.6 million, or 11 cents per diluted share, down from $10.4 million, or 16 cents per diluted share, for the same quarter in 2006.
In July, Intermec Inc.’s board of directors elected Patrick Byrne as president, chief executive and director of the company. Byrne replaces Larry Brady, who announced his retirement earlier this year. Brady is expected to stay on with Intermec in a consulting role until Dec. 1.
“I’m excited to be joining the strong team already in place at Intermec,” Byrne said. “The company is benefiting from the acceptance of its new product offerings, technology innovation, and the global market’s continuing trend toward supply chain efficiency and productivity.”
Intermec, Snohomish County’s largest public company, introduced several new products into the market last quarter, including a baggage tag printer.
Intermec predicts revenues of $203 million to $213 million in the third quarter, with diluted earning per share ranging from 6 cents per share to 12 cents per share.
The company employs 2,000 people worldwide and has a Wall Street value of $1.3 billion.
The company’s stock closed at $26.75, up 23 cents for the day.
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