FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
ANNUAL REPORT
PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
(X) Annual report pursuant to Section 15(d) of the Securities Exchange
Act of 1934
Commission file number 000-18645
A. Full title of the plan and the address
of the plan, if different from that of the issuer named below:
Trimble Navigation Savings and Retirement Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Trimble Navigation Limited
645 N. Mary Avenue
Post Office Box 3642
Sunnyvale, CA 94088-3642
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
the administrator has duly caused this annual report to be signed on its behalf
by the undersigned hereunto duly authorized.
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
Date: April 28, 1999 By /s/Steven W. Berglund
----------------------
Steven W. Berglund
1
<PAGE>
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
2
<PAGE>
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
Financial Statements and
Form 5500 Supplemental Schedules
Years ended December 31, 1998 and 1997
Table of Contents
Independent Accountants' Report.........................................4-5
Consent of Independent Accountants........................................6
Financial Statements:
Statements of Net Assets Available for Plan Benefits......................7
Statement of Changes in Net Assets Available for Plan Benefits,
With Fund Information for the Year Ended December 31, 1998..............8-9
Statement of Changes in Net Assets Available for Plan Benefits,
With Fund Information for the Year Ended December 31, 1997............10-11
Notes to Financial Statements.........................................12-16
Form 5500 Supplemental Schedules as of and for the year ended
December 31, 1998..................................................17-19
27a, Part I - Schedule of Assets Held for Investment Purposes
27d, Part V - Schedule of Reportable Transactions
Consent of Independent Accountants.......................................20
3
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To the Participants and Plan
Administrator of the Trimble Navigation
Savings and Retirement Plan
INDEPENDENT ACCOUNTANTS' REPORT
We have audited the financial statements and supplemental schedules of
the Trimble Navigation Savings and Retirement Plan (the Plan) as of December 31,
1998 and 1997, and for the years then ended, as listed in the accompanying table
of contents. These financial statements and supplemental schedules are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by the
Plan's management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets available for plan benefits of
the Plan as of December 31, 1998 and 1997, and the changes in net assets
available for plan benefits for the years then ended, in conformity with
generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedules are
presented for the purpose of additional analysis and are not a required part of
the basic financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. These supplemental
schedules are the responsibility of the Plan's management. The fund information
in the statement of changes in net assets available for
4
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plan benefits is presented for purposes of additional analysis rather
than to present the changes in net assets available for plan benefits for each
fund. The supplemental schedules and fund information have been subjected to the
auditing procedures applied in the audits of the basic financial statements and,
in our opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
/s/MOHLER, NIXON & WILLIAMS
Accountancy Corporation
Campbell, California
April 28, 1999
5
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the use of our name on our report, dated April 28, 1999,
with respect to the financial statements and schedules of the Trimble Navigation
Savings and Retirement Plan for the years ended December 31, 1998 and 1997,
included in the Annual Report on Form 11-K which is filed electronically with
the Securities and Exchange Commission.
/s/MOHLER, NIXON & WILLIAMS
Accountancy Corporation
Campbell, California
April 28, 1999
6
<PAGE>
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31,
-----------------------------------
1998 1997
----------------- ---------------
Investments, at fair value $43,463,059 $38,080,765
----------------- ---------------
Assets held for investment purposes 43,463,059 38,080,765
Employer's contribution receivable 2,040
Participants' contributions receivable 355 118,024
----------------- ---------------
Total receivables 355 120,064
----------------- ---------------
Net assets available for plan benefits $43,463,414 $38,200,829
================= ===============
7
<PAGE>
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
For the year ended December 31, 1998
<TABLE>
<CAPTION>
Net assets available Participants' Withdrawals Dividends
for plan benefits at Employer's contributions/ and and
December 31, 1997 contribution rollovers distributions interest Subtotal
---------------------- ----------------- ------------------ ------------------ --------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Trimble Stock Fund $5,614,980 $122,180 $567,484 ($304,118) $6,000,526
CIGNA Fixed Fund 9,459,942 297,240 1,227,057 (491,424) 10,492,815
CIGNA Lifetime 20 Fund 169,276 21,828 81,872 (12,903) 260,073
CIGNA Lifetime 30 Fund 197,858 15,026 99,589 (10,241) 302,232
CIGNA Lifetime 40 Fund 228,859 14,157 80,286 (4,284) 319,018
CIGNA Lifetime 50 Fund 185,222 3,925 22,325 (29,156) 182,316
CIGNA Lifetime 60 Fund 18,265 1,721 18,033 (37,220) 799
Fidelity Equity Income II Fund 1,783,326 79,530 466,728 (103,622) 2,225,962
Fidelity Contrafund Fund 8,182,333 141,278 922,710 (610,337) 8,635,984
Fidelity Magellan Fund 1,498,617 $51,910 $420,405 ($35,655) 1,935,277
AIM Aggressive Fund 7,027,809 166,077 891,708 (450,922) 57,432 7,692,104
Warburg Pincus
Emerging Growth Fund $581,426 $31,376 $197,539 ($24,499) 785,842
Twentieth Century Ultra Fund $1,799,965 $75,842 $470,773 ($191,757) 2,154,823
Contributions
and other receivable $120,064 ($2,040) ($117,669) 355
Participant Loans $1,332,887 ($32,263) $113,922 1,414,546
------------- -------------- ---------------- ------------------ --------------- ---------------
Totals $38,200,829 $1,020,050 $5,348,840 ($2,338,401) $171,354 $42,402,672
============= ============== ================ ================== =============== ===============
</TABLE>
See independent accountants' report and
accompanying notes to financial statements.
8
<PAGE>
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
For the year ended December 31, 1998
<TABLE>
<CAPTION>
Net appreciation
(depreciation) Expenses Increase Net assets available
in fair value of Net loan and Transfers (decrease) for plan benefits at
Subtotal investments activities adjustments in (out) in net assets December 31, 1998
-------------- ----------------- ---------- ---------- ---------- -------------- --------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Trimble Stock Fund $6,000,526 ($4,219,917) $43,219 $(5,984) $976,288 ($2,820,848) $2,794,132
CIGNA Fixed Fund 10,492,815 533,143 (133,210) (10,974) (181,514) 1,240,318 $10,700,260
CIGNA Lifetime 20 Fund 260,073 $29,042 (2,856) (65) (5,231) 111,687 $280,963
CIGNA Lifetime 30 Fund 302,232 34,246 (6,999) (96) (3,468) 128,057 $325,915
CIGNA Lifetime 40 Fund 319,018 58,089 2,820 (92) 167,850 318,826 $547,685
CIGNA Lifetime 50 Fund 182,316 19,737 (3,898) (39) (37,055) (24,161) $161,061
CIGNA Lifetime 60 Fund 799 3,380 186 (42) 27,245 13,303 $31,568
Fidelity Equity Income II Fund 2,225,962 436,689 (5,152) (417) (101,068) 772,688 $2,556,014
Fidelity Contrafund Fund 8,635,984 2,533,375 1,005 (896) (401,925) 2,585,210 $10,767,543
Fidelity Magellan Fund 1,935,277 619,169 ($3,786) (384) 235,702 1,287,361 2,785,978
AIM Aggressive Fund 7,692,104 270,828 51,761 5,660 (897,117) 95,427 7,123,236
Warburg Pincus
Emerging Growth Fund 785,842 39,572 17,000 (108) (36,145) 224,735 806,161
Twentieth Century Ultra Fund 2,154,823 717,167 (8,353) (341) 256,438 1,319,769 3,119,734
Contributions
and other receivable 355 (119,709) 355
Participant Loans 1,414,546 48,263 129,922 1,462,809
------------ ------------- ---------- ---------- ------------ -------------- -------------------
Totals $42,402,672 $1,074,520 $ - ($13,778) $ - $5,262,585 $43,463,414
============ ============= ========== ========== ============ ============== ===================
</TABLE>
See independent accountants' report and
accompanying notes to financial statements.
9
<PAGE>
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
For the year ended December 31, 1997
<TABLE>
<CAPTION>
Net assets available Participants Withdrawals Dividends
for plan benefits Employer's contributions/ and and
December 31, 1996 contribution rollovers distribution interest Subtotal
------------------ -------------- --------------- ------------- ----------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Trimble Stock Fund $2,285,583 $111,608 $494,720 ($123,614) $2,768,297
CIGNA Fixed Fund 8,601,100 334,498 1,378,868 (1,033,667) $9,280,799
CIGNA Lifetime 20 Fund 29,219 11,446 42,801 (1,903) $81,563
CIGNA Lifetime 30 Fund 72,667 7,500 76,766 (5,863) $151,070
CIGNA Lifetime 40 Fund 85,756 9,780 72,561 (5,689) $162,408
CIGNA Lifetime 50 Fund 135,626 3,812 18,635 (16,876) $141,197
CIGNA Lifetime 60 Fund 122,022 3,285 16,756 (466) $141,597
Fidelity Equity Income II Fund 943,799 53,065 300,094 (99,866) $1,197,092
Fidelity Contrafund Fund 6,460,248 146,420 764,446 (651,111) $6,720,003
Fidelity Magellan Fund 937,483 24,728 151,704 (37,121) $1,076,794
AIM Aggressive Fund 5,929,431 197,966 1,164,022 (603,235) $258,785 $6,946,969
Warburg Pincus
Emerging Growth Fund 263,172 25,054 187,410 (13,253) $462,383
Twentieth Century Ultra Fund 1,152,099 58,136 367,178 (96,398) $1,481,015
Contributions Receivable 320,406 (70,069) (130,273) $120,064
Participant Loans 1,327,946 (80,534) 104,261 $1,351,673
--------------- ---------- ----------- ------------ ---------- ------------
Totals $28,666,557 $917,229 $4,905,688 ($2,769,596) $363,046 $32,082,924
=============== ========== =========== ============ ========== ============
</TABLE>
See independent accountants' report and
accompanying notes to financial statements.
10
<PAGE>
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
For the year ended December 31, 1997
<TABLE>
<CAPTION>
Net appreciation Net appreciation
(depreciation) Expenses Increase Net assets available
fair value of Net loan and Transfers (decrease) for plan benefits at
Subtotal investments activities adjustments in (out) in net assets December 31, 1997
------------- ------------- ---------- ---------- ---------- ------------- --------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Trimble Stock Fund $2,768,297 $2,661,106 $22,963 ($663) $163,277 $3,329,397 $5,614,980
CIGNA Fixed Fund $9,280,799 475,661 (28,298) 10,896 (279,116) 858,842 9,459,942
CIGNA Lifetime 20 Fund $81,563 7,607 263 (59) 79,902 140,057 169,276
CIGNA Lifetime 30 Fund $151,070 20,269 (399) (82) 27,000 125,191 197,858
CIGNA Lifetime 40 Fund $162,408 20,446 4,517 (22) 41,510 143,103 228,859
CIGNA Lifetime 50 Fund $141,197 25,468 4,770 (37) 13,824 49,596 185,222
CIGNA Lifetime 60 Fund $141,597 14,049 817 (138,198) (103,757) 18,265
Fidelity Equity Income II Fund $1,197,092 310,748 5,299 (226) 270,413 839,527 1,783,326
Fidelity Contrafund Fund $6,720,003 1,501,617 911 (1,024) (39,174) 1,722,085 8,182,333
Fidelity Magellan Fund $1,076,794 274,221 (16,735) (171) 164,508 561,134 1,498,617
AIM Aggressive Fund $6,946,969 438,487 19,368 (907) (376,108) 1,098,378 7,027,809
Warburg Pincus
Emerging Growth Fund $462,383 79,617 (2,866) (195) 42,487 318,254 581,426
Twentieth Century Ultra Fund $1,481,015 281,223 8,176 (124) 29,675 647,866 1,799,965
Contributions Receivable $120,064 (200,342) 120,064
Participant Loans $1,351,673 (18,786) 4,941 1,332,887
------------- ----------- --------- --------- --------- ----------- -------------
Totals $32,082,924 $6,110,519 $ - $7,386 $ - $9,534,272 $38,200,829
============= =========== ========= ========= ========= =========== =============
</TABLE>
See independent accountants' report and
accompanying notes to financial statements.
11
<PAGE>
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1998 and 1997
Note 1 - The Plan and its significant accounting policies:
The following description of the Trimble Navigation (the Company)
Savings and Retirement Plan (the Plan) provides only general information.
Participants should refer to the Plan document for a more complete description
of the Plan's provisions.
The Plan is a defined contribution plan that was established in 1988 by
the Company to provide benefits to eligible employees. The Plan covers all
employees of the Company who are not covered by a collective bargaining
agreement.
Effective January 1, 1998, the Plan was amended to conform to current
Internal Revenue Service regulations.
The Plan administrator believes that the Plan is currently designed and
operated in compliance with the applicable requirements of the Internal Revenue
Code and the provisions of the Employee Retirement Income Security Act of 1974
(ERISA).
Administration -
The Company has appointed an Administrative Committee (the Committee)
to manage the operation and administration of the Plan. A third-party
administrator, appointed by the Committee, processes and maintains the records
of participant data. The Company has contracted with Connecticut General Life
Insurance Company (CIGNA) to act as the trustee. Substantially all expenses
incurred for administering the Plan are paid by the Company.
Investments -
Investments of the Plan at December 31, 1998 and 1997 are held by CIGNA
and invested in CIGNA general account contract and pooled separate accounts,
Fidelity funds, mutual funds and the Company's common stock, based solely upon
instructions received from participants.
12
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The Plan's investments in CIGNA are valued at fair value as of the last
day of the Plan year, as measured by quoted market prices or as reported by
CIGNA for pooled separate accounts.
Cash and cash equivalents -
All highly liquid investments purchased with an original maturity of
three months or less (generally money market funds) are considered to be cash
equivalents. These investments are usually held for a short period of time,
pending long-term investment.
Vesting -
Participants are immediately vested in their salary deferral, rollover
contributions, related earnings, and employer's matching contributions.
Income taxes -
The Plan has been amended since receiving its latest favorable
determination letter dated November 28, 1995. However, the Company intends that
the Plan continue to qualify under the applicable requirements of the Internal
Revenue Code and related state statutes, and is exempt from federal income and
state franchise taxes.
Estimates -
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities, and
changes therein, and disclosure of contingent assets and liabilities. Actual
results could differ from those estimates.
Risks and uncertainties -
The Plan provides for various investment options in any combination of
stocks, bonds, fixed income securities, mutual funds and other investment
securities. Investment securities are exposed to various risks, such as interest
rate, market fluctuations and credit risks. Due to the level of risk associated
with certain investment securities, it is at least reasonably possible that
changes in risks in the near term would materially affect participants' account
balances and the amounts reported in the statements of net assets available for
plan benefits and the statements of changes in net assets available for plan
benefits.
13
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Note 2 - Participation and benefits:
Participant contributions -
Participants may elect to have the Company contribute a percentage,
from 1% to 18%, of their eligible pre-tax compensation up to the amount
allowable under current income tax regulations. Participants who elect to have
the Company contribute a portion of their compensation to the Plan agree to
accept an equivalent reduction in taxable compensation. Contributions withheld
are invested in accordance with the participants' direction and are allocated to
funds in 1% increments.
Participants are also allowed to make rollover contributions of amounts
received from other tax-qualified employer-sponsored retirement plans. Such
contributions are deposited in the appropriate investment funds in accordance
with the participant's direction and the Plan's provisions.
Employer contributions -
The Company is allowed to make matching contributions as defined in the
Plan and as approved by the Board of Directors. The Company matches 100% of each
eligible participant's contribution up to a maximum of $100 per month and a
maximum of $1,200 per year. Contributions for the years ended December 31, 1998
and 1997 were approximately $1,020,000 and $920,000, respectively.
Participant accounts -
Each participant's account is credited with the participant's
contribution, Plan earnings or losses and an allocation of the Company's
contribution, if any. Allocation of the Company's contribution is based on the
participant contributions.
Payment of benefits -
Upon termination, the participant or beneficiary will receive the
benefits in a lump-sum amount equal to the value of the participant's vested
interest in his or her account. The Plan allows for automatic lump sum
distribution of participant vested account balances that do not exceed $5,000.
Loans to participants -
The Plan allows participants to borrow not less than $1,000 and up to
the lesser of $50,000 or 50% of their vested account balance. The loans are
secured by the participant's vested balance. Such loans bear interest at the
available market financing
14
<PAGE>
rates and must be repaid to the Plan within a five year period, unless
the loan is used for the purchase of a residence in which case the maximum
repayment period is ten years. The specific terms and conditions of such loans
are established by the Committee.
Note 3 - Party in interest transactions:
As allowed in the Plan, participants may elect to invest a portion of
their accounts in the common stock of the Company. Aggregate investment in
Company common stock at December 31, 1998 and 1997 was as follows:
Date Number of shares Fair value Cost
1998 383,356 $2,794,132 $5,562,499
1997 256,353 $5,614,980 $4,166,188
Note 4 - Investments:
The following table includes the fair values of investments and investment
funds that represent 5% or more of the Plan's net assets at December 31:
1998 1997
----------- -----------
Trimble Stock Fund $ 2,794,132 $ 5,614,980
CIGNA:
Fixed Fund 10,700,260 9,459,942
Lifetime 20 Fund 280,963 169,276
Lifetime 30 Fund 325,915 197,858
Lifetime 40 Fund 547,685 228,859
Lifetime 50 Fund 161,061 185,222
Lifetime 60 Fund 31,568 18,265
Fidelity Equity Income II Fund 2,556,014 1,783,326
Fidelity Contrafund Fund 10,767,543 8,182,333
Fidelity Magellan Fund 2,785,978 1,498,617
AIM Aggressive Fund 7,123,236 7,027,809
Warburg Pincus Emerging Growth Fund 806,161 581,426
Twentieth Century Ultra Fund 3,119,734 1,799,965
Participant Loans 1,462,809 1,332,887
-------------- ---------------
Assets held for investment purposes $43,463,059 $38,080,765
============== ===============
15
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Note 5 - Plan termination and/or modification:
The Company intends to continue the Plan indefinitely for the benefit
of its employees; however, it reserves the right to terminate and/or modify the
Plan at any time by resolution of its Board of Directors and subject to the
provisions of ERISA.
16
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TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
FORM 5500
SUPPLEMENTAL SCHEDULES
17
<PAGE>
<TABLE>
<CAPTION>
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
E.I.N.: 94-2802192
Plan #: 001
ITEM 27a, PART I - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1998
(a) (b) (c) (d) (e)
Description of investment including
Identity of issue, borrower, lessor, maturity date, rate of interest, Current
or similar party collateral, par or maturity value Cost Value
- ---------- ------------------------------------------- ------------------------------------- ------------ ---------------
<S> <C> <C> <C> <C>
CIGNA:
Fixed Fund Pooled separate accounts $10,708,160 $10,700,260
Lifetime 20 Fund Pooled separate accounts 248,178 280,963
Lifetime 30 Fund Pooled separate accounts 271,701 325,915
Lifetime 40 Fund Pooled separate accounts 468,181 547,685
Lifetime 50 Fund Pooled separate accounts 124,115 161,061
Lifetime 60 Fund Pooled separate accounts 29,292 31,568
Fidelity Equity Income II Fund Mutual Fund 1,874,024 2,556,014
Fidelity Contrafund Fund Mutual Fund 6,526,326 10,767,543
Fidelity Magellan Fund Mutual Fund 1,884,739 2,785,978
AIM Aggressive Fund Mutual Fund 6,395,806 7,123,236
Warburg Pincus
ADV Emerging Growth Fund Mutual Fund 700,605 806,161
Twentieth Century Ultra Fund Mutual Fund 2,161,447 3,119,734
* Trimble Stock Fund Company Stock 5,562,499 2,794,132
* Participant Loans 6.5%-9.5% 1,462,809
------------
Total assets held for investment
purposes $43,463,059
============
</TABLE>
* Parties-in-interest
18
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TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
E.I.N.: 94-2802192
Plan #: 001
ITEM 27d, PART V - SCHEDULE OF REPORTABLE TRANSACTIONS
For the year ended December 31, 1998
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e) (f) (g) (h) (i)
Description of asset Expense Current value
Identity (including interest rate incurred of asset on
of party and maturity in case Purchase Selling Lease with Cost of transaction Net gain
involved of a loan) price price rental transaction asset date or (loss)
- -------------- --------------------------------- ----------- ---------- ------ ------------ ---------- -------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CIGNA Fixed Fund $3,106,926 $3,106,926 $3,106,926 $ -
CIGNA Fixed Fund $2,399,751 2,399,751 2,399,751 -
CIGNA Fidelity Contrafund Fund 1,479,804 1,479,804 1,479,804 -
CIGNA Fidelity Contrafund Fund 1,427,968 1,031,813 1,427,968 396,155
CIGNA AIM Aggressive Fund 1,781,258 1,781,258 1,781,258 -
CIGNA AIM Aggressive Fund 1,645,036 1,570,035 1,645,036 75,001
CIGNA Trimble Stock Fund 2,141,579 2,141,579 2,141,579 -
CIGNA Trimble Stock Fund 726,886 745,198 726,886 (18,312)
</TABLE>
19
<PAGE>
EXHIBIT 1
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Registration
Statement (Form S-8) pertaining to the Trimble Navigation Savings and Retirement
Plan of our report dated April 28, 1999, with respect to the financial
statements and schedules of the Trimble Navigation Savings and Retirement Plan
included in this Annual Report (Form 11-K) for the year ended December 31, 1998.
/s/MOHLER, NIXON & WILLIAMS
Accountancy Corporation
Campbell, California
April 28, 1999
20
<PAGE>
