Garmin Reports Third Quarter 2011 Results with Strong EPS and Cash Flow; Increasing 2011 Guidance

Net deferred revenues and costs

The following table illustrates the net effect of deferred revenues and costs associated with certain products bundled with content and services. These revenues and costs are being amortized over the estimated economic lives of the products. Additional details are available in the Quarterly Report on Form 10-Q for the quarter ended September 24, 2011 that will be filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983) today.

Garmin Ltd. And Subsidiaries
Net Deferred Revenue and Cost Impact (Unaudited)
(In thousands, except per share information)
       
13-Weeks Ended 39-Weeks Ended
Sept 24, Sept 25, Sept 24, Sept 25,
Effect of revenue and cost deferrals on: 2011   2010 2011   2010
Net sales $ (23,829 ) $ (28,713 ) $ (107,356 ) $ (66,633 )
Cost of goods sold   (6,673 )   (3,337 )   (21,230 )   (9,883 )
Gross profit (17,156 ) (25,376 ) (86,126 ) (56,750 )
 
Operating income (17,156 ) (25,376 ) (86,126 ) (56,750 )
 
Income tax provision based on normalized tax effects   (2,417 )   (5,531 )   (9,431 )   (11,294 )
       
Net income $ (14,739 ) $ (19,845 ) $ (76,695 ) $ (45,456 )
 
Net income per share:
Basic $ (0.08 ) $ (0.10 ) $ (0.40 ) $ (0.23 )
Diluted $ (0.08 ) $ (0.10 ) $ (0.39 ) $ (0.23 )
 

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