Earnings Call Information

The information for Garmin Ltd.’s earnings call is as follows:

When:				Wednesday, August 1, 2012 at 10:30 a.m. Eastern
Where:				http://www.garmin.com/aboutGarmin/invRelations/irCalendar.html
How:				Simply log on to the web at the address above or call to listen in at (888) 516-2377
Contact:				Email Contact

An archive of the live webcast will be available until October 1, 2012 on the Garmin website at http://www.garmin.com. To access the replay, click on the Investor Relations link and click over to the Events Calendar page.

This release includes projections and other forward-looking statements regarding Garmin Ltd. and its business. Any statements regarding the Company’s estimated earnings and revenue for fiscal 2012, the Company’s expected segment revenue growth rate, margins, new products to be introduced in 2012 and the Company’s plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of risk factors affecting Garmin, including, but not limited to, the risk factors that are described in the Annual Report on Form 10-K for the year ended December 31, 2011 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2011 Form 10-K can be downloaded from

http://www.garmin.com/aboutGarmin/invRelations/finReports.html.

The global leader in satellite navigation, Garmin Ltd. and its subsidiaries have designed, manufactured, marketed and sold navigation, communication and information devices and applications since 1989 – most of which are enabled by GPS technology. Garmin’s products serve automotive, mobile, wireless, outdoor recreation, marine, aviation, and OEM applications. Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. For more information, visit Garmin's virtual pressroom at www.garmin.com/pressroom or contact the Media Relations department at 913-397-8200.

Garmin, zūmo, eTrex and Forerunner are registered trademarks and Garmin Swim and fēnix are trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

* Learjet 70 and Learjet 75 are trademarks of Bombardier, Inc. or its subsidiaries.

Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share information)
				(Unaudited)
				June 30,						December 31,
				2012						2011
Assets
Current assets:
Cash and cash equivalents				$1,267,719						$1,287,160
Marketable securities				97,177						111,153
Accounts receivable, net				486,395						607,450
Inventories, net				384,207						397,741
Deferred income taxes				47,263						42,957
Deferred costs				46,470						40,033
Prepaid expenses and other current assets				51,983						69,790
Total current assets				2,381,214						2,556,284
Property and equipment, net				407,850						417,105
Marketable securities				1,280,354						1,097,002
Restricted cash				825						771
Licensing fees, net				4,647						5,517
Noncurrent deferred income tax				107,190						107,190
Noncurrent deferred costs				38,994						40,823
Other intangible assets, net				241,688						246,646
Total assets				$4,462,762						$4,471,338
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable				$138,582						$164,010
Salaries and benefits payable				40,479						45,964
Accrued warranty costs				40,797						46,773
Accrued sales program costs				36,724						52,262
Deferred revenue				213,957						188,987
Accrued royalty costs				27,138						99,025
Accrued advertising expense				16,866						31,915
Other accrued expenses				73,327						67,912
Deferred income taxes				5,508						5,782
Income taxes payable				45,496						77,784
Dividend payable				263,078						77,865
Total current liabilities				$901,952						$858,279
Deferred income taxes				5,005						4,951
Non-current income taxes				165,691						161,904
Non-current deferred revenue				178,387						188,132
Other liabilities				1,040						1,491
Stockholders' equity:
Shares, CHF 10 par value, 208,077,418 shares authorized and issued;
194,875,335 shares outstanding at June 30, 2012;
and 194,662,617 shares outstanding at December 31, 2011;				1,797,435						1,797,435
Additional paid-in capital				78,390						61,869
Treasury stock				(96,780	)					(103,498	)
Retained earnings				1,336,460						1,413,582
Accumulated other comprehensive income				95,182						87,193
Total stockholders' equity				3,210,687						3,256,581
Total liabilities and stockholders' equity				$4,462,762						$4,471,338

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share information)
					13-Weeks Ended												26-Weeks Ended
					June 30,						June 25,						June 30,						June 25,
					2012						2011						2012						2011
Net sales					$718,154						$674,099						$1,274,751						$1,181,933
Cost of goods sold					296,341						351,999						569,180						621,459
Gross profit					421,813						322,100						705,571						560,474
Advertising expense					38,258						34,098						61,849						54,054
Selling, general and administrative expense					99,246						85,896						189,362						159,082
Research and development expense					80,303						70,515						160,021						140,994
Total operating expense					217,807						190,509						411,232						354,130
Operating income					204,006						131,591						294,339						206,344
Other income (expense):
Interest income					8,620						7,639						18,291						14,854
Foreign currency gains (losses)					(7,771	)					(14,611	)					(9,760	)					(2,471	)
Other					2,581						2,453						4,121						5,271
Total other income (expense)					3,430						(4,519	)					12,652						17,654
Income before income taxes					207,436						127,072						306,991						223,998
Income tax provision					21,532						17,595						34,230						19,039
Net income					$185,904						$109,477						$272,761						$204,959
Net income per share:
Basic					$0.95						$0.56						$1.40						$1.06
Diluted					$0.95						$0.56						$1.39						$1.05
Weighted average common
shares outstanding:
Basic					194,849						194,051						194,795						193,986
Diluted					196,261						194,875						196,232						194,801

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
					26-Weeks Ended
					June 30,						June 25,
					2012						2011
Operating Activities:
Net income					$272,761						$204,959
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation					27,351						27,393
Amortization					23,709						10,861
Loss on sale of property and equipment					11						308
Provision for doubtful accounts					2,256						3,563
Deferred income taxes					(5,268	)					7,149
Unrealized foreign currency losses					18,556						16,363
Provision for obsolete and slow moving inventories					3,276						(6,998	)
Stock compensation expense					18,043						17,315
Realized gains on marketable securities					(1,463	)					(4,176	)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable					117,422						265,448
Inventories					10,004						20,659
Other current assets					18,048						(31,490	)
Accounts payable					(26,627	)					(13,082	)
Other current and non-current liabilities					(103,327	)					(142,918	)
Deferred revenue					15,493						83,628
Deferred cost					(4,652	)					(14,652	)
Income taxes payable					(32,555	)					(30,033	)
License fees					(7,905	)					(3,344	)
Net cash provided by operating activities					345,133						410,953
Investing activities:
Purchases of property and equipment					(17,426	)					(14,315	)
Proceeds from sale of property and equipment					14						-
Purchase of intangible assets					(4,682	)					(2,587	)
Purchase of marketable securities					(639,612	)					(520,759	)
Redemption of marketable securities					464,329						263,428
Change in restricted cash					(54	)					(116	)
Acquisitions, net of cash acquired					(2,818	)					-
Net cash used in investing activities					(200,249	)					(274,349	)
Financing activities:
Dividends paid					(165,638	)					-
Issuance of treasury stock related to equity awards					10,133						15,637
Tax benefit from issuance of equity awards					1,304						1,197
Purchase of treasury stock					(6,460	)					(11,636	)
Net cash (used in)/provided by financing activities					(160,661	)					5,198
Effect of exchange rate changes on cash and cash equivalents					(3,664	)					16,133
Net (decrease)/increase in cash and cash equivalents					(19,441	)					157,935
Cash and cash equivalents at beginning of period					1,287,160						1,260,936
Cash and cash equivalents at end of period					$1,267,719						$1,418,871

Garmin Ltd. And Subsidiaries
Revenue, Gross Profit, and Operating Income by Segment (Unaudited)
				Reporting Segments
																Auto/
				Outdoor				Fitness				Marine				Mobile				Aviation				Total
13-Weeks Ended June 30, 2012
Net sales				$100,496				$81,812				$67,790				$392,124				$75,932				$718,154
Gross profit				$66,892				$56,665				$43,139				$200,923				$54,194				$421,813
Operating income				$43,739				$34,146				$18,427				$87,108				$20,586				$204,006
13-Weeks Ended June 25, 2011
Net sales				$81,007				$78,014				$79,117				$362,706				$73,255				$674,099
Gross profit				$52,948				$45,502				$44,208				$128,788				$50,654				$322,100
Operating income				$35,667				$25,384				$23,357				$25,277				$21,906				$131,591
26-Weeks Ended June 30, 2012
Net sales				$177,659				$153,026				$123,854				$671,393				$148,819				$1,274,751
Gross profit				$114,154				$100,160				$76,634				$310,753				$103,870				$705,571
Operating income				$69,648				$54,797				$27,205				$105,043				$37,646				$294,339
26-Weeks Ended June 25, 2011
Net sales				$147,458				$134,382				$130,425				$627,255				$142,413				$1,181,933
Gross profit				$94,301				$79,293				$77,406				$211,340				$98,134				$560,474
Operating income				$60,474				$40,841				$38,490				$26,872				$39,667				$206,344

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