An archive of the live webcast will be available until September 24, 2014 on the Garmin website at 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 2014, the Company’s expected segment revenue growth rate, margins, new products to be introduced in 2014 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 28, 2013 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2013 Form 10-K can be downloaded from http://www.garmin.com/aboutGarmin/invRelations/finReports.html.

Garmin, Fusion, Edge and Forerunner are registered trademarks and VIRB, Approach and vivofit 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.

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share information)
					13-Weeks Ended												26-Weeks Ended
					June 28,						June 29,						June 28,						June 29,
					2014						2013						2014						2013
Net sales					$	777,848					$	696,563					$	1,361,069					$	1,228,520
Cost of goods sold						333,363						312,923						585,750						568,747
Gross profit						444,485						383,640						775,319						659,773
Advertising expense						34,918						29,483						59,346						51,732
Selling, general and administrative expense						92,409						88,039						182,282						174,307
Research and development expense						98,404						96,232						194,568						183,922
Total operating expense						225,731						213,754						436,196						409,961
Operating income						218,754						169,886						339,123						249,812
Other income (expense):
Interest income						9,670						8,179						19,437						17,077
Foreign currency gains (losses)						(20,378	)					27,451						(7,563	)					19,102
Other						674						1,069						190						2,228
Total other income (expense)						(10,034	)					36,699						12,064						38,407
Income before income taxes						208,720						206,585						351,187						288,219
Income tax provision						26,737						34,094						50,387						27,062
Net income					$	181,983					$	172,491					$	300,800					$	261,157
Net income per share:
Basic					$	0.94					$	0.88					$	1.55					$	1.34
Diluted					$	0.93					$	0.88					$	1.54					$	1.33
Weighted average common shares outstanding:
Basic						193,771						195,570						194,431						195,600
Diluted						194,955						196,300						195,464						196,338

Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share information)
					(Unaudited)
					June 28,						December 28,
					2014						2013
Assets
Current assets:
Cash and cash equivalents					$	1,234,886					$	1,179,149
Marketable securities						160,901						149,862
Accounts receivable, net						496,979						564,586
Inventories, net						429,673						382,226
Deferred income taxes						67,496						69,823
Deferred costs						47,886						57,368
Loan receivable						-						137,379
Prepaid expenses and other current assets						58,748						55,243
Total current assets						2,496,569						2,595,636
Property and equipment, net						428,482						414,848
Marketable securities						1,456,103						1,502,106
Restricted cash						250						249
Noncurrent deferred income tax						86,425						88,324
Noncurrent deferred costs						40,853						41,157
Other intangible assets, net						213,242						219,494
Other assets						19,878						17,789
Total assets					$	4,741,802					$	4,879,603
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable					$	132,581					$	146,582
Salaries and benefits payable						52,689						59,794
Accrued warranty costs						27,349						26,767
Accrued sales program costs						33,436						50,903
Deferred revenue						221,079						256,908
Accrued royalty costs						9,451						64,538
Accrued advertising expense						17,927						19,448
Other accrued expenses						70,399						65,657
Deferred income taxes						378						989
Income taxes payable						34,135						38,043
Dividend payable						369,826						175,675
Total current liabilities						969,250						905,304
Deferred income taxes						1,731						1,758
Non-current income taxes						147,589						140,933
Non-current deferred revenue						141,134						171,012
Other liabilities						1,482						890
Stockholders' equity:
Shares, CHF 10 par value, 208,077,418 shares authorized and issued; 192,616,300 shares outstanding at June 28, 2014 and 195,150,102 shares outstanding at December 28, 2013						1,797,435						1,797,435
Additional paid-in capital						87,357						79,263
Treasury stock						(274,030	)					(120,620	)
Retained earnings						1,796,561						1,865,587
Accumulated other comprehensive income						73,293						38,041
Total stockholders' equity						3,480,616						3,659,706
Total liabilities and stockholders' equity					$	4,741,802					$	4,879,603

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
					26-Weeks Ended
					June 28,						June 29,
					2014						2013
Operating Activities:
Net income					$	300,800					$	261,157
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation						23,736						25,340
Amortization						13,722						14,578
(Gain) loss on sale of property and equipment						(662	)					28
Provision for doubtful accounts						2,383						701
Deferred income taxes						3,071						5,599
Unrealized foreign currency loss (gain)						7,483						(15,996	)
Provision for obsolete and slow moving inventories						16,414						12,017
Stock compensation expense						13,459						10,978
Realized loss (gain) on marketable securities						192						(2,278	)
Changes in operating assets and liabilities:
Accounts receivable						65,317						110,600
Inventories						(61,812	)					(12,160	)
Other current and non-current assets						(4,291	)					(14,353	)
Accounts payable						(14,598	)					(547	)
Other current and non-current liabilities						(75,826	)					(95,261	)
Deferred revenue						(66,265	)					(25,952	)
Deferred cost						9,783						4,378
Income taxes payable						2,446						(15,168	)
Net cash provided by operating activities						235,352						263,661
Investing activities:
Purchases of property and equipment						(36,761	)					(29,723	)
Proceeds from sale of property and equipment						669						64
Purchase of intangible assets						(1,556	)					(674	)
Purchase of marketable securities						(534,952	)					(488,515	)
Redemption of marketable securities						590,887						470,086
Proceeds from repayment (advances) on loan receivable						137,379						(82,020	)
Change in restricted cash						(1	)					587
Acquisitions, net of cash acquired						-						(25	)
Net cash provided by (used in) investing activities						155,665						(130,220	)
Financing activities:
Dividends paid						(175,574	)					(263,857	)
Purchase of treasury stock under share repurchase plan						(162,359	)					(13,353	)
Purchase of treasury stock related to equity awards						(11,249	)					(7,367	)
Proceeds from issuance of treasury stock related to equity awards						11,398						8,185
Tax benefit from issuance of equity awards						3,434						300
Net cash used in financing activities						(334,350	)					(276,092	)
Effect of exchange rate changes on cash and cash equivalents						(930	)					(5,039	)
Net increase (decrease) in cash and cash equivalents						55,737						(147,690	)
Cash and cash equivalents at beginning of period						1,179,149						1,231,180
Cash and cash equivalents at end of period					$	1,234,886					$	1,083,490

Revenue, Gross Profit, and Operating Income by Segment (Unaudited)
					Reporting Segments
																				Auto/
					Outdoor					Fitness					Marine					Mobile					Aviation					Total
13-Weeks Ended Jun 28, 2014
Net sales					$	106,059				$	150,678				$	73,780				$	350,036				$	97,295				$	777,848
Gross profit					$	64,668				$	98,063				$	42,536				$	167,593				$	71,625				$	444,485
Operating income					$	35,281				$	62,872				$	17,657				$	74,642				$	28,302				$	218,754
13-Weeks Ended Jun 29, 2013
Net sales					$	106,856				$	84,216				$	72,748				$	344,701				$	88,042				$	696,563
Gross profit					$	70,387				$	55,071				$	40,938				$	155,363				$	61,881				$	383,640
Operating income					$	44,842				$	29,641				$	14,411				$	60,444				$	20,548				$	169,886
26-Weeks Ended Jun 28, 2014
Net sales					$	190,044				$	250,965				$	133,783				$	592,988				$	193,289				$	1,361,069
Gross profit					$	115,578				$	162,148				$	73,588				$	281,384					142,621				$	775,319
Operating income					$	58,964				$	96,384				$	21,467				$	105,206				$	57,102				$	339,123
26-Weeks Ended Jun 29, 2013
Net sales					$	183,022				$	156,653				$	123,044				$	597,290				$	168,511				$	1,228,520
Gross profit					$	114,862				$	100,039				$	64,285				$	262,483				$	118,104				$	659,773
Operating income					$	66,430				$	49,533				$	11,971				$	80,476				$	41,402				$	249,812

Garmin Ltd. And Subsidiaries
Revenue by Geography (Unaudited)
					13-Weeks Ended																26-Weeks Ended
					Jun 28,					Jun 29,					Yr over Yr						Jun 28,					Jun 29,					Yr over Yr
					2014					2013					Change						2014					2013					Change
Net sales					$	777,848				$	696,563				12	%					$	1,361,069				$	1,228,520				11	%
Americas						411,348					383,537				7	%						716,156					669,349				7	%
EMEA						300,427					256,401				17	%						521,030					447,177				17	%
APAC						66,073					56,625				17	%						123,883					111,994				11	%
EMEA - Europe, Middle East and Africa; APAC - Asia Pacific

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