This release includes projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as “would”, “may”, “expects”, “estimates”, “plans”, “intends”, “projects”, and other words or phrases with similar meanings. Any statements regarding the Company’s GAAP and pro forma estimated earnings, EPS and revenue for fiscal 2016, the Company’s expected segment revenue growth rates, margins, currency movements, expenses, pricing, new products to be introduced in 2016 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 and uncertainties 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 26, 2015 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2015 Form 10-K can be downloaded from http://www.garmin.com/aboutGarmin/invRelations/finReports.html.

Garmin, the Garmin logo, the Garmin delta, Approach, fēnix and quatix are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. Varia Vision, Garmin Drive, Garmin Nautix, Striker, GNX, PulsedLight, Garmin Elevate, TruSwing and Beat Yesterday are trademarks of, or exclusively licensed to, 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						52-Weeks Ended
			Dec 26,			Dec 27,			Dec 26,			Dec 27,
			2015			2014			2015			2014
Net sales			$781,358			$803,306			$2,820,270			$2,870,658
Cost of goods sold			368,215			372,458			1,281,566			1,266,246
Gross profit			413,143			430,848			1,538,704			1,604,412
Advertising expense			56,814			54,175			167,166			146,633
Selling, general and administrative expense			104,556			99,119			394,914			372,032
Research and development expense			106,011			101,554			427,043			395,121
Total operating expense			267,381			254,848			989,123			913,786
Operating income			145,762			176,000			549,581			690,626
Other income:
Interest income			7,358			6,803			29,653			35,584
Foreign currency gains (losses)			(9,288	)		15,967			(23,465	)		(4,299	)
Other income			8,711			1,126			11,418			1,834
Total other income			6,781			23,896			17,606			33,119
Income before income taxes			152,543			199,896			567,187			723,745
Income tax provision (benefit)			20,160			(10,349	)		110,960			359,534
Net income			$132,383			$210,245			$456,227			$364,211
Net income per share:
Basic			$0.70			$1.10			$2.39			$1.89
Diluted			$0.70			$1.09			$2.39			$1.88
Weighted average common
shares outstanding:
Basic			189,317			191,322			190,631			193,106
Diluted			189,847			192,356			191,107			194,165
Dividends declared per share									$2.04			$1.92

Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except per share information)
			(Unaudited)
			Dec 26,			Dec 27,
			2015			2014
Assets
Current assets:
Cash and cash equivalents			$833,070			$1,196,268
Marketable securities			215,161			167,989
Accounts receivable, net			531,481			570,191
Inventories, net			500,554			420,475
Deferred income taxes			-			56,102
Deferred costs			49,176			51,336
Prepaid expenses and other current assets			81,645			48,615
Total current assets			2,211,087			2,510,976
Property and equipment, net			446,089			430,887
Marketable securities			1,343,387			1,407,344
Restricted cash			259			308
Noncurrent deferred income tax			116,518			67,712
Noncurrent deferred costs			38,769			36,140
Intangible assets, net			245,552			218,083
Other assets			97,730			21,853
Total assets			$4,499,391			$4,693,303
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable			$178,905			$149,094
Salaries and benefits payable			70,601			62,764
Accrued warranty costs			30,449			27,609
Accrued sales program costs			67,613			58,934
Deferred revenue			164,982			203,598
Accrued royalty costs			30,310			51,889
Accrued advertising expense			33,547			26,334
Other accrued expenses			74,926			67,780
Deferred income taxes			-			17,673
Income taxes payable			21,674			182,260
Dividend payable			192,991			185,326
Total current liabilities			865,998			1,033,261
Deferred income taxes			56,210			39,497
Non-current income taxes			101,689			80,611
Non-current deferred revenue			128,731			135,130
Other liabilities			1,637			1,437
Stockholders' equity:
Shares, CHF 10 par value, 208,077 shares authorized and issued;
189,722 shares outstanding at December 26, 2015
and 191,815 shares outstanding at December 27, 2014			1,797,435			1,797,435
Additional paid-in capital			62,239			73,521
Treasury stock			(414,637	)		(330,132	)
Retained earnings			1,930,517			1,859,972
Accumulated other comprehensive income			(30,428	)		2,571
Total stockholders' equity			3,345,126			3,403,367
Total liabilities and stockholders' equity			4,499,391			$4,693,303

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
				52-Weeks Ended
				Dec 26,			Dec 27,
				2015			2014
Operating Activities:
Net income				$456,227			$364,211
Adjustments to reconcile net income to net cash
provided by operating activities:
	Depreciation			51,311			48,433
	Amortization			27,049			28,582
	Gain on sale of property and equipment			(198	)		(306	)
	Provision for doubtful accounts			(2,521	)		66
	Deferred income taxes			5,897			89,828
	Unrealized foreign currency loss			37,931			573
	Provision for obsolete and slow moving inventories			23,257			25,903
	Stock compensation expense			26,290			24,293
	Realized gain on marketable securities			(55	)		(505	)
Changes in operating assets and liabilities:
	Accounts receivable			22,473			(27,398	)
	Inventories			(121,718	)		(76,491	)
	Other current and non-current assets			(107,360	)		627
	Accounts payable			36,079			8,981
	Other current and non-current liabilities			20,742			16,467
	Deferred revenue			(43,338	)		(87,543	)
	Deferred cost			(585	)		11,029
	Income taxes payable			(151,014	)		95,961
Net cash provided by operating activities				280,467			522,711
Investing activities:
Purchases of property and equipment				(80,592	)		(73,339	)
Proceeds from sale of property and equipment				7,921			748
Purchase of intangible assets				(3,889	)		(4,720	)
Purchase of marketable securities				(915,921	)		(1,006,482	)
Redemption of marketable securities				919,141			1,096,676
Proceeds from repayment on loan receivable				-			137,379
Change in restricted cash				48			(59	)
Acquisitions, net of cash acquired				(38,687	)		(18,871	)
Net cash provided by/(used in) investing activities				(111,979	)		131,332
Financing activities:
Dividends paid				(378,117	)		(360,075	)
Purchase of treasury stock under share repurchase plan				(131,413	)		(241,578	)
Purchase of treasury stock related to equity awards				(5,586	)		(18,638	)
Proceeds from issuance of treasury stock related to equity awards				17,073			20,753
Tax benefit from issuance of equity awards				(2,049	)		(84	)
Net cash used in financing activities				(500,092	)		(599,622	)
Effect of exchange rate changes on cash and cash equivalents				(31,594	)		(37,302	)
Net increase/(decrease) in cash and cash equivalents				(363,198	)		17,119
Cash and cash equivalents at beginning of period				1,196,268			1,179,149
Cash and cash equivalents at end of period				$833,070			$1,196,268

Garmin Ltd. And Subsidiaries
Net Sales, Gross Profit, and Operating Income/(Loss) by Segment (Unaudited)
			Reporting Segments
			Outdoor			Fitness			Marine				Auto			Aviation			Total
13-Weeks Ended December 26, 2015
Net sales			$123,627			$228,740			$56,454				$268,478			$104,059			$781,358
Gross profit			$74,549			$117,344			$30,289				$112,061			$78,900			$413,143
Operating income/(loss)			$41,189			$40,288			($5,593	)			$35,928			$33,950			$145,762
13-Weeks Ended December 27, 2014
Net sales			$116,432			$201,303			$52,460				$339,832			$93,279			$803,306
Gross profit			$71,745			$122,083			$24,612				$147,073			$65,335			$430,848
Operating income/(loss)			$40,709			$57,629			($687	)			$57,431			$20,918			$176,000
52-Weeks Ended December 26, 2015
Net sales			$425,150			$661,599			$286,778				$1,048,125			$398,618			$2,820,270
Gross profit			$259,889			$366,139			$158,493				$459,469			$294,714			$1,538,704
Operating income			$140,200			$134,574			$28,611				$134,939			$111,257			$549,581
52-Weeks Ended December 27, 2014
Net sales			$427,555			$568,440			$248,371				$1,240,377			$385,915			$2,870,658
Gross profit			$266,550			$358,287			$129,710				$569,452			$280,413			$1,604,412
Operating income			$151,055			$190,682			$26,232				$215,679			$106,978			$690,626

Garmin Ltd. And Subsidiaries
Net Sales by Geography (Unaudited)
		13-Weeks Ended							52-Weeks Ended
		Dec 26,		Dec 27,		Yr over Yr			Dec 26,			Dec 27,			Yr over Yr
		2015		2014		Change			2015			2014			Change
Net sales		$781,358		$803,306		-3%			$2,820,270			$2,870,658			-2%
Americas		412,581		448,055		-8%			1,469,243			1,538,322			-4%
EMEA		268,787		272,384		-1%			1,013,139			1,054,244			-4%
APAC		99,990		82,867		21%			337,888			278,092			22%
EMEA - Europe, Middle East and Africa; APAC - Asia Pacific

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