Earnings Call Information

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

When:		Wednesday, February 24, 2010 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) 364-3112 or (719) 325-2317 (due to the limited number of lines available, we encourage you to participate via the webcast).
Contact:		Email Contact

An archive of the live webcast will be available until March 26, 2010 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 2010, the Company’s expected segment revenue growth rate, margins, new products to be introduced 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 27, 2008 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2008 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 the Cayman Islands, 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 is a registered trademark, and nüvifone, G-Motion and GTS 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 Balance Sheets (In thousands, except share information)
		(Unaudited)					(Unaudited)
		December 26,					December 27,
		2009					2008
Assets
Current assets:
Cash and cash equivalents		$	1,091,581				$	696,335
Marketable securities			19,583					12,886
Accounts receivable, net			874,110					741,321
Inventories, net			309,938					425,312
Deferred income taxes			59,189					49,825
Prepaid expenses and other current assets			39,470					58,746
Total current assets			2,393,871					1,984,425
Property and equipment, net			441,338					445,252
Marketable securities			746,464					262,009
Restricted cash			2,047					1,941
Licensing agreements, net			15,400					16,013
Noncurrent deferred income tax			20,498					9,840
Other intangible assets, net			206,256					214,941
Total assets		$	3,825,874				$	2,934,421
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$	203,388				$	160,094
Salaries and benefits payable			45,236					34,241
Accrued warranty costs			87,424					87,408
Accrued sales program costs			119,150					90,337
Deferred revenue			27,910					680
Accrued royalty costs			103,195					30,941
Accrued advertising expense			34,146					31,071
Other accrued expenses			40,373					24,329
Income taxes payable			22,846					20,075
Total current liabilities			683,668					479,176
Deferred income taxes			10,170					13,910
Non-current income taxes			255,748					214,366
Non-current deferred revenue			38,574					-
Other liabilities			1,267					1,115
Stockholders' equity:
Common stock, $0.005 par value, 1,000,000,000 shares authorized:
Issued and outstanding shares - 200,274,000 as of December 26, 2009 and 200,363,000 as of December 27, 2008			1,001					1,002
Additional paid-in capital			32,221					-
Retained earnings			2,816,607					2,262,503
Accumulated other comprehensive income			(13,382	)				(37,651	)
Total stockholders' equity			2,836,447					2,225,854
Total liabilities and stockholders' equity		$	3,825,874				$	2,934,421

Garmin Ltd. And Subsidiaries Condensed Consolidated Statements of Income (Unaudited) (In thousands, except per share information)
		13-Weeks Ended										52-Weeks Ended
		December 26,					December 27,					December 26,					December 27,
		2009					2008					2009					2008
Net sales		$	1,059,383				$	1,048,246				$	2,946,440				$	3,494,077
Cost of goods sold			572,623					617,613					1,502,329					1,940,562
Gross profit			486,760					430,633					1,444,111					1,553,515
Advertising expense			52,421					60,979					155,521					208,177
Selling, general and administrative expense			70,740					83,031					264,202					277,212
Research and development expense			71,582					50,205					238,378					206,109
Total operating expense			194,743					194,215					658,101					691,498
Operating income			292,017					236,418					786,010					862,017
Other income (expense):
Interest income			7,044					8,705					23,519					35,535
Foreign currency			(10,518	)				(40,104	)				(6,040	)				(35,286	)
Gain on sale of equity securities			2,850					-					2,741					50,884
Other			815					(673	)				2,421					1,216
Total other income (expense)			191					(32,072	)				22,641					52,349
Income before income taxes			292,208					204,346					808,651					914,366
Income tax provision			13,800					46,613					104,701					181,518
Net income		$	278,408				$	157,733				$	703,950				$	732,848
Net income per share:
Basic		$	1.39				$	0.78				$	3.51				$	3.51
Diluted		$	1.38				$	0.78				$	3.50				$	3.48
Weighted average common shares outstanding:
Basic			200,385					201,331					200,395					208,993
Diluted			201,584					201,824					201,161					210,680

Garmin Ltd. And Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands)
		52-Weeks Ended
		December 26,					December 27,
		2009					2008
Operating Activities:
Net income		$	703,950				$	732,848
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			56,695					46,910
Amortization			39,791					31,507
Loss (gain) on sale of property and equipment			(14	)				124
Provision for doubtful accounts			(1,332	)				32,355
Deferred income taxes			(25,096	)				50,887
Unrealized foreign currency losses/(gains)			7,480					15,887
Provision for obsolete and slow moving inventories			61,323					24,461
Stock compensation expense			43,616					38,872
Realized gains on marketable securities			(2,741	)				(50,884	)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable			(131,978	)				206,101
Inventories			61,189					83,035
Other current assets			2,740					(4,356	)
Accounts payable			38,875					(236,287	)
Other current and non-current liabilities			172,215					(4,507	)
Deferred revenue			65,706					680
Income taxes payable			15,772					(90,180	)
License fees			(13,735	)				(15,289	)
Net cash provided by operating activities			1,094,456					862,164
Investing activities:
Purchases of property and equipment			(49,199	)				(119,623	)
Proceeds from sale of property and equipment			5					19
Purchase of intangible assets			(7,573	)				(6,971	)
Purchase of marketable securities			(776,966	)				(373,580	)
Redemption of marketable securities			285,970					504,324
Change in restricted cash			(106	)				(387	)
Acquisitions, net of cash acquired			0					(60,131	)
Net cash used in investing activities			(547,869	)				(56,349	)
Financing activities:
Proceeds from issuance of common stock through stock purchase plan			3,712					9,029
Proceeds from issuance of common stock from exercise of stock options			3,783					2,875
Stock repurchase			(20,258	)				(671,847	)
Dividends			(149,846	)				(150,251	)
Tax benefit related to stock option exercise			1,366					2,143
Net cash used in financing activities			(161,243	)				(808,051	)
Effect of exchange rate changes on cash and cash equivalents			9,902					(9,118	)
Net increase/(decrease) in cash and cash equivalents			395,246					(11,354	)
Cash and cash equivalents at beginning of period			696,335					707,689
Cash and cash equivalents at end of period		$	1,091,581				$	696,335

Garmin Ltd. And Subsidiaries Revenue, Gross Profit, and Operating Income by Segment (Unaudited)
			Reporting Segments
			Outdoor/								Auto/
			Fitness				Marine				Mobile				Aviation				Total
13-Weeks Ended December 26, 2009
Net sales			$	148,737			$	34,003			$	812,116			$	64,527			$	1,059,383
Gross profit			$	102,316			$	22,137			$	318,989			$	43,318			$	486,760
Operating income			$	79,654			$	12,212			$	188,437			$	11,714			$	292,017
13-Weeks Ended December 27, 2008
Net sales			$	119,528			$	33,245			$	828,162			$	67,311			$	1,048,246
Gross profit			$	66,912			$	17,128			$	301,642			$	44,951			$	430,633
Operating income			$	43,703			$	7,473			$	162,914			$	22,328			$	236,418
52-Weeks Ended December 26, 2009
Net sales			$	468,924			$	177,644			$	2,054,127			$	245,745			$	2,946,440
Gross profit			$	306,842			$	105,215			$	861,900			$	170,154			$	1,444,111
Operating income			$	212,005			$	55,908			$	459,807			$	58,290			$	786,010
52-Weeks Ended December 27, 2008
Net sales			$	427,783			$	204,477			$	2,538,411			$	323,406			$	3,494,077
Gross profit			$	246,746			$	111,425			$	977,595			$	217,749			$	1,553,515
Operating income			$	160,595			$	59,983			$	524,105			$	117,334			$	862,017

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