Garmin Reports First Quarter 2010 Results with Strong Margins and Pro Forma Earnings Growth

The following table contains a reconciliation of GAAP net income per share to pro forma net income per share.

                         
Garmin Ltd. And Subsidiaries
Net income per share (Pro Forma)

(in thousands, except per share information)

 
13-Weeks Ended
March 27, March 28,
2010 2009
 
Net Income (GAAP) $ 37,329 $ 48,538
Foreign currency (gain) / loss, net of tax effects                 $ 38,160           $ 1,975
Net income (Pro Forma)                 $ 75,489           $ 50,513
 
Net income per share (GAAP):
Basic $ 0.19 $ 0.24
Diluted $ 0.19 $ 0.24
 
Net income per share (Pro Forma):
Basic $ 0.38 $ 0.25
Diluted $ 0.38 $ 0.25
 
Weighted average common shares outstanding:
Basic 199,926 200,352
Diluted 201,091 200,725
 

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