An archive of the live webcast will be available until June 4, 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 in 2010 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 26, 2009 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2009 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, nüvi and Forerunner are registered trademarks, and G Motion, trafficTrends, myTrends, nüvifone and Garminfone 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)
									March 27,							December 26,
									2010							2009
Assets
Current assets:
Cash and cash equivalents									$	1,291,343						$	1,091,581
Marketable securities										19,635							19,583
Accounts receivable, net										418,520							874,110
Inventories, net										356,073							309,938
Deferred income taxes										60,361							59,189
Prepaid expenses and other current assets										63,427							39,470
Total current assets										2,209,359							2,393,871
Property and equipment, net										432,606							441,338
Marketable securities										681,049							746,464
Restricted cash										941							2,047
Licensing agreements, net										6,573							15,400
Noncurrent deferred income tax										20,499							20,498
Other intangible assets, net										200,501							206,256
Total assets									$	3,551,528						$	3,825,874
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable									$	109,904						$	203,388
Salaries and benefits payable										34,017							45,236
Accrued warranty costs										58,814							87,424
Accrued sales program costs										41,201							119,150
Deferred revenue										35,835							27,910
Accrued advertising expense										10,135							34,146
Other accrued expenses										63,877							143,568
Income taxes payable										25,816							22,846
Dividend payable										299,957							-
Total current liabilities										679,556							683,668
Deferred income taxes										10,558							10,170
Non-current income taxes										259,751							255,748
Non-current deferred revenue										45,470							38,574
Other liabilities										1,258							1,267
Stockholders' equity:
Common stock, $0.005 par value, 1,000,000,000 shares authorized: Issued and outstanding shares - 199,128,000 as of March 27, 2010 and 200,274,000 as of December 26, 2009										994							1,001
Additional paid-in capital										-							32,221
Retained earnings										2,552,920							2,816,607
Accumulated other comprehensive gain/(loss)										1,021							(13,382	)
Total stockholders' equity										2,554,935							2,836,447
Total liabilities and stockholders' equity									$	3,551,528						$	3,825,874

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share information)
									13-Weeks Ended
									March 27,								March 28,
									2010								2009
Net sales									$	431,067							$	436,699
Cost of goods sold										200,158								240,704
Gross profit										230,909								195,995
Advertising expense										17,400								23,225
Selling, general and administrative expense										67,678								59,777
Research and development expense										62,483								55,034
Total operating expense										147,561								138,036
Operating income										83,348								57,959
Interest income										6,879								5,097
Foreign currency										(46,537	)							(2,438	)
Other										1,833								(694	)
Total other income (expense)										(37,825	)							1,965
Income before income taxes										45,523								59,924
Income tax provision										8,194								11,386
Net income									$	37,329							$	48,538
Net income per share:
Basic									$	0.19							$	0.24
Diluted									$	0.19							$	0.24
Weighted average common shares outstanding:
Basic										199,926								200,352
Diluted										201,091								200,725

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
										13-Weeks Ended
										March 27,								March 28,
										2010								2009
Operating Activities:
Net income										$	37,329							$	48,538
Adjustments to reconcile net income to net cash provided by operating activities:
	Depreciation										13,543								13,574
	Amortization										8,334								8,088
	Gain on sale of property and equipment										(6	)							(3	)
	Provision for doubtful accounts										(1,260	)							(1,101	)
	Deferred income taxes										(1,546	)							(3,200	)
	Foreign currency transaction gains/losses										47,773								(420	)
	Provision for obsolete and slow moving inventories										3,140								7,709
	Stock compensation expense										9,700								10,587
	Realized losses/(gains) on marketable securities										(805	)							1,274
Changes in operating assets and liabilities, net of acquisitions:
	Accounts receivable										436,446								318,095
	Inventories										(50,168	)							58,876
	Other current assets										(606	)							(1,128	)
	Accounts payable										(94,717	)							(77,595	)
	Other current and non-current liabilities										(216,868	)							(88,727	)
	Deferred revenue										14,286								-
	Income taxes payable										(4,048	)							3,993
	Purchase of licenses										(396	)							856
Net cash provided by operating activities											200,131								299,416
Investing activities:
Purchases of property and equipment											(3,935	)							(13,136	)
Purchase of intangible assets											(5,029	)							(872	)
Purchase of marketable securities											(74,303	)							(68,662	)
Redemption of marketable securities											146,073								16,638
Change in restricted cash											1,106								43
Net cash provided by/(used in) investing activities											63,912								(65,989	)
Financing activities:
Proceeds from issuance of common stock from stock purchase plan											2,725								119
Stock repurchase											(47,206	)							(1,849	)
Tax benefit related to stock option exercise											1,408								26
Net cash used in financing activities											(43,073	)							(1,704	)
Effect of exchange rate changes on cash and cash equivalents											(21,208	)							(5,729	)
Net increase in cash and cash equivalents											199,762								225,994
Cash and cash equivalents at beginning of period											1,091,581								696,335
Cash and cash equivalents at end of period										$	1,291,343							$	922,329

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 March 27, 2010
Net sales							$	102,736				$	41,314				$	220,924				$	66,093				$	431,067
Gross profit							$	65,561				$	24,231				$	94,775				$	46,342				$	230,909
Operating income							$	38,568				$	8,929				$	16,982				$	18,869				$	83,348
13-Weeks Ended March 28, 2009
Net sales							$	80,004				$	38,017				$	259,586				$	59,092				$	436,699
Gross profit							$	48,424				$	22,878				$	84,183				$	40,510				$	195,995
Operating income							$	28,504				$	10,572				$	4,605				$	14,278				$	57,959

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7  Next Page »