Earnings Call Information

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

		When:			Wednesday, May 4, 2011 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) 542-1136
		Contact:			Email Contact

An archive of the live webcast will be available until June 3, 2011 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 2011, the Company’s expected segment revenue growth rate, margins, new products to be introduced in 2011 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 25, 2010 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2010 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, Forerunner, GPSMAP and Astro are registered trademarks, and GTN, G2000, dēzl, and G1000H 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 26,						December 25,
		2011						2010
Assets
Current assets:
Cash and cash equivalents		$	1,210,615					$	1,260,936
Marketable securities			41,723						24,418
Accounts receivable, net			434,935						747,249
Inventories, net			411,021						387,577
Deferred income taxes			33,582						33,628
Deferred costs			22,943						20,053
Prepaid expenses and other current assets			38,018						24,894
Total current assets			2,192,837						2,498,755
Property and equipment, net			427,110						427,805
Marketable securities			1,027,381						777,401
Restricted cash			1,389						1,277
Licensing agreements, net			4,658						1,800
Noncurrent deferred income tax			73,613						73,613
Noncurrent deferred costs			25,700						24,685
Other intangible assets, net			184,821						183,352
Total assets		$	3,937,509					$	3,988,688
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$	118,845					$	132,348
Salaries and benefits payable			34,811						49,288
Accrued warranty costs			44,030						49,885
Accrued sales program costs			49,463						107,261
Deferred revenue			104,818						89,711
Accrued royalty costs			7,769						95,086
Accrued advertising expense			17,626						21,587
Other accrued expenses			58,164						63,043
Deferred income taxes			4,428						4,800
Income taxes payable			29,959						56,028
Total current liabilities		$	469,913					$	669,037
Deferred income taxes			11,068						6,986
Non-current income taxes			147,047						153,621
Non-current deferred revenue			114,795						108,076
Other liabilities			1,457						1,406
Stockholders' equity:
Shares, CHF 10 par value, 208,077,418 shares authorized and issued;
194,014,900 shares outstanding at March 26, 2011;
and 194,358,038 shares outstanding at December 25, 2010;			1,797,435						1,797,435
Additional paid-in capital			45,435						38,268
Treasury stock			(118,018	)					(106,758	)
Retained earnings			1,377,007						1,264,613
Accumulated other comprehensive income			91,370						56,004
Total stockholders' equity			3,193,229						3,049,562
Total liabilities and stockholders' equity		$	3,937,509					$	3,988,688

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share information)
		13-Weeks Ended
		March 26,					March 27,
		2011					2010
Net sales		$	507,834				$	431,067
Cost of goods sold			269,460					200,158
Gross profit			238,374					230,909
Advertising expense			19,956					17,400
Selling, general and administrative expense			73,187					67,678
Research and development expense			70,478					62,483
Total operating expense			163,621					147,561
Operating income			74,753					83,348
Other income (expense):
Interest income			7,214					6,879
Foreign currency gains (losses)			12,140					(46,537	)
Other			2,819					1,833
Total other income (expense)			22,173					(37,825	)
Income before income taxes			96,926					45,523
Income tax provision			1,444					8,194
Net income		$	95,482				$	37,329
Net income per share:
Basic		$	0.49				$	0.19
Diluted		$	0.49				$	0.19
Weighted average common
shares outstanding:
Basic			193,922					199,926
Diluted			194,720					201,091
Dividends declared per share			-				$	1.50

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
			13-Weeks Ended
			March 26,						March 27,
			2011						2010
Operating Activities:
Net income			$	95,482					$	37,329
Adjustments to reconcile net income to net cash
provided by operating activities:
	Depreciation			13,839						13,543
	Amortization			8,583						8,334
	Gain on sale of property and equipment			(2	)					(6	)
	Provision for doubtful accounts			(858	)					(1,260	)
	Deferred income taxes			1,023						(1,546	)
	Unrealized foreign currency losses			867						47,773
	Provision for obsolete and slow moving inventories			(4,349	)					3,140
	Stock compensation expense			8,666						9,700
	Realized gains on marketable securities			(1,492	)					(805	)
Changes in operating assets and liabilities, net of acquisitions:
	Accounts receivable			327,151						436,446
	Inventories			(11,067	)					(50,168	)
	Other current assets			(20,372	)					2,146
	Accounts payable			(17,573	)					(94,717	)
	Other current and non-current liabilities			(190,770	)					(216,868	)
	Deferred revenue			21,826						14,286
	Deferred cost			(3,905	)					(2,752	)
	Income taxes payable			(16,550	)					(4,048	)
	License fees			(2,900	)					(396	)
Net cash provided by operating activities				207,599						200,131
Investing activities:
Purchases of property and equipment				(7,178	)					(3,935	)
Purchase of intangible assets				(2,626	)					(5,029	)
Purchase of marketable securities				(363,263	)					(74,303	)
Redemption of marketable securities				98,614						146,073
Change in restricted cash				(112	)					1,106
Net cash (used in)/provided by investing activities				(274,565	)					63,912
Financing activities:
Proceeds from issuance of common stock through
stock purchase plan				3,041						2,725
Stock repurchase				-						(47,206	)
Tax benefit related to stock option exercise				787						1,408
Net cash provided by/(used in) financing activities				3,828						(43,073	)
Effect of exchange rate changes on cash and cash equivalents				12,817						(21,208	)
Net (decrease)/increase in cash and cash equivalents				(50,321	)					199,762
Cash and cash equivalents at beginning of period				1,260,936						1,091,581
Cash and cash equivalents at end of period			$	1,210,615					$	1,291,343

Garmin Ltd. And Subsidiaries
Revenue, Gross Profit, and Operating Income by Segment (Unaudited)
		Reporting Segments
														Auto/
		Outdoor				Fitness				Marine				Mobile				Aviation				Total
13-Weeks Ended March 26, 2011
Net sales		$66,450				$56,367				$51,308				$264,550				$69,159				$507,834
Gross profit		$41,353				$33,792				$33,198				$82,551				$47,480				$238,374
Operating income		$24,807				$15,457				$15,133				$1,595				$17,761				$74,753
13-Weeks Ended March 27, 2010
Net sales		$59,386				$43,350				$41,314				$220,924				$66,093				$431,067
Gross profit		$38,510				$27,051				$24,231				$94,775				$46,342				$230,909
Operating income		$24,369				$14,199				$8,929				$16,982				$18,869				$83,348

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