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Garmin Reports Record First Quarter; Strong Margins and Increased Market Share
Date:4/30/2008

CAYMAN ISLANDS, April 30 /PRNewswire-FirstCall/ -- Garmin Ltd. (Nasdaq: GRMN) today announced a record quarter ended March 29, 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20061026/CGTH082LOGO)

First Quarter 2008 Financial highlights:

-- Total revenue of $664 million, up 35% from $492 million in first

quarter 2007

-- Automotive/Mobile segment revenue increased 43% to $452 million in

first quarter 2008

-- Marine segment revenue increased 30% to $56 million in first quarter

2008

-- Aviation segment revenue increased 19% to $85 million in first quarter

2008

-- Outdoor/Fitness segment revenue increased 16% to $71 million in first

quarter 2008

-- All geographic areas experienced healthy growth:

-- North America revenue was $411 million compared to $323 million,

up 27%

-- Europe revenue was $211 million compared to $148 million, up 43%

-- Asia revenue was $42 million compared to $21 million, up 100%

-- Gross margin increased sequentially and held steady year-over-year,

with first quarter 2008 at 48.2%, compared to 48.3% in first quarter

2007;

-- Operating margin increased sequentially and declined slightly

year-over-year, with first quarter 2008 at 26.0%, compared to 28.1% in

first quarter 2007.

-- Earnings per share increased 5% to $0.67 from $0.64 in first quarter

2007; excluding foreign exchange, EPS increased 17% to $0.69 from $0.59

in the same quarter in 2007.

Business highlights:

-- Triple-digit unit growth in the PND market in both North America and

Europe, reinforcing that Garmin is the market leader.

-- Market research indicates Garmin's PND market share in North America

remains relatively stable, while European market sha
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SOURCE Garmin Ltd.
Copyright©2008 PR Newswire.
All rights reserved

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