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

980 435

Stockholders' equity:

Common stock, $0.005 par value,

1,000,000,000 shares authorized:

Issued and outstanding shares

- 215,648,000 as of March 29, 2008 and

216,980,000 as of December 29, 2007 1,079 1,086

Additional paid-in capital 54,502 132,264

Retained earnings 2,318,914 2,171,134

Accumulated other comprehensive income 92,950 46,130

Total stockholders' equity 2,467,445 2,350,614

Total liabilities and stockholders' equity $3,083,398 $3,291,460

Garmin Ltd. And Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

(In thousands, except per share information)

13-Weeks Ended

March 29, March 31,

2008 2007

Net sales $663,805 $492,159

Cost of goods sold 343,690 254,407

Gross profit 320,115 237,752

Selling, general and administrative expense 97,825 65,925

Research and development expense 49,558 33,503

147,383 99,428

Operating income 172,732 138,324

Other income (expense):

Interest income 8,404 9,359

Interest expense (77) (32)

Foreign currency (3,999) 13,205

Other
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SOURCE Garmin Ltd.
Copyright©2008 PR Newswire.
All rights reserved

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