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Garmin Reports Record First Quarter; Strong Margins and Increased Market Share

re is increasing, a

benefit of our European distributor acquisitions.

-- Announced nuvifone(TM), a revolutionary new device that seamlessly

integrates navigation, communication and full-featured web browsing in

one elegant device. The nuvifone continues to generate interest from

wireless carriers and the public.

-- Also announced a number of leading-edge devices at the Consumer

Electronics Show in Las Vegas, with compelling features like speech

recognition and dynamic second-generation MSN Direct content, as well

as next generation fitness and outdoor handheld units.

-- Completion on our new 187,000 sq. ft. U.S. warehouse addition, which

more than doubles our capacity.

-- Purchased approximately 1.4 million shares of GRMN in the first


Executive overview from Dr. Min Kao, Chairman and Chief Executive Officer:

"We are pleased with our performance in the first quarter, particularly given the general slowdown in the global economy. Demand for our automotive/mobile products continued beyond the traditionally strong fourth quarter holiday season, with another quarter of robust triple-digit growth. While the first quarter is typically our slowest quarter, we were nonetheless able to achieve healthy growth in each of our business segments and each geographic area.

We look forward to a successful second quarter, with an array of new and exciting portable navigation and outdoor/fitness devices becoming available, including:

-- The nuvi(R) 800 series, which offers industry-leading speech

recognition technology and enhanced MSN Direct data services

-- The nuvi 900 family, a navigation device that integrates digital

television for mobile consumers

-- The Forerunner(R) 405, a fitness device that integrates new wireless

features in a watch form factor

-- The Colorado(TM) series of outdoor n

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

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