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

y's operating performance before the non-cash impact of the position of the U.S. dollar versus the New Taiwan dollar, which permits a consistent comparison of results between periods.

The following table contains a reconciliation of GAAP net income per share to net income per share excluding the impact of foreign currency translation gain or loss.

Garmin Ltd. And Subsidiaries

Net income per share, excluding FX

(in thousands, except per share information)

13-Weeks Ended

March 29, March 31,

2008 2007

Net Income (GAAP) $147,779 $139,860

Foreign currency (gain) / loss, net of

tax effects $3,239 ($11,478)

Net income, excluding FX $151,018 $128,382

Net income per share (GAAP):

Basic $0.68 $0.65

Diluted $0.67 $0.64

Net income per share, excluding FX:

Basic $0.70 $0.59

Diluted $0.69 $0.59

Weighted average common shares outstanding:

Basic 216,505 216,215

Diluted 218,979 218,704

Free cash flow

Management believes that free cash flow is an important financial measure because it represents the amount of cash provided by operations that is available for investing and defines it as operating cash flow less capital expenditures for property and equipment.

The following table contains a reconci
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SOURCE Garmin Ltd.
Copyright©2008 PR Newswire.
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