Garmin Reports First Quarter 2012 Results with Revenue and Pro Forma EPS Growth

Non-GAAP Measures

Pro forma net income (earnings) per share

Management believes that net income per share before the impact of foreign currency translation gain or loss is an important measure. The majority of the Company’s consolidated foreign currency gain or a loss result from transactions involving the Euro, the British Pound Sterling and the Taiwan Dollar and from the exchange rate impact of the significant cash and marketable securities, receivables and payables held in U.S. dollars at the end of each reporting period by the Company’s various non U.S. subsidiaries. Such gain or loss is required under GAAP because the functional currency of the subsidiaries differs from the currency in which various assets and liabilities are held. However, there is minimal cash impact from such foreign currency gain or loss. Accordingly, earnings per share before the impact of foreign currency translation gain or loss allow an assessment of the Company’s operating performance before the non-cash impact of the position of the U.S. Dollar versus other currencies, which permits a consistent comparison of results between periods.

The following table contains a reconciliation of GAAP net income per share to pro forma net income per share.

 
Garmin Ltd. And Subsidiaries
Net income per share (Pro Forma)
(in thousands, except per share information)
     
13-Weeks Ended
March 31, March 26,
2012       2011  
 
Net Income (GAAP) $ 86,858 $ 95,482
Foreign currency (gain) / loss, net of tax effects $ 1,736       ($11,959 )
Net income (Pro Forma) $ 88,594     $ 83,523  
 
Net income per share (GAAP):
Basic $ 0.45 $ 0.49
Diluted $ 0.44 $ 0.49
 
Net income per share (Pro Forma):
Basic $ 0.45 $ 0.43
Diluted $ 0.45 $ 0.43
 
Weighted average common shares outstanding:
Basic 194,742 193,922
Diluted 195,673 194,720
 

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