Earnings Call Information

The information for Garmin Ltd.’s earnings call is as follows:

			When:		Wednesday, May 2, 2012 at 10:30 a.m. Eastern
			Where:		http://www.garmin.com/aboutGarmin/invRelations/irCalendar.html
			How:		Simply log on to the web at the address above or call to listen in at (888) 359-3610
			Contact:		Email Contact

An archive of the live webcast will be available until June 1, 2012 on the Garmin website at http://www.garmin.com. To access the replay, click on the Investor Relations link and click over to the Events Calendar page.

This release includes projections and other forward-looking statements regarding Garmin Ltd. and its business. Any statements regarding the company’s estimated earnings and revenue for fiscal 2012, the Company’s expected segment revenue growth rate, margins, new products to be introduced in 2012 and the company’s plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of risk factors affecting Garmin, including, but not limited to, the risk factors that are described in the Annual Report on Form 10-K for the year ended December 31, 2011 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2011 Form 10-K can be downloaded from

http://www.garmin.com/aboutGarmin/invRelations/finReports.html.

The global leader in satellite navigation, Garmin Ltd. and its subsidiaries have designed, manufactured, marketed and sold navigation, communication and information devices and applications since 1989 – most of which are enabled by GPS technology. Garmin’s products serve automotive, mobile, wireless, outdoor recreation, marine, aviation, and OEM applications. Garmin Ltd. is incorporated in the Cayman Islands, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. For more information, visit Garmin's virtual pressroom at www.garmin.com/pressroom or contact the Media Relations department at 913-397-8200.

Garmin, Forerunner, and Approach are registered trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share information)
		(Unaudited)
		March 31,					December 31,
			2012					2011
Assets
Current assets:
Cash and cash equivalents		$	1,285,791				$	1,287,160
Marketable securities			89,356					111,153
Accounts receivable, net			430,145					607,450
Inventories, net			407,476					397,741
Deferred income taxes			46,363					42,957
Deferred costs			41,831					40,033
Prepaid expenses and other current assets			48,304					69,790
Total current assets			2,349,266					2,556,284
Property and equipment, net			412,592					417,105
Marketable securities			1,161,109					1,097,002
Restricted cash			828					771
Licensing agreements, net			5,658					5,517
Noncurrent deferred income tax			107,190					107,190
Noncurrent deferred costs			38,871					40,823
Other intangible assets, net			249,279					246,646
Total assets		$	4,324,793				$	4,471,338
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$	109,232				$	164,010
Salaries and benefits payable			46,180					45,964
Accrued warranty costs			42,792					46,773
Accrued sales program costs			32,452					52,262
Deferred revenue			199,302					188,987
Accrued royalty costs			14,441					99,025
Accrued advertising expense			10,896					31,915
Other accrued expenses			66,416					67,912
Deferred income taxes			6,675					5,782
Income taxes payable			66,156					77,784
Dividend payable			-					77,865
Total current liabilities		$	594,542				$	858,279
Deferred income taxes			7,235					4,951
Non-current income taxes			165,457					161,904
Non-current deferred revenue			177,095					188,132
Other liabilities			1,059					1,491
Stockholders' equity:
Shares, CHF 10 par value, 208,077,418 shares authorized and issued;
194,806,698 shares outstanding at March 31, 2012;
and 194,662,617 shares outstanding at December 31, 2011			1,797,435					1,797,435
Additional paid-in capital			70,688					61,869
Treasury stock			(98,778	)				(103,498	)
Retained earnings			1,500,390					1,413,582
Accumulated other comprehensive income			109,670					87,193
Total stockholders' equity			3,379,405					3,256,581
Total liabilities and stockholders' equity		$	4,324,793				$	4,471,338

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share information)
		13-Weeks Ended
		March 31,					March 26,
			2012					2011
Net sales		$	556,597				$	507,834
Cost of goods sold			272,838					269,460
Gross profit			283,759					238,374
Advertising expense			23,591					19,956
Selling, general and administrative expense			90,116					73,187
Research and development expense			79,719					70,478
Total operating expense			193,426					163,621
Operating income			90,333					74,753
Other income (expense):
Interest income			9,671					7,214
Foreign currency gains (losses)			(1,989	)				12,140
Other			1,541					2,819
Total other income (expense)			9,223					22,173
Income before income taxes			99,556					96,926
Income tax provision			12,698					1,444
Net income		$	86,858				$	95,482
Net income per share:
Basic		$	0.45				$	0.49
Diluted		$	0.44				$	0.49
Weighted average common
shares outstanding:
Basic			194,742					193,922
Diluted			195,673					194,720

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
			13-Weeks Ended
			March 31,					March 26,
				2012					2011
Operating Activities:
Net income			$	86,858				$	95,482
Adjustments to reconcile net income to net cash
provided by operating activities:
	Depreciation			13,790					13,839
	Amortization			11,609					8,583
	Loss (gain) on sale of property and equipment			10					(2	)
	Provision for doubtful accounts			1,037					(858	)
	Deferred income taxes			(2,271	)				1,023
	Unrealized foreign currency losses			3,626					867
	Provision for obsolete and slow moving inventories			7,858					(4,349	)
	Stock compensation expense			9,844					8,666
	Realized gains on marketable securities			(635	)				(1,492	)
Changes in operating assets and liabilities, net of acquisitions:
	Accounts receivable			185,166					327,151
	Inventories			(12,506	)				(11,067	)
	Other current assets			22,299					(20,372	)
	Accounts payable			(58,319	)				(17,573	)
	Other current and non-current liabilities			(128,093	)				(190,770	)
	Deferred revenue			(884	)				21,826
	Deferred cost			186					(3,905	)
	Income taxes payable			(11,998	)				(16,550	)
	License fees			(5,349	)				(2,900	)
Net cash provided by operating activities				122,228					207,599
Investing activities:
Purchases of property and equipment				(5,758	)				(7,178	)
Proceeds from sale of property and equipment				2					-
Purchase of intangible assets				(2,929	)				(2,626	)
Purchase of marketable securities				(250,431	)				(363,263	)
Redemption of marketable securities				207,143					98,614
Change in restricted cash				(57	)				(112	)
Acquisitions, net of cash acquired				(2,816	)				-
Net cash used in investing activities				(54,846	)				(274,565	)
Financing activities:
Dividends paid				(77,915	)				-
Issuance of treasury stock related to equity awards				2,883					8,941
Tax benefit from issuance of equity awards				860					787
Purchase of treasury stock				(311	)				(5,900	)
Net cash (used in)/provided by financing activities				(74,483	)				3,828
Effect of exchange rate changes on cash and cash equivalents				5,732					12,817
Net decrease in cash and cash equivalents				(1,369	)				(50,321	)
Cash and cash equivalents at beginning of period				1,287,160					1,260,936
Cash and cash equivalents at end of period			$	1,285,791				$	1,210,615

Garmin Ltd. And Subsidiaries
Revenue, Gross Profit, and Operating Income by Segment (Unaudited)
			Reporting Segments
												Auto/
			Outdoor			Fitness			Marine			Mobile			Aviation			Total
13-Weeks Ended March 31, 2012
Net sales			$77,162			$71,215			$56,064			$279,269			$72,887			$556,597
Gross profit			$47,262			$43,494			$33,496			$109,831			$49,676			$283,759
Operating income			$25,909			$20,651			$8,778			$17,935			$17,060			$90,333
13-Weeks Ended March 26, 2011
Net sales			$66,450			$56,367			$51,308			$264,550			$69,159			$507,834
Gross profit			$41,353			$33,792			$33,198			$82,551			$47,480			$238,374
Operating income			$24,807			$15,457			$15,133			$1,595			$17,761			$74,753

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