As announced in February, the Board will recommend to the shareholders for approval at the annual meeting to be held on June 6, 2014 a cash dividend in the amount of $1.92 per share (subject to possible adjustment based on the total amount of the dividend in Swiss Francs as approved at the annual meeting) payable in quarterly installments.

2014 Guidance:

While results in first quarter exceeded our expectations, it is historically the seasonally weakest quarter of the year and much of the year still lies in front of us. Due to these factors, we will update guidance following second quarter as has been our past practice.

Webcast Information/Forward-Looking Statements:

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

		When:		Wednesday, April 30, 2014 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 800-274-0251

An archive of the live webcast will be available until June 25, 2014 on the Garmin website at 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 2014, the Company’s expected segment revenue growth rate, margins, new products to be introduced in 2014 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 28, 2013 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2013 Form 10-K can be downloaded from http://www.garmin.com/aboutGarmin/invRelations/finReports.html.

Garmin, Tri-Tronics, Forerunner and Edge are registered trademarks and G3X, fēnix, VIRB and vivofit are 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 Statements of Income (Unaudited)
(In thousands, except per share information)
			13-Weeks Ended
			March 29,					March 30,
				2014					2013
Net sales			$	583,221				$	531,957
Cost of goods sold				252,387					255,824
Gross profit				330,834					276,133
Advertising expense				24,428					22,249
Selling, general and administrative expense				89,873					86,269
Research and development expense				96,164					87,689
Total operating expense				210,465					196,207
Operating income				120,369					79,926
Other income (expense):
Interest income				9,768					8,898
Foreign currency gains (losses)				12,814					(8,348	)
Other				(484	)				1,158
Total other income (expense)				22,098					1,708
Income before income taxes				142,467					81,634
Income tax provision (benefit):				23,649					(7,032	)
Net income			$	118,818				$	88,666
Net income per share:
Basic			$	0.61				$	0.45
Diluted			$	0.61				$	0.45
Weighted average common
shares outstanding:
Basic				195,090					195,630
Diluted				195,860					196,457

Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share information)
			(Unaudited)
			March 29,					December 28,
				2014					2013
Assets
Current assets:
Cash and cash equivalents			$	1,136,691				$	1,179,149
Marketable securities				163,660					149,862
Accounts receivable, net				427,457					564,586
Inventories, net				442,025					382,226
Deferred income taxes				67,792					69,823
Deferred costs				52,009					57,368
Loan receivable				42,862					137,379
Prepaid expenses and other current assets				54,999					55,243
Total current assets				2,387,495					2,595,636
Property and equipment, net				417,164					414,848
Marketable securities				1,571,166					1,502,106
Restricted cash				246					249
Noncurrent deferred income tax				87,524					88,324
Noncurrent deferred costs				38,384					41,157
Other intangible assets, net				216,260					219,494
Other assets				20,675					17,789
Total assets			$	4,738,914				$	4,879,603
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable			$	124,241				$	146,582
Salaries and benefits payable				58,166					59,794
Accrued warranty costs				25,016					26,767
Accrued sales program costs				31,245					50,903
Deferred revenue				238,285					256,908
Accrued royalty costs				7,901					64,538
Accrued advertising expense				12,643					19,448
Other accrued expenses				73,911					65,657
Deferred income taxes				1,974					989
Income taxes payable				36,009					38,043
Dividend payable				87,717					175,675
Total current liabilities				697,108					905,304
Deferred income taxes				1,750					1,758
Non-current income taxes				141,723					140,933
Non-current deferred revenue				144,664					171,012
Other liabilities				1,299					890
Stockholders' equity:
Shares, CHF 10 par value, 208,077,418 shares authorized and issued;
194,773,186 shares outstanding at March 29, 2014
and 195,150,102 shares outstanding at December 28, 2013				1,797,435					1,797,435
Additional paid-in capital				80,837					79,263
Treasury stock				(145,609	)				(120,620	)
Retained earnings				1,984,405					1,865,587
Accumulated other comprehensive income				35,302					38,041
Total stockholders' equity				3,752,370					3,659,706
Total liabilities and stockholders' equity			$	4,738,914				$	4,879,603

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
				13-Weeks Ended
				March 29,					March 30,
					2014					2013
Operating Activities:
Net income				$	118,818				$	88,666
Adjustments to reconcile net income to net cash
provided by operating activities:
	Depreciation				11,672					12,619
	Amortization				6,740					8,271
	(Gain) loss on sale of property and equipment				(617	)				36
	Provision for doubtful accounts				(189	)				727
	Deferred income taxes				5,942					1,493
	Unrealized foreign currency gains				(15,334	)				(495	)
	Provision for obsolete and slow moving inventories				3,384					6,033
	Stock compensation expense				6,325					5,438
	Realized loss (gain) on marketable securities				1,544					(1,073	)
Changes in operating assets and liabilities:
	Accounts receivable				137,198					152,307
	Inventories				(64,083	)				(13,608	)
	Other current and non-current assets				(1,591	)				(49,321	)
	Accounts payable				(20,411	)				(18,377	)
	Other current and non-current liabilities				(80,011	)				(100,784	)
	Deferred revenue				(45,290	)				(23,329	)
	Deferred cost				8,129					4,813
	Income taxes payable				(1,053	)				(14,053	)
Net cash provided by operating activities					71,173					59,363
Investing activities:
Purchases of property and equipment					(15,537	)				(11,616	)
Proceeds from sale of property and equipment					609					12
Purchase of intangible assets					(1,111	)				(347	)
Purchase of marketable securities					(298,695	)				(258,604	)
Redemption of marketable securities					223,786					270,925
Proceeds from repayment (advances) on loan receivable					94,507					(18,324	)
Change in restricted cash					3					(1	)
Net cash provided by (used in) investing activities					3,562					(17,955	)
Financing activities:
Dividends paid					(87,853	)				(175,956	)
Purchase of treasury stock under share repurchase plan					(32,986	)				-
Purchase of treasury stock related to equity awards					(58	)				(62	)
Proceeds from issuance of treasury stock related to equity awards					1,107					1,474
Tax benefit from issuance of equity awards					2,199					258
Net cash used in financing activities					(117,591	)				(174,286	)
Effect of exchange rate changes on cash and cash equivalents					398					(4,862	)
Net decrease in cash and cash equivalents					(42,458	)				(137,740	)
Cash and cash equivalents at beginning of period					1,179,149					1,231,180
Cash and cash equivalents at end of period				$	1,136,691				$	1,093,440

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 Mar 29, 2014
Net sales					$83,985			$100,288			$60,002			$242,952			$95,994			$583,221
Gross profit					$50,910			$64,085			$31,053			$113,791			$70,995			$330,834
Operating income					$23,683			$33,512			$3,810			$30,564			$28,800			$120,369
13-Weeks Ended Mar 30, 2013
Net sales					$76,165			$72,437			$50,296			$252,589			$80,470			$531,957
Gross profit					$44,475			$44,968			$23,347			$107,120			$56,223			$276,133
Operating income/(loss)					$21,588			$19,892			($2,440)			$20,032			$20,854			$79,926

Garmin Ltd. And Subsidiaries
Revenue by Geography (Unaudited)
			13-Weeks Ended
			Mar 29,			Mar 30,			Yr over Yr
			2014			2013			Change
Net sales			$583,221			$531,957			10%
Americas			304,808			285,813			7%
EMEA			220,603			190,775			16%
APAC			57,810			55,369			4%

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