We expect 2017 revenue of approximately $3.02 billion as growth in outdoor, fitness, marine and aviation is offset by ongoing declines in the PND market. We expect gross margins to be approximately 56%, relatively flat to the prior year. Operating margin is expected to be approximately 20%. With a pro forma expected tax rate of approximately 22%, we currently forecast 2017 pro forma EPS of approximately $2.65. The expected year-over-year increase in the 2017 pro forma tax rate is primarily due to the Company’s election to adjust certain Switzerland tax positions to address potential tax risk from evolving global tax initiatives.

Dividend Recommendation:

The board of directors intends to recommend to the shareholders for approval at the annual meeting to be held on June 9, 2017, a cash dividend in the amount of $2.04 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 four equal installments on dates to be determined by the Board. The Board currently anticipates the scheduling of the dividend in four installments as follows:

				Dividend Date			Record Date			$s per share
				June 30, 2017			June 19, 2017			$0.51
				September 29, 2017			September 15, 2017			$0.51
				December 29, 2017			December 15, 2017			$0.51
				March 30, 2018			March 15, 2018			$0.51

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