Garmin Reports Record Second Quarter; Announces Increased Dividend, Raises Guidance

Other current and non-current liabilities 101,826 56,503
Income taxes (6,937) 143
Purchase of licenses (22,290) (1,462)
Net cash provided by operating activities 422,139 132,376

Investing activities:
Purchases of property and equipment (112,020) (26,612)
Purchase of intangible assets (1,881) (1,115)
Purchase of marketable securities (378,909) (231,870)
Redemption of marketable securities 455,598 150,222
Change in restricted cash (33) (92)
Net cash paid for acquisition of businesses
and other intangibles (68,902) -
Net cash used in investing activities (106,147) (109,467)

Financing activities:
Proceeds from issuance of common stock 7,534 9,479
Payments on long term debt (248) -
Tax benefit related to stock option exercise 7,360 6,988
Net cash provided by financing activities 14,646 16,467

Effect of exchange rate changes on cash and
cash equivalents (288) 216

Net increase in cash and cash equivalents 330,350 39,592
Cash and cash equivalents at beginning of
period 337,321 334,352
Cash and cash equivalents at end of period $667,671 $373,944



Garmin Ltd. And Subsidiaries
Revenue, Gross Profit, and Operating Income by Segment (Unaudited)

Reporting Segments
Outdoor/ Auto/
Fitness Marine Mobile Aviation Total

13-Weeks Ended
June 30, 2007

Net sales $77,163 $79,771 $507,895 $77,637 $742,466
Gross profit $43,648 $46,381 $233,520 $51,118 $374,667
Operating income $28,600 $33,115 $149,067 $30,785 $241,567

13-Weeks Ended
July 1, 2006

Net sales $71,115 $50,115 $255,387 $55,851 $432,468
Gross profit $42,469 $29,823 $107,061 $36,931 $216,284
Operating income $31,617 $21,146 $59,974 $21,839 $134,576


26-Weeks Ended
June 30, 2007

Net sales $137,690 $122,775 $824,520 $149,640 $1,234,625
Gross profit $77,063 $67,534 $370,251 $97,571 $612,419
Operating income $49,809 $44,410 $228,591 $57,082 $379,892

26-Weeks Ended
July 1, 2006

Net sales $134,761 $100,818 $406,116 $113,084 $754,779
Gross profit $78,812 $57,839 $170,147 $72,275 $379,073
Operating income $56,298 $40,059 $96,264 $42,067 $234,688


 

Web site: http://www.garmin.com/



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