Garmin Reports Best Quarter and Best Year in Company History, Announces Share Repurchase Program, Offers 2008 Guidance



                         Garmin Ltd. And Subsidiaries
                         Consolidated Balance Sheets
                   (In thousands, except share information)

                                                December 29,      December 30,
                                                    2007              2006
    Assets
    Current assets:
         Cash and cash equivalents                $707,689          $337,321
         Marketable securities                      37,551            73,033
         Accounts receivable                       952,513           403,524
         Inventories, net                          505,467           271,008
         Deferred income taxes                     107,376            55,996
         Prepaid expenses and other
          current assets                            22,179            28,202
    Total current assets                         2,332,775         1,169,084

    Property and equipment, net                    374,147           250,988

    Restricted cash                                  1,554             1,525
    Marketable securities                          386,954           407,843
    License agreements, net                         14,672             3,307
    Other intangible assets                        181,358            64,273
    Total assets                                $3,291,460        $1,897,020

    Liabilities and Stockholders' Equity
    Current liabilities:
         Accounts payable                         $341,053           $88,375
         Salaries and benefits payable              31,696            16,268
         Accrued warranty costs                     71,636            37,639
         Accrued sales program costs               142,360            32,560
         Other accrued expenses                    138,244            68,172
         Income taxes payable                       76,895            94,668
    Total current liabilities                      801,883           337,682

    Long-term debt, less current portion                 -               248
    Deferred income taxes                           11,935             1,191
    Other liabilities                              127,028                 -

    Stockholders' equity:
         Common stock                                1,086             1,082
         Additional paid-in capital                132,264            83,438
         Retained earnings                       2,171,134         1,478,654
         Accumulated other comprehensive
          gain/(loss)                               46,130            (5,275)
    Total stockholders' equity                   2,350,614         1,557,899
    Total liabilities and stockholders'
     equity                                                                  $3,291,460                $1,897,020



                                                  Garmin  Ltd.  And  Subsidiaries
                                            Consolidated  Statements  of  Income
                                  (In  Thousands,  Except  Per  Share  Information)

                                                                      13-Weeks  Ended                  Fiscal  Year  Ended
                                                                  December      December          December        December
                                                                  29,  2007      30,  2006          29,  2007        30,  2006

        Net  sales                                    $1,217,021      $611,224      $3,180,319    $1,774,000
        Cost    of  goods  sold                      708,036        306,771        1,717,064          891,614
        Gross  profit                                    508,985        304,453        1,463,255          882,386

        Selling,  general  and
          administrative  expenses            148,140          74,346            396,498          214,513
        Research  and  development
          expense                                              47,543          31,209            159,406          113,314
                                                                    195,683        105,555            555,904          327,827

        Operating  income                            313,302        198,898            907,351          554,559

        Other  income  (expense):
                  Interest  income                        9,999          10,432              41,995            35,897
                  Interest  expense                          121                (27)                (207)                (41)
                  Foreign  currency                    19,471          (9,790)            22,964                  596
                  Other                                            5,210                  38                6,170              3,543
                                                                      34,801                653              70,922            39,995
        Income  before  income  taxes        348,103        199,551            978,273          594,554

        Income  tax  provision:                    40,836          19,206            123,262            80,431
        Net  income                                      $307,267      $180,345          $855,011        $514,123

        Basic  net  income  per  share            $1.42            $0.84                $3.95              $2.38
        Diluted  net  income  per  share        $1.39            $0.82                $3.89              $2.35



                                                  Garmin  Ltd.  And  Subsidiaries
                                        Consolidated  Statements  of  Cash  Flows
                                                                (In  Thousands)

                                                                                                      Fiscal  Year  Ended
                                                                                            December  29,            December  30,
                                                                                                    2007                            2006
        Operating  Activities:
        Net  income                                                                    $855,011                    $514,123
        Adjustments  to  reconcile  net  income
          to  net  cash  provided
              by  operating  activities:
              Depreciation                                                              35,524                        21,535
              Amortization                                                              28,513                        22,940
              Gain  on  sale  of  property  and
                equipment                                                                        560                                67
              Provision  for  doubtful  accounts                          3,617                              955
              Provision  for  obsolete  and  slow-
                moving  inventories                                                34,975                        23,245
              Foreign  currency  transaction
                gains/losses                                                                (926)                          (344)
              Deferred  income  taxes                                          (57,843)                    (35,060)
              Stock  appreciation  rights                                    22,164                        11,913
              Realized  gains  on  marketable
                securities                                                                (5,101)                      (3,852)
              Changes  in  operating  assets  and
                liabilities,  net  of  acquisition:
                      Accounts  receivable                                    (477,108)                  (230,111)
                      Inventories                                                    (224,180)                    (92,708)
                      Prepaid  expenses  and  other
                        current  assets                                                  6,213                        (4,357)
                      Purchase  of  licenses                                    (23,569)                      (2,950)
                      Accounts  payable                                            174,781                        10,187
                      Accrued  expenses                                            253,909                        97,167
                      Income  taxes  payable                                      55,548                        29,105
        Net  cash  provided  by  operating
          activities                                                                    682,088                      361,855

        Investing  activities:
        Purchases  of  property  and  equipment                  (156,778)                    (92,906)
        Proceeds  from  sale  of  property  and
          equipment                                                                                  5                                76
        Purchase  of  intangible  assets                                  (2,918)                      (3,115)
        Purchase  of  marketable  securities                  (1,672,041)                  (453,085)
        Sales  of  marketable  securities                          1,784,816                      359,313
        Purchase  of  Dynastream                                                          -                      (36,499)
        Net  cash  paid  for  acquisition  of
          businesses  and  other  intangibles                      (128,751)                                -
        Change  in  restricted  cash                                                (29)                          (169)
        Net  cash  used  in  investing  activities              (175,696)                  (226,385)

        Financing  activities:
        Dividends                                                                      (162,530)                  (107,923)
        Payment  on  long-term  debt                                              (248)                            (11)
        Proceeds  from  issuance  of  common
          stock  through
              stock  purchase  plan                                                  5,730                          3,569
        Proceeds  from  issuance  of  common
          stock  from
              exercise  of  stock  options                                    11,278                        12,505
        Tax  benefit  related  to  stock  option
          exercise                                                                          17,434                          9,660
        Purchase  of  common  stock                                            (7,780)                    (50,450)
        Net  cash  used  in  financing  activities              (136,116)                ($132,650)

        Effect  of  exchange  rate  changes  on
          cash  and  cash  equivalents                                                92                              149

        Net  increase/(decrease)  in  cash  and
          cash  equivalents                                                        370,368                          2,969
        Cash  and  cash  equivalents  at
          beginning  of  year                                                      337,321                      334,352
        Cash  and  cash  equivalents  at  end  of  year        $707,689                    $337,321



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

                                                                                    Reporting  Segments
                                                Outdoor/                                Auto/
                                                  Fitness        Marine          Mobile        Aviation          Total

        52-Weeks  Ended
          December  29,  2007
        Net  sales                      $339,741      $203,399    $2,342,184    $294,995    $3,180,319
        Gross  profit                $184,654      $110,169        $973,206    $195,226    $1,463,255
        Operating  income        $120,233        $67,376        $608,751    $110,991        $907,351

        52-Weeks  Ended
          December  30,  2006
        Net  sales                      $285,362      $166,639    $1,089,093    $232,906    $1,774,000
        Gross  profit                $163,638        $92,952        $475,191    $150,605        $882,386
        Operating  income        $116,766        $60,525        $292,951      $84,317        $554,559
 

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



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