Garmin Reports First Quarter 2009 Results

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share information)
   
13-Weeks Ended
March 28, March 29,
2009   2008  
 
Net sales $ 436,699 $ 663,805
 
Cost of goods sold 240,704   343,690  
 
Gross profit 195,995 320,115
 
Advertising expense 23,225 38,129
Selling, general and administrative expense 59,777 59,696
Research and development expense 55,034   49,558  
Total operating expense 138,036   147,383  
 
Operating income 57,959 172,732
 
Interest income 5,097 8,327
Foreign currency (2,438 ) (3,999 )
Other (694 ) 5,383  
Total other income (expense) 1,965   9,711  
 
Income before income taxes 59,924 182,443
 
Income tax provision 11,386   34,664  
 
Net income $48,538   $147,779  
 
Net income per share:
Basic $0.24 $0.68
Diluted $0.24 $0.67
 
Weighted average common
shares outstanding:
Basic 200,352 216,505
Diluted 200,725 218,979

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