Garmin Reports First Quarter 2009 Results
Garmin Ltd. And Subsidiaries
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
(In thousands)
|
|
|
|
13-Weeks Ended
|
|
|
|
March 28,
|
|
March 29,
|
|
|
|
2009
|
|
|
2008
|
|
Operating Activities:
|
|
|
|
|
Net income
|
|
$48,538
|
|
|
$147,779
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
provided by operating activities:
|
|
|
|
|
|
Depreciation
|
|
13,574
|
|
|
9,861
|
|
|
Amortization
|
|
8,088
|
|
|
7,775
|
|
|
Gain on sale of property and equipment
|
|
(3
|
)
|
|
(1
|
)
|
|
Provision for doubtful accounts
|
|
(1,101
|
)
|
|
350
|
|
|
Deferred income taxes
|
|
(3,200
|
)
|
|
17,067
|
|
|
Foreign currency transaction gains/losses
|
|
(420
|
)
|
|
64,946
|
|
|
Provision for obsolete and slow moving inventories
|
|
7,709
|
|
|
11,669
|
|
|
Stock compensation expense
|
|
10,587
|
|
|
9,124
|
|
|
Realized losses/(gains) on marketable securities
|
|
1,274
|
|
|
(5,245
|
)
|
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
|
|
Accounts receivable
|
|
318,095
|
|
|
458,821
|
|
|
Inventories
|
|
58,876
|
|
|
(169,501
|
)
|
|
Other current assets
|
|
(1,128
|
)
|
|
9,946
|
|
|
Accounts payable
|
|
(77,595
|
)
|
|
(159,590
|
)
|
|
Other current and non-current liabilities
|
|
(88,727
|
)
|
|
(137,588
|
)
|
|
Income taxes payable
|
|
3,993
|
|
|
(60,701
|
)
|
|
Purchase of licenses
|
|
856
|
|
|
(12,247
|
)
|
Net cash provided by operating activities
|
|
299,416
|
|
|
192,465
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
Purchases of property and equipment
|
|
(13,136
|
)
|
|
(26,690
|
)
|
Proceeds from sale of property and equipment
|
|
-
|
|
|
8
|
|
Purchase of intangible assets
|
|
(872
|
)
|
|
(2,562
|
)
|
Purchase of marketable securities
|
|
(68,662
|
)
|
|
(265,758
|
)
|
Redemption of marketable securities
|
|
16,638
|
|
|
102,374
|
|
Change in restricted cash
|
|
43
|
|
|
(11
|
)
|
Acquisitions, net of cash acquired
|
|
-
|
|
|
(23,725
|
)
|
Net cash used in investing activities
|
|
(65,989
|
)
|
|
(216,364
|
)
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
Proceeds from issuance of common stock from
|
|
|
|
|
stock purchase plan
|
|
119
|
|
|
1,524
|
|
Stock repurchase
|
|
(1,849
|
)
|
|
(90,050
|
)
|
Tax benefit related to stock option exercise
|
|
26
|
|
|
1,633
|
|
Net cash used in financing activities
|
|
(1,704
|
)
|
|
(86,893
|
)
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
(5,729
|
)
|
|
1,918
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents
|
|
225,994
|
|
|
(108,874
|
)
|
Cash and cash equivalents at beginning of period
|
|
696,335
|
|
|
707,689
|
|
Cash and cash equivalents at end of period
|
|
$922,329
|
|
|
$598,815
|
|
|