Garmin Reports Fourth Quarter Results Highlighting EPS Growth and Revenue Growth in All Segments

Non-GAAP Measures

Pro Forma net income (earnings) per share

Management believes that net income per share before the impact of foreign currency transaction gains or losses and other one-time items is an important measure. The majority of the Company’s consolidated foreign currency gain or loss results from transactions involving the Euro, the British Pound Sterling and the Taiwan Dollar and from the exchange rate impact of the significant cash and marketable securities, receivables and payables held in U.S. dollars at the end of each reporting period by the Company’s various non U.S. subsidiaries. Such gains or losses are required under GAAP because the functional currency of the subsidiaries differs from the currency in which various assets and liabilities are held. However, there is minimal cash impact from such foreign currency gains or losses. Accordingly, earnings per share before the impact of foreign currency transaction gains or losses allow an assessment of the Company’s operating performance before the non-cash impact of the position of the U.S. Dollar versus other currencies, which permits a consistent comparison of results between periods.

The following table contains a reconciliation of GAAP net income per share to pro forma net income per share.

Garmin Ltd. And Subsidiaries
Net income per share (Pro Forma)
(in thousands, except per share information)
14-Weeks Ended       13-Weeks Ended 53-Weeks Ended       52-Weeks Ended
December 31, December 25, December 31, December 25,
2011       2010 2011       2010  
Net Income (GAAP) $165,556 $132,907 $520,896 $584,603
Foreign currency (gain) / loss, net of normalized tax effects $21,930 $28,687 $10,790 $74,383
One-time tax adjustment -       - -       ($98,737 )
Net income (Pro Forma) $187,486       $161,594 $531,686       $560,249  
Net income per share (GAAP):
Basic $0.85 $0.68 $2.68 $2.97
Diluted $0.85 $0.68 $2.67 $2.95
Net income per share (Pro Forma):
Basic $0.96 $0.83 $2.74 $2.84
Diluted $0.96 $0.83 $2.73 $2.83
Weighted average common shares outstanding:
Basic 194,319 194,043 194,105 196,979
Diluted 195,100 194,858 194,894 198,009

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