Garmin Reports Second Quarter 2012 Results with Revenue and EPS Growth; Raises Full Year EPS Guidance

We now expect revenue in 2012 between $2.75 and $2.80 billion as strong results in auto/mobile and outdoor are partially offset by macroeconomic headwinds for other business segments. Due to the strong first half margin performance in our automotive/mobile, outdoor and fitness segments, we are increasing our EPS range to $2.70 - $2.85. We still anticipate an effective tax rate of approximately 13% for the full year.

Non-GAAP Measures

Pro forma net income (earnings) per share

Management believes that net income per share before the impact of foreign currency translation gain or loss is an important measure. The majority of the Company’s consolidated foreign currency gain or loss result 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 gain or loss is 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 gain or loss. Accordingly, earnings per share before the impact of foreign currency translation gain or loss 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)
                         
13-Weeks Ended 26-weeks Ended
June 30, June 25, June 30, June 25,
2012       2011 2012       2011
 
Net Income (GAAP) $185,904 $109,477 $272,761 $204,959
Foreign currency (gain) / loss, net of tax effects $6,965       $12,588 $8,672       $2,261
Net income (Pro Forma) $192,869       $122,065 $281,433       $207,220
 
Net income per share (GAAP):
Basic $0.95 $0.56 $1.40 $1.06
Diluted $0.95 $0.56 $1.39 $1.05
 
Net income per share (Pro Forma):
Basic $0.99 $0.63 $1.44 $1.07
Diluted $0.98 $0.63 $1.43 $1.06
 
Weighted average common shares outstanding:
Basic 194,849 194,051 194,795 193,986
Diluted 196,261 194,875 196,232 194,801
 

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