Garmin Reports Record Second Quarter; Announces Increased Dividend, Raises Guidance


Free cash flow

Management believes that free cash flow is an important financial measure because it represents the amount of cash provided by operations that is available for investing and defines it as operating cash flow less capital expenditures for property and equipment.

The following table contains a reconciliation of GAAP net cash provided by operating activities to free cash flow.


Garmin Ltd. And Subsidiaries
Free Cash Flow
(in thousands)

13-Weeks Ended 26-Weeks Ended
June 30, July 1, June 30, July 1,
2007 2006 2007 2006

Net cash provided by
operating activities $253,469 $76,159 $422,139 $132,376
Less: purchases of property
and equipment ($99,621) ($11,743) ($112,020) ($26,612)
Free Cash Flow $153,848 $64,416 $310,119 $105,764

Earnings Call Information
The information for Garmin Ltd.'s earnings call is as follows:

When: Wednesday, August 1, 2007 at 11:00 a.m. Eastern
How: Simply log on to the web at the address above or call to listen
in at 800-883-9537.
Contact: Email Contact


A phone recording will be available for five business days following the earnings call and can be accessed by dialing 800-642-1687 or (706) 645-9291 and utilizing the access code 4552756. An archive of the live webcast will be available until August 17, 2007 on the Garmin website at To access the replay, click on the Investor Relations link and click over to the Events Calendar page.

This release includes projections and other forward-looking statements regarding Garmin Ltd. and its business. Any statements regarding the company's estimated earnings and revenue for fiscal 2007, the Company's expected segment revenue growth rate, margins, the number of new products to be introduced in 2007 and the company's plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of risk factors affecting Garmin, including, but not limited to, the risk factors that are described in the Annual Report on Form 10-K for the year ended December 30, 2006 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin's 2006 Form 10-K can be downloaded from

Through its operating subsidiaries, Garmin Ltd. designs, manufactures, and markets navigation, communications and information devices, most of which are enabled by GPS technology. Garmin is a leader in the general aviation and consumer markets and its products serve aviation, marine, outdoor, fitness, automotive, mobile and OEM applications. Garmin Ltd. is incorporated in the Cayman Islands, and its principal subsidiaries are located in the United States, Taiwan and United Kingdom. For more information, visit the investor relations site of Garmin Ltd. at or contact the Investor Relations department at 913-397-8200. Garmin and Forerunner are registered trademarks, and Edge is a trademark of Garmin Ltd. or its subsidiaries.


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

June 30, December 30,
2007 2006
Current assets:
Cash and cash equivalents $667,671 $337,321
Marketable securities 147,435 73,033
Accounts receivable, net 506,483 403,524
Inventories, net 290,682 271,008
Deferred income taxes 56,934 55,996
Prepaid expenses and other current assets 19,104 28,202

Total current assets 1,688,309 1,169,084

Property and equipment, net 350,299 250,988

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