Garmin Reports First Quarter 2009 Results

Earnings Call Information

The information for Garmin Ltd.’s earnings call is as follows:

When:   Wednesday, May 6, 2009 at 11:00 a.m. Eastern
Where:

http://www.garmin.com/aboutGarmin/invRelations/irCalendar.html

How:

Simply log on to the web at the address above or call to listen in at (800) 891-6383
in the U.S. and Canada, or (706) 643-9558 for international participants; conference ID #94739888

Contact:

investor.relations@garmin.com

A phone recording will be available for three business days following the earnings call and can be accessed by dialing (800) 642-1687 or (706) 645-9291 and utilizing the access code #94739888. An archive of the live webcast will be available until June 8, 2009 on the Garmin website at http://www.garmin.com. 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 2009, the Company’s expected segment revenue growth rate, margins, new products to be introduced in 2009 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 27, 2008 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2008 Form 10-K can be downloaded from

http://www.garmin.com/aboutGarmin/invRelations/finReports.html.

The global leader in satellite navigation, Garmin Ltd. and its subsidiaries have designed, manufactured, marketed and sold navigation, communication and information devices and applications since 1989 – most of which are enabled by GPS technology. Garmin’s products serve automotive, mobile, wireless, outdoor recreation, marine, aviation, and OEM applications. Garmin Ltd. is incorporated in the Cayman Islands, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. For more information, visit Garmin's virtual pressroom at www.garmin.com/pressroom or contact the Media Relations department at 913-397-8200.

Garmin, Nüvi and Forerunner are registered trademarks, and Approach is a trademark of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share information)
     
(Unaudited)  
March 28, December 27,
2009   2008  
Assets
Current assets:
Cash and cash equivalents $922,329 $696,335
Marketable securities 15,747 12,886
Accounts receivable, net 420,081 741,321
Inventories, net 353,532 425,312
Deferred income taxes 60,795 49,825
Prepaid expenses and other current assets 55,348   58,746  
 
Total current assets 1,827,832 1,984,425
 
Property and equipment, net 440,611 445,252
 
Marketable securities 303,636 262,009
Restricted cash 1,898 1,941
Licensing agreements, net 11,521 16,013
Other intangible assets, net 208,691   214,941  
 
Total assets $2,794,189   $2,924,581  
 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $79,453 $160,094
Salaries and benefits payable 28,426 34,241
Accrued warranty costs 68,847 87,408
Accrued sales program costs 58,039 90,337
Other accrued expenses 47,083 87,021
Income taxes payable 20,314   20,075  
 
Total current liabilities 302,162 479,176
 
Deferred income taxes 11,951 4,070
Non-current taxes 220,450 214,366
Other liabilities 1,153 1,115
 
Stockholders' equity:
Common stock, $0.005 par value, 1,000,000,000 shares authorized:
Issued and outstanding shares - 200,282,000 as of
March 28, 2009 and 200,363,000 as of
December 27, 2008 1,000 1,002
Additional paid-in capital 8,885 -
Retained earnings 2,311,044 2,262,503
Accumulated other comprehensive gain/(loss) (62,456 ) (37,651 )
 
Total stockholders' equity 2,258,473   2,225,854  
Total liabilities and stockholders' equity $2,794,189   $2,924,581  

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