Garmin Reports Third Quarter 2011 Results with Strong EPS and Cash Flow; Increasing 2011 Guidance

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 39-weeks Ended
Sept 24, Sept 25, Sept 24, Sept 25,
2011     2010 2011     2010
 
Net Income (GAAP) $150,381 $279,552 $355,340 $451,696
Foreign currency (gain) / loss, net of tax effects ($12,795 ) ($27,784 ) ($11,062 ) $43,745
One-time tax adjustment -       ($114,605 ) -       ($114,605 )
Net income (Pro Forma) $137,586       $137,163   $344,278       $380,836  
 
Net income per share (GAAP):
Basic $0.77 $1.44 $1.83 $2.28
Diluted $0.77 $1.43 $1.82 $2.27
 
Net income per share (Pro Forma):
Basic $0.71 $0.71 $1.77 $1.93
Diluted $0.71 $0.70 $1.77 $1.91
 
Weighted average common shares outstanding:
Basic 194,112 194,482 194,028 197,785
Diluted 194,828 195,305 194,809 198,891
 

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