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

In addition, we have one additional payment of $0.40 due on March 30, 2012 to shareholders of record on March 15, 2012.

2012 Guidance

         

2012 Guidance

Revenue         $2.7 - $2.8B
Gross Margin         49 - 50%
Operating Income         $520 - 540
Operating Margin         19 - 20%
EPS (Pro Forma)         $2.45 - $2.60
       

We expect 2012 revenue of $2.7 - $2.8 billion as growth in the outdoor, fitness, marine and aviation segments offset ongoing declines in the PND market. We anticipate gross margins to be stable to slightly improving at 49-50% and operating margins of 19-20%, resulting in a forecasted 2012 earnings per share range of $2.45 - $2.60. This earnings per share range assumes an effective tax rate of 13% versus 10.8% in 2011 and a full-year EUR/USD currency exchange rate of 1.30 versus 1.39 in 2011.

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