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

Net deferred revenues and costs

The following table illustrates the net effect of deferred revenues and costs associated with certain products bundled with content and services. These revenues and costs are being amortized over the estimated economic lives of the products. Additional details will be available in the Annual Report on Form 10-K for the year ended December 31, 2011 that will be filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983) next week.

Garmin Ltd. And Subsidiaries

Net Deferred Revenue and Cost Impact (Unaudited)

(In thousands, except per share information)
                               
14-Weeks Ended         13-Weeks Ended 53-Weeks Ended         52-Weeks Ended
December 31, December 25, December 31, December 25,
Effect of revenue and cost deferrals on:   2011   2010   2011   2010
Net sales $ (71,976) $ (64,670) $ (179,333) $ (131,303)
Cost of goods sold   (14,793)   (21,545)   (36,117)   (31,428)
Gross profit (57,183) (43,125) (143,216) (99,875)
 
Operating income (57,183) (43,125) (143,216) (99,875)
 
Income tax provision based on normalized tax effects   (6,045)   (6,483)   (15,510)   (15,814)
                               
Net income $ (51,138)         $ (36,642)         $ (127,705)         $ (84,061)
 
Net income per share:
Basic -$0.26 -$0.19 -$0.66 -$0.43
Diluted -$0.26 -$0.19 -$0.66 -$0.42
 

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