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

Earnings Call Information

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

  When:     Wednesday, February 22, 2012 at 10:30 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 (888) 452-3998 (due to the limited number of lines available, we encourage you to participate via the webcast).
Contact:

Email Contact

 

An archive of the live webcast will be available until March 28, 2012 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 2012, the company’s expected segment revenue growth rate, margins, new products to be introduced 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 25, 2010 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such 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, fitness, marine, aviation, and OEM applications. Garmin Ltd. is incorporated in Schaffhausen, Switzerland, 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, Approach, eTrex, Astro and Forerunner are registered trademarks, and Montana and Vector are trademarks 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)
             
 
December 31, December 25,
2011         2010
Assets
Current assets:
Cash and cash equivalents $1,287,160 $1,260,936
Marketable securities 124,639 24,418
Accounts receivable, net 607,450 747,249
Inventories, net 397,741 387,577
Deferred income taxes 42,957 33,628
Deferred costs 40,033 20,053
Prepaid expenses and other current assets 69,790   24,894  
Total current assets 2,569,770 2,498,755
 
Property and equipment, net 417,105 427,805
 
Marketable securities 1,083,516 777,401
Restricted cash 771 1,277
Licensing agreements, net 5,517 1,800
Noncurrent deferred income tax 107,190 73,613
Noncurrent deferred costs 40,823 24,685
Other intangible assets, net 246,646   183,352  
Total assets $4,471,338   $3,988,688  
 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $164,010 $132,348
Salaries and benefits payable 45,964 49,288
Accrued warranty costs 46,773 49,885
Accrued sales program costs 52,262 107,261
Deferred revenue 188,987 89,711
Accrued royalty costs 99,025 95,086
Accrued advertising expense 31,915 21,587
Other accrued expenses 67,912 63,043
Deferred income taxes 5,782 4,800
Income taxes payable 77,784 56,028
Dividend payable 77,865   -  
Total current liabilities 858,279 669,037
 
Deferred income taxes 4,951 6,986
Non-current income taxes 161,904 153,621
Non-current deferred revenue 188,132 108,076
Other liabilities 1,491 1,406
 
Stockholders' equity:
Shares, CHF 10 par value, 208,077,418 shares authorized and issued;
194,622,617 shares outstanding at December 31, 2011 and
194,358,038 shares issued and outstanding at December 25, 2010 1,797,435 1,797,435
Additional paid-in capital 61,869 38,268
Treasury stock (103,498 ) (106,758 )
Retained earnings 1,413,582 1,264,613
Accumulated other comprehensive income 87,193   56,004  
Total stockholders' equity 3,256,581   3,049,562  
Total liabilities and stockholders' equity $4,471,338   $3,988,688  
 
Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Income (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,
2011 2010 2011 2010
Net sales $ 909,644 $ 837,714 $ 2,758,569 $2,689,911
 
Cost of goods sold 475,857   457,921   1,419,977   1,343,537  
 
Gross profit 433,787 379,793 1,338,592 1,346,374
 
Advertising expense 55,660 43,770 145,024 144,613
Selling, general and administrative expense 93,383 79,446 341,217 287,824
Research and development expense 84,655   71,929   298,584   277,261  
Total operating expense 233,698   195,145   784,825   709,698  
 
Operating income 200,089 184,648 553,767 636,676
 
Other income (expense):
Interest income 9,494 6,652 32,812 24,979
Foreign currency (24,523 ) (33,763 ) (12,100 ) (88,377 )
Other 67   (1,113 ) 9,682   3,994  
Total other income (expense) (14,962 ) (28,224 ) 30,394   (59,404 )
 
Income before income taxes 185,127 156,424 584,161 577,272
 
Income tax provision 19,571   23,517   63,265   (7,331 )
 
Net income $165,556   $132,907   $520,896   $584,603  
 
Net income per share:
Basic $0.85 $0.68 $2.68 $2.97
Diluted $0.85 $0.68 $2.67 $2.95
 
Weighted average common
shares outstanding:
Basic 194,319 194,043 194,105 196,979

Diluted

195,100 194,858 194,894 198,009
 
Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
        53-Weeks Ended         52-Weeks Ended
December 31,         December 25,
2011 2010
Operating Activities:
Net income $520,896 $584,603
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 54,610 53,487
Amortization 39,925 41,164
Gain on sale of property and equipment (2,192 ) (306 )
Provision for doubtful accounts 2,317 (4,476 )
Deferred income taxes (42,475 ) (471 )
Unrealized foreign currency losses 18,583 62,770
Provision for obsolete and slow moving inventories 16,047 5,753
Stock compensation expense 40,212 40,332
Realized losses/(gains) on marketable securities (4,322 ) 2,382
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable 169,543 129,698
Inventories (6,385 ) (77,122 )
Other current assets (51,423 ) 9,886
Accounts payable (26,329 ) (81,354 )
Other current and non-current liabilities (61,103 ) (144,476 )
Deferred revenue 179,439 131,303
Deferred cost (36,120 ) (31,445 )
Income taxes payable 20,684 52,238
License fees (9,573 ) (3,329 )
Net cash provided by operating activities 822,334 770,637
 
Investing activities:
Purchases of property and equipment (38,366 ) (32,232 )
Proceeds from sale of property and equipment 4,127 139
Purchase of intangible assets (6,933 ) (3,883 )
Purchase of marketable securities (1,172,555 ) (694,038 )
Redemption of marketable securities 779,213 668,495
Change in restricted cash 506 770
Acquisitions, net of cash acquired (54,190 ) (12,120 )
Net cash used in investing activities (488,198 ) (72,869 )
 
Financing activities:
Issuance of treasury/common stock related to equity awards 22,337 9,465
Stock repurchase (22,300 ) (225,928 )
Dividends (310,763 ) (298,853 )
Tax benefit from issuance of equity awards 3,313   4,495  
Net cash used in financing activities (307,413 ) (510,821 )
 
Effect of exchange rate changes on cash and cash equivalents (499 ) (17,592 )
   
Net increase in cash and cash equivalents 26,224 169,355
Cash and cash equivalents at beginning of period 1,260,936   1,091,581  
Cash and cash equivalents at end of period $1,287,160   $1,260,936  
 
Garmin Ltd. And Subsidiaries
Revenue, Gross Profit, and Operating Income by Segment (Unaudited)
                                       
Reporting Segments
Auto/
Outdoor Fitness Marine Mobile Aviation Total
 

14-Weeks Ended December 31, 2011

 
Net sales $121,045 $94,752 $43,250 $579,193 $71,404 $909,644
Gross profit $82,161 $60,989 $25,868 $218,738 $46,031 $433,787
Operating income $59,707 $40,808 $9,285 $77,750 $12,539 $200,089
 
13-Weeks Ended December 25, 2010
 
Net sales $89,557 $80,998 $37,149 $558,899 $71,111 $837,714
Gross profit $60,609 $52,005 $23,545 $193,572 $50,062 $379,793
Operating income $47,043 $34,497 $10,769 $73,797 $18,542 $184,648
                                                     
 
53-Weeks Ended December 31, 2011
 
Net sales $363,223 $298,163 $221,730 $1,590,598 $284,855 $2,758,569
Gross profit $238,850 $181,759 $129,653 $597,017 $191,313 $1,338,592
Operating income $161,511 $102,101 $57,645 $160,837 $71,673 $553,767
 
52-Weeks Ended December 25, 2010
 
Net sales $319,119 $240,473 $198,860 $1,668,939 $262,520 $2,689,911
Gross profit $214,723 $149,733 $124,648 $672,953 $184,317 $1,346,374
Operating income $157,677 $93,348 $67,463 $245,914 $72,274 $636,676
 

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