Garmin Reports First Quarter 2012 Results with Revenue and Pro Forma EPS Growth

Earnings Call Information

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

      When:   Wednesday, May 2, 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) 359-3610
Contact:

Email Contact

An archive of the live webcast will be available until June 1, 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 in 2012 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 31, 2011 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2011 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, Forerunner, and Approach are registered 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)
       
(Unaudited)
March 31, December 31,
  2012         2011  
Assets
Current assets:
Cash and cash equivalents $ 1,285,791 $ 1,287,160
Marketable securities 89,356 111,153
Accounts receivable, net 430,145 607,450
Inventories, net 407,476 397,741
Deferred income taxes 46,363 42,957
Deferred costs 41,831 40,033
Prepaid expenses and other current assets   48,304     69,790  
Total current assets 2,349,266 2,556,284
 
Property and equipment, net 412,592 417,105
 
Marketable securities 1,161,109 1,097,002
Restricted cash 828 771
Licensing agreements, net 5,658 5,517
Noncurrent deferred income tax 107,190 107,190
Noncurrent deferred costs 38,871 40,823
Other intangible assets, net   249,279     246,646  
Total assets $ 4,324,793   $ 4,471,338  
 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 109,232 $ 164,010
Salaries and benefits payable 46,180 45,964
Accrued warranty costs 42,792 46,773
Accrued sales program costs 32,452 52,262
Deferred revenue 199,302 188,987
Accrued royalty costs 14,441 99,025
Accrued advertising expense 10,896 31,915
Other accrued expenses 66,416 67,912
Deferred income taxes 6,675 5,782
Income taxes payable 66,156 77,784
Dividend payable   -     77,865  
Total current liabilities $ 594,542 $ 858,279
 
Deferred income taxes 7,235 4,951
Non-current income taxes 165,457 161,904
Non-current deferred revenue 177,095 188,132
Other liabilities 1,059 1,491
 
Stockholders' equity:
Shares, CHF 10 par value, 208,077,418 shares authorized and issued;
194,806,698 shares outstanding at March 31, 2012;
and 194,662,617 shares outstanding at December 31, 2011 1,797,435 1,797,435
Additional paid-in capital 70,688 61,869
Treasury stock (98,778 ) (103,498 )
Retained earnings 1,500,390 1,413,582
Accumulated other comprehensive income   109,670     87,193  
Total stockholders' equity   3,379,405     3,256,581  
Total liabilities and stockholders' equity $ 4,324,793   $ 4,471,338  
 
 
Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)    
(In thousands, except per share information)
 
13-Weeks Ended
March 31, March 26,
  2012     2011
Net sales $ 556,597 $ 507,834
 
Cost of goods sold   272,838     269,460
 
Gross profit 283,759 238,374
 
Advertising expense 23,591 19,956
Selling, general and administrative expense 90,116 73,187
Research and development expense   79,719     70,478
Total operating expense   193,426     163,621
 
Operating income 90,333 74,753
 
Other income (expense):
Interest income 9,671 7,214
Foreign currency gains (losses) (1,989 ) 12,140
Other   1,541     2,819
Total other income (expense)   9,223     22,173
 
Income before income taxes 99,556 96,926
 
Income tax provision   12,698     1,444
 
Net income $ 86,858   $ 95,482
 
Net income per share:
Basic $ 0.45 $ 0.49
Diluted $ 0.44 $ 0.49
 
Weighted average common
shares outstanding:
Basic 194,742 193,922
Diluted 195,673 194,720
 
 
Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
    13-Weeks Ended
March 31,     March 26,
  2012     2011  
Operating Activities:
Net income $ 86,858 $ 95,482
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 13,790 13,839
Amortization 11,609 8,583
Loss (gain) on sale of property and equipment 10 (2 )
Provision for doubtful accounts 1,037 (858 )
Deferred income taxes (2,271 ) 1,023
Unrealized foreign currency losses 3,626 867
Provision for obsolete and slow moving inventories 7,858 (4,349 )
Stock compensation expense 9,844 8,666
Realized gains on marketable securities (635 ) (1,492 )
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable 185,166 327,151
Inventories (12,506 ) (11,067 )
Other current assets 22,299 (20,372 )
Accounts payable (58,319 ) (17,573 )
Other current and non-current liabilities (128,093 ) (190,770 )
Deferred revenue (884 ) 21,826
Deferred cost 186 (3,905 )
Income taxes payable (11,998 ) (16,550 )
License fees   (5,349 )   (2,900 )
Net cash provided by operating activities 122,228 207,599
 
Investing activities:
Purchases of property and equipment (5,758 ) (7,178 )
Proceeds from sale of property and equipment 2 -
Purchase of intangible assets (2,929 ) (2,626 )
Purchase of marketable securities (250,431 ) (363,263 )
Redemption of marketable securities 207,143 98,614
Change in restricted cash (57 ) (112 )
Acquisitions, net of cash acquired   (2,816 )   -  
Net cash used in investing activities (54,846 ) (274,565 )
 
Financing activities:
Dividends paid (77,915 ) -
Issuance of treasury stock related to equity awards 2,883 8,941
Tax benefit from issuance of equity awards 860 787
Purchase of treasury stock   (311 )   (5,900 )
Net cash (used in)/provided by financing activities (74,483 ) 3,828
 
Effect of exchange rate changes on cash and cash equivalents 5,732 12,817
   
Net decrease in cash and cash equivalents (1,369 ) (50,321 )
Cash and cash equivalents at beginning of period   1,287,160     1,260,936  
Cash and cash equivalents at end of period $ 1,285,791   $ 1,210,615  
 
                 
Garmin Ltd. And Subsidiaries
Revenue, Gross Profit, and Operating Income by Segment (Unaudited)
     
Reporting Segments
Auto/
Outdoor Fitness Marine Mobile Aviation Total
13-Weeks Ended March 31, 2012
 
Net sales $77,162 $71,215 $56,064 $279,269 $72,887 $556,597
Gross profit $47,262 $43,494 $33,496 $109,831 $49,676 $283,759
Operating income $25,909 $20,651 $8,778 $17,935 $17,060 $90,333
 
13-Weeks Ended March 26, 2011
 
Net sales $66,450 $56,367 $51,308 $264,550 $69,159 $507,834
Gross profit $41,353 $33,792 $33,198 $82,551 $47,480 $238,374
Operating income $24,807 $15,457 $15,133 $1,595 $17,761 $74,753

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