Garmin Reports Third Quarter 2012 Results with Growth in Revenue, Operating Margin and EPS; Raises Full Year EPS Guidance

Net deferred revenues and costs

The following table illustrates the effect of decreasing amounts of revenue and cost deferrals, and of increasing amortization of previous deferrals, associated with certain products bundled with content and services in the current quarter and year-to-date periods. These deferred revenues and costs are being amortized over the estimated economic lives of the products. Additional details will be available in the Quarterly Report on Form 10-Q for the quarter ended September 29, 2012 and are available 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).

Garmin Ltd. And Subsidiaries
Net Deferred Revenue and Cost Impact (Unaudited)
(In thousands, except per share information)
       
13-Weeks Ended 39-Weeks Ended
Sept 29, Sept 24, Sept 29, Sept 24,
Effect of revenue and cost deferrals on: 2012   2011 2012   2011
Net sales $ (20,043 ) $ (23,829 ) $ (35,268 ) $ (107,356 )
Cost of goods sold   (4,334 )   (6,673 )   (8,942 )   (21,230 )
Gross profit (15,709 ) (17,156 ) (26,326 ) (86,126 )
 
Operating income (15,709 ) (17,156 ) (26,326 ) (86,126 )
 
Income tax provision based on normalized tax effects   (2,152 )   (2,417 )   (3,168 )   (9,431 )
       
Net income $ (13,557 ) $ (14,739 ) $ (23,158 ) $ (76,695 )
 
Net income per share:
Basic $ (0.07 ) $ (0.08 ) $ (0.12 ) $ (0.40 )
Diluted $ (0.07 ) $ (0.08 ) $ (0.12 ) $ (0.39 )
 

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