Garmin Reports 2012 Results; Initiates $300 Million Share Repurchase Program

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 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 Annual Report on Form 10-K for the year ended December 29, 2012 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 Impact (Unaudited)
(In thousands, except per share information)
       
13-Weeks Ended   14-Weeks Ended   52-Weeks Ended   53-Weeks Ended
December 29, December 31, December 29, December 31,
2012 2011 2012 2011
Net sales $ (33,035 ) $ (71,976 ) $ (68,303 ) $ (179,333 )
Cost of goods sold   (6,510 )   (14,793 )   (15,451 )   (36,117 )
Gross profit (26,525 ) (57,183 ) (52,852 ) (143,216 )
 
Operating income (26,525 ) (57,183 ) (52,852 ) (143,216 )
 
Income tax provision based on normalized tax effects   (4,386 )   (6,045 )   (6,950 )   (15,510 )
             
Net income $ (22,139 )   $ (51,138 )   $ (45,902 )   $ (127,706 )
 
Net income per share:
Basic -$0.11 -$0.26 -$0.24 -$0.66
Diluted -$0.11 -$0.26 -$0.23 -$0.66

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