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

Earnings Call Information

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

When:

 

Wednesday, February 20, 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) 437.9366 (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 27, 2013 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 2013, 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 31, 2011 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. A member of the S&P 500 Index, 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, and Forerunner are registered trademarks, and Real Directions, Edge, BarkLimiter and Delta 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 29, December 31,
2012   2011
Assets
Current assets:
Cash and cash equivalents $ 1,231,180 $ 1,287,160
Marketable securities 153,083 111,153
Accounts receivable, net 603,673 607,450
Inventories, net 389,931 397,741
Deferred income taxes 68,785 53,670
Deferred costs 53,948 40,033
Prepaid expenses and other current assets   35,520     77,630  
Total current assets 2,536,120 2,574,837
 
Property and equipment, net 409,751 417,105
 
Marketable securities 1,488,312 1,097,002
Restricted cash 836 771
Noncurrent deferred income tax 93,920 88,637
Noncurrent deferred costs 42,359 40,823
Intangible assets, net 232,597 246,646
Other assets   15,229     5,517  
Total assets $ 4,819,124   $ 4,471,338  
 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 131,263 $ 164,010
Salaries and benefits payable 55,969 45,964
Accrued warranty costs 37,301 46,773
Accrued sales program costs 57,080 52,262
Deferred revenue 252,375 188,987
Accrued license fees 71,745 99,025
Accrued advertising expense 25,192 31,915
Other accrued expenses 69,806 67,912
Deferred income taxes 332 5,782
Income taxes payable 32,031 77,784
Dividend payable   175,932     77,865  
Total current liabilities 909,026 858,279
 
Deferred income taxes 2,467 4,951
Non-current income taxes 181,754 161,904
Non-current deferred revenue 193,047 188,132
Other liabilities 1,034 1,491
 
Stockholders' equity:
Shares, CHF 10 par value, 208,077,418 shares authorized and issued;
195,591,854 shares outstanding at December 29, 2012 and
194,622,617 shares outstanding at December 31, 2011 1,797,435 1,797,435
Additional paid-in capital 72,462 61,869
Treasury stock (81,280 ) (103,498 )
Retained earnings 1,604,625 1,413,582
Accumulated other comprehensive income   138,554     87,193  
Total stockholders' equity   3,531,796     3,256,581  
Total liabilities and stockholders' equity $ 4,819,124   $ 4,471,338  
 
 
Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Income (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 $ 768,548 $ 909,644 $ 2,715,675 $ 2,758,569
 
Cost of goods sold   394,694     475,857     1,277,195     1,419,977  
 
Gross profit 373,854 433,787 1,438,480 1,338,592
 
Advertising expense 46,806 55,660 138,757 145,024
Selling, general and administrative expense 94,026 93,383 369,790 341,217
Research and development expense   83,263     84,655     325,773     298,584  
Total operating expense   224,095     233,698     834,320     784,825  
 
Operating income 149,759 200,089 604,160 553,767
 
Other income (expense):
Interest income 8,830 9,494 35,108 32,812
Foreign currency (3,898 ) (24,523 ) (20,022 ) (12,100 )
Other   219     67     5,282     9,682  
Total other income (expense)   5,151     (14,962 )   20,368     30,394  
 
Income before income taxes 154,910 185,127 624,528 584,161
 
Income tax provision   25,616     19,571     82,125     63,265  
 
Net income $ 129,294   $ 165,556   $ 542,403   $ 520,896  
 
Net income per share:
Basic $ 0.66 $ 0.85 $ 2.78 $ 2.68
Diluted $ 0.66 $ 0.85 $ 2.76 $ 2.67
 
Weighted average common
shares outstanding:
Basic 195,101 194,319 194,909 194,105
Diluted 196,275 195,100 196,213 194,894
 
Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
 
  52-Weeks Ended   53-Weeks Ended
December 29,   December 31,
2012 2011
Operating Activities:
Net income $ 542,403 $ 520,896
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 52,632 54,610
Amortization 37,835 39,925
Gain on sale of property and equipment (367 ) (2,192 )
Provision for doubtful accounts 4,678 2,317
Deferred income taxes (32,080 ) (42,475 )
Unrealized foreign currency losses 40,042 18,583
Provision for obsolete and slow moving inventories 11,003 16,047
Stock compensation expense 29,274 40,212
Realized gains on marketable securities (2,980 ) (4,322 )
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable 9,077 169,543
Inventories 3,997 (6,385 )
Other current and non-current assets 39,717 (60,996 )
Accounts payable (38,929 ) (26,329 )
Other current and non-current liabilities (33,235 ) (61,103 )
Deferred revenue 67,931 179,439
Deferred costs (15,441 ) (36,120 )
Income taxes payable   (30,812 )   20,684  
Net cash provided by operating activities 684,745 822,334
 
Investing activities:
Purchases of property and equipment (38,445 ) (38,366 )
Proceeds from sale of property and equipment 757 4,127
Purchase of intangible assets (6,783 ) (6,933 )
Purchase of marketable securities (1,429,593 ) (1,172,555 )
Redemption of marketable securities 985,598 779,213
Change in restricted cash (65 ) 506
Acquisitions, net of cash acquired   (7,697 )   (54,190 )
Net cash used in investing activities (496,228 ) (488,198 )
 
Financing activities:
Dividends paid (253,386 ) (310,763 )
Issuance of treasury stock related to equity awards 22,798 22,337
Tax benefit from issuance of equity awards (516 ) 3,313
Purchase of treasury stock   (18,745 )     (22,300 )
Net cash used in financing activities (249,849 ) (307,413 )
 
Effect of exchange rate changes on cash and cash equivalents 5,352 (499 )
   
Net (decrease)/increase in cash and cash equivalents (55,980 ) 26,224
Cash and cash equivalents at beginning of period   1,287,160     1,260,936  
Cash and cash equivalents at end of period $ 1,231,180   $ 1,287,160  
 
Garmin Ltd. And Subsidiaries
Revenue, Gross Profit, and Operating Income by Segment (Unaudited)
           
Reporting Segments

Outdoor

Fitness

Marine

Auto/

Mobile

Aviation

Total

 
13-Weeks Ended December 29, 2012
 
Net sales $ 118,517 $ 103,973 $ 39,516 $ 436,654 $ 69,888 $ 768,548
Gross profit $ 73,990 $ 62,570 $ 19,995 $ 166,153 $ 51,146 $ 373,854
Operating income $ 46,579 $ 35,791 ($1,583 ) $ 50,557 $ 18,415 $ 149,759
 
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
                         
 
52-Weeks Ended December 29, 2012
 
Net sales $ 401,747 $ 321,788 $ 208,136 $ 1,492,440 $ 291,564 $ 2,715,675
Gross profit $ 260,564 $ 204,615 $ 125,201 $ 642,913 $ 205,187 $ 1,438,480
Operating income $ 164,611 $ 111,807 $ 34,000 $ 220,766 $ 72,976 $ 604,160
 
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

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