Garmin Reports Solid Third Quarter 2013 Results and Raises Full Year Outlook

Non-GAAP Financial Information

Management believes that net income per share before the impact of foreign currency translation gain or loss and income tax adjustments that materially impact the effective tax rate due to completion of tax audits and/or expiration of statutes is an important measure. The majority of the Company’s consolidated foreign currency gain or a loss result from transactions involving the Euro, the British Pound Sterling and the Taiwan Dollar and from the exchange rate impact of the significant cash and marketable securities, receivables and payables held in U.S. dollars at the end of each reporting period by the Company’s various non U.S. subsidiaries. Such gain or loss is required under GAAP because the functional currency of the subsidiaries differs from the currency in which various assets and liabilities are held. However, there is minimal cash impact from such foreign currency gain or loss. The Company’s income tax expense is periodically impacted by material reserve releases related to completion of audits and/or the expiration of statutes effecting prior periods. This is not reflective of the current effective tax rate. The release of other uncertain tax position reserves, amounting to approximately $10 million in the 2013 periods and $12 million in the 2012 periods, have not been included as pro forma adjustments in the following presentation of pro forma net income as such amounts have been considered immaterial, tend to be more recurring in nature and are comparable between periods. Accordingly, earnings per share before the impact of foreign currency translation gain or loss and income tax adjustments that materially impact the effective tax rate due to completion of tax audits and/or expiration of statutes permits a consistent comparison of the Company’s operating performance between periods.

       
Garmin Ltd. And Subsidiaries
Net income per share (Pro Forma)
(in thousands, except per share information)
 
13-Weeks Ended 39-weeks Ended
Sept 28, Sept 29, Sept 28, Sept 29,
2013   2012 2013   2012
 
Net Income (GAAP) $187,669 $140,348 $448,827 $413,109
Foreign currency (gain) / loss, net of tax effects $692 $5,493 ($15,475 ) $14,184

Income tax benefit due to completion of tax audits and/or expiration of statutes

($52,180 )   - ($68,716 )   -
Net income (Pro Forma)

$136,181

    $145,841 $364,636     $427,293
 
Net income per share (GAAP):
Basic $0.96 $0.72 $2.30 $2.12
Diluted $0.96 $0.72 $2.29 $2.11
 
Net income per share (Pro Forma):
Basic $0.70 $0.75 $1.87 $2.19
Diluted $0.69 $0.74 $1.86 $2.18
 
Weighted average common shares outstanding:
Basic 195,325 194,912 195,488 194,834
Diluted 196,300 196,161 196,312 196,171
 

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