Garmin Reports Q4 and Fiscal 2015 Results

We expect 2016 revenue of approximately $2.82 billion as growth in all non-auto segments offsets ongoing declines in the PND market. We expect gross margins to be approximately 54.5%, relatively flat to the prior year. Operating margins are forecasted to decline to approximately 18% due primarily to ongoing research and development investment and the addition of recently announced acquisitions. With an expected tax rate of approximately 20.5%, we currently forecast 2016 EPS of approximately $2.25. This includes approximately $0.05 of negative impact in 2016 due to acquisitions.

Dividend Recommendation:

The board of directors intends to recommend to the shareholders for approval at the annual meeting to be held on June 10, 2016, a cash dividend in the amount of $2.04 per share (subject to possible adjustment based on the total amount of the dividend in Swiss Francs as approved at the annual meeting), payable in four equal installments on dates to be determined by the Board. The Board currently anticipates the scheduling of the dividend in four installments as follows:

Dividend Date Record Date $s per share
June 30, 2016 June 16, 2016 $0.51
September 30, 2016 September 15, 2016 $0.51
December 30, 2016 December 14, 2016 $0.51
March 31, 2017 March 15, 2017 $0.51

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