Garmin Reports Best Quarter and Best Year in Company History, Announces Share Repurchase Program, Offers 2008 Guidance

Return on invested capital (ROIC)

Management defines return on invested capital (ROIC) as net operating profit after taxes divided by operating invested capital. Management believes that ROIC provides greater visibility into how effectively Garmin deploys capital. ROIC is not a measure of financial performance under accounting principles generally accepted in the United States (GAAP), and may not be defined and calculated by other companies in the same manner as Garmin does. ROIC should not be considered in isolation or as an alternative to net income as an indicator of company performance.

    The following table contains a GAAP reconciliation of return on invested

                         Garmin Ltd. And Subsidiaries
                      Return on Invested Capital (ROIC)
                                (In thousands)

                                                    52-Weeks Ended
                                                December 29,      December 30,
                                                       2007              2006

    Net Operating Profit After Taxes (NOPAT):
       Operating Income (EBIT)                     $907,351          $554,559
       Less: Taxes on Operating Income            ($123,262)         ($80,431)
    Net Operating Profit after Taxes
     (NOPAT)                                       $784,089          $474,128

    Invested Capital (IC):
       Total Assets                              $3,291,460        $1,897,020
       Less:  Cash & Marketable
        Securities                              ($1,132,194)        ($818,197)
       Less:  Deferred Income Taxes               ($107,376)         ($55,996)
       Less: Non-Interest Bearing Current
        Liabilities                               ($801,883)        ($337,682)
    Operating Invested Capital (IC)              $1,250,007          $685,145

    Return on Invested Capital                           63%               69%

Share Repurchase Program

Garmin Ltd. also announced that its board of directors approved a share repurchase program authorizing the Company to purchase up to 5 million common shares of Garmin Ltd. as market and business conditions warrant. The purchases may be made from time to time on the open market or in negotiated transactions in compliance with the SEC's Rule 10b-18. The timing and amounts of any purchases will be determined by the company's management depending on market conditions and other factors including price, regulatory requirements and capital availability. The program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time. The share repurchase authorization expires on December 31, 2009.

2008 Annual Meeting

Garmin Ltd. also announced that its annual shareholders meeting will be held at 10:00 a.m., Central Time, on June 6, 2008 at the headquarters of Garmin International, Inc., 1200 E. 151st Street, Olathe, Kansas, 66062. The record date for shareholders entitled to vote at the annual meeting is April 10, 2008.

    Earnings Call Information
    The information for Garmin Ltd.'s earnings call is as follows:

    When:     Wednesday, February 20, 2008 at 11:00 a.m. Eastern
    How:      Simply log on to the web at the address above or call to listen
              in at 800-883-9537.
Email Contact

A phone recording will be available for three business days following the earnings call and can be accessed by dialing 800-642-1687 or (706) 645-9291 and utilizing the access code 31169439. An archive of the live webcast will be available until March 21, 2008 on the Garmin website at 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 2008, Garmin's expected segment revenue growth rate, margins, Garmin's plans to repurchase up to 5.0 million of its common shares 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, continued competitive pressures in the automotive/mobile marketplace; the effect competitive and economic factors may have on consumer buying decisions with respect to Garmin's products; the ability of Garmin to make timely delivery of new products and successful technological innovations to the marketplace; the continued availability on acceptable terms of components essential to Garmin's business Garmin's ability to have available resources and cash flows to repurchase its shares, changing market and economic conditions and the risk factors that are described in the Annual Report on Form 10-K for the year ended December 30, 2006 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin's 2006 Form 10-K can be downloaded from The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

Through its operating subsidiaries, Garmin Ltd. designs, manufactures, and markets navigation, communications and information devices, most of which are enabled by GPS technology. Garmin is a leader in the general aviation and consumer markets and its products serve aviation, marine, outdoor, fitness, automotive, mobile and OEM applications. Garmin Ltd. is incorporated in the Cayman Islands, and its principal subsidiaries are located in the United States, Taiwan and United Kingdom. For more information, visit the investor relations site of Garmin Ltd. at or contact the Investor Relations department at 913-397-8200. Garmin, G1000 and nuvi are registered trademarks, and Astro and nuvifone are trademarks of Garmin Ltd. or its subsidiaries.

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