Garmin Reports Fourth Quarter Year-Over-Year Growth in Revenues and Margins and Record EPS

We generated $232 million of free cash flow in the fourth quarter of 2009 and over $1 billion for the full year, resulting in a cash and marketable securities balance of just under $1.9 billion at the end of the quarter.”

Share Repurchase Program

On February 12, our board of directors authorized the Company to repurchase up to $300M of the company’s shares as market and business conditions warrant through December 31, 2011. The previous $300M share repurchase plan expired on December 31, 2009. The repurchases may be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. The Company continues to view the stock repurchase as an appropriate use of cash given the long-term growth prospects of the Company, ongoing free cash flow generation and the need to maintain adequate cash reserves for strategic acquisitions.

2010 Guidance

Garmin Ltd. And Subsidiaries
2010 Guidance

2009         2010 Range
Revenue $2.9 B $2.9 - $3.1 B
Gross Margin 49% 46-48%
Operating Income $786 M $675 - $725 M
Operating Margin 27% 23-24%
Earnings per Share (Pro Forma) $3.53 $2.75 - $3.15

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