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TheStreet Open House

Garmin Bids for Tele Atlas

The outdoor and fitness division reported a 24% increase in revenue to $88 million, and the marine division saw revenue rise 17% to $48 million.

Revenue from North America grew to $454 million from $265 million a year ago, while revenue from Europe rose 89% to $227 million from $120 million.

For fiscal 2007, Garmin raised its guidance and said it expects overall revenue to exceed $2.9 billion and earnings to exceed $3.40 a share, which falls within the range of Street expectations of revenue of $2.9 billion and EPS of $3.42 a share. Previously the company had said it expects revenue of $2.8 billion and earnings of $3.15 a share.

Growth in its automotive/mobile, aviation, marine and outdoor/fitness segments for the fiscal year is expected to be 90%, 30%, 20% and 10%, respectively.

Garmin expects to ship 10 million devices in 2007.

"We have increased our manufacturing facilities and have grown our inventories in preparation for holiday season," Dr. Min Kao, chairman and CEO of Garmin told analysts on a conference call. "We anticipate the enhanced product positioning, targeted advertising and the promotion activities will drive strong growth through the remainder of 2007."

But Garmin also warned investors that the company expects the decline in pricing and margins to intensify during the holiday season.

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