Garmin Reports Third Quarter 2012 Results With Growth In Revenue, Operating Margin And EPS; Raises Full Year EPS Guidance

http://www.garmin.com/aboutGarmin/invRelations/finReports.html.

The global leader in satellite navigation, Garmin Ltd. and its subsidiaries have designed, manufactured, marketed and sold navigation, communication and information devices and applications since 1989 – most of which are enabled by GPS technology. Garmin’s products serve automotive, mobile, wireless, outdoor recreation, marine, aviation, and OEM applications. Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. For more information, visit Garmin's virtual pressroom at www.garmin.com/pressroom or contact the Media Relations department at 913-397-8200.

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Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share information)
		(Unaudited)
		Sept 29,				December 31,
		2012				2011
Assets
Current assets:
Cash and cash equivalents		$	1,247,073			$	1,287,160
Marketable securities			122,448				111,153
Accounts receivable, net			508,725				607,450
Inventories, net			443,416				397,741
Deferred income taxes			50,457				42,957
Deferred costs			50,047				40,033
Prepaid expenses and other current assets			50,882				69,790
Total current assets			2,473,048				2,556,284
Property and equipment, net			407,853				417,105
Marketable securities			1,349,176				1,097,002
Restricted cash			830				771
Licensing fees, net			11,882				5,517
Noncurrent deferred income tax			107,190				107,190
Noncurrent deferred costs			39,750				40,823
Other intangible assets, net			241,013				246,646
Total assets		$	4,630,742			$	4,471,338
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$	147,866			$	164,010
Salaries and benefits payable			56,533				45,964
Accrued warranty costs			39,147				46,773
Accrued sales program costs			31,952				52,262
Deferred revenue			232,715				188,987
Accrued license fees			60,521				99,025
Accrued advertising expense			19,190				31,915
Other accrued expenses			63,841				67,912
Deferred income taxes			6,382				5,782
Income taxes payable			50,076				77,784
Dividend payable			175,331				77,865
Total current liabilities			883,554				858,279
Deferred income taxes			7,120				4,951
Non-current income taxes			171,614				161,904
Non-current deferred revenue			179,672				188,132
Other liabilities			1,035				1,491
Stockholders' equity:
Shares, CHF 10 par value, 208,077,418 shares authorized and issued; 194,970,003 shares outstanding at September 29, 2012; and 194,662,617 shares outstanding at December 31, 2011;			1,797,435				1,797,435
Additional paid-in capital			86,513				61,869
Treasury stock			(95,322	)			(103,498	)
Retained earnings			1,477,504				1,413,582
Accumulated other comprehensive income			121,617				87,193
Total stockholders' equity			3,387,747				3,256,581
Total liabilities and stockholders' equity		$	4,630,742			$	4,471,338

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share information)
		13-Weeks Ended								39-Weeks Ended
		Sept 29,				Sept 24,				Sept 29,				Sept 24,
		2012				2011				2012				2011
Net sales		$	672,376			$	666,993			$	1,947,127			$	1,848,925
Cost of goods sold			313,321				322,662				882,501				944,120
Gross profit			359,055				344,331				1,064,626				904,805
Advertising expense			30,102				35,310				91,952				89,364
Selling, general and administrative expense			86,402				88,751				275,763				247,833
Research and development expense			82,489				72,936				242,510				213,930
Total operating expense			198,993				196,997				610,225				551,127
Operating income			160,062				147,334				454,401				353,678
Other income (expense):
Interest income			7,987				8,464				26,278				23,318
Foreign currency gains (losses)			(6,364	)			14,893				(16,124	)			12,422
Other			942				4,345				5,064				9,616
Total other income (expense)			2,565				27,702				15,218				45,356
Income before income taxes			162,627				175,036				469,619				399,034
Income tax provision			22,279				24,655				56,510				43,694
Net income		$	140,348			$	150,381			$	413,109			$	355,340
Net income per share:
Basic		$	0.72			$	0.77			$	2.12			$	1.83
Diluted		$	0.72			$	0.77			$	2.11			$	1.82
Weighted average common shares outstanding:
Basic			194,912				194,112				194,834				194,028
Diluted			196,161				194,828				196,171				194,809

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
		39-Weeks Ended
		Sept 29,				Sept 24,
		2012				2011
Operating Activities:
Net income		$	413,109			$	355,340
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			40,025				40,558
Amortization			22,905				19,772
Gain on sale of property and equipment			(17	)			(2,407	)
Provision for doubtful accounts			2,786				6,227
Deferred income taxes			(7,384	)			12,429
Unrealized foreign currency losses/(gains)			24,974				(5,366	)
Provision for obsolete and slow moving inventories			3,795				2,590
Stock compensation expense			26,364				27,258
Realized gains on marketable securities			(1,647	)			(5,633	)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable			103,039				256,656
Inventories			(44,761	)			(58,655	)
Other current assets			21,007				(36,713	)
Accounts payable			(20,271	)			(5,603	)
Other current and non-current liabilities			(63,839	)			(72,349	)
Deferred revenue			35,277				115,096
Deferred cost			(8,561	)			(23,175	)
Income taxes payable			(28,098	)			(21,987	)
License fees			(8,669	)			(6,562	)
Net cash provided by operating activities			510,034				597,476
Investing activities:
Purchases of property and equipment			(26,881	)			(26,523	)
Proceeds from sale of property and equipment			25				-
Purchase of intangible assets			(5,174	)			(8,611	)
Purchase of marketable securities			(1,004,021	)			(835,965	)
Redemption of marketable securities			735,521				599,740
Change in restricted cash			(59	)			(122	)
Acquisitions, net of cash acquired			(4,010	)			(52,688	)
Net cash used in investing activities			(304,599	)			(324,169	)
Financing activities:
Dividends paid			(253,386	)			(154,835	)
Issuance of treasury stock related to equity awards			10,971				16,919
Tax benefit from issuance of equity awards			1,810				1,542
Purchase of treasury stock			(6,542	)			(11,675	)
Net cash used in financing activities			(247,147	)			(148,049	)
Effect of exchange rate changes on cash and cash equivalents			1,625				3,212
Net increase/(decrease) in cash and cash equivalents			(40,087	)			128,470
Cash and cash equivalents at beginning of period			1,287,160				1,260,936
Cash and cash equivalents at end of period		$	1,247,073			$	1,389,406

Garmin Ltd. And Subsidiaries
Revenue, Gross Profit, and Operating Income by Segment (Unaudited)
		Reporting Segments
											Auto/
		Outdoor			Fitness			Marine			Mobile			Aviation			Total
13-Weeks Ended September 29, 2012
Net sales		$	105,572		$	64,788		$	44,766		$	384,393		$	72,857		$	672,376
Gross profit		$	72,420		$	41,885		$	28,572		$	166,007		$	50,171		$	359,055
Operating income		$	48,384		$	21,219		$	8,378		$	65,165		$	16,916		$	160,062
13-Weeks Ended September 24, 2011
Net sales		$	94,720		$	69,030		$	48,055		$	384,150		$	71,038		$	666,993
Gross profit		$	62,387		$	41,476		$	26,378		$	166,941		$	47,149		$	344,331
Operating income		$	41,331		$	20,452		$	9,870		$	56,215		$	19,466		$	147,334
39-Weeks Ended September 29, 2012
Net sales		$	283,230		$	217,815		$	168,620		$	1,055,786		$	221,676		$	1,947,127
Gross profit		$	186,574		$	142,045		$	105,205		$	476,761		$	154,041		$	1,064,626
Operating income		$	118,032		$	76,016		$	35,584		$	170,208		$	54,561		$	454,401
39-Weeks Ended September 24, 2011
Net sales		$	242,178		$	203,411		$	178,479		$	1,011,405		$	213,452		$	1,848,925
Gross profit		$	156,689		$	120,770		$	103,784		$	378,280		$	145,282		$	904,805
Operating income		$	101,805		$	61,293		$	48,360		$	83,087		$	59,133		$	353,678

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