We have increased our 2013 guidance to reflect the strong third quarter performance. We now anticipate operating income of approximately $530 million partially offset by a higher effective tax rate resulting in a pro forma EPS range of $2.40 - $2.45.

Webcast Information/Forward-Looking Statements:

The information for Garmin Ltd.’s earnings call is as follows:

When:			Wednesday, October 30, 2013 at 10:30 a.m. Eastern
Where:			http://www.garmin.com/aboutGarmin/invRelations/irCalendar.html
How:			Simply log on to the web at the address above or call to listen in at 888-389-5997

An archive of the live webcast will be available until December 27, 2013 on the Garmin website at www.garmin.com. 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 2013, the Company’s expected segment revenue growth rate, margins, new products to be introduced in 2013 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, the risk factors that are described in the Annual Report on Form 10-K for the year ended December 29, 2012 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2012 Form 10-K can be downloaded from http://www.garmin.com/aboutGarmin/invRelations/finReports.html.

Garmin, Edge, Approach and Forerunner are registered trademarks and VIRB and G5000 are trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share information)
		13-Weeks Ended						39-Weeks Ended
		Sept 28,			Sept 29,			Sept 28,		Sept 29,
		2013			2012			2013		2012
Net sales		$643,637			$672,376			$1,872,156		$1,947,127
Cost of goods sold		290,748			313,321			859,494		882,501
Gross profit		352,889			359,055			1,012,662		1,064,626
Advertising expense		26,251			30,102			77,983		91,952
Selling, general and administrative expense		86,462			86,402			260,769		275,763
Research and development expense		88,427			82,489			272,349		242,510
Total operating expense		201,140			198,993			611,101		610,225
Operating income		151,749			160,062			401,561		454,401
Other income (expense):
Interest income		8,435			7,987			25,512		26,278
Foreign currency gains (losses)		(822	)		(6,364	)		18,280		(16,124	)
Other		1,438			942			3,666		5,064
Total other income (expense)		9,051			2,565			47,458		15,218
Income before income taxes		160,800			162,627			449,019		469,619
Income tax (benefit) provision		(26,869	)		22,279			192		56,510
Net income		$187,669			$140,348			$448,827		$413,109
Net income per share:
Basic		$0.96			$0.72			$2.30		$2.12
Diluted		$0.96			$0.72			$2.29		$2.11
Weighted average common shares outstanding:
Basic		195,325			194,912			195,488		194,834
Diluted		196,300			196,161			196,312		196,171

Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share information)
		(Unaudited)
		Sept 28,			December 29,
		2013			2012
Assets
Current assets:
Cash and cash equivalents		$1,068,700			$1,231,180
Marketable securities		134,253			153,083
Accounts receivable, net		475,707			603,673
Inventories, net		416,725			389,931
Deferred income taxes		67,437			68,785
Deferred costs		56,749			53,948
Prepaid expenses and other current assets		225,067			35,520
Total current assets		2,444,638			2,536,120
Property and equipment, net		413,675			409,751
Marketable securities		1,594,144			1,488,312
Restricted cash		252			836
Noncurrent deferred income tax		94,734			93,920
Noncurrent deferred costs		39,625			42,359
Other intangible assets, net		221,979			232,597
Other assets		14,179			15,229
Total assets		$4,823,226			$4,819,124
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$151,798			$131,263
Salaries and benefits payable		63,064			55,969
Accrued warranty costs		34,639			37,301
Accrued sales program costs		36,487			57,080
Deferred revenue		255,830			252,375
Accrued royalty costs		34,285			71,745
Accrued advertising expense		16,862			25,192
Other accrued expenses		73,241			69,806
Deferred income taxes		63			332
Income taxes payable		44,060			32,031
Dividend payable		263,704			175,932
Total current liabilities		974,033			909,026
Deferred income taxes		3,516			2,467
Non-current income taxes		121,091			181,754
Non-current deferred revenue		166,165			193,047
Other liabilities		917			1,034
Stockholders' equity:
Shares, CHF 10 par value, 208,077,418 shares authorized and issued; 195,221,791 shares outstanding at September 28, 2013 and 195,591,854 shares outstanding at December 29, 2012		1,797,435			1,797,435
Additional paid-in capital		87,377			72,462
Treasury stock		(100,912	)		(81,280	)
Retained earnings		1,701,823			1,604,625
Accumulated other comprehensive income		71,781			138,554
Total stockholders' equity		3,557,504			3,531,796
Total liabilities and stockholders' equity		$4,823,226			$4,819,124

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
		39-Weeks Ended
		Sept 28,			Sept 29,
		2013			2012
Operating Activities:
Net income		$448,827			$413,109
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		36,840			40,025
Amortization		23,629			21,192
(Gain)/Loss on sale of property and equipment		41			(17	)
Provision for doubtful accounts		1,023			2,786
Deferred income taxes		2,851			(7,384	)
Unrealized foreign currency losses/(gains)		(17,273	)		24,974
Provision for obsolete and slow moving inventories		15,965			3,795
Stock compensation expense		15,608			26,364
Realized gains on marketable securities		(2,963	)		(1,647	)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		128,098			103,039
Inventories		(44,337	)		(44,761	)
Other current and non-current assets		(18,329	)		14,051
Accounts payable		21,936			(20,271	)
Other current and non-current liabilities		(60,719	)		(63,839	)
Deferred revenue		(22,613	)		35,277
Deferred cost		(57	)		(8,561	)
Income taxes payable		(48,256	)		(28,098	)
Net cash provided by operating activities		480,271			510,034
Investing activities:
Purchases of property and equipment		(41,325	)		(26,881	)
Proceeds from sale of property and equipment		65			25
Purchase of intangible assets		(1,574	)		(5,174	)
Purchase of marketable securities		(716,226	)		(1,004,021	)
Redemption of marketable securities		578,464			735,521
Advances under loan receivable commitment		(173,708	)		-
Change in restricted cash		584			(59	)
Acquisitions, net of cash acquired		(5,686	)		(4,010	)
Net cash used in investing activities		(359,406	)		(304,599	)
Financing activities:
Dividends paid		(263,857	)		(253,386	)
Purchase of treasury stock under share repurchase plan		(26,926	)		-
Purchase of treasury stock related to equity awards		(7,430	)		(6,542	)
Proceeds from issuance of treasury stock related to equity awards		13,620			10,971
Tax benefit from issuance of equity awards		411			1,810
Net cash used in financing activities		(284,182	)		(247,147	)
Effect of exchange rate changes on cash and cash equivalents		837			1,625
Net increase/(decrease) in cash and cash equivalents		(162,480	)		(40,087	)
Cash and cash equivalents at beginning of period		1,231,180			1,287,160
Cash and cash equivalents at end of period		$1,068,700			$1,247,073

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 Sept 28, 2013
Net sales			$101,350			$81,007			$55,301			$322,520			$83,459			$643,637
Gross profit			$69,471			$49,328			$27,265			$147,866			$58,959			$352,889
Operating income			$44,107			$26,493			$4,118			$53,848			$23,183			$151,749
13-Weeks Ended Sept 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
39-Weeks Ended Sept 28, 2013
Net sales			$284,372			$237,660			$178,344			$919,810			$251,970			$1,872,156
Gross profit			$184,333			$149,368			$91,550			$410,348			177,063			$1,012,662
Operating income			$110,538			$76,026			$16,089			$134,324			$64,584			$401,561
39-Weeks Ended Sept 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

Garmin Ltd. And Subsidiaries
Revenue by Geography (Unaudited)
		13-Weeks Ended						39-Weeks Ended
		Sept 28,		Sept 29,		Yr over Yr		Sept 28,		Sept 29,		Yr over Yr
		2013		2012		Change		2013		2012		Change
Net sales		$643,637		$672,376		-4%		$1,872,156		$1,947,127		-4%
Americas		333,448		380,452		-12%		1,002,796		1,068,289		-6%
EMEA		245,659		224,642		9%		692,836		692,673		0%
APAC		64,530		67,282		-4%		176,524		186,165		-5%

EMEA - Europe, Middle East and Africa; APAC - Asia Pacific

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