Earnings Call Information
The information for Garmin Ltd.’s earnings call is as follows:
| When: | Wednesday, May 6, 2009 at 11:00 a.m. Eastern | |
| Where: |
http://www.garmin.com/aboutGarmin/invRelations/irCalendar.html |
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| How: |
Simply log on to the web at the address above or call to listen in
at (800) 891-6383
|
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| 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 #94739888. An archive of the live webcast will be available until June 8, 2009 on the Garmin website at http://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 2009, the Company’s expected segment revenue growth rate, margins, new products to be introduced in 2009 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 27, 2008 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2008 Form 10-K can be downloaded from
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 the Cayman Islands, 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.
Garmin, Nüvi and Forerunner are registered trademarks, and Approach is a trademark 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 Balance Sheets | |||||
| (In thousands, except share information) | |||||
| (Unaudited) | |||||
| March 28, | December 27, | ||||
| 2009 | 2008 | ||||
| Assets | |||||
| Current assets: | |||||
| Cash and cash equivalents | $922,329 | $696,335 | |||
| Marketable securities | 15,747 | 12,886 | |||
| Accounts receivable, net | 420,081 | 741,321 | |||
| Inventories, net | 353,532 | 425,312 | |||
| Deferred income taxes | 60,795 | 49,825 | |||
| Prepaid expenses and other current assets | 55,348 | 58,746 | |||
| Total current assets | 1,827,832 | 1,984,425 | |||
| Property and equipment, net | 440,611 | 445,252 | |||
| Marketable securities | 303,636 | 262,009 | |||
| Restricted cash | 1,898 | 1,941 | |||
| Licensing agreements, net | 11,521 | 16,013 | |||
| Other intangible assets, net | 208,691 | 214,941 | |||
| Total assets | $2,794,189 | $2,924,581 | |||
| Liabilities and Stockholders' Equity | |||||
| Current liabilities: | |||||
| Accounts payable | $79,453 | $160,094 | |||
| Salaries and benefits payable | 28,426 | 34,241 | |||
| Accrued warranty costs | 68,847 | 87,408 | |||
| Accrued sales program costs | 58,039 | 90,337 | |||
| Other accrued expenses | 47,083 | 87,021 | |||
| Income taxes payable | 20,314 | 20,075 | |||
| Total current liabilities | 302,162 | 479,176 | |||
| Deferred income taxes | 11,951 | 4,070 | |||
| Non-current taxes | 220,450 | 214,366 | |||
| Other liabilities | 1,153 | 1,115 | |||
| Stockholders' equity: | |||||
| Common stock, $0.005 par value, 1,000,000,000 shares authorized: | |||||
| Issued and outstanding shares - 200,282,000 as of | |||||
| March 28, 2009 and 200,363,000 as of | |||||
| December 27, 2008 | 1,000 | 1,002 | |||
| Additional paid-in capital | 8,885 | - | |||
| Retained earnings | 2,311,044 | 2,262,503 | |||
| Accumulated other comprehensive gain/(loss) | (62,456 | ) | (37,651 | ) | |
| Total stockholders' equity | 2,258,473 | 2,225,854 | |||
| Total liabilities and stockholders' equity | $2,794,189 | $2,924,581 | |||
