Garmin Reports First Quarter 2009 Results
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Garmin Ltd. And Subsidiaries
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Condensed Consolidated Statements of Income (Unaudited)
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(In thousands, except per share information)
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13-Weeks Ended
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March 28,
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March 29,
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2009
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2008
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Net sales
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$ 436,699
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$ 663,805
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Cost of goods sold
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240,704
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343,690
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Gross profit
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195,995
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320,115
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Advertising expense
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23,225
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38,129
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Selling, general and administrative expense
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59,777
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59,696
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Research and development expense
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55,034
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49,558
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Total operating expense
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138,036
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147,383
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Operating income
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57,959
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172,732
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Interest income
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5,097
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8,327
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Foreign currency
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(2,438
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)
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(3,999
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)
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Other
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(694
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)
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5,383
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Total other income (expense)
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1,965
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9,711
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Income before income taxes
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59,924
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182,443
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Income tax provision
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11,386
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34,664
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Net income
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$48,538
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$147,779
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Net income per share:
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Basic
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$0.24
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$0.68
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Diluted
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$0.24
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$0.67
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Weighted average common
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shares outstanding:
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Basic
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200,352
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216,505
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Diluted
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200,725
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218,979
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