Garmin Reports First Quarter 2009 Results

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
    13-Weeks Ended
March 28,   March 29,
2009   2008  
Operating Activities:
Net income $48,538 $147,779
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 13,574 9,861
Amortization 8,088 7,775
Gain on sale of property and equipment (3 ) (1 )
Provision for doubtful accounts (1,101 ) 350
Deferred income taxes (3,200 ) 17,067
Foreign currency transaction gains/losses (420 ) 64,946
Provision for obsolete and slow moving inventories 7,709 11,669
Stock compensation expense 10,587 9,124
Realized losses/(gains) on marketable securities 1,274 (5,245 )
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable 318,095 458,821
Inventories 58,876 (169,501 )
Other current assets (1,128 ) 9,946
Accounts payable (77,595 ) (159,590 )
Other current and non-current liabilities (88,727 ) (137,588 )
Income taxes payable 3,993 (60,701 )
Purchase of licenses 856   (12,247 )
Net cash provided by operating activities 299,416 192,465
 
Investing activities:
Purchases of property and equipment (13,136 ) (26,690 )
Proceeds from sale of property and equipment - 8
Purchase of intangible assets (872 ) (2,562 )
Purchase of marketable securities (68,662 ) (265,758 )
Redemption of marketable securities 16,638 102,374
Change in restricted cash 43 (11 )
Acquisitions, net of cash acquired -   (23,725 )
Net cash used in investing activities (65,989 ) (216,364 )
 
Financing activities:
Proceeds from issuance of common stock from
stock purchase plan 119 1,524
Stock repurchase (1,849 ) (90,050 )
Tax benefit related to stock option exercise 26   1,633  
Net cash used in financing activities (1,704 ) (86,893 )
 
Effect of exchange rate changes on cash and cash equivalents (5,729 ) 1,918
   
Net increase/(decrease) in cash and cash equivalents 225,994 (108,874 )
Cash and cash equivalents at beginning of period 696,335   707,689  
Cash and cash equivalents at end of period $922,329   $598,815  

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