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Fourth Quarter 2008 Financial Summary: |
| -- Total revenue of $1.048 billion, down 14% from $1.217 billion in fourth quarter 2007 |
| -- Automotive/Mobile segment revenue decreased 17% to $828 million in fourth quarter 2008 |
| -- Outdoor/Fitness segment revenue increased 5% to $120 million in fourth quarter 2008 |
| -- Aviation segment revenue decreased 5% to $67 million in fourth quarter 2008 |
| -- Marine segment revenue was flat at $33 million in fourth quarter 2008 |
| -- All geographies slowed as poor economic conditions weighed on the business: |
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-- North America revenue was $761 million compared to $836 million, down 9% |
| -- Europe revenue was $251 million compared to $338 million, down 26% |
| -- Asia revenue was $36 million compared to $43 million, down 17% |
| -- Healthy gross margin of 41.1% compared to 44.3% in third quarter 2008 and 41.8% in fourth quarter 2007 |
| -- Operating margin of 22.6% compared to 24.6% in third quarter 2008 and 25.7% in fourth quarter of 2007 |
| -- Effective tax rate was 22.8% compared to 11.7% in fourth quarter 2007 resulting in a negative EPS impact of $0.11 |
| -- Diluted earnings per share of $0.78 compared to $1.39 in fourth quarter 2007; excluding foreign exchange, EPS was $0.93 compared to $1.31 in the same quarter in 2007 |
| -- Generated $340 million of free cash flow in the fourth quarter for a cash and marketable securities balance of just over $973 million |
| -- Significant inventory reduction from third quarter 2008 of $274 million resulting in year-end 2008 inventory of $425 million. |
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Fiscal Year 2008 Financial Summary: |
| -- Total revenue of $3.49 billion, up 10% from $3.18 billion in 2007 |
| -- Automotive/Mobile segment revenue increased 8% to $2.54 billion in 2008 |
| -- Outdoor/Fitness segment revenue increased 26% to $428 million in 2008 |
| -- Aviation segment revenue increased 10% to $323 million in 2008 |
| -- Marine segment revenue increased 1% to $204 million in 2008 |
| -- All geographic areas experienced growth: |
| -- North America revenue was $2.34 billion compared to $2.07 billion, up 13% |
| -- Europe revenue was $1.01 billion compared to $969 million, up 5% |
| -- Asia revenue was $145 million compared to $144 million, up 1% |
| -- Solid 44.5% gross margin and 24.7% operating margin for the full year were better than expected |
| -- Generated $743 million of free cash flow with a debt-free balance sheet |
| -- Effective tax rate was 19.9% compared to 12.6% in 2007 resulting in a negative EPS impact of $0.31 |
| -- Diluted earnings per share of $3.48 compared to $3.89 in 2007; excluding foreign exchange, EPS decreased 3% to $3.69 from $3.80 in 2007. Fiscal year EPS includes $0.27 related to a gain of $72 million from the sale and tender of our Tele Atlas N.V. shares. |
