The following table illustrates the net effect of deferred revenues and costs associated with certain products bundled with content and services in the current quarter and year-to-date periods. These deferred revenues and costs are being amortized over the estimated economic lives of the products. Additional details will be available in the Annual Report on Form 10-K for the year ended December 29, 2012 that will be filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983) next week.
| Garmin Ltd. And Subsidiaries | ||||||||||||||||
| Net Deferred Revenue Impact (Unaudited) | ||||||||||||||||
| (In thousands, except per share information) | ||||||||||||||||
| 13-Weeks Ended | 14-Weeks Ended | 52-Weeks Ended | 53-Weeks Ended | |||||||||||||
| December 29, | December 31, | December 29, | December 31, | |||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Net sales | $ | (33,035 | ) | $ | (71,976 | ) | $ | (68,303 | ) | $ | (179,333 | ) | ||||
| Cost of goods sold | (6,510 | ) | (14,793 | ) | (15,451 | ) | (36,117 | ) | ||||||||
| Gross profit | (26,525 | ) | (57,183 | ) | (52,852 | ) | (143,216 | ) | ||||||||
| Operating income | (26,525 | ) | (57,183 | ) | (52,852 | ) | (143,216 | ) | ||||||||
| Income tax provision based on normalized tax effects | (4,386 | ) | (6,045 | ) | (6,950 | ) | (15,510 | ) | ||||||||
| Net income | $ | (22,139 | ) | $ | (51,138 | ) | $ | (45,902 | ) | $ | (127,706 | ) | ||||
| Net income per share: | ||||||||||||||||
| Basic | -$0.11 | -$0.26 | -$0.24 | -$0.66 | ||||||||||||
| Diluted | -$0.11 | -$0.26 | -$0.23 | -$0.66 | ||||||||||||
