Our 2013 guidance remains largely unchanged with operating income and operating margin trending toward the upper end of prior guidance offset by an anticipated 100 basis point increase in the effective tax rate.

Webcast Information/Forward-Looking Statements:

The information for Garmin Ltd.’s earnings call is as follows:

When:		Wednesday, July 31, 2013 at 10:30 a.m. Eastern
Where:		http://www.garmin.com/aboutGarmin/invRelations/irCalendar.html
How:		Simply log on to the web at the address above or call to listen in at 888-487-0340

An archive of the live webcast will be available until August 30, 2013 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 2013, the Company’s expected segment revenue growth rate, margins, new products to be introduced in 2013 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 29, 2012 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2012 Form 10-K can be downloaded from http://www.garmin.com/aboutGarmin/invRelations/finReports.html.

Garmin, Edge, Forerunner, GPSMAP and nüvi are registered trademarks and Monterra 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 Statements of Income (Unaudited)
(In thousands, except per share information)
			13-Weeks Ended									26-Weeks Ended
			June 29,				June 30,					June 29,				June 30,
			2013				2012					2013				2012
Net sales			$	696,563			$	718,154				$	1,228,520			$	1,274,751
Cost of goods sold				312,923				296,341					568,747				569,180
Gross profit				383,640				421,813					659,773				705,571
Advertising expense				29,483				38,258					51,732				61,849
Selling, general and administrative expense				88,039				99,246					174,307				189,362
Research and development expense				96,232				80,303					183,922				160,021
Total operating expense				213,754				217,807					409,961				411,232
Operating income				169,886				204,006					249,812				294,339
Other income (expense):
Interest income				8,179				8,620					17,077				18,291
Foreign currency gains (losses)				27,451				(7,771	)				19,102				(9,760	)
Other				1,069				2,581					2,228				4,121
Total other income (expense)				36,699				3,430					38,407				12,652
Income before income taxes				206,585				207,436					288,219				306,991
Income tax provision				34,094				21,532					27,062				34,230
Net income			$	172,491			$	185,904				$	261,157			$	272,761
Net income per share:
Basic			$	0.88			$	0.95				$	1.34			$	1.40
Diluted			$	0.88			$	0.95				$	1.33			$	1.39
Weighted average common
shares outstanding:
Basic				195,570				194,849					195,600				194,795
Diluted				196,300				196,261					196,338				196,232

Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share information)
			(Unaudited)
			June 29,					December 29,
			2013					2012
Assets
Current assets:
Cash and cash equivalents			$	1,083,490				$	1,231,180
Marketable securities				142,582					153,083
Accounts receivable, net				484,246					603,673
Inventories, net				383,492					389,931
Deferred income taxes				63,241					68,785
Deferred costs				54,104					53,948
Prepaid expenses and other current assets				135,104					35,520
Total current assets				2,346,259					2,536,120
Property and equipment, net				410,533					409,751
Marketable securities				1,475,761					1,488,312
Restricted cash				249					836
Noncurrent deferred income tax				95,411					93,920
Noncurrent deferred costs				37,830					42,359
Other intangible assets, net				220,531					232,597
Other assets				12,607					15,229
Total assets			$	4,599,181				$	4,819,124
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable			$	128,078				$	131,263
Salaries and benefits payable				50,184					55,969
Accrued warranty costs				34,288					37,301
Accrued sales program costs				39,083					57,080
Deferred revenue				251,074					252,375
Accrued royalty costs				9,444					71,745
Accrued advertising expense				16,696					25,192
Other accrued expenses				72,634					69,806
Deferred income taxes				160					332
Income taxes payable				24,390					32,031
Dividend payable				263,704					175,932
Total current liabilities				889,735					909,026
Deferred income taxes				1,219					2,467
Non-current income taxes				173,651					181,754
Non-current deferred revenue				167,268					193,047
Other liabilities				951					1,034
Stockholders' equity:
Shares, CHF 10 par value, 208,077,418 shares authorized and issued;
195,317,390 shares outstanding at June 29, 2013
and 195,591,854 shares outstanding at December 29, 2012				1,797,435					1,797,435
Additional paid-in capital				83,513					72,462
Treasury stock				(93,587	)				(81,280	)
Retained earnings				1,514,153					1,604,625
Accumulated other comprehensive income				64,843					138,554
Total stockholders' equity				3,366,357					3,531,796
Total liabilities and stockholders' equity			$	4,599,181				$	4,819,124

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
				26-Weeks Ended
				June 29,					June 30,
				2013					2012
Operating Activities:
Net income				$	261,157				$	272,761
Adjustments to reconcile net income to net cash
provided by operating activities:
	Depreciation				25,340					27,351
	Amortization				16,579					23,709
	Loss on sale of property and equipment				28					11
	Provision for doubtful accounts				701					2,256
	Deferred income taxes				5,599					(5,268	)
	Unrealized foreign currency losses/(gains)				(15,996	)				18,556
	Provision for obsolete and slow moving inventories				12,017					3,276
	Stock compensation expense				10,978					18,043
	Realized gains on marketable securities				(2,278	)				(1,463	)
Changes in operating assets and liabilities, net of acquisitions:
	Accounts receivable				110,600					117,422
	Inventories				(12,160	)				10,004
	Other current and non-current assets				(16,354	)				10,143
	Accounts payable				(547	)				(26,627	)
	Other current and non-current liabilities				(95,261	)				(103,327	)
	Deferred revenue				(25,952	)				15,493
	Deferred cost				4,378					(4,652	)
	Income taxes payable				(15,168	)				(32,555	)
Net cash provided by operating activities					263,661					345,133
Investing activities:
Purchases of property and equipment					(29,723	)				(17,426	)
Proceeds from sale of property and equipment					64					14
Purchase of intangible assets					(674	)				(4,682	)
Purchase of marketable securities					(488,515	)				(639,612	)
Redemption of marketable securities					470,086					464,329
Advances under loan receivable commitment					(82,020	)				-
Change in restricted cash					587					(54	)
Acquisitions, net of cash acquired					(25	)				(2,818	)
Net cash used in investing activities					(130,220	)				(200,249	)
Financing activities:
Dividends paid					(263,857	)				(165,638	)
Purchase of treasury stock under share repurchase plan					(13,353	)				-
Purchase of treasury stock related to equity awards					(7,367	)				(6,460	)
Proceeds from issuance of treasury stock related to equity awards					8,185					10,133
Tax benefit from issuance of equity awards					300					1,304
Net cash used in financing activities					(276,092	)				(160,661	)
Effect of exchange rate changes on cash and cash equivalents					(5,039	)				(3,664	)
Net decrease in cash and cash equivalents					(147,690	)				(19,441	)
Cash and cash equivalents at beginning of period					1,231,180					1,287,160
Cash and cash equivalents at end of period				$	1,083,490				$	1,267,719

Garmin Ltd. And Subsidiaries
Revenue, Gross Profit, and Operating Income by Segment (Unaudited)
					Reporting Segments
														Auto/
					Outdoor			Fitness			Marine			Mobile			Aviation			Total
13-Weeks Ended June 29, 2013
Net sales					$106,856			$84,216			$72,748			$344,701			$88,042			$696,563
Gross profit					$70,387			$55,071			$40,938			$155,363			$61,881			$383,640
Operating income					$44,842			$29,641			$14,411			$60,444			$20,548			$169,886
13-Weeks Ended June 30, 2012
Net sales					$100,496			$81,812			$67,790			$392,124			$75,932			$718,154
Gross profit					$66,892			$56,665			$43,139			$200,923			$54,194			$421,813
Operating income					$43,739			$34,146			$18,427			$87,108			$20,586			$204,006
26-Weeks Ended June 29, 2013
Net sales					$183,022			$156,653			$123,044			$597,290			$168,511			$1,228,520
Gross profit					$114,862			$100,039			$64,285			$262,483			$118,104			$659,773
Operating income					$66,430			$49,533			$11,971			$80,476			$41,402			$249,812
26-Weeks Ended June 30, 2012
Net sales					$177,659			$153,026			$123,854			$671,393			$148,819			$1,274,751
Gross profit					$114,154			$100,160			$76,634			$310,753			$103,870			$705,571
Operating income					$69,648			$54,797			$27,205			$105,043			$37,646			$294,339

Garmin Ltd. And Subsidiaries
Revenue by Geography (Unaudited)
			13-Weeks Ended									26-Weeks Ended
			June 29,			June 30,			Yr over Yr			June 29,			June 30,			Yr over Yr
			2013			2012			Change			2013			2012			Change
Net sales			$696,563			$718,154			-3%			$1,228,520			$1,274,751			-4%
Americas			383,537			391,671			-2%			669,349			687,841			-3%
EMEA			256,401			269,415			-5%			447,177			468,031			-4%
APAC			56,625			57,068			-1%			111,994			118,879			-6%

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7  Next Page »