Garmin Reports First Quarter 2009 Results

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share information)

	13-Weeks Ended
	March 28,		March 29,
	2009		2008

Net sales	$ 436,699		$ 663,805

Cost of goods sold	240,704		343,690

Gross profit	195,995		320,115

Advertising expense	23,225		38,129
Selling, general and administrative expense	59,777		59,696
Research and development expense	55,034		49,558
Total operating expense	138,036		147,383

Operating income	57,959		172,732

Interest income	5,097		8,327
Foreign currency	(2,438	)	(3,999	)
Other	(694	)	5,383
Total other income (expense)	1,965		9,711

Income before income taxes	59,924		182,443

Income tax provision	11,386		34,664

Net income	$48,538		$147,779

Net income per share:
Basic	$0.24		$0.68
Diluted	$0.24		$0.67

Weighted average common
shares outstanding:
Basic	200,352		216,505
Diluted	200,725		218,979

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