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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