The following table illustrates the effect of deferred revenues and costs, net of the amortization of previous deferrals, associated with certain products bundled with content and services. These deferred revenues and costs are being amortized over the estimated economic lives of the products. Additional details will be available in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 and are available in the Annual Report on Form 10-K for the year ended December 31, 2011 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983).
| Garmin Ltd. And Subsidiaries | ||||||||
| Net Deferred Revenue Impact (Unaudited) | ||||||||
| (In thousands, except per share information) | ||||||||
| 13-Weeks Ended | ||||||||
| March 31, | March 26, | |||||||
| 2012 | 2011 | |||||||
| Net sales | $ | 723 | $ | (21,826 | ) | |||
| Cost of goods sold | 154 | (3,905 | ) | |||||
| Gross profit | 569 | (17,921 | ) | |||||
| Operating income | 569 | (17,921 | ) | |||||
| Income tax provision based on normalized tax effects | 73 | (267 | ) | |||||
| Net income | $ | 496 | $ | (17,654 | ) | |||
| Net income per share: | ||||||||
| Basic | $ | 0.00 | $ | (0.09 | ) | |||
| Diluted | $ | 0.00 | $ | (0.09 | ) | |||
