Garmin Reports Record Second Quarter; Announces Increased Dividend, Raises Guidance


Marketable securities 258,445 407,843
Restricted cash 1,558 1,525
Licensing agreements, net 14,804 3,307
Other intangible assets, net 131,186 64,273

Total assets $2,444,601 $1,897,020

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $167,339 $88,375
Salaries and benefits payable 26,056 16,268
Warranty reserve 49,725 37,639
Other accrued expenses 168,057 100,732
Income taxes payable 16,975 94,668

Total current liabilities 428,152 337,682

Long-term debt, less current portion - 248
Deferred income taxes 1,010 1,191
Other liabilities 90,470 -


Stockholders' equity:
Common stock 1,085 1,082
Additional paid-in capital 105,525 83,438
Retained earnings 1,832,892 1,478,654
Accumulated other comprehensive loss (14,533) (5,275)

Total stockholders' equity 1,924,969 1,557,899
Total liabilities and stockholders' equity $2,444,601 $1,897,020



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

13-Weeks Ended 26-Weeks Ended
June 30, July 1, June 30, July 1,
2007 2006 2007 2006

Net sales $742,466 $432,468 $1,234,625 $754,779

Cost of goods sold 367,799 216,184 622,206 375,706

Gross profit 374,667 216,284 612,419 379,073

Selling, general and
administrative expenses 95,373 54,915 161,297 92,678
Research and development
expense 37,727 26,793 71,230 51,707
133,100 81,708 232,527 144,385

Operating income 241,567 134,576 379,892 234,688

Other income (expense):
Interest income 10,841 8,538 20,199 15,843

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