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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