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

Interest expense (23) (5) (55) (12)
Foreign currency (6,086) 2,958 7,119 (4,488)
Other 338 (167) 389 3,437
5,070 11,324 27,652 14,780

Income before income taxes 246,637 145,900 407,544 249,468

Income tax provision 32,260 22,614 53,307 38,668

Net income $214,377 $123,286 $354,237 $210,800

Net income per share:
Basic $0.99 $0.57 $1.64 $0.97
Diluted $0.98 $0.56 $1.62 $0.96

Weighted average common shares
outstanding:
Basic 216,380 216,818 216,298 216,594
Diluted 219,078 219,344 218,925 218,868



Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)

26-Weeks Ended
June 30, July 1,
2007 2006
Operating Activities:
Net income $354,237 $210,800
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 13,479 10,211
Amortization 15,856 17,055
Loss (gain) on sale of property and equipment 18 191
Provision for doubtful accounts 1,808 2,038
Deferred income taxes (725) (13,478)
Foreign currency transaction gains/losses (10,358) 2,392
Provision for obsolete and slow moving
inventories 17,309 9,336
Stock compensation expense 7,196 4,759
Realized gains on marketable securities - (3,852)
Changes in operating assets and liabilities:
Accounts receivable (88,405) (126,836)
Inventories (33,406) (37,408)
Other current assets 9,059 (11,135)
Accounts payable 63,472 13,119

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