Garmin Reports Fourth Quarter Results with Continued Strength in Outdoor/Fitness, Aviation and Marine Businesses

Net deferred revenues and costs

The following table illustrates the net effect of deferred revenues and costs associated with products that include lifetime maps, connected services and premium traffic. These revenues and costs are being amortized over the estimated economic lives of the products. Additional details are available in the Annual Report on Form 10-K for the year ended December 25, 2010 that will be filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983) today.

Garmin Ltd. And Subsidiaries
Net Deferred Revenue Impact (Unaudited)
(In thousands, except per share information)
       
13-Weeks Ended 52-Weeks Ended
December 25, December 26, December 25, December 26,
2010 2009 2010 2009
Net sales ($64,670 ) $ (21,511 ) $ (131,303 ) $ (66,484 )
Cost of goods sold   (21,545 )   (2,782 )   (31,428 )   (13,310 )
Gross profit (43,125 ) (18,729 ) (99,875 ) (53,174 )
 
Operating income (43,125 ) (18,729 ) (99,875 ) (53,174 )
 
Income tax provision based on normalized tax effects   (6,483 )   (884 )   (15,814 )   (6,881 )
             
Net income $ (36,641 )   $ (17,845 )   $ (84,060 )   $ (46,293 )
 
Net income per share:
Basic -$0.19 -$0.09 -$0.43 -$0.23
Diluted -$0.19 -$0.09 -$0.42 -$0.23
 

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