Garmin Reports First Quarter 2011 Results with Strong Revenue Performance in all Segments

Dividend Update

As announced in February, the Board will recommend to the shareholders for approval at the annual meeting to be held on June 3, 2011 a cash dividend in the amount of $2.00 per share (of which, $1.60 will be paid in the Company’s 2011 fiscal year subject to possible adjustment based on the total amount of the dividend in Swiss Francs as approved at the annual meeting) payable in four installments as follows: $0.80 on June 30, 2011 to shareholders of record on June 15, 2011, $0.40 on September 30, 2011 to shareholders of record on September 15, 2011, $0.40 on December 30, 2011 to shareholders of record on December 15, 2011 and $0.40 on March 30, 2012 to shareholders of record on March 15, 2012.

Non-GAAP Measures

Pro Forma Net income (earnings) per share

Management believes that net income per share before the impact of foreign currency translation gain or loss is an important measure. The majority of the Company’s consolidated foreign currency gain or a loss result from transactions involving the Euro, the British Pound Sterling and the Taiwan Dollar and from the exchange rate impact of the significant cash and marketable securities, receivables and payables held in U.S. dollars at the end of each reporting period by the Company’s various non U.S. subsidiaries. Such gain or loss is required under GAAP because the functional currency of the subsidiaries differs from the currency in which various assets and liabilities are held. However, there is minimal cash impact from such foreign currency gain or loss. Accordingly, earnings per share before the impact of foreign currency translation gain or loss allow an assessment of the Company’s operating performance before the non-cash impact of the position of the U.S. Dollar versus other currencies, which permits a consistent comparison of results between periods.

The following table contains a reconciliation of GAAP net income per share to pro forma net income per share.

       
Garmin Ltd. And Subsidiaries
Net income per share (Pro Forma)
(in thousands, except per share information)
 
13-Weeks Ended
March 26, March 27,
2011       2010
 
Net Income (GAAP) $ 95,482 $ 37,329
Foreign currency (gain) / loss, net of tax effects   ($11,959 )       $ 38,160
Net income (Pro Forma) $ 83,523         $ 75,489
 
Net income per share (GAAP):
Basic $ 0.49 $ 0.19
Diluted $ 0.49 $ 0.19
 
Net income per share (Pro Forma):
Basic $ 0.43 $ 0.38
Diluted $ 0.43 $ 0.38
 
Weighted average common shares outstanding:
Basic 193,922 199,926
Diluted 194,720 201,091
 

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