x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Switzerland
(State
or other jurisdiction
of
incorporation or organization)
|
98-0229227
(I.R.S.
Employer identification no.)
|
Vorstadt
40/42
8200
Schaffhausen
Switzerland
(Address
of principal executive offices)
|
N/A
(Zip
Code)
|
Page
|
||||
Part I - Financial Information | ||||
Item
1.
|
Condensed
Consolidated Financial Statements
|
3
|
||
Introductory
Comments
|
3
|
|||
Condensed
Consolidated Balance Sheets at September 25, 2010 (Unaudited) and December
26, 2009
|
4
|
|||
Condensed
Consolidated Statements of Income for the 13-weeks and 39-weeks ended
September 25, 2010 and September 26, 2009 (Unaudited)
|
5
|
|||
Condensed
Consolidated Statements of Cash Flows for the 39-weeks ended September 25,
2010 and September 26, 2009 (Unaudited)
|
6
|
|||
Notes
to Condensed Consolidated Financial Statements (Unaudited)
|
7
|
|||
Item
2.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
16
|
||
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
25
|
||
Item
4.
|
Controls
and Procedures
|
26
|
||
Part
II - Other Information
|
||||
Item
1.
|
Legal
Proceedings
|
27
|
||
Item
1A.
|
Risk
Factors
|
29
|
||
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
29
|
||
Item
3.
|
Defaults
Upon Senior Securities
|
29
|
||
Item
5.
|
Other
Information
|
29
|
||
Item
6.
|
Exhibits
|
30
|
||
Signature
Page
|
31
|
|||
Index
to Exhibits
|
|
|
32
|
(Unaudited)
Sept 25,
2010
|
December 26,
2009
|
|||||||
Assets
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 1,235,965 | $ | 1,091,581 | ||||
Marketable
securities
|
21,920 | 19,583 | ||||||
Accounts
receivable, net
|
524,924 | 874,110 | ||||||
Inventories,
net
|
494,354 | 309,938 | ||||||
Deferred
income taxes
|
58,428 | 59,189 | ||||||
Prepaid
expenses and other current assets
|
35,807 | 39,470 | ||||||
Total
current assets
|
2,371,398 | 2,393,871 | ||||||
Property
and equipment, net
|
427,856 | 441,338 | ||||||
Marketable
securities
|
639,118 | 746,464 | ||||||
Restricted
cash
|
956 | 2,047 | ||||||
Licensing
agreements, net
|
2,059 | 15,400 | ||||||
Noncurrent
deferred income tax
|
20,499 | 20,498 | ||||||
Other
intangible assets, net
|
196,132 | 206,256 | ||||||
Total
assets
|
$ | 3,658,018 | $ | 3,825,874 | ||||
Liabilities
and Stockholders' Equity
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ | 194,894 | $ | 203,388 | ||||
Salaries
and benefits payable
|
37,299 | 45,236 | ||||||
Accrued
warranty costs
|
44,023 | 87,424 | ||||||
Accrued
sales program costs
|
57,557 | 119,150 | ||||||
Deferred
revenue
|
61,731 | 27,910 | ||||||
Accrued
advertising expense
|
19,505 | 34,146 | ||||||
Other
accrued expenses
|
111,559 | 143,568 | ||||||
Income
taxes payable
|
42,959 | 22,846 | ||||||
Total
current liabilities
|
569,527 | 683,668 | ||||||
Deferred
income taxes
|
11,255 | 10,170 | ||||||
Non-current
income taxes
|
154,853 | 255,748 | ||||||
Non-current
deferred revenue
|
70,716 | 38,574 | ||||||
Other
liabilities
|
1,418 | 1,267 | ||||||
Stockholders'
equity:
|
||||||||
Shares,
CHF 10.00 par value, 2,080,774,180 shares authorized, 207,563,000 shares
issued and 193,371,000 shares outstanding at September 25, 2010; Common
stock, $.005 par value, 1,000,000,000 shares authorized, 200,274,000
shares issued and outstanding at December 25, 2009
|
1,792,768 | 1,001 | ||||||
Additional
paid-in capital
|
11,673 | 32,221 | ||||||
Treasury
stock (4,192,000 shares at cost)
|
(123,563 | ) | - | |||||
Retained
earnings
|
1,136,374 | 2,816,607 | ||||||
Accumulated
other comprehensive income/(loss)
|
32,997 | (13,382 | ) | |||||
Total
stockholders' equity
|
2,850,249 | 2,836,447 | ||||||
Total
liabilities and stockholders' equity
|
$ | 3,658,018 | $ | 3,825,874 |
13-Weeks
Ended
|
39-Weeks
Ended
|
|||||||||||||||
Sept
25,
|
Sept
26,
|
Sept
25,
|
Sept
26,
|
|||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Net
sales
|
$ | 692,364 | $ | 781,254 | $ | 1,852,196 | $ | 1,887,057 | ||||||||
Cost
of goods sold
|
348,344 | 371,512 | 885,615 | 929,706 | ||||||||||||
Gross
profit
|
344,020 | 409,742 | 966,581 | 957,351 | ||||||||||||
Advertising
expense
|
41,002 | 45,853 | 100,843 | 103,101 | ||||||||||||
Selling,
general and administrative expense
|
66,869 | 71,499 | 208,379 | 193,461 | ||||||||||||
Research
and development expense
|
69,512 | 55,507 | 205,332 | 166,795 | ||||||||||||
Total
operating expense
|
177,383 | 172,859 | 514,554 | 463,357 | ||||||||||||
Operating
income
|
166,637 | 236,883 | 452,027 | 493,994 | ||||||||||||
Interest
income
|
5,695 | 6,360 | 18,364 | 16,646 | ||||||||||||
Foreign
currency gains (losses)
|
35,527 | 11,752 | (54,614 | ) | 4,478 | |||||||||||
Other
|
3,057 | 1,684 | 5,071 | 1,325 | ||||||||||||
Total
other income (expense)
|
44,279 | 19,796 | (31,179 | ) | 22,449 | |||||||||||
Income
before income taxes
|
210,916 | 256,679 | 420,848 | 516,443 | ||||||||||||
Income
tax provision (benefit)
|
(68,636 | ) | 41,546 | (30,848 | ) | 90,901 | ||||||||||
Net
income
|
$ | 279,552 | $ | 215,133 | $ | 451,696 | $ | 425,542 | ||||||||
Net
income per share:
|
||||||||||||||||
Basic
|
$ | 1.44 | $ | 1.07 | $ | 2.28 | $ | 2.12 | ||||||||
Diluted
|
$ | 1.43 | $ | 1.07 | $ | 2.27 | $ | 2.12 | ||||||||
Weighted
average common shares outstanding:
|
||||||||||||||||
Basic
|
194,482 | 200,546 | 197,785 | 200,398 | ||||||||||||
Diluted
|
195,305 | 201,599 | 198,891 | 201,038 | ||||||||||||
Cash
dividends declared per common share
|
$ | 0.75 | $ | 1.50 | $ | 0.75 |
39-Weeks Ended
|
||||||||
Sept 25,
|
Sept 26,
|
|||||||
2010
|
2009
|
|||||||
Operating
Activities:
|
||||||||
Net
income
|
$ | 451,696 | $ | 425,542 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Depreciation
|
39,755 | 39,945 | ||||||
Amortization
|
32,471 | 25,945 | ||||||
Loss/(Gain)
on sale of property and equipment
|
34 | (6 | ) | |||||
Provision
for doubtful accounts
|
(3,104 | ) | 3,191 | |||||
Deferred
income taxes
|
260 | (1,083 | ) | |||||
Foreign
currency transaction losses/(gains)
|
38,635 | (26,936 | ) | |||||
Provision
for obsolete and slow moving inventories
|
14,406 | 17,309 | ||||||
Stock
compensation expense
|
29,412 | 31,502 | ||||||
Realized
losses/(gains) on marketable securities
|
1,022 | 110 | ||||||
Changes
in operating assets and liabilities:
|
||||||||
Accounts
receivable
|
351,225 | 178,281 | ||||||
Inventories
|
(196,270 | ) | 43,340 | |||||
Other
current assets
|
13,964 | (22,827 | ) | |||||
Accounts
payable
|
(13,051 | ) | 22,618 | |||||
Other
current and non-current liabilities
|
(261,132 | ) | 87,216 | |||||
Deferred
revenue
|
65,552 | - | ||||||
Income
taxes payable
|
24,383 | 28,198 | ||||||
Purchase
of licenses
|
(3,043 | ) | (3,790 | ) | ||||
Net
cash provided by operating activities
|
586,215 | 848,555 | ||||||
Investing
activities:
|
||||||||
Purchases
of property and equipment
|
(22,983 | ) | (35,441 | ) | ||||
Proceeds
from sale of property and equipment
|
- | (7 | ) | |||||
Purchase
of intangible assets
|
(7,891 | ) | (7,461 | ) | ||||
Purchase
of marketable securities
|
(413,312 | ) | (626,155 | ) | ||||
Redemption
of marketable securities
|
534,500 | 110,751 | ||||||
Change
in restricted cash
|
1,091 | (103 | ) | |||||
Net
cash provided by/(used in) investing activities
|
91,405 | (558,416 | ) | |||||
Financing
activities:
|
||||||||
Proceeds
from issuance of common stock from exercise of stock
options
|
6,369 | 1,688 | ||||||
Proceeds
from issuance of common stock from stock purchase plan
|
- | 3,712 | ||||||
Stock
repurchase
|
(223,378 | ) | (1,908 | ) | ||||
Dividends
paid
|
(299,103 | ) | - | |||||
Tax
benefit related to stock option exercise
|
2,377 | 455 | ||||||
Net
cash provided by/(used in) financing activities
|
(513,735 | ) | 3,947 | |||||
Effect
of exchange rate changes on cash and cash equivalents
|
(19,501 | ) | 21,342 | |||||
Net
increase in cash and cash equivalents
|
144,384 | 315,428 | ||||||
Cash
and cash equivalents at beginning of period
|
1,091,581 | 696,335 | ||||||
Cash
and cash equivalents at end of period
|
$ | 1,235,965 | $ | 1,011,763 |
1.
|
Basis
of Presentation
|
2.
|
Inventories
|
September 25, 2010
|
December 26, 2009
|
|||||||
Raw
Materials
|
$ | 128,175 | $ | 80,963 | ||||
Work-in-process
|
43,366 | 32,587 | ||||||
Finished
goods
|
352,399 | 235,286 | ||||||
Inventory
Reserves
|
(29,586 | ) | (38,898 | ) | ||||
Inventory,
net of reserves
|
$ | 494,354 | $ | 309,938 |
3.
|
Share
Repurchase Plan
|
4.
|
Earnings
Per Share
|
13-Weeks Ended
|
||||||||
Sept 25,
2010
|
Sept 26,
2009
|
|||||||
Numerator:
|
||||||||
Numerator
for basic and diluted net income per share - net income
|
$ | 279,552 | $ | 215,133 | ||||
Denominator:
|
||||||||
Denominator
for basic net income per share – weighted-average common
shares
|
194,482 | 200,546 | ||||||
Effect
of dilutive securities – employee stock options
|
823 | 1,053 | ||||||
Denominator
for diluted net income per share – adjusted weighted-average common
shares
|
195,305 | 201,599 | ||||||
Basic
net income per share
|
$ | 1.44 | $ | 1.07 | ||||
Diluted
net income per share
|
$ | 1.43 | $ | 1.07 |
39-Weeks Ended
|
||||||||
Sept 25,
2010
|
Sept 26,
2009
|
|||||||
Numerator:
|
||||||||
Numerator
for basic and diluted net income per share - net income
|
$ | 451,696 | $ | 425,542 | ||||
Denominator:
|
||||||||
Denominator
for basic net income per share – weighted-average common
shares
|
197,785 | 200,398 | ||||||
Effect
of dilutive securities – employee stock options
|
1,106 | 640 | ||||||
Denominator
for diluted net income per share – adjusted weighted-average common
shares
|
198,891 | 201,038 | ||||||
Basic
net income per share
|
$ | 2.28 | $ | 2.12 | ||||
Diluted
net income per share
|
$ | 2.27 | $ | 2.12 |
5.
|
Comprehensive
Income
|
13-Weeks Ended
|
||||||||
Sept 25,
2010
|
Sept 26,
2009
|
|||||||
Net
income
|
$ | 279,552 | $ | 215,133 | ||||
Translation
adjustment
|
26,020 | 12,135 | ||||||
Change
in fair value of available-for-sale marketable securities, net of deferred
taxes
|
4,938 | 4,255 | ||||||
Comprehensive
income
|
$ | 310,510 | $ | 231,523 |
39-Weeks Ended
|
||||||||
Sept 25,
2010
|
Sept 26,
2009
|
|||||||
Net
income
|
$ | 451,696 | $ | 425,542 | ||||
Translation
adjustment
|
26,213 | 19,608 | ||||||
Change
in fair value of available-for-sale marketable securities, net of deferred
taxes
|
20,140 | (587 | ) | |||||
Comprehensive
income
|
$ | 498,049 | $ | 444,563 |
6.
|
Segment
Information
|
Reportable Segments
|
||||||||||||||||||||
Outdoor/
Fitness
|
Marine
|
Auto/
Mobile
|
Aviation
|
Total
|
||||||||||||||||
13-Weeks
Ended September 25, 2010
|
||||||||||||||||||||
Net
sales
|
$ | 143,985 | $ | 46,086 | $ | 441,891 | $ | 60,402 | $ | 692,364 | ||||||||||
Operating
income
|
$ | 68,158 | $ | 15,618 | $ | 66,588 | $ | 16,273 | $ | 166,637 | ||||||||||
Income
before taxes
|
$ | 76,395 | $ | 17,991 | $ | 97,770 | $ | 18,760 | $ | 210,916 | ||||||||||
13-Weeks
Ended September 26, 2009
|
||||||||||||||||||||
Net
sales
|
$ | 132,174 | $ | 45,426 | $ | 545,707 | $ | 57,947 | $ | 781,254 | ||||||||||
Operating
income
|
$ | 53,430 | $ | 11,783 | $ | 160,053 | $ | 11,617 | $ | 236,883 | ||||||||||
Income
before taxes
|
$ | 48,527 | $ | 13,206 | $ | 183,324 | $ | 11,622 | $ | 256,679 | ||||||||||
39-Weeks
Ended September 25, 2010
|
||||||||||||||||||||
Net
sales
|
$ | 389,037 | $ | 161,710 | $ | 1,110,040 | $ | 191,409 | $ | 1,852,196 | ||||||||||
Operating
income
|
$ | 169,485 | $ | 56,694 | $ | 172,117 | $ | 53,731 | $ | 452,027 | ||||||||||
Income
before taxes
|
$ | 163,211 | $ | 53,235 | $ | 149,932 | $ | 54,470 | $ | 420,848 | ||||||||||
39-Weeks
Ended September 26, 2009
|
||||||||||||||||||||
Net
sales
|
$ | 320,187 | $ | 143,641 | $ | 1,242,011 | $ | 181,218 | $ | 1,887,057 | ||||||||||
Operating
income
|
$ | 132,351 | $ | 43,696 | $ | 271,370 | $ | 46,577 | $ | 493,994 | ||||||||||
Income
before taxes
|
$ | 127,443 | $ | 44,649 | $ | 297,955 | $ | 46,396 | $ | 516,443 |
Americas
|
Asia
|
Europe
|
Total
|
|||||||||||||
September
25, 2010
|
||||||||||||||||
Net
sales to external customers
|
$ | 1,109,376 | $ | 154,594 | $ | 588,226 | $ | 1,852,196 | ||||||||
Property
and equipment, net
|
$ | 232,546 | $ | 145,129 | $ | 50,181 | $ | 427,856 | ||||||||
September
26, 2009
|
||||||||||||||||
Net
sales to external customers
|
$ | 1,204,755 | $ | 104,846 | $ | 577,456 | $ | 1,887,057 | ||||||||
Property
and equipment, net
|
$ | 232,859 | $ | 157,487 | $ | 53,826 | $ | 444,172 |
7.
|
Warranty
Reserves
|
13-Weeks Ended
|
||||||||
Sept 25,
2010
|
Sept 26,
2009
|
|||||||
Balance
- beginning of the period
|
$ | 41,445 | $ | 79,968 | ||||
Change
in accrual for products sold in prior periods
|
- | - | ||||||
Accrual
for products sold during the period
|
23,183 | 49,981 | ||||||
Expenditures
|
(20,605 | ) | (46,868 | ) | ||||
Balance
- end of the period
|
$ | 44,023 | $ | 83,081 |
39-Weeks Ended
|
||||||||
Sept 25,
2010
|
Sept 26,
2009
|
|||||||
Balance
- beginning of the period
|
$ | 87,424 | $ | 87,408 | ||||
Change
in accrual for products sold in prior periods
|
(42,776 | ) | - | |||||
Accrual
for products sold during the period
|
53,801 | 104,671 | ||||||
Expenditures
|
(54,426 | ) | (108,998 | ) | ||||
Balance
- end of the period
|
$ | 44,023 | $ | 83,081 |
8.
|
Commitments
|
9.
|
Income
Taxes
|
10.
|
Fair
Value Measurements
|
Level
1
|
Unadjusted
quoted prices in active markets for identical assets or
liability
|
Level
2
|
Unadjusted
quoted prices in active markets for similar assets or
liabilities
|
Level
3
|
Unobservable
inputs for the asset or
liability
|
Fair Value Measurmennts as of September 25, 2010
|
||||||||||||||
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||
$ | 613,988 | $ | 613,988 |
-
|
- | |||||||||
47,050 | - | - | 47,050 | |||||||||||
$ | 661,038 | $ | 613,988 | $ | - | $ | 47,050 |
Fair Value Measurements as of December 26, 2009
|
||||||||||||||
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||
$ | 695,795 | $ | 695,795 | - | - | |||||||||
70,252 | - | - | 70,252 | |||||||||||
$ | 766,047 | $ | 695,795 | $ | - | $ | 70,252 |
Fair Value
Measurements
Using Significant
Unobservable
Inputs (Level 3)
|
Fair Value
Measurements
Using Significant
Unobservable
Inputs (Level 3)
|
|||||||
13 weeks Ended
September 25,
|
39 weeks Ended
September 25,
|
|||||||
2010
|
2010
|
|||||||
Beginning
balance of auction rate securities
|
$ | 64,546 | $ | 70,252 | ||||
Sales
in and/or out of Level 3
|
$ | (21,650 | ) | $ | (32,200 | ) | ||
Total
unrealized gains/(losses) included in other comprehensive
income
|
$ | 4,154 | $ | 8,998 | ||||
Transfers
in and/or out of Level 3
|
$ | - | $ | - | ||||
Ending
balance of auction rate securities
|
$ | 47,050 | $ | 47,050 |
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Other
Than
Temporary
Impairment
|
Estimated Fair Value
(Net Carrying
Amount)
|
||||||||||||||||
Mortgage-backed
securities
|
$ | 411,812 | $ | 11,304 | $ | (261 | ) | $ | - | $ | 422,855 | |||||||||
Auction
Rate Securities
|
59,499 | - | (12,449 | ) | - | 47,050 | ||||||||||||||
Obligations
of states and political subdivisions
|
98,939 | 1,611 | (116 | ) | - | 100,434 | ||||||||||||||
U.S.
corporate bonds
|
50,581 | 1,944 | (138 | ) | (1,274 | ) | 51,113 | |||||||||||||
Other
|
38,559 | 1,027 | - | - | 39,586 | |||||||||||||||
Total
|
$ | 659,390 | $ | 15,886 | $ | (12,964 | ) | $ | (1,274 | ) | $ | 661,038 |
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Other
Than
Temporary
Impairment
|
Estimated Fair Value
(Net Carrying
Amount)
|
||||||||||||||||
Mortgage-backed
securities
|
$ | 515,200 | $ | 2,682 | $ | (4,674 | ) | $ | - | $ | 513,208 | |||||||||
Auction
Rate Securities
|
91,700 | - | (21,448 | ) | - | 70,252 | ||||||||||||||
Obligations
of states and political subdivisions
|
112,419 | 908 | (181 | ) | - | 113,146 | ||||||||||||||
U.S.
corporate bonds
|
35,883 | 768 | (701 | ) | (1,274 | ) | 34,676 | |||||||||||||
Other
|
33,903 | 1,070 | (208 | ) | - | 34,765 | ||||||||||||||
Total
|
$ | 789,105 | $ | 5,428 | $ | (27,212 | ) | $ | (1,274 | ) | $ | 766,047 |
Cost
|
Estimated
Fair Value
|
|||||||
Due
in one year or less
|
$ | 21,804 | $ | 21,920 | ||||
Due
after one year through five years
|
157,757 | 161,759 | ||||||
Due
after five years through ten years
|
151,573 | 153,852 | ||||||
Due
after ten years
|
296,913 | 291,295 | ||||||
Other
(No contractual maturity dates)
|
31,343 | 32,212 | ||||||
$ | 659,390 | $ | 661,038 |
11.
|
Recently
Issued Accounting Pronouncements
|
12.
|
Redomestication
|
|
1.
|
all
issued and outstanding Garmin Ltd. (Cayman) common shares were transferred
to Garmin Ltd. (Switzerland); and
|
|
2.
|
in
consideration, Garmin Ltd. (Switzerland) (a) issued registered shares
(on a one-for-one basis) to the holders of the Garmin Ltd. (Cayman) common
shares that were transferred to Garmin Ltd. (Switzerland), and
(b) increased the par value of the 10,000,000 shares of Garmin Ltd.
(Switzerland) issued to Garmin Ltd. (Cayman) in connection with the
formation of Garmin Ltd. (Switzerland) (the “Formation Shares”) to the
same par value as the shares of Garmin Ltd. (Switzerland) issued to the
Garmin Ltd. (Cayman) shareholders. The Formation Shares were subsequently
transferred by Garmin Ltd. (Cayman) to its subsidiary, Garmin Luxembourg
S.à r.l. for future use to satisfy our obligations to deliver shares in
connection with awards granted under our equity incentive plans for
employees and other general corporate
purposes.
|
13.
|
Acquisition
|
14.
|
Subsequent
Event
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
13-Weeks Ended
|
||||||||
September 25, 2010
|
September 26, 2009
|
|||||||
Net
sales
|
100.0 | % | 100.0 | % | ||||
Cost
of goods sold
|
50.3 | % | 47.6 | % | ||||
Gross
profit
|
49.7 | % | 52.4 | % | ||||
Advertising
|
5.9 | % | 5.9 | % | ||||
Selling,
general and administrative
|
9.7 | % | 9.1 | % | ||||
Research
and development
|
10.0 | % | 7.1 | % | ||||
Total
operating expenses
|
25.6 | % | 22.1 | % | ||||
Operating
income
|
24.1
|
% | 30.3 | % | ||||
Other
income (expense), net
|
6.4
|
% | 2.5 | % | ||||
Income
before income taxes
|
30.5 | % | 32.8 | % | ||||
Provision
for income taxes
|
-9.9 | % | 5.3 | % | ||||
Net
income
|
40.4 | % | 27.5 | % |
39-Weeks Ended
|
||||||||
September 25, 2010
|
September 26, 2009
|
|||||||
Net
sales
|
100.0 | % | 100.0 | % | ||||
Cost
of goods sold
|
47.8 | % | 49.3 | % | ||||
Gross
profit
|
52.2 | % | 50.7 | % | ||||
Advertising
|
5.4 | % | 5.5 | % | ||||
Selling,
general and administrative
|
11.3 | % | 10.2 | % | ||||
Research
and development
|
11.1 | % | 8.8 | % | ||||
Total
operating expenses
|
27.8 | % | 24.5 | % | ||||
Operating
income
|
24.4 | % | 26.2 | % | ||||
Other
income (expense), net
|
-1.7 | % | 1.2 | % | ||||
Income
before income taxes
|
22.7 | % | 27.4 | % | ||||
Provision
for income taxes
|
-1.7 | % | 4.8 | % | ||||
Net
income
|
24.4 | % | 22.6 | % |
13-weeks ended September 25, 2010
|
13-weeks ended September 26, 2009
|
Quarter over Quarter
|
||||||||||||||||||||||
Net Sales
|
% of Revenues
|
Net Sales
|
% of Revenues
|
$ Change
|
% Change
|
|||||||||||||||||||
Outdoor/Fitness
|
$ | 143,985 | 21 | % | $ | 132,174 | 17 | % | $ | 11,811 | 9 | % | ||||||||||||
Marine
|
46,086 |
6
|
% | 45,426 | 6 | % | 660 | 1 | % | |||||||||||||||
Automotive/Mobile
|
441,891 |
64
|
% | 545,707 | 70 | % | (103,816 | ) | -19 | % | ||||||||||||||
Aviation
|
60,402 | 9 | % | 57,947 | 7 | % | 2,455 | 4 | % | |||||||||||||||
Total
|
$ | 692,364 | 100 | % | $ | 781,254 | 100 | % | $ | (88,890 | ) | -11 | % |
13-weeks ended September 25, 2010
|
13-weeks ended September 26, 2009
|
Quarter over Quarter
|
||||||||||||||||||||||
Gross Profit
|
% of Revenues
|
Gross Profit
|
% of Revenues
|
$ Change
|
% Change
|
|||||||||||||||||||
Outdoor/Fitness
|
$ | 94,519 | 66 | % | $ | 82,886 | 63 | % | $ | 11,633 | 14 | % | ||||||||||||
Marine
|
27,765 | 60 | % | 24,420 | 54 | % | 3,345 | 14 | % | |||||||||||||||
Automotive/Mobile
|
179,270 | 41 | % | 263,653 | 48 | % | (84,383 | ) | -32 | % | ||||||||||||||
Aviation
|
42,466 | 70 | % | 38,783 | 67 | % | 3,683 | 9 | % | |||||||||||||||
Total
|
$ | 344,020 | 50 | % | $ | 409,742 | 52 | % | $ | (65,722 | ) | -16 | % |
13-weeks
ended September 25, 2010
|
13-weeks
ended September 26, 2009
|
Quarter
over Quarter
|
||||||||||||||||||||||
Advertising
|
% of
Revenues
|
Advertising
|
% of
Revenues
|
$
Change
|
%
Change
|
|||||||||||||||||||
Outdoor/Fitness
|
$ | 6,873 | 5 | % | $ | 7,957 | 6 | % | $ | (1,084 | ) | -14 | % | |||||||||||
Marine
|
2,139 | 5 | % | 2,810 | 6 | % | (671 | ) | -24 | % | ||||||||||||||
Automotive/Mobile
|
31,078 | 7 | % | 34,098 | 6 | % | (3,020 | ) | -9 | % | ||||||||||||||
Aviation
|
912 | 2 | % | 988 | 2 | % | (76 | ) | -8 | % | ||||||||||||||
Total
|
$ | 41,002 | 6 | % | $ | 45,853 | 6 | % | $ | (4,851 | ) | -11 | % |
13-weeks ended September 25, 2010
|
13-weeks ended September 26, 2009
|
|||||||||||||||||||||||
Selling, General &
|
|
Selling, General &
|
|
Quarter over Quarter
|
||||||||||||||||||||
Admin. Expenses
|
% of Revenues
|
Admin.
Expenses
|
% of Revenues
|
$
Change
|
%
Change
|
|||||||||||||||||||
Outdoor/Fitness
|
$ | 12,915 | 9 | % | $ | 15,463 | 12 | % | $ | (2,548 | ) | -16 | % | |||||||||||
Marine
|
4,615 | 10 | % | 4,276 | 9 | % | 339 | 8 | % | |||||||||||||||
Automotive/Mobile
|
46,301 | 10 | % | 44,185 | 8 | % | 2,116 | 5 | % | |||||||||||||||
Aviation
|
3,038 | 5 | % | 7,575 | 13 | % | (4,537 | ) | -60 | % | ||||||||||||||
Total
|
$ | 66,869 | 10 | % | $ | 71,499 | 9 | % | $ | (4,630 | ) | -6 | % |
13-weeks
ended September 25, 2010
|
13-weeks
ended September 26, 2009
|
|||||||||||||||||||||||
Research
&
|
|
Research
&
|
|
Quarter
over Quarter
|
||||||||||||||||||||
Development
|
% of
Revenues
|
Development
|
% of
Revenues
|
$
Change
|
%
Change
|
|||||||||||||||||||
Outdoor/Fitness
|
$ | 6,573 | 5 | % | $ | 6,036 | 5 | % | $ | 537 | 9 | % | ||||||||||||
Marine
|
5,393 | 12 | % | 5,551 | 12 | % | (158 | ) | -3 | % | ||||||||||||||
Automotive/Mobile
|
35,303 | 8 | % | 25,317 | 5 | % | 9,986 | 39 | % | |||||||||||||||
Aviation
|
22,243 | 37 | % | 18,603 | 32 | % | 3,640 | 20 | % | |||||||||||||||
Total
|
$ | 69,512 | 10 | % | $ | 55,507 | 7 | % | $ | 14,005 | 25 | % |
13-weeks
ended September 25, 2010
|
13-weeks
ended September 26, 2009
|
Quarter
over Quarter
|
||||||||||||||||||||||
Operating
Income
|
% of
Revenues
|
Operating
Income
|
% of
Revenues
|
$
Change
|
%
Change
|
|||||||||||||||||||
Outdoor/Fitness
|
$ | 68,158 | 47 | % | $ | 53,430 | 40 | % | $ | 14,728 | 28 | % | ||||||||||||
Marine
|
15,618 | 34 | % | 11,783 | 26 | % | 3,835 | 33 | % | |||||||||||||||
Automotive/Mobile
|
66,588 | 15 | % | 160,053 | 29 | % | (93,465 | ) | -58 | % | ||||||||||||||
Aviation
|
16,273 | 27 | % | 11,617 | 20 | % | 4,656 | 40 | % | |||||||||||||||
Total
|
$ | 166,637 | 24 | % | $ | 236,883 | 30 | % | $ | (70,246 | ) | -30 | % |
13-weeks
ended
|
13-weeks
ended
|
|||||||
September
25, 2010
|
September
26, 2009
|
|||||||
Interest
Income
|
$ | 5,695 | $ | 6,360 | ||||
Foreign
Currency Gains/(Losses)
|
35,527 | 11,752 | ||||||
Other
|
3,057 | 1,684 | ||||||
Total
|
$ | 44,279 | $ | 19,796 |
39-weeks
ended September 25, 2010
|
39-weeks
ended September 26, 2009
|
Quarter
over Quarter
|
||||||||||||||||||||||
Net
Sales
|
% of
Revenues
|
Net
Sales
|
% of
Revenues
|
$
Change
|
%
Change
|
|||||||||||||||||||
Outdoor/Fitness
|
$ | 389,037 | 21 | % | $ | 320,187 | 17 | % | $ | 68,850 | 22 | % | ||||||||||||
Marine
|
161,710 | 9 | % | 143,641 | 8 | % | 18,069 | 13 | % | |||||||||||||||
Automotive/Mobile
|
1,110,040 | 60 | % | 1,242,011 | 66 | % | (131,971 | ) | -11 | % | ||||||||||||||
Aviation
|
191,409 | 10 | % | 181,218 | 9 | % | 10,191 | 6 | % | |||||||||||||||
Total
|
$ | 1,852,196 | 100 | % | $ | 1,887,057 | 100 | % | $ | (34,861 | ) |
-2
|
% |
39-weeks
ended September 25, 2010
|
39-weeks
ended September 26, 2009
|
Quarter
over Quarter
|
||||||||||||||||||||||
Gross
Profit
|
% of
Revenues
|
Gross
Profit
|
% of
Revenues
|
$
Change
|
%
Change
|
|||||||||||||||||||
Outdoor/Fitness
|
$ | 251,843 | 65 | % | $ | 204,526 | 64 | % | $ | 47,317 | 23 | % | ||||||||||||
Marine
|
101,103 | 63 | % | 83,078 | 58 | % | 18,025 | 22 | % | |||||||||||||||
Automotive/Mobile
|
|
479,381
|
|
|
|
43 | % |
|
542,910 | 44 | % |
|
(63,529 | ) |
-12
|
% | ||||||||
Aviation
|
134,254 | 70 | % | 126,837 | 70 | % | 7,417 | 6 | % | |||||||||||||||
Total
|
$ | 966,581 | 52 | % | $ | 957,351 | 51 | % | $ | 9,230 | 1 | % |
39-weeks
ended September 25, 2010
|
39-weeks
ended September 26, 2009
|
Quarter
over Quarter
|
||||||||||||||||||||||
Advertising
|
% of
Revenues
|
Advertising
|
% of
Revenues
|
$
Change
|
%
Change
|
|||||||||||||||||||
Outdoor/Fitness
|
$ | 18,163 | 5 | % | $ | 16,788 | 5 | % | $ | 1,375 | 8 | % | ||||||||||||
Marine
|
7,913 | 5 | % | 7,808 | 5 | % | 105 | 1 | % | |||||||||||||||
Automotive/Mobile
|
71,648 | 6 | % | 75,280 | 6 | % | (3,632 | ) | -5 | % | ||||||||||||||
Aviation
|
3,119 | 2 | % | 3,225 | 2 | % | (106 | ) | -3 | % | ||||||||||||||
Total
|
$ | 100,843 | 5 | % | $ | 103,101 | 5 | % | $ | (2,258 | ) | -2 | % |
39-weeks
ended September 25, 2010
|
39-weeks
ended September 26, 2009
|
|||||||||||||||||||||||
Selling,
General &
|
|
Selling,
General &
|
|
Quarter
over Quarter
|
||||||||||||||||||||
Admin.
Expenses
|
% of
Revenues
|
Admin.
Expenses
|
% of
Revenues
|
$
Change
|
%
Change
|
|||||||||||||||||||
Outdoor/Fitness
|
$ | 43,318 | 11 | % | $ | 37,694 | 12 | % | $ | 5,624 | 15 | % | ||||||||||||
Marine
|
19,277 | 12 | % | 15,455 | 11 | % | 3,822 | 25 | % | |||||||||||||||
Automotive/Mobile
|
133,954 | 12 | % | 121,236 | 10 | % | 12,718 | 10 | % | |||||||||||||||
Aviation
|
11,830 | 6 | % | 19,076 | 11 | % | (7,246 | ) | -38 | % | ||||||||||||||
Total
|
$ | 208,379 | 11 | % | $ | 193,461 | 10 | % | $ | 14,918 | 8 | % |
39-weeks
ended September 25, 2010
|
39-weeks
ended September 26, 2009
|
|||||||||||||||||||||||
Research
&
|
Research
&
|
Quarter
over Quarter
|
||||||||||||||||||||||
Development
|
% of
Revenues
|
Development
|
% of
Revenues
|
$
Change
|
%
Change
|
|||||||||||||||||||
Outdoor/Fitness
|
$ | 20,877 | 5 | % | $ | 17,693 | 6 | % | $ | 3,184 | 18 | % | ||||||||||||
Marine
|
17,219 | 11 | % | 16,119 | 11 | % | 1,100 | 7 | % | |||||||||||||||
Automotive/Mobile
|
101,662 | 9 | % | 75,024 | 6 | % | 26,638 | 36 | % | |||||||||||||||
Aviation
|
65,574 | 34 | % | 57,959 | 32 | % | 7,615 | 13 | % | |||||||||||||||
Total
|
$ | 205,332 | 11 | % | $ | 166,795 | 9 | % | $ | 38,537 | 23 | % |
39-weeks
ended September 25, 2010
|
39-weeks
ended September 26, 2009
|
Quarter
over Quarter
|
||||||||||||||||||||||
Operating
Income
|
% of
Revenues
|
Operating
Income
|
% of
Revenues
|
$
Change
|
%
Change
|
|||||||||||||||||||
Outdoor/Fitness
|
$ | 169,485 | 44 | % | $ | 132,351 | 41 | % | $ | 37,134 | 28 | % | ||||||||||||
Marine
|
56,694 | 35 | % | 43,696 | 30 | % | 12,998 | 30 | % | |||||||||||||||
Automotive/Mobile
|
|
172,117 | 16 | % | 271,370 | 22 | % | (99,253 | ) |
-37
|
% | |||||||||||||
Aviation
|
53,731 | 28 | % | 46,577 | 26 | % | 7,154 | 15 | % | |||||||||||||||
Total
|
$ | 452,027 | 24 | % | $ | 493,994 | 26 | % | $ | (41,967 | ) |
-8
|
% |
39-weeks
ended
|
39-weeks
ended
|
|||||||
September
25, 2010
|
September
26, 2009
|
|||||||
Interest
Income
|
$ | 18,364 | $ | 16,646 | ||||
Foreign
Currency Gains/(Losses)
|
(54,614 | ) | 4,478 | |||||
Other
|
5,071 | 1,325 | ||||||
Total
|
$ | (31,179 | ) | $ | 22,449 |
Period
|
Total # of
Shares
Purchased
|
Average Price
Paid
Per Share
|
Total Number of Shares
Purchased as Part of
Publicly
Announced
Plans or
Programs
|
Maximum Number of Shares
(or approx. Dollar
Value of Shares
in Thousands) That May Yet Be
Purchased Under the Plans or Programs
|
||||||||||||
13-weeks
ended September 25, 2010
|
4,281,539 | $ | 28.86 | 4,281,539 | $ | 76,851 | ||||||||||
Total
|
4,281,539 | $ | 28.86 | 4,281,539 | $ | 76,851 |
Exhibit
101.INS
|
XBRL
Instance Document
|
|
Exhibit
101.SCH
|
XBRL
Taxonomy Extension Schema
|
|
Exhibit
101.CAL
|
XBRL
Taxonomy Extension Calculation Linkbase
|
|
Exhibit
101.LAB
|
XBRL
Taxonomy Extension Label Linkbase
|
|
Exhibit
101.PRE
|
XBRL
Taxonomy Extension Presentation
Linkbase
|
GARMIN LTD. | |||
By
|
/s/ Kevin Rauckman
|
||
Kevin
Rauckman
|
|||
Chief
Financial Officer
|
|||
(Principal
Financial Officer and
|
|||
Principal
Accounting Officer)
|
Exhibit No.
|
Description
|
|
Exhibit
31.1
|
Certification
of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a) or
15d-14(a).
|
|
Exhibit
31.2
|
Certification
of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a) or
15d-14(a).
|
|
Exhibit
32.1
|
Certification
of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
|
Exhibit
32.2
|
|
Certification
of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
Exhibit
101.INS
|
XBRL
Instance Document
|
|
Exhibit
101.SCH
|
XBRL
Taxonomy Extension Schema
|
|
Exhibit
101.CAL
|
XBRL
Taxonomy Extension Calculation Linkbase
|
|
Exhibit
101.LAB
|
XBRL
Taxonomy Extension Label Linkbase
|
|
Exhibit
101.PRE
|
XBRL
Taxonomy Extension Presentation
Linkbase
|