Thu, Feb 13, 2003
Garmin Reports Record Fourth Quarter and Fiscal Year
Garmin Ltd. announced record revenue and earnings for its fourth
fiscal quarter ended Dec. 28, 2002, from its headquarters in the
Cayman Islands.
"Fiscal 2002 has been a remarkable year for us. We are pleased
to report that, in the face of weak overall consumer spending,
demand for our products remains strong," said Dr. Min Kao, CEO of
Garmin Ltd. "Overall revenue grew 26 percent, primarily spurred by
growth in our consumer segment. This segment recorded a 46 percent
growth in revenues during this quarter, and 33.2 percent during
2002, with strength across all of our consumer product lines.
Additionally, during the fourth quarter we experienced a 80.6
percent growth in EPS when excluding the effects of foreign
currency from the prior year quarter. Including effects of foreign
currency, the fourth quarter EPS growth rate was 62.2 percent. Net
income for the fourth quarter increased to $45.5 million, compared
to $28 million in the prior year. Net foreign currency gains and
losses were in total insignificant in 2002, and had no impact on
EPS... New products have been enthusiastically received across the
board. Consumer awareness of the utility of GPS navigation
continues to grow, we have experienced continued growth in our core
markets as a result."
Fourth Quarter 2002
Revenue for the quarter increased 43.7 percent to $133.7
million from $93.0 million in the year-ago quarter. Net income
increased to $45.5 million, compared to $28 million or $0.26
diluted earnings per share in the year-ago quarter... Excluding the
effects of foreign currency, diluted EPS for the quarter was $0.42
compared to $0.23 in the year-ago quarter. Aviation revenue
totaled $31.7 million -- a 36.7 percent increase compared to the
year-ago quarter. Total units sold for the quarter increased to
478,000 from 338,000 -- representing an increase of 41.4
percent.
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