Garmin 2001 Annual Report Download - page 53

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GARMIN LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
Note 11. Segment Information (continued)
Net sales and long-lived assets (property and equipment) by geographic area are as follows as of and for the years ended December
29, 2001, December 30, 2000, and December 25, 1999:
North America Asia Europe Total
December 29, 2001
Sales to external customers $275,630 $15,039 $78,450 $369,119
Long-lived assets 40,183 29,321 582 70,086
December 30, 2000
Sales to external customers $256,782 $16,569 $72,390 $345,741
Long-lived assets 32,737 31,453 514 64,704
December 25, 1999
Sales to external customers $172,742 $11,146 $48,698 $232,586
Long-lived assets 17,433 38,228 190 55,851
No single customer accounted for 10% or more of the Company’s consolidated net sales in any period.
Note 12. Initial Public Offering
On December 8, 2000, the Company completed an underwritten initial public offering of 12,075,000 (including shares sold pursuant
to the underwriters’ over-allotment option) shares of its common stock, 8,242,111 shares of which were offered by the Company
(the Offering) at an offering price of $14.00 per share. Prior to but in connection with the offering, the Board of Directors approved
a 1.12379256-for-1 stock split of the Company’s common shares, effected through a stock dividend on November 6, 2000. All share
and per share information included in the accompanying consolidated financial statements has been adjusted to give retroactive
effect to the common stock split.
Note 13. Stock Compensation Plans
During 2000, the Company adopted several stock compensation plans. The Company accounts for all of these plans under APB
Opinion No. 25, Accounting for Stock Issued to Employees, and related interpretations. Accordingly, as all awards are granted at
the fair market value on the date of grant, no compensation expense is recognized.
The various plans are summarized below:
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