Garmin 2002 Annual Report Download - page 58

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Note 11. Segment Information (continued)
Net sales, long-lived assets (property and equipment), and net assets by geographic area are as follows as of and for the years
ended December 28, 2002, December 29, 2001, and December 30, 2000:
North America Asia Europe Total
December 28, 2002
Net sales to external customers
$339,415 $22,673 $103,056 $465,144
Long-lived assets
43,599 30,374 467 74,440
Net assets
232,430 348,255 21,814 602,499
December 29, 2001
Net sales to external customers $275,630 $15,039 $78,450 $369,119
Long-lived assets 40,183 29,321 582 70,086
Net assets 209,499 228,270 16,200 453,969
December 30, 2000
Net sales to external customers $256,782 $16,569 $72,390 $345,741
Long-lived assets 32,737 31,453 514 64,704
Net assets 197,897 154,095 13,247 365,239
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
The Company sponsors 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:
2000 Equity Incentive Plan
In October 2000, the stockholders adopted an equity incentive plan (the Plan) providing for grants of incentive and nonqualified
stock options and “other” stock compensation awards to employees of the Company and its subsidiaries, pursuant to which up to
3,500,000 shares of common stock are available for issuance. The stock options generally vest over a period of five years or as
otherwise determined by the Board of Directors or the Compensation Committee and generally expire ten years from the date of
grant, if not exercised. Option activity under the Plan during 2002 and 2001 is summarized below. There have been no “other”
stock compensation awards granted under the Plan.
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