Garmin 2002 Annual Report Download - page 6

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Touching lives through technology
Since Garmin’s founding in 1989, our goal has been to be a
global world-class supplier of communication, navigation and
information devices. Garmin has remained true to these founding
principles through continual product innovation, expanding and
broadening our target markets and developing the Garmin brand.
As we carry out our mission to create products that serve an
active world, we are rewarded to learn of countless experiences
where Garmin products have saved or changed lives. We have
included a booklet at the end of this report titled “Adventures in
GPS.” This piece will give you a first-hand account of how Garmin
products have beneficially impacted lives around the world.
Through facilities in the United States, Europe and Asia, Garmin
designs, manufactures and markets navigation, communication
and information devices. Many of these products are enabled by
GPS (Global Positioning System) technology, which uses satellites
to locate a user’s position, display it on an electronic map and
provide guidance to any other location on earth. Our distribution
network is just as far-reaching, with approximately 2,500 dealers
and distributors in more than 20,000 locations worldwide providing
sales, service and support.
Garmin’s growth in 2002
Fiscal year 2002 represented Garmin’s twelfth consecutive year
of revenue growth. Total revenues increased 26 percent from the
previous year to $465.1 million. Demand for Garmin products
remained strong in 2002 despite diminished consumer spending
throughout the economy as a whole. Revenues in the consumer
segment were up 33 percent. Aviation revenues gained 8 percent
over the previous year. Garmin has maintained a leadership
position in this industry in spite of the lingering effects from
September 11, 2001, which have taken a toll on the aviation
industry in general. Total unit sales for 2002 across all product
categories reached 1,557,000, which was an increase of 17
percent over 2001.
Garmin’s growth in 2002 can be attributed to several factors,
including new product introductions, expansion of distribution
channels, employee hires and investments in research and
development, facilities and resources.
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