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Garmin Ltd.
2005 Form 10-K Annual Report
Table of Contents
Cautionary Statement With Respect To Forward-Looking Comments....................................................... 4
Part I
Item 1. Business ................................................................................................................................................. 4
Item 1A. Risk Factors............................................................................................................................................19
Item 1B. Unresolved Staff Comments ................................................................................................................ 28
Item 2. Properties ............................................................................................................................................. 28
Item 3. Legal Proceedings................................................................................................................................ 29
Item 4. Submission of Matters to a Vote of Security Holders.......................................................................... 29
Executive Officers and Significant Employees of the Company......................................................... 29
Part II
Item 5. Market for the Company's Common Shares, Related Shareholder Matters and Issuer Purchases of
Equity Securities .................................................................................................................................. 31
Item 6. Selected Financial Data........................................................................................................................ 32
Item 7. Management's Discussion and Analysis of Financial Condition and Results of
Operations ............................................................................................................................................ 34
Item 7A. Quantitative and Qualitative Disclosures About Market Risk ............................................................. 45
Item 8. Financial Statements and Supplementary Data.................................................................................... 47
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure ............................................................................................................................................ 71
Item 9A. Controls and Procedures ...................................................................................................................... 71
Item 9B. Other Information ................................................................................................................................ 73
Part III
Item 10. Directors and Executive Officers of the Company .............................................................................. 74
Item 11. Executive Compensation...................................................................................................................... 74
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder
Matters ................................................................................................................................................. 75
Item 13. Certain Relationships and Related Transactions.................................................................................. 75
Item 14. Principal Accounting Fees and Services.............................................................................................. 75
Part IV
Item 15. Exhibits, Financial Statement Schedules ............................................................................................. 76
Signatures............................................................................................................................................. 81
GARMIN, BLUECHART, CITY SELECT, DCG, ETREX, ETREX CAMO, ETREX LEGEND,
ETREX SUMMIT, ETREX VENTURE, ETREX VISTA, FORERUNNER, GNC, GPSMAP,
IQUE, MAPSOURCE, METROGUIDE, PERSONAL NAVIGATOR, QUEST, RINO, SEE-
THRU, STREETPILOT, and TRACBACK are included among the registered trademarks of
Garmin, and EDGE, FORETREX, GARMIN MOBILE, G1000, GEKO, MOTIONBASED,
NROUTE, NÜVI, PERSONAL TRAVEL ASSISTANT, ULTRASCROLL and QUE, are
included among the trademarks of Garmin Ltd. or its subsidiaries. All other trademarks and trade
names referred to in this Form 10-K are the property of their respective owners.