Garmin 2005 Annual Report Download - page 63

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33
The information set forth below is not necessarily indicative of the results of future operations and should
be read together with "Management's Discussion and Analysis of Financial Condition and Results of Operations"
and the consolidated financial statements and notes to those statements included in Items 7 and 8 in Part II of this
Form 10-K.
Dec. 31,
2005
Dec. 25,
2004
Dec. 27,
2003
Dec. 28,
2002
Dec. 29,
2001
Consolidated Statements of
Income Data:
Net sales $1,027,773 $762,549 $572,989 $465,144 $369,119
Cost of goods sold 492,703 351,310 242,448 210,088 170,960
Gross profit 535,070 411,239 330,541 255,056 198,159
Operating expenses:
Selling, general and
administrative 122,021 78,991 59,835 45,453 38,709
Research and development 74,879 61,580 43,706 32,163 28,164
Total operating expenses 196,900 140,571 103,541 77,616 66,873
Operating income 338,170 270,668 227,000 177,440 131,286
Other income/(expense), net (2), (3) 34,430 (15,457) (1,057) 5,294 20,749
Income before income taxes 372,600 255,211 225,943 182,734 152,035
Income tax provision 61,381 49,511 47,309 39,937 38,587
Net income $311,219 205,700$ 178,634$ $142,797 $113,448
Net income per share:
Basic $2.88 $1.90 $1.65 $1.32 $1.05
Diluted $2.85 $1.89 $1.64 $1.32 $1.05
Weighted average common
shares outstanding:
Basic 108,147 108,161 108,011 107,774 108,097
Diluted 109,118 109,030 108,902 108,201 108,447
Cash dividends per share (4) $0.50 $0.50 $0.50 $0.00 $0.00
Balance Sheet Data (at end of
Period):
Cash and cash equivalents $334,352 $249,909 $274,329 $216,768 $192,842
Marketable securities 376,723 322,215 221,447 245,708 131,584
Total assets 1,362,235 1,117,391 856,945 705,888 538,984
Total debt (5) 0 0 0 20,000 32,188
Total stockholders' equity 1,157,264 935,857 749,690 602,499 453,969
(1) Our fiscal year-end is the last Saturday of the calendar year and does not always fall on December 31.
(2) Other income/(expense), net mainly consists of interest income, interest expense and foreign currency gain (loss).
(3) Includes $15.3 million for foreign currency gains in 2005, $24.8 million for foreign currency losses in 2004,
$6.7 million for foreign currency losses in 2003, and $0.0 million and $11.6 million of foreign currency gains
in 2002 and 2001 respectively.
(4) A cash dividend of $0.50 per share was paid on December 15, 2005 to shareholders of record on December 1, 2005.
A cash dividend of $0.50 per share was paid on December 15, 2004 to shareholders of record on December 1, 2004.
A cash dividend of $0.50 per share was paid on December 15, 2003 to shareholders of record on December 1, 2003.
There were no cash dividends paid during 2002 or 2001.
(5) Total debt consists of notes payable and long-term debt.
Years ended (1)
(in thousands, except per share data)