Garmin 2005 Annual Report Download - page 96

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66
North
America Asia Europe Total
December 31, 2005
Net sales to external customers $661,085 $50,447 $316,241 $1,027,773
Long-lived assets 135,875 42,770 528 179,173
Net assets 377,684 742,843 36,737 1,157,264
December 25, 2004
Net sales to external customers $532,501 $34,185 $195,863 $762,549
Long-lived assets 133,832 37,341 457 171,630
Net assets 330,350 573,363 31,874 935,587
December 27, 2003
Net sales to external customers $414,580 $25,183 $133,226 $572,989
Long-lived assets 71,817 32,475 492 104,784
Net assets 284,902 437,152 27,636 749,690
No single customer accounted for 10% or more of the Company’s consolidated net sales in any period.
Accounts receivable from one customer were approximately $13.5 million as of December 31, 2005 representing
7.9% of total accounts receivable. As of March 1, 2006, the December 31, 2005 accounts receivable balance of
this single customer has been paid in full.
9. Stock Compensation Plans
The various Company stock compensation plans are summarized below:
2005 Equity Incentive Plan
In June, 2005, 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 5,000,000 shares of common stock were 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 2005 is summarized below. In 2005 the Company granted 836,000 stock appreciation rights.
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 were 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 2005, 2004 and 2003 is summarized below. There have been no “other” stock compensation
awards granted under the Plan.
2000 Non-employee Directors’ Option Plan
Also in October 2000, the stockholders adopted a stock option plan for non-employee directors (the
Directors Plan) providing for grants of options for up to 50,000 common shares of the Company’s stock. The term of