Garmin 2007 Annual Report Download - page 62

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included in Item 8 of this annual report on Form 10-K. The selected consolidated balance sheet data as of
December 31, 2005, December 25, 2004 and December 27, 2003 and the selected consolidated statement of income
data for the years ended December 25, 2004 and December 27, 2003 were derived from the Company’s audited
consolidated financial statements, not included herein.
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.
Years ended (1)
Dec. 29,
2007
Dec. 30,
2006
Dec. 31,
2005
Dec. 25,
2004
Dec. 27,
2003
(in thousands, except per share data)
Consolidated Statements of
Income Data:
Net sales $3,180,319 $1,774,000 $1,027,773 $762,549 $572,989
Cost of goods sold 1,717,064 891,614 492,703 351,310 242,448
Gross profit 1,463,255 882,386 535,070 411,239 330,541
Operating expenses:
Selling, general and
administrative 396,498 214,513 122,021 78,991 59,835
Research and development 159,406 113,314 74,879 61,580 43,706
Total operating expenses 555,904 327,827 196,900 140,571 103,541
Operating income 907,351 554,559 338,170 270,668 227,000
Other income/(expense), net (2), (3) 70,922 39,995 34,430 (15,457) (1,057)
Income before income taxes 978,273 594,554 372,600 255,211 225,943
Income tax provision 123,262 80,431 61,381 49,511 47,309
Net income $855,011 $514,123 $311,219 205,700$ 178,634$
Net income per share: (4)
Basic $3.95 $2.38 $1.44 $0.95 $0.83
Diluted $3.89 $2.35 $1.43 $0.94 $0.82
Weighted average common
shares outstanding: (4)
Basic 216,524 216,340 216,294 216,322 216,022
Diluted 219,875 218,845 218,236 218,060 217,804
Cash dividends per share (4) $0.75 $0.50 $0.25 $0.25 $0.25
Balance Sheet Data (at end of
Period):
Cash and cash equivalents $707,689 $337,321 $334,352 $249,909 $274,329
Marketable securities 424,505 480,876 376,723 322,215 221,447
Total assets 3,291,460 1,897,020 1,362,235 1,117,391 856,945
Total debt (5) 0 248 0 0 0
Total stockholders' equity 2,350,614 1,557,899 1,157,264 935,857 749,690
(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 $23.0 million, $0.6 million and $15.3 million for foreign currency gains in 2007, 2006 and 2005 respectively,
and $24.8 million and $6.7 million for foreign currency losses in 2004 and 2003 respectively.
(4) All prior period common stock and applicable share and per share amounts have been retroactively adjusted
to reflect a 2-for-1 split of the Company's common stock effective August 15, 2006.
(5) Total debt consists of notes payable and long-term debt.