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78
Board of Directors may redeem the rights at $0.001 per right at any time before the rights become exercisable. The
rights expire on October 31, 2011.
13. Selected Quarterly Information (Unaudited)
Fiscal Year Ended December 27, 2008
Quarter Ending
March 29 June 28 September 27 December 27
Net sales $663,805 $911,671 $870,355 $1,048,246
Gross profit 320,115 417,128 385,639 430,633
Net income 147,779 256,092 171,244 157,733
Basic net income per share $0.68 $1.20 $0.83 $0.78
Fiscal Year Ended December 29, 2007
Quarter Ending
March 31 June 30 September 29 December 29
Net sales $492,159 $742,466 $728,673 $1,217,021
Gross profit 237,752 374,667 341,851 508,985
Net income 139,860 214,377 193,507 307,267
Basic net income per share $0.65 $0.99 $0.89 $1.42
The above quarterly financial data is unaudited, but in the opinion of management, all adjustments
necessary for a fair presentation of the selected data for these interim periods presented have been included. These
results are not necessarily indicative of future quarterly results.
14. Acquisitions
In the first quarter of 2008, Garmin Ltd. acquired Fairpoint Navigation A/S (the distributor of Garmin’s
consumer products in Denmark). The company has been renamed Garmin Danmark A/S.
In the second quarter of 2008, Garmin Ltd. acquired Formar Electronics N.V./S.A. (the distributor of Garmin’s
consumer products in Belgium and Luxembourg). The company has been renamed Garmin Belux N.V./S.A.
In the third quarter of 2008, Garmin Ltd. acquired NavCor Oy, the distributor of Garmin’s consumer products in
Finland; Puls Elektronik GmbH, the distributor of Garmin’s consumer products in Austria; and SatSignal
Equipamentos de Comunicações e de Navegação S.A., the distributor of Garmin’s consumer products in Portugal.
NavCor Oy has been renamed Garmin Suomi Oy. Puls Elektronik GmbH has been renamed Garmin Austria GmbH.
SatSignal Equipamentos de Comunicações e de Navegação S.A. has been renamed Garmin Portugal –
Equipamentos de Comunicações e de Navegação, Lda.
In the fourth quarter of 2008, Garmin Ltd. acquired Sportmanship International AB, the distributor of Garmin’s
consumer products in Sweden. Sportmanship International AB has been renamed Garmin Sweden AB.
These companies were acquired for $76.6 million less $16.5 million cash acquired. The preliminary purchase
price allocation resulted in an increase in goodwill and intangible assets of $44.3 million. These acquisitions are not
material, either individually or in aggregate, therefore supplemental pro forma information is not presented.
15. Warranty Reserves
The Company’s products sold are generally covered by a warranty for periods ranging from one to two
years. The Company’s estimate of costs to service its warranty obligations are based on historical experience and