Garmin 2008 Annual Report Download - page 58

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36
Dec. 27,
2008
Dec. 29,
2007
Dec. 30,
2006
Dec. 31,
2005
Dec. 25,
2004
Consolidated Statements of
Income Data:
Net sales 3,494,077$ $3,180,319 $1,774,000 $1,027,773 $762,549
Cost of goods sold 1,940,562 1,717,064 891,614 492,703 351,310
Gross profit 1,553,515 1,463,255 882,386 535,070 411,239
Operating expenses:
Selling, general and
administrative 485,389 396,498 214,513 122,021 78,991
Research and development 206,109 159,406 113,314 74,879 61,580
Total operating expenses 691,498 555,904 327,827 196,900 140,571
Operating income 862,017 907,351 554,559 338,170 270,668
Other income/(expense), net (2), (3), (4) 52,349 70,922 39,995 34,430 (15,457)
Income before income taxes 914,366 978,273 594,554 372,600 255,211
Income tax provision 181,518 123,262 80,431 61,381 49,511
Net income $732,848 $855,011 $514,123 $311,219 205,700$
Net income per share: (5)
Basic $3.51 $3.95 $2.38 $1.44 $0.95
Diluted $3.48 $3.89 $2.35 $1.43 $0.94
Weighted average common
shares outstanding: (5)
Basic 208,993 216,524 216,340 216,294 216,322
Diluted 210,680 219,875 218,845 218,236 218,060
Cash dividends per share (5) $0.75 $0.75 $0.50 $0.25 $0.25
Balance Sheet Data (at end of
Period):
Cash and cash equivalents $696,335 $707,689 $337,321 $334,352 $249,909
Marketable securities 274,895 424,505 480,876 376,723 322,215
Total assets 2,924,581 3,291,460 1,897,020 1,362,235 1,117,391
Total debt (6) - - 248 - -
Total stockholders' equity 2,225,854 2,350,614 1,557,899 1,157,264 935,857
(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 gain on sale of equity securities, 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 $35.3 million and $24.8 million for foreign currency losses in 2008 and 2004 respectively.
(4) Includes a $50.9 million gain on sale of equity securities primarily related to the sale of our equity interest in Tele Atlas N.V.
(5) 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.
(6) Total debt consists of notes payable and long-term debt.
Years ended (1)
(in thousands, except per share data)