Garmin 2008 Annual Report Download - page 6

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4
A B O U T G A R M I N
Through a solid commitment to serving our customers and developing
superior products,Garmin has steadily grown into a worldwide navigation
leader. We’ve taken a disciplined approach to managing our business
through years of exceptional growth. Today, in the midst of uncertain
economic conditions, Garmin is staying the course and planning for
better days ahead. Intelligent investments in research and development,
strategic distributor acquisitions and careful planning of our inventory
and resources place us in a strong position, ready for growth when
economic conditions turn around.
Garmin designs, manufactures and markets navigation, communication
and information devices, many of which are enabled by GPS (global
positioning system) technology. GPS uses satellites to locate a user’s
position, display it on an electronic map and provide guidance to other
locations on Earth. We manage our operations through facilities in
North America, Europe and Asia. Garmin is a leader in the general
aviation and consumer markets with products serving aviation, marine,
outdoor, fitness, automotive, mobile electronics and wireless applications.
We introduced many exciting new products in 2008 and generated
nearly $3.5 billion in revenue, up 10% from the previous year. This
represents Garmin’s 18th consecutive year of revenue growth since
we delivered our first products in 1991. Since inception, Garmin has
shipped more than 49 million units, with nearly 17 million units sold
in 2008 alone.
Garmin saw revenue increases across all four of our market segments
in 2008:
• Aviation up 10% to $323 million
• Automotive and mobile up 8% to $2.54 billion
• Marine up 1% to $204 million
• Outdoor and fitness up 26% to $428 million
Additionally, all geographic areas experienced revenue growth:
• North America up 13% to $2.34 billion
• Europe up 5% to $1.01 billion
• Asia up 1% to $145 million
Though Garmin is consistently on the cutting edge of GPS engineering
technology, we have always been fiscally responsible in our business
approach. From the beginning, we have focused on delighting our
customers with new product development and innovation, and as
a result, we have achieved market share gains. Our shareholders can
count on Garmin to maintain this combination of pioneering products
and sensible corporate stewardship through prosperous economic
conditions as well as periods of worldwide economic uncertainty.