Garmin 2008 Annual Report Download - page 78

Download and view the complete annual report

Please find page 78 of the 2008 Garmin annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 114

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114

56
December 27, December 29, December 30,
2008 2007 2006
Net sales $3,494,077 $3,180,319 $1,774,000
Cost of goods sold 1,940,562 1,717,064 891,614
Gross profit 1,553,515 1,463,255 882,386
Selling, general and administrative expenses 485,389 396,498 214,513
Research and development expense 206,109 159,406 113,314
691,498 555,904 327,827
Operating income 862,017 907,351 554,559
Other income (expense):
Interest income 35,535 41,995 35,897
Interest expense (607) (207) (41)
Foreign currency (35,286) 22,964 596
Gain on sale of equity securities 50,884 5,101 3,852
Other 1,823 1,069 (309)
52,349 70,922 39,995
Income before income taxes 914,366 978,273 594,554
Income tax provision (benefit): (Note 6)
Current 136,252 179,355 113,226
Deferred 45,266 (56,093) (32,795)
181,518 123,262 80,431
Net income $732,848 $855,011 $514,123
Basic net income per share (Note 10) $3.51 $3.95 $2.38
Diluted net income per share (Note 10) $3.48 $3.89 $2.35
See accompanying notes.
Fiscal Year Ended
Garmin Ltd. And Subsidiaries
Consolidated Statements of Income
(In Thousands, Except Per Share Information)