Garmin 2009 Annual Report Download - page 22

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CAUTIONARYSTATEMENTWITHRESPECTTOFORWARD‐LOOKINGCOMMENTS
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ThediscussionssetforthinthisAnnualReportonForm10‐Kcontainstatementsconcerningpotential
futureevents.Suchforward‐lookingstatementsarebaseduponassumptionsbytheCompany'smanagement,as
ofthedateofthisAnnualReport,includingassumptionsaboutrisksanduncertaintiesfacedbytheCompany.In
addition,managementmaymakeforward‐lookingstatementsorallyorinotherwritings,including,butnotlimited
to,inpressreleases,intheannualreporttoshareholdersandintheCompany’sotherfilingswiththeSecurities
andExchangeCommission.Readerscanidentifytheseforward‐lookingstatementsbytheiruseofsuchverbsas
“expects,”“anticipates,”“believes”orsimilarverbsorconjugationsofsuchverbs.Forward‐lookingstatements
includeanydiscussionofthetrendsandotherfactorsthatdriveourbusinessandfutureresultsin“Item7.
Management’sDiscussionandAnalysisofFinancialConditionsandResultsofOperations.”Readersarecautioned
nottoplaceunduerelianceontheseforward‐lookingstatements,whichspeakonlyasoftheirdate.Ifanyof
management'sassumptionsproveincorrectorshouldunanticipatedcircumstancesarise,theCompany'sactual
resultscouldmateriallydifferfromthoseanticipatedbysuchforward‐lookingstatements.Thedifferencescould
becausedbyanumberoffactorsorcombinationoffactorsincluding,butnotlimitedto,thosefactorsidentified
underItem1A“RiskFactors.”Readersarestronglyencouragedtoconsiderthosefactorswhenevaluatingany
forward‐lookingstatementsconcerningtheCompany.TheCompanydoesnotundertaketoupdateanyforward‐
lookingstatementsinthisAnnualReporttoreflectfutureeventsordevelopments.
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PartI
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Item1.Business
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ThisdiscussionofthebusinessofGarminLtd.("Garmin"orthe"Company")shouldbereadinconjunction
with,andisqualifiedbyreferenceto,“Management'sDiscussionandAnalysisofFinancialConditionandResultsof
Operations”underItem7hereinandtheinformationsetforthinresponsetoItem101ofRegulationS‐Kinsuch
Item7isincorporatedhereinbyreferenceinpartialresponsetothisItem1.Garminhasfourbusinesssegments:
Marine,Automotive/Mobile,Outdoor/Fitness,andAviation.Thesegmentandgeographicinformationincludedin
Item8,“FinancialStatementsandSupplementaryData,”underNote8isincorporatedhereinbyreferencein
partialresponsetothisItem1.
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GarminwasincorporatedintheCaymanIslandsonJuly24,2000asaholdingcompanyforGarmin
Corporation,aTaiwancorporation,inordertofacilitateapublicofferingofGarminsharesintheUnitedStates.
Garminowns,directlyorindirectly,alloftheoperatingcompaniesintheGarmingroup.
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Garmin’sannualreportonForm10‐K,quarterlyreportsonForm10‐Q,currentreportsonForm8‐K,proxy
statementandForms3,4and5filedbyGarmin’sdirectorsandexecutiveofficersandallamendmentstothose
reportswillbemadeavailablefreeofchargethroughtheInvestorRelationssectionofGarmin’sInternetwebsite
(http://www.garmin.com)assoonasreasonablypracticableaftersuchmaterialiselectronicallyfiledwith,or
furnishedto,theSecuritiesandExchangeCommission.
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ThereferencetoGarmin’swebsiteaddressdoesnotconstituteincorporationbyreferenceofthe
informationcontainedonthiswebsite,andsuchinformationshouldnotbeconsideredpartofthisreportonForm
10‐K.
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CompanyOverview
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Garminisaleading,worldwideproviderofnavigation,communicationandinformationdevicesand
applications,mostofwhichareenabledbyGlobalPositioningSystem(“GPS”)technology.Garmindesigns,
develops,manufacturesandmarketsadiversefamilyofhand‐held,portableandfixed‐mountGPS‐enabled
productsandothernavigation,communicationsandinformationproductsfortheautomotive/mobile,
outdoor/fitness,marine,andgeneralaviationmarkets.