Garmin 2009 Annual Report Download - page 4

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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.฀Garmin฀has฀operating฀facilities฀throughout
North฀America,฀Europe,฀Australia฀and฀Asia,฀and฀is฀a฀leader฀in฀the฀general
aviation฀and฀consumer฀markets฀with฀products฀serving฀aviation,฀marine,฀
outdoor,฀tness,฀automotive,฀mobile฀electronics฀and฀wireless฀applications.
Garmin shipped more than 16.6 million units in 2009, bringing its
total฀units฀shipped฀to฀more฀than฀65฀million.฀As฀was฀experienced฀by฀
many companies, the depressed global economy impacted our business
in฀2009,฀resulting฀in฀total฀revenue฀of฀$2.9฀billion,฀down฀16%฀from฀
the previous year.
Three฀of฀our฀market฀segments฀experienced฀declines฀in฀2009,฀due฀to฀
economic conditions:
•฀ Automotive/Mobile฀segment฀revenue฀decreased฀฀
19%฀to฀$2.1฀billion
•฀ Outdoor/Fitness฀segment฀revenue฀increased฀฀
10%฀to฀$469฀million
•฀ Aviation฀segment฀revenue฀decreased฀฀
24%฀to฀$246฀million
•฀ Marine฀segment฀revenue฀decreased฀฀
13%฀to฀$177฀million
Likewise,฀our฀two฀largest฀geographic฀areas฀experienced฀a฀slowdown฀
in revenues:
•฀North฀America฀revenue฀was฀$2.0฀billion,฀down฀16%
•฀Europe฀revenue฀was฀$824฀million,฀down฀18%
•฀Asia฀revenue฀was฀$150฀million,฀up฀3%
Despite฀the฀challenging฀global฀economy฀and฀the฀slowdown฀in฀revenues,฀
Garmin฀was฀able฀to฀deliver฀outstanding฀results฀for฀its฀shareholders.฀
With฀solid฀operational฀execution฀and฀discipline,฀margins฀throughout฀
the฀business฀expanded,฀resulting฀in฀earnings฀per฀share฀of฀$3.50,฀an฀
improvement฀of฀1%฀over฀2008฀—฀a฀signicant฀achievement฀considering฀
the฀headwinds฀encountered฀throughout฀the฀year.
By remaining true to its founding principles of innovation, quality,
performance, value and service, Garmin has emerged from a
challenging฀2009฀and฀is฀well฀positioned฀to฀grow฀its฀business฀in฀the฀
coming year as the global economy improves.
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