Garmin 2009 Annual Report Download - page 62

44
Dec.26,2009 Dec.27,2008
Dec.29,
2007
Dec.30,
2006
Dec.31,
2005
ConsolidatedStatementsof
IncomeData:
Netsales 2,946,440$ 3,494,077$ $3,180,319 $1,774,000 $1,027,773
Costofgoodssold 1,502,329 1,940,562 1,717,064 891,614 492,703
Grossprofit 1,444,111 1,553,515 1,463,255 882,386 535,070
Operatingexpenses:
Advertisingexpense 155,521 208,177 206,948 114,749 59,309
Selling,generaland
administrative 264,202 277,212 189,550 99,764 62,712
Researchanddevelopment 238,378 206,109 159,406 113,314 74,879
Totaloperatingexpenses 658,101 691,498 555,904 327,827 196,900
Operatingincome 786,010 862,017 907,351 554,559 338,170
Otherincome/(expense),net(2),(3),(4) 22,641 52,349 70,922 39,995 34,430
Incomebeforeincometaxes 808,651 914,366 978,273 594,554 372,600
Incometaxprovision 104,701 181,518 123,262 80,431 61,381
Netincome $703,950 $732,848 $855,011 $514,123 $311,219
Netincomepershare:(5)
Basic $3.51 $3.51 $3.95 $2.38 $1.44
Diluted $3.50 $3.48 $3.89 $2.35 $1.43
Weightedaveragecommon
sharesoutstanding:(5)
Basic 200,395 208,993 216,524 216,340 216,294
Diluted 201,161 210,680 219,875 218,845 218,236
Cashdividendspershare(5) $0.75 $0.75 $0.75 $0.50 $0.25
BalanceSheetData(atendof
Period):
Cashandcashequivalents $1,091,581 $696,335 $707,689 $337,321 $334,352
Marketablesecurities 766,047 274,895 424,505 480,876 376,723
Totalassets 3,825,874 2,934,421 3,291,460 1,897,020 1,362,235
Totaldebt ‐ ‐ ‐ 248 ‐
Totalstockholders'equity 2,836,447 2,225,854 2,350,614 1,557,899 1,157,264
(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and/orloss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$6.0millionand$35.3millionforforeigncurrencylossesin2009and2008respectively.
(4)Includesa$72.4milliongainonsaleofequitysecuritiesprimarilyrelatedtothesaleofourequityinterestinTeleAtlasN.V.
andrelatedforeigncurrencyexchangeeffectsin2008.
(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.
Yearsended(1)
(inthousands,exceptpersharedata)