Garmin 2002 Annual Report Download - page 23

Download and view the complete annual report

Please find page 23 of the 2002 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 76

  • 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

Market for the Company’s Common Stock and Related Stockholder Matters
The Company’s common shares have traded on the Nasdaq National Market under the symbol “GRMN” since its initial public
offering on December 8, 2000. As of March 7, 2003 there were 148 shareholders of record.
No cash dividends have been paid since the initial public offering of the Company’s common shares on December 8, 2000. The
Company intends to retain its earnings for use in its business and therefore does not currently anticipate paying any cash
dividends.
The range of high and low closing sales prices of the Company’s common shares as reported on the Nasdaq Stock Market for
each fiscal quarter of fiscal years 2001 and 2002 was as follows:
Year Ended Year Ended
December 28, 2002 December 29, 2001
High Low High Low
First Quarter $22.92 $18.76 $25.13 $17.00
Second Quarter $24.19 $21.80 $24.68 $18.00
Third Quarter $21.90 $18.10 $23.36 14.40
Fourth Quarter $30.33 $18.00 $21.32 $15.50
No net proceeds of Garmin’s December 8, 2000 initial public offering (the “IPO”) were expended in fiscal year 2002. $13.4 million
of net proceeds of the IPO were expended in fiscal year 2001. Garmin plans to use the remaining $91.0 million net proceeds from
the IPO for working capital and other general corporate purposes, including possible share repurchases, acquisitions or strategic
partnerships. Garmin currently has no specific plan for allocating those proceeds among working capital and other general
corporate purposes. Garmin currently has no commitments to make any material investments or acquisitions and will retain
broad discretion in the allocation of net proceeds from the IPO.
Selected Financial Data
The following table sets forth selected consolidated financial data of the Company. The selected consolidated balance sheet data
as of December 28, 2002 and December 29, 2001 and the selected consolidated statement of income data for the years ended
December 28, 2002, December 29, 2001, and December 30, 2000 were derived from the Company’s audited consolidated financial
statements and the related notes thereto which are included in Item 8 of this annual report on Form 10-K. The selected
consolidated balance sheet data as of December 30, 2000, December 25, 1999 and December 26, 1998 and the selected
consolidated statement of income data for the years ended December 25, 1999 and December 26, 1998 were derived from the
Company’s audited consolidated financial statements, not included herein.
The information set forth below is not necessarily indicative of the results of future operations and should be read together with
“Management's Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial
statements and notes to those statements included in this annual report.
22