Garmin 2002 Annual Report Download - page 61

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Note 15. Share Repurchase Program
On September 24, 2001, the Board of Directors authorized the Company to repurchase up to 5,000,000 shares of the Company’s
common stock through December 31, 2002. Through December 28, 2002, the Company had purchased 595,200 shares at $9,834.
Note 16. Shareholder Rights Plan
On October 24, 2001, Garmin’s Board of Directors adopted a shareholder rights plan (the “Rights Plan”). Pursuant to the Rights
Plan, the Board declared a dividend of one preferred share purchase right on each outstanding common share of Garmin to
shareholders of record as of November 1, 2001. The rights trade together with Garmin’s common shares. The rights generally will
become exercisable if a person or group acquires or announces an intention to acquire 15% or more of Garmin’s outstanding
common shares. Each right (other than those held by the new 15% shareholder) will then be exercisable to purchase preferred
shares of Garmin (or in certain instances other securities of Garmin) having at that time a market value equal to two times the
then current exercise price. Garmin’s Board of Directors may redeem the rights at $0.002 per right at any time before the rights
become exercisable. The rights expire October 31, 2011.
Note 17. Selected Quarterly Information (Unaudited)
Year Ended December 28, 2002
Quarter Ended
March 30 June 29 September 28 December 28
Net sales $100,856 $122,838 $107,756 $133,694
Gross profit
54,492 67,662 59,051 73,851
Net income
26,761 32,146 38,428 45,462
Net income per share
0.25 0.30 0.36 0.41
Year Ended December 29, 2001
Quarter Ended
March 31 June 30 September 29 December 29
Net sales $85,534 $103,634 $86,930 $93,021
Gross profit 45,918 55,050 47,729 49,462
Net income 23,799 36,603 25,001 28,045
Net income per share 0.22 0.34 0.23 0.26
The above quarterly financial data is unaudited, but in the opinion of management, all adjustments necessary for a fair
presentation of the selected data for these interim periods presented have been included.
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