Garmin 2003 Annual Report Download - page 14

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GROWING GARMIN’S PRESENCE
Garmin’s evolution as a leading brand in the markets we serve is due in large part to the strength of
our dealer and distributor network around the world. We support them in turn by rolling out new,
innovative products and offering tailored promotional programs that will bring more customers through
their doors. On a global scale, we are continuing to expand our distributor network into new countries
and territories with significant potential demand for our products. In 2003, revenue was up in all geo-
graphic regions with Europe experiencing the largest gain of 29 percent. North America revenue
increased 22 percent and Asia revenue was up 11 percent compared to 2002.
Building relationships with dealers, distributors and OEMs (original equipment manufacturers) is an
important element of our marketing efforts. In the general aviation market, we have been working
alongside leading aircraft manufacturers throughout the development of our G1000 glass cockpit
system. Both Cessna Aircraft Co. and Diamond Aircraft selected the G1000 to go onboard several of
their aircraft, including the all-new Cessna Citation Mustang jet, which is currently in development.
This announcement was significant as the Mustang is considered the premiere new compact business
jet and already has solid market acceptance. It also signals Garmin’s entrance into the jet market.
The G1000 will be offered as an option on four of Cessna’s single-engine aircraft and as the standard
on Diamond single-engine and twin-engine aircraft. Since the G1000 announcement in 2003, both
Diamond and Cessna have reportedly sold out of their planned 2004 production of G1000-equipped
aircraft and may increase production.
We also have several OEM partners that continue to install Garmin GNS 430 and 530 avionics on
their aircraft. These partners include Cessna, Cirrus Design, EADS Socata, Mooney Aircraft, New Piper
Aircraft, Pilatus and Raytheon Aircraft. The avionics package installed on most of these planes is the
Garmin “stack,” which integrates VHF communications, instrument landing system (ILS), variable omni
range (VOR), GPS-derived color navigation system, transponder, marker beacon and audio panel.
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