Garmin 2003 Annual Report Download - page 61

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60
Net sales, long-lived assets (property and equipment), and net assets by geographic area are as follows as of and for the years ended
December 27, 2003, December 28, 2002, and December 29, 2001:
No single customer accounted for 10% or more of the Company’s consolidated net sales in any period. Accounts receivable
from one customer were approximately $7,891 as of December 27, 2003 representing 9.5% of total accounts receivable.
11. Stock Compensation Plans
The various Company stock compensation plans are summarized below:
2000 Equity Incentive Plan
In October 2000, the stockholders adopted an equity incentive plan (the Plan) providing for grants of incentive and
nonqualified stock options and “other” stock compensation awards to employees of the Company and its subsidiaries, pursuant to
which up to 3,500,000 shares of common stock are available for issuance. The stock options generally vest over a period of five years
or as otherwise determined by the Board of Directors or the Compensation Committee and generally expire ten years from the date of
grant, if not exercised. Option activity under the Plan during 2003, 2002 and 2001 is summarized below. There have been no “other”
stock compensation awards granted under the Plan.
2000 Non-employee Directors’ Option Plan
Also in October 2000, the stockholders adopted a stock option plan for non-employee directors (the Directors Plan) providing
for grants of options for up to 50,000 common shares of the Company’s stock. The term of each award is ten years. All awards vest
evenly over a three-year period. During 2003, 2002 and 2001, options to purchase 3,648, 5,058 and 5,325 shares were granted under
this plan.
North
America Asia Europe Total
December 27, 2003
Net sales to external customers $414,580 $25,183 $133,226 $572,989
Long-lived assets 71,817 32,475 492 104,784
Net assets 284,902 437,152 27,636 749,690
December 28, 2002
Net sales to external customers $339,415 $22,673 $103,056 $465,144
Long-lived assets 43,599 30,374 467 74,440
Net assets 232,430 348,255 21,814 602,499
December 29, 2001
Net sales to external customers $275,630 $15,039 $78,450 $369,119
Long-lived assets 40,183 29,321 582 70,086
Net assets 209,499 228,270 16,200 453,969