Garmin 2003 Annual Report Download - page 64

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63
15. Selected Quarterly Information (Unaudited)
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. These results are not necessarily indicative of
future quarterly results.
16. Garmin AT Acquisition
On August 22, 2003, GII acquired all of the outstanding capital stock of UPS Aviation Technologies, Inc. for $38 million in
cash. UPS Aviation Technologies, headquartered in Salem, Oregon, designs and manufactures multiple lines of communications,
navigation and surveillance products for general aviation and air transport customers.
The purchase price of the UPS Aviation Technologies acquisition was allocated to the estimated fair values of assets acquired
and liabilities assumed based on management’s estimates and third-party appraisals. The excess purchase price over the fair value of
the net assets acquired was allocated to deductible goodwill in the amount of $11.4 million. UPS Aviation Technologies, Inc. was
subsequently renamed Garmin AT, Inc. by the Company. The results of Garmin AT, Inc. are included in the financial statements for
the period from August 22, 2003 to December 27, 2003.
Fiscal Year Ended December 27, 2003
Quarter Ending
March 29 June 28 September 27 December 27
Net sales $123,788 $143,495 $135,562 $170,144
Gross profit 74,655 83,657 76,709 95,520
Net income 41,494 47,246 35,308 54,586
Basic net income per share 0.38 0.43 0.33 0.51
Fiscal Year Ended December 28, 2002
Quarter Ending
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
Basic net income per share 0.25 0.300.360.41