Garmin 2003 Annual Report Download - page 7

Download and view the complete annual report

Please find page 7 of the 2003 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 67

  • 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

6
No other year in Garmin’s 14-year history better fit our mission to design products for an active world than
2003. We’re expanding our product line beyond our traditional market segments by introducing products
for the large consumer electronics category.Two of Garmin’s newer products ideally suited for mobile elec-
tronics customers are the iQue™3600, the world’s first Palm OS®-based PDA organizer with fully integrated
GPS, and the Forerunner™201, a wearable personal training device targeting runners and other active people.
Garmin designs, manufactures and markets navigation, communication and information devices,
many of which are enabled by GPS (Global Positioning System) technology. GPS uses satellites to
locate a user’s position, display it on an electronic map and provide guidance to other locations on earth.
We carry out our operations through facilities in the United States, Europe and Asia. Garmin is a leader
in the general aviation and consumer markets with products serving aviation, marine, recreation, auto-
motive, mobile electronics and wireless applications.
Garmin again experienced revenue growth in fiscal year 2003 — its thirteenth consecutive year of such
growth. Total revenues were $573 million, up 23 percent from the previous year. Consumer revenues
held strong with an increase of 29 percent over 2002 totals. In the aviation segment, Garmin’s revenues
were up 5 percent. While the general aviation industry as a whole is still down, Garmin remains an
avionics leader in this industry and we continue to grow our sales and market share. Total unit sales
across all product categories were 2.1 million, an increase of 33 percent over the previous year. We
introduced and delivered to market 16 new products in 2003.
CONSUMERS ARE BECOMING MORE RELIANT ON MOBILE DEVICES
TO HELP THEM GO PLACES, AND GARMIN PROVIDES THE KINDS
OF PRODUCTS AND SERVICES THEY NEED.