Garmin 2005 Annual Report Download - page 34

4
CAUTIONARY STATEMENT WITH RESPECT TO FORWARD-LOOKING COMMENTS
The discussions set forth in this Annual Report on Form 10-K contain statements concerning potential
future events. Such forward-looking statements are based upon assumptions by the Company's management, as of
the date of this Annual Report, including assumptions about risks and uncertainties faced by the Company. In
addition, management may make forward-looking statements orally or in other writings, including, but not limited
to, in press releases, in the annual report to shareholders and in the Company’s other filings with the Securities and
Exchange Commission. Readers can identify these forward-looking statements by their use of such verbs as
“expects”, “anticipates”, “believes” or similar verbs or conjugations of such verbs. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak only as of their date. If any of management's
assumptions prove incorrect or should unanticipated circumstances arise, the Company's actual results could
materially differ from those anticipated by such forward-looking statements. The differences could be caused by a
number of factors or combination of factors including, but not limited to, those factors identified under Item 1A
“Risk Factors”. Readers are strongly encouraged to consider those factors when evaluating any forward-looking
statements concerning the Company. The Company does not undertake to update any forward-looking statements in
this Annual Report to reflect future events or developments.
Part I
Item 1. Business
This discussion of the business of Garmin Ltd. ("Garmin" or the "Company") should be read in conjunction
with, and is qualified by reference to, “Management's Discussion and Analysis of the Company's Financial
Condition and Results of Operations” ("MD&A") under Item 7 herein and the information set forth in response to
Item 101 of Regulation S-K in such Item 7 is incorporated herein by reference in partial response to this Item 1.
Garmin has two business segments: Consumer and Aviation. Pursuant to Rule 12b-23 under the Securities Exchange
Act of 1934, as amended, the segment and geographic information included in Item 8, “Financial Statements and
Supplementary Data,” Note 10 is incorporated herein by reference in partial response to this Item 1.
Garmin was incorporated in the Cayman Islands on July 24, 2000 as a holding company for Garmin
Corporation, a Taiwan corporation, in order to facilitate a public offering of Garmin shares in the United States.
Garmin owns, directly or indirectly, all of the operating companies in the Garmin group.
Garmin’s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy
statement and Forms 3, 4 and 5 filed on behalf of directors and executive officers and all amendments to those
reports will be made available free of charge through the Investor Relations section of Garmin’s Internet website
(http://www.garmin.com) as soon as reasonably practicable after such material is electronically filed with, or
furnished to, the Securities and Exchange Commission.
The reference to Garmin’s website address does not constitute incorporation by reference of the
information contained on this website and such information should not be considered part of this report on Form
10-K.
Company Overview
Garmin is a leading, worldwide provider of navigation, communications and information devices, most of
which are enabled by GPS technology. Garmin designs, develops, manufactures and markets a diverse family of
hand-held, portable and fixed-mount GPS-enabled products and other navigation, communications and information
products for the consumer and general aviation markets.
Overview of the Global Positioning System
The Global Positioning System is a worldwide navigation system which enables the precise determination
of geographic location using established satellite technology. The system consists of a constellation of orbiting