Garmin 2005 Annual Report Download - page 4

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Dr. Min H. Kao, Chairman & CEO
Throughout our company’s 16-year history, we’ve positioned Garmin at the intersection of innovation and
dedication. It’s a place where we feel we’re best serving our customers, distributors and shareholders. It means
more than being the first to market with a new product category or feature. It means coming up with inspired
ideas, turning ideas into viable products and backing it all with exceptional design, manufacturing and service.
Looking back on 2005, we are reminded that there are times for working hard to meet a goal and times for
celebration. We have much to celebrate from the past year as Garmin reached a significant milestone, surpassing
$1 billion in total revenue, while introducing a record 55 new products. While we recognize and commend
these achievements, we’re already hard at work with innovative ideas and exciting strategies to grow even
more in 2006. In December of 2005, I challenged our team to do even better in the coming year. I have faith in
Garmin associates and look forward to celebrating our future achievements.
Realizing that meeting our goal will require focused efforts and more resources, we are continuing to grow our
infrastructure with key positions in marketing and sales, both in the U.S. and in Europe. Facility expansions are
currently underway in Taiwan and Europe, and we continue to build out and occupy our new tower in Olathe.
On the product side, we are developing new features to further enhance the core navigation capabilities of our
devices. Features like hands-free calling via Bluetooth®wireless technology, expanded traffic features, handset
navigation offerings, weather services on automotive products, certified autopilots for airplanes, radar for boats
and improved cartography.
I want to take this opportunity to thank our customers, dealers, suppliers, employees and investors for your
continued support. It is through your dedication, tireless efforts and faith in our products that Garmin remains
a world leader in GPS navigation. For 2006 and beyond, we will continue to bring innovative products to market,
and we look forward to the future growth that will result.
3
TO OUR SHAREHOLDERS