Garmin 2005 Annual Report Download - page 7

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THE INTERSECTION
OF INNOVATION AND DEDICATION
It’s how we can best serve our customers — by providing innovative products backed with dedication to
superior design, manufacturing and service that has made Garmin a world leader in GPS navigation. While
the marketplace has changed over the years and our product line continues to evolve with the advent of new
technologies, we still hold to our mission to put our customers’ needs first and produce world-class products.
In response to consumers’ desires to have easy to use, plug-and-play navigation solutions, Garmin has added
preloaded maps to many of our new products. Among these are automotive units in the StreetPilot®series,
our new integrated navigation/travel companion device, nüvi™, and marine chartplotters. As many a driver
can attest, not all maps are created equal. Garmin’s consumer products with built-in mapping detail use data
provided by NAVTEQ, a world leader in premium-quality mapping.
Another area where Garmin has taken the high road in order to provide the best product possible is something
a customer may actually never see. To ensure that our devices perform well in tough environments, Garmin
uses a solid state memory solution rather than a mechanical hard drive for our automotive and motorcycle
navigators. Also related to quality and performance was Garmin’s decision to start incorporating a new high-
sensitivity GPS receiver for selected automotive and outdoor/fitness products introduced in 2005. The new receiver
offers improved tracking in challenging environments, and it represents just one more way Garmin is going
the extra mile to provide products that live up to our high standards while serving the needs of our customers.
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, outdoor/fitness, automotive, mobile electronics
and wireless applications.
With a record 55 new product introductions, increased marketing efforts and the hard work of many,
Garmin reached an important milestone with just over $1 billion in total revenue. This represents Garmin’s
fifteenth consecutive year of revenue growth for its 16 years as a company. Aviation revenues were up 34
percent from 2004 while consumer revenues increased 35 percent. All geographic areas experienced growth
with Europe leading the way with a revenue increase of 61 percent for the year, Asia up 48 percent and North
America up 24 percent. In response to the growth and emerging opportunities in Europe and other regions,
particularly for the personal navigation device (PND) category, Garmin will continue to increase our R & D efforts.
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