Garmin 2008 Annual Report Download - page 55

Download and view the complete annual report

Please find page 55 of the 2008 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 114

  • 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
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114

33
PART II
Item 5. Market for the Company’s Common Shares, Related Shareholder Matters and Issuer Purchases of
Equity Securities
Garmin’s common shares have traded on the Nasdaq National Market under the symbol “GRMN” since its
initial public offering on December 8, 2000 (the “IPO”). As of February 8, 2009, there were 280 shareholders of
record.
The range of high and low closing sales prices of Garmin’s common shares as reported on the Nasdaq
Stock Market for each fiscal quarter of fiscal years 2008 and 2007 was as follows:
High Low High Low
First Quarter $97.00 $53.10 $57.66 $49.19
Second Quarter $56.41 $40.90 $75.03 $52.69
Third Quarter $48.70 $32.11 $121.14 $75.18
Fourth Quarter $34.34 $15.22 $123.80 $82.32
December 29, 2007
Year Ended
December 27, 2008
The Board of Directors declared a cash dividend of $0.75 per common share to shareholders of record on
December 1, 2008 which was paid on December 15, 2008. The Board of Directors declared a cash dividend of $0.75
per common share to shareholders of record on August 15, 2007 which was paid on September 14, 2007. Garmin
currently expects to pay a cash dividend in December 2009. The decision whether to pay a dividend and the amount
of the dividend will be made closer to the payment date based on the Company’s cash balance, cash requirements
and cash flow generation..
The Board of Directors approved a share repurchase program on February 4, 2008, authorizing the
Company to repurchase up to 5.0 million shares of the Company as market and business conditions warrant. This
share repurchase program was completed in second quarter 2008.
The Board of Directors approved a share repurchase program on June 6, 2008, authorizing the Company to
repurchase up to 10.0 million shares of the Company as market and business conditions warrant. This share
repurchase program was completed in fourth quarter 2008.
The Board of Directors approved a share repurchase program on October 22, 2008, authorizing the
Company to repurchase up to $300 million of the Company’s shares as market and business conditions warrant.
Approximately $258 million of this plan remains outstanding. The share repurchase authorization expires on
December 31, 2009.
Maximum Number of Shares (or
Approx. Dollar Value of Shares
Total # of Average Price in Thousands) That May Yet Be
Period Shares Purchased Paid Per Share Purchased Under the Plans or Programs
October 2008 242,445 $22.58 $300,000
November 2008 1,962,081 $19.83 $261,096
December 2008 175,258 $15.86 $258,317
Total 2,379,784 $19.82 $258,317
We refer you to Item 12 of this report under the caption “Equity Compensation Plan Information” for
certain equity plan information required to be disclosed by Item 201(d) of Regulation S-K.