Garmin 2010 Annual Report Download - page 76

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64
December 25, December 26, December 27,
2010 2009 2008
Net sales $2,689,911 2,946,440$ $3,494,077
Cost of goods sold 1,343,537 1,502,329 1,940,562
Gross profit 1,346,374 1,444,111 1,553,515
Advertising expense 144,613 155,521 208,177
Selling, general and administrative expenses 287,824 264,202 277,212
Research and development expense 277,261 238,378 206,109
709,698 658,101 691,498
Operating income 636,676 786,010 862,017
Other income (expense):
Interest income 24,979 23,519 35,535
Interest expense (1,246) - (607)
Foreign currency (88,377) (6,040) (35,286)
Gain/(loss) on sale of marketable securities (2,382) 2,741 50,884
Other 7,622 2,421 1,823
(59,404) 22,641 52,349
Income before income taxes 577,272 808,651 914,366
Income tax provision (benefit): (Note 6)
Current (11,636) 128,036 136,252
Deferred 4,305 (23,335) 45,266
(7,331) 104,701 181,518
Net income $584,603 $703,950 $732,848
Basic net income per share (Note 10) $2.97 $3.51 $3.51
Diluted net income per share (Note 10) $2.95 $3.50 $3.48
See accompanying notes.
Fiscal Year Ended
Garmin Ltd. And Subsidiaries
Consolidated Statements of Income
(In Thousands, Except Per Share Information)