Scott's+Page

Garmin had fantastic growth year in FY07 in which it grew revenues 79%. In FY08 however Garmin has grown revenue to $3.5B at a conservative 9% rate. FY08 was a challenging year for Garmin which saw its profits rise slightly by 6% behind the 9% revenue growth but this was misleading because its net income fell significantly as a percentage of revenue by 3% due mainly to an increase in R&D, SG&A and COGS. Net Income fell to $732 million from $855 million in FY07. Garmin has outperformed the S&P500 on profit margin but is only slightly trailing the industry by 1%. Total Profit margin for FY08 was 22% but decreased 5% from FY07. Return on Assets has declined 1% and Return on Equity also declined 3% to 33% from 36%. Clearly the high expectations and slowing economy have had an impact on Garmin’s capability to maintain this level of performance. Garmin has apparently not become more efficient as a result of its growth as evident by its declining operating income and a decrease in inventory turnover capability (takes longer). Inventory as a percentage of revenue has grown significantly which may either be a temporary condition due to the slowing economy and missed forecasts or a lesser efficient model. The Quick Ratio or “acid test” of Garmin’s financial health shows that Garmin has 3.8 times assets in short-term investments (cash flow, A/R and short-term investments) versus liability. Cost of Sales rose to 55% as a percentage of revenue which is up 2% from FY07. Likewise R&D rose .9% to 5.9% as a percentage of revenue and SG&A rose 1% to 13% as a percentage of revenue. If we compare Garmin’s liquidity to Tom-Tom NV a $2.3B competitor, we find that Tom-Tom carries much more debt and risk with a Current Ratio of .35. This means that Tom-Tom carries .35 cents in assets for every $1 in liability compared to Garmin which carries $4 of assets to $1 liability. If Garmin were able to increase its inventory turnover even further and maximize its use of cash store it may be able to put more pressure on a struggling competitor like Tom-Tom with either a leveraged buy-out or increasing pricing pressure. One area the company has improved upon is in decreasing the average days of A/R by reducing a total of 38 days by moving A/R from 121 days to 83 days. The potential use of this cash was offset by the increase in COGS. Garmin is a healthy albeit not a fast-moving, aggressive, more efficient company financially over the last 2 years. The current equity return and profit margin is above the S&P 500 average however Garmin has to deal with managing costs as a percentage of revenue. Garmin carries almost no risk to solvency and its ability to cover its liabilities as the Current Ratio shows it has more than 4.5 times assets to liabilities. Garmin carries no debt which can be construed by many investors as a lack of innovation, efficient use of capital, vision and capacity for expansion. Garmin’s growth trend has slowed significantly and it will need to become more efficient and expand its revenue base either through a better use of cash or a reduction of inventory for a better return on capital.
 * Financial Ratio Analysis Garmin Ltd (GRMN) **

[1] ** Income Statement ** Garmin Ltd (GRMN) in thousands U.S. Dollars


 * **PERIOD ENDING ** || **27-Dec-08 **  || **29-Dec-07 **  || **30-Dec-06 **  ||
 * **Total Revenue ** || **3,494,077 **  || **3,180,319 **  || **1,774,000 **  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Cost of Revenue || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">1,940,562  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">1,717,064  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">891,614  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Gross Profit **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">1,553,515 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">1,463,255 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">882,386 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * |||||||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Operating Expenses ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Research Development || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">206,109  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">159,406  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">113,314  ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Selling General and Administrative || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">485,389  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">396,498  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">214,513  ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Non Recurring || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Others || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Total Operating Expenses || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||   ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Operating Income or Loss **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">862,017 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">907,351 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">554,559 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||   ||
 * |||||||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Income from Continuing Operations ||   ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Total Other Income/Expenses Net || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">52,956  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">71,129  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">40,036  ||   ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Earnings Before Interest And Taxes || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">914,973  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">978,480  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">594,595  ||   ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Interest Expense || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">607  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">207  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">41  ||   ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Income Before Tax || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">914,366  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">978,273  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">594,554  ||   ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Income Tax Expense || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">181,518  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">123,262  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">80,431  ||   ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Minority Interest || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||   ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Net Income From Continuing Ops || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">732,848  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">855,011  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">514,123  ||   ||
 * |||||||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Non-recurring Events ||   ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Discontinued Operations || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||   ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Extraordinary Items || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||   ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Effect Of Accounting Changes || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||   ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Other Items || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||   ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Net Income **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">732,848 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">855,011 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">514,123 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||   ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Preferred Stock And Other Adjustments || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||   ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Net Income Applicable To Common Shares **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$732,848 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$855,011 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$514,123 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||   ||
 * |||||||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Non-recurring Events ||   ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Discontinued Operations || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||   ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Extraordinary Items || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||   ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Effect Of Accounting Changes || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||   ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Other Items || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||   ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Net Income **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">732,848 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">855,011 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">514,123 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||   ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Preferred Stock And Other Adjustments || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||   ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Net Income Applicable To Common Shares **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$732,848 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$855,011 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$514,123 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||   ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Preferred Stock And Other Adjustments || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||   ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Net Income Applicable To Common Shares **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$732,848 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$855,011 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$514,123 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||   ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Net Income Applicable To Common Shares **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$732,848 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$855,011 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$514,123 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||   ||

<span style="font-family: 'Verdana','sans-serif'; font-size: 6pt; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman';"> <span style="font-family: 'Verdana','sans-serif'; font-size: 6pt; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman';"> **<span style="font-family: 'Verdana','sans-serif'; font-size: 6pt; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman';">PERIOD ENDING **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">27-Dec-08 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">29-Dec-07 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  |||| **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">30-Dec-06 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || ||  || <span style="font-family: 'Verdana','sans-serif'; font-size: 6pt; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman';">All numbers in thousands <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * ** Balance Sheet ** Garmin Ltd (GRMN)<span style="font-family: 'Verdana','sans-serif'; font-size: 6pt; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman';">
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Assets **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Current Assets ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Cash And Cash Equivalents || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">696,335  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">707,689  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">337,321  ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Short Term Investments || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">12,886  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">37,551  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">73,033  ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Net Receivables || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">791,146  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">1,059,889  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">459,520  ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Inventory || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">425,312  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">505,467  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">271,008  ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Other Current Assets || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">58,746  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">22,179  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">28,202  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Total Current Assets **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">1,984,425 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">2,332,775 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  |||| **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">1,169,084 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Long Term Investments || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">262,009  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">386,954  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">407,843  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Property Plant and Equipment || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">445,252  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">374,147  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">250,988  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Goodwill || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Intangible Assets || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">230,954  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">196,030  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">67,580  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Accumulated Amortization || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Other Assets || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">1,941  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">1,554  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">1,525  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Deferred Long Term Asset Charges || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Total Assets **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">2,924,581 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">3,291,460 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  |||| **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">1,897,020 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Liabilities **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Current Liabilities ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Accounts Payable || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">479,176  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">801,883  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">337,682  ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Short/Current Long Term Debt || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||
 * || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Other Current Liabilities || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Total Current Liabilities **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">479,176 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">801,883 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  |||| **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">337,682 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Long Term Debt || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">248  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Other Liabilities || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">215,481  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">127,028  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Deferred Long Term Liability Charges || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">4,070  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">11,935  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">1,191  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Minority Interest || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Negative Goodwill || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Total Liabilities **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">698,727 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">940,846 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  |||| **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">339,121 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Stockholders' Equity **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Misc Stocks Options Warrants || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Redeemable Preferred Stock || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Preferred Stock || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Common Stock || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">1,002  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">1,086  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">1,082  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Retained Earnings || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">2,262,503  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">2,171,134  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">1,478,654  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Treasury Stock || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Capital Surplus || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">132,264  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">83,438  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Other Stockholder Equity || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(37,651)  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">46,130  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(5,275)  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Total Stockholder Equity **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">2,225,854 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">2,350,614 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  |||| **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">1,557,899 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Net Tangible Assets **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$1,994,900 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$2,154,584 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  |||| **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$1,490,319 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * |||||||||||| **<span style="display: none; font-family: 'Arial','sans-serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-hide: all;">C ****<span style="font-family: 'Arial','sans-serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';">Cash Flow **<span style="font-family: 'Arial','sans-serif'; font-size: 8pt; mso-fareast-font-family: 'Times New Roman';"> Garmin Ltd (GRMN) <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Retained Earnings || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">2,262,503  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">2,171,134  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">1,478,654  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Treasury Stock || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Capital Surplus || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">132,264  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">83,438  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Other Stockholder Equity || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(37,651)  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">46,130  |||| <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(5,275)  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Total Stockholder Equity **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">2,225,854 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">2,350,614 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  |||| **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">1,557,899 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Net Tangible Assets **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$1,994,900 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$2,154,584 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  |||| **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$1,490,319 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * |||||||||||| **<span style="display: none; font-family: 'Arial','sans-serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-hide: all;">C ****<span style="font-family: 'Arial','sans-serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';">Cash Flow **<span style="font-family: 'Arial','sans-serif'; font-size: 8pt; mso-fareast-font-family: 'Times New Roman';"> Garmin Ltd (GRMN) <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Net Tangible Assets **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$1,994,900 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$2,154,584 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  |||| **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$1,490,319 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * |||||||||||| **<span style="display: none; font-family: 'Arial','sans-serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-hide: all;">C ****<span style="font-family: 'Arial','sans-serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';">Cash Flow **<span style="font-family: 'Arial','sans-serif'; font-size: 8pt; mso-fareast-font-family: 'Times New Roman';"> Garmin Ltd (GRMN) <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> ||
 * |||||||||||| **<span style="display: none; font-family: 'Arial','sans-serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-hide: all;">C ****<span style="font-family: 'Arial','sans-serif'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman';">Cash Flow **<span style="font-family: 'Arial','sans-serif'; font-size: 8pt; mso-fareast-font-family: 'Times New Roman';"> Garmin Ltd (GRMN) <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> ||

<span style="display: none; font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman'; mso-hide: all;"> || || **<span style="font-family: 'Verdana','sans-serif'; font-size: 6pt; mso-bidi-font-family: Arial; mso-fareast-font-family: 'Times New Roman';">PERIOD ENDING **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">27-Dec-08 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">29-Dec-07 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">30-Dec-06 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Net Income **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">732,848 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">855,011 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">514,123 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Operating Activities, Cash Flows Provided By or Used In **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Depreciation || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">78,417  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">64,037  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">44,475  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Adjustments To Net Income || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">111,702  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(2,554)  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(3,076)  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Changes In Accounts Receivables || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">206,101  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(477,108)  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(230,111)  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Changes In Liabilities || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(330,294)  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">484,238  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">136,459  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Changes In Inventories || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">83,035  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(224,180)  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(95,658)  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Changes In Other Operating Activities || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(19,645)  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(17,356)  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(4,357)  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Total Cash Flow From Operating Activities **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">862,164 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">682,088 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">361,855 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Investing Activities, Cash Flows Provided By or Used In **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Capital Expenditures || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(119,623)  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(156,777)  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(92,906)  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Investments || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">130,744  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">112,775  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(93,772)  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Other Cashflows from Investing Activities || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(67,470)  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(131,693)  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(39,707)  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Total Cash Flows From Investing Activities **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(56,349) **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(175,695) **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(226,385) **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Financing Activities, Cash Flows Provided By or Used In **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Dividends Paid || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(150,251)  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(162,531)  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(107,923)  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Sale Purchase of Stock || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(659,943)  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">9,228  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(34,376)  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Net Borrowings || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(248)  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(11)  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Other Cash Flows from Financing Activities || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">2,143  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">17,434  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">9,660  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Total Cash Flows From Financing Activities **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(808,051) **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(136,117) **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(132,650) **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Effect Of Exchange Rate Changes || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(9,118)  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">92  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">149  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Change In Cash and Cash Equivalents **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">($11,354) **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$370,368 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$2,969 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Net Borrowings || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">-  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(248)  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(11)  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Other Cash Flows from Financing Activities || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">2,143  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">17,434  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">9,660  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Total Cash Flows From Financing Activities **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(808,051) **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(136,117) **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(132,650) **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Effect Of Exchange Rate Changes || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">(9,118)  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">92  || <span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">149  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Change In Cash and Cash Equivalents **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">($11,354) **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$370,368 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$2,969 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Change In Cash and Cash Equivalents **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">($11,354) **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$370,368 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$2,969 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">Change In Cash and Cash Equivalents **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';"> || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">($11,354) **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$370,368 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  || **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">$2,969 **<span style="font-family: 'Arial','sans-serif'; font-size: 7.5pt; mso-fareast-font-family: 'Times New Roman';">  ||


 * **<span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Growth Rates % ** || **<span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Company ** || **<span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Industry ** || **<span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">S&P 500 ** ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Sales (Qtr vs year ago qtr) || <span style="color: #c60000; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: 'Times New Roman';">-26.60 <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">  || <span style="color: #c60000; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: 'Times New Roman';">-12.60 <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">  || <span style="color: #c60000; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: 'Times New Roman';">-9.10 <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Net Income (YTD vs YTD) || <span style="color: #c60000; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: 'Times New Roman';">-47.90 <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">  || <span style="color: #c60000; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: 'Times New Roman';">-10.50 <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">  || <span style="color: #c60000; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: 'Times New Roman';">-5.00 <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Net Income (Qtr vs year ago qtr) || <span style="color: #c60000; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: 'Times New Roman';">-36.80 <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">  || <span style="color: #c60000; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: 'Times New Roman';">-38.60 <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">  || <span style="color: #c60000; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: 'Times New Roman';">-11.30 <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Sales (5-Year Annual Avg.) || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">43.56  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">23.69  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">13.14  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Net Income (5-Year Annual Avg.) || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">32.62  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">18.72  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">12.74  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Dividends (5-Year Annual Avg.) || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">24.57  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">3.18  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">11.70  ||


 * **<span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Profit Margins % ** || **<span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Company ** || **<span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Industry ** || **<span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">S&P 500 ** ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Gross Margin || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">45.1  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">46.8  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">38.1  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Pre-Tax Margin || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">22.3  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">0.9  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">10.4  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Net Profit Margin || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">17.8  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">5.1  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">7.1  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">5Yr Gross Margin (5-Year Avg.) || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">47.3  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">46.6  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">37.8  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">5Yr PreTax Margin (5-Year Avg.) || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">30.4  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">11.2  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">16.5  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">5Yr Net Profit Margin (5-Year Avg.) || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">25.6  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">8.5  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">11.5  ||


 * **<span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Financial Condition ** || **<span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Company ** || **<span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Industry ** || **<span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">S&P 500 ** ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Debt/Equity Ratio || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">0.00  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">0.40  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">1.39  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Current Ratio || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">4.5  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">3.3  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">1.5  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Quick Ratio || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">3.8  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">2.5  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">1.2  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Interest Coverage || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">21.4  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">61.6  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">23.4  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Leverage Ratio || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">1.3  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">1.9  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">5.2  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Book Value/Share || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">12.28  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">20.33  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">21.10  ||


 * **<span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Investment Returns % ** || **<span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Company ** || **<span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Industry ** || **<span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">S&P 500 ** ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Return On Equity || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">22.6  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">9.7  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">15.7  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Return On Assets || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">17.2  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">5.1  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">5.9  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Return On Capital || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">20.9  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">6.4  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">8.2  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Return On Equity (5-Year Avg.) || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">35.0  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">14.8  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">19.1  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Return On Assets (5-Year Avg.) || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">27.4  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">7.8  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">7.9  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Return On Capital (5-Year Avg.) || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">33.8  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">10.0  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">10.6  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Management Efficiency || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Company  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Industry  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">S&P 500  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Income/Employee || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">60,469  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">19,667  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">56,806  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Revenue/Employee || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">339,059  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">280,441  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">846,884  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Receivable Turnover || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">5.0  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">5.7  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">13.1  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Inventory Turnover || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">3.4  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">4.1  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">9.4  ||
 * <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">Asset Turnover || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">1.0  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">0.7  || <span style="color: #333333; font-family: 'Tahoma','sans-serif'; font-size: 8.5pt; mso-fareast-font-family: 'Times New Roman';">0.8  ||

<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; msobidifontfamily: Calibri; msobidithemefont: minor-latin; msolist: Ignore;">1. Leverage use of cash and control expenses
 * Critical Success Factors **

Garmin has the strength afforded a company with significant assets and no long-term debt. Garmin could put price pressure on smaller competitors by becoming even more efficient with its own expenses and use of inventory and build up a stronger cash position in order to reduce prices or use the cash for purchase into a marketplace through its competitors or incentives to partners.

<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; msobidifontfamily: Calibri; msobidithemefont: minor-latin; msolist: Ignore;">2. Diversify Product Line

The popularity of Smart phones and online mapping software is a risk to Garmin’s business model as there will be less desire to purchase stand-alone navigation devices. Garmin must either diversify its product line by selling IP or find a new way to partner with auto and boat manufacturers. Of course Garmin could compete in the phone space as well either through partnership, purchase or innovation. The risk is the margins of these businesses are typically much less and have greater competition.



Garmin has sufficient cash to purchase its way into IP or the phone market either through partnership with a phone manufacturer or buyout of smaller competitors that have valuable IP such as TOM-TOM.

On Sep 9th, Garmin launched its Nuvifone with direct distribution with AT&T Inc according to the Wall Street Journal. According to the Wall Street Journal, “the Nuviphone is Garmin’s entry into the cellular phone market and is considered key to the company’s future. Cell phone carriers have increasingly been chipping away at Garmin’s market, adding navigational features to the phones.” “In February, Garmin said it was teaming up with Taiwan-based Asustek Computer Inc. to develop and produce a cobranded line of feature-rich mobile phones.”

// MSN Money //. (2009, 10 6). Retrieved from http://www.msn.com: http://moneycentral.msn.com/detail/stock_quote?Symbol=GRMN%2C Press, A. (2009, September 9). //http://online.wsj.com/article/SB12542356078994945//. Retrieved from The Wall Street Journal Online.
 * Sources**

[1]