Garmin08年第一季度户外/健身部门净收入增长了16%

　　Garmin公司第一季度的户外和健身部门的净收入为7100万美元，同期相比增长了16%。总收入为6.64亿美元，2007年第一季度是4.92亿美元，同期相比增长了35%。导航/手机部门总收入为4.52亿美元，同期相比增长了43%。航海的总收入为5600万美元，同期相比增长了30%。航空部门总收入为8500万美元，增长了19%。

　　各地区仍然保持良好的增长势头：北美的总收入是4.11亿美元，2007年第一季度是3.23亿美元，同期相比增长了27%。欧洲总收入为2.11亿美元，2007年同期为1.48亿美元，增长了43%。亚洲总收入为4200万美元，2007年第一季度是2100万美元，增长了100%。

　　毛利率增长了48.2%，而2007年第一季度为48.3%，营业利润率为26.0%，同2007年的28.1%相比，略微有所下降。每股收入为0.67美元，2007年同期为0.64美元，增长了5%。每股收益为0.69美元，2007年第一季度是0.59美元，同期相比增长了17%。

　　以下是航海，户外和健身的仪器系列产品：

　　nuvi^® 800系列产品具有识别技术和MSN直接数据服务

　　nuvi 900产品--导航设备于一体的仪器，还带有电视、

　　Forerunner^® 405--一个新的无线健身设备，其特点是可观性。

　　Colorado（TM）系列产品-户外导航，采用了创新的滚轮和预先载入地图的3D绘图介绍

　　以上这些新品都采用的先进的技术，具有独特的功能性。此外，Garmin正在和一些对nuvifone感兴趣的无线经营商进行洽谈。这些新品将会改变人们的联络沟通方式，Nuvifone是Garmin公司的一个重要的里程碑，Garmin要保持长期的可持续发展的增长势头。航海产品的反响很好。扩大其产品线，包括海洋仪器和大屏幕，网络图的策划者已扩大OEM。

　　首席财政官Kevin Rauckman说，“对于08年第一季度的财政收入，我们感到很欣慰。将继续加强经营，提高效率。我们的总收入和每股收益分别增长了35%和5%。如果排除外币汇率的变化，每股收入增长17%，即2008年第一季度是0.69美元，而2007年同期为0.59美元。导航/手机部门总收入增长了43%，而2007年增长了30%。整体业务的毛利率高于我们的预计。航海部门的毛利率提高到58％，而2007年同期为49％。户外/健身部门和航空部门的收入保持稳定，即53％和64％。

　　汽车导航/手机的经营毛利率有所下降。航海部门的经营利率增长到32%，去年是26%。由于研发商务喷气式飞机的市场，航空部门的经营利率下降到33%。由于产品的折扣，户外/健身部门下降到27%，去年是35%。

　　我们要保持目前的资金流动和现金状况，到本季度末现金和流通证券余额为12亿美元。我们以前的第一季度有效税率达到19%，主要原因是台湾子公司受税法变更的影响。”

　　2008展望

　　关于长远的成功，业务和为客户服务的能力以及全球的分销，Garmin持乐观态度。对于第一季度的收入情况感到很满意。全球经济放缓并影响了公司的董事会。同以往一样，Garmin将更改2008年的财政预计。

　　关于GAAP措施

　　管理层认为，要采取必要的措施来应对外币汇率对每股净收入的影响。台湾子公司的应收和应付均使用美元。不过，台湾的子公司很少受外币汇率的影响因为台湾持有大部分的美元现金，现金等价物和上市证券。

　　原文：Garmin Sees 16% Gain in Outdoor/Fitness

　　SportsOneSource Media     Posted: 4/30/2008

　　Garmin Ltd. reported revenues in the Outdoor/Fitness segment increased 16% to $71 million in the first quarter. Overall, total revenues in the first quarter is $664 million, up 35% from $492 million in first quarter of 2007.

　　Automotive/Mobile segment revenue increased 43% to $452 million. Marine segment revenue increased 30% to $56 million. Aviation segment revenue increased 19% to $85 million.

　　All geographic areas experienced healthy growth: North America revenue was $411 million compared to $323 million, up 27%; Europe revenue was $211 million compared to $148 million, up 43%; Asia revenue was $42 million compared to $21 million, up 100%;

　　Gross margin increased sequentially and held steady year-over-year, with first quarter 2008 at 48.2%, compared to 48.3% in first quarter 2007. Operating margin increased sequentially and declined slightly year-over-year, with first quarter 2008 at 26.0%, compared to 28.1% in first quarter 2007.

　　Earnings per share increased 5% to $0.67 from $0.64 in first quarter 2007; excluding foreign exchange, EPS increased 17% to $0.69 from $0.59 in the same quarter in 2007.

　　"We are pleased with our performance in the first quarter, particularly given the general slowdown in the global economy. Demand for our automotive/mobile products continued beyond the traditionally strong fourth quarter holiday season, with another quarter of robust triple-digit growth. While the first quarter is typically our slowest quarter, we were nonetheless able to achieve healthy growth in each of our business segments and each geographic area.

　　We look forward to a successful second quarter, with an array of new and exciting portable navigation and outdoor/fitness devices becoming available, including:

　　-- The nuvi® 800 series, which offers industry-leading speech

　　recognition technology and enhanced MSN Direct data services

　　-- The nuvi 900 family-- a navigation device that integrates digital

　　television for mobile consumers.

　　-- The Forerunner® 405, a fitness device that integrates new wireless

　　features in a watch form factor

　　-- The Colorado(TM) series of outdoor navigators, featuring an innovative scroll wheel and pre-loaded maps with 3-D mapping presentations

　　These new product introductions represent significant advances in technology, with features and functions that we believe customers will find compelling. Furthermore, we are in continuing talks with a number of wireless carriers in our primary markets who are interested in nuvifone. We believe this new device will change the way people connect, communicate, and navigate their mobile world. Nuvifone also marks a significant step for our company, and one that we feel positions us for long-term, sustainable growth.

　　Response to our revolutionary new line of marine products continues to be very positive. We are very pleased with the 30% growth we have achieved in the first quarter. The expansion of our product lines, including marine instruments and large screen, network chart plotters have expanded our OEM and aftermarket marine opportunities.

　　The new Colorado series of handheld devices and our redesigned Forerunner 405 have generated a great deal of excitement in our outdoor/fitness business. These products are becoming available just as people are venturing outdoors again, and we expect to announce additional new devices in this business segment in the coming months.

　　Our aviation segment is poised for new growth, thanks to new products and innovations like the FAA's supplemental type certification for Garmin Synthetic Vision Technology (SVT(TM)), which is designed to integrate with our acclaimed G1000 avionics suite. This technology presents a 3D depiction of terrain, obstacles and traffic on the G1000's primary flight-display so that the avionics panel replicates what pilots would see outside the cockpit on a clear day -- another leap forward in situational awareness. These announcements as well as our continuing work to roll out additional OEM platforms, including the Embraer Phenom 100, have us optimistic about aviation opportunities during the second half of 2008."

　　Financial overview from Kevin Rauckman, Chief Financial Officer:

　　"Overall we are pleased with our financial results for the first quarter, and we remain focused on the operational efficiency of our business," said Kevin Rauckman, chief financial officer of Garmin Ltd. "Our revenue and earnings per share during the first quarter grew 35% and 5% respectively. Excluding the impact of foreign exchange, EPS for the quarter grew 17%, from $0.59 to $0.69. Automotive/mobile segment's first quarter revenues increased 43% compared to the prior year and our marine segment revenue grew 30%, thanks to the continued acceptance of our new product lineup.

　　Gross margin for the overall business remained stronger than we had anticipated in the first quarter. The auto/mobile segment margin stayed flat at 43% when compared to the first quarter of 2007, as we achieved raw material cost savings and operational efficiencies. Our marine gross margins improved to 58%, compared to 49% during first quarter 2007, thanks to heavy interest in our new and innovative product mix. Our outdoor/fitness category and aviation segment gross margins remained stable during the first quarter at 53% and 64%, respectively.

　　Operating margin declined 130 basis points in our auto/mobile segment in the first quarter of 2008 when compared with the year-ago quarter but were steady at 24% when compared to the fourth quarter 2007. Our marine segment operating margins improved to 32%, compared with 26% one year ago. Operating margins declined in our aviation segment to 33%, which is attributable to additional R&D investments in the growing business jet market. Likewise, our outdoor/fitness segment declined to 27%, compared to 35% in the first quarter of 2007, which is attributable to discounts on some of our older products to make way for our newer fitness and outdoor handheld devices.

　　We maintained our strong cash flow and cash position. We generated $166 million of free cash flow in the first quarter of 2008, resulting in a cash and marketable securities balance of $1.2 billion at the end of the quarter.

　　We experienced an increase in the effective tax rate to 19 percent for the first quarter and we now expect this rate for fiscal 2008. The primary reason for the increase was a change in tax law related to the repatriation of earnings from our Taiwan subsidiary."

　　Fiscal 2008 Outlook

　　We remain optimistic about the long-term success of our business and our ability to serve customers and distributors around the world. While we are pleased with our strong performance in the first quarter, it is important to note that the global economic slowdown has impacted companies across the board. We will continue to monitor the economic climate closely. As in previous years, we intend to provide a formal update to our fiscal 2008 financial expectations during the second quarter 2008 earnings conference call.

　　Non-GAAP Measures

　　Net income (earnings) per share, excluding foreign currency

　　Management believes that net income per share before the impact of foreign currency translation gain or loss is an important measure. The majority of the company's consolidated foreign currency translation gain or loss results from translation into New Taiwan dollars at the end of each reporting period of the significant cash and marketable securities, receivables and payables held in U.S. dollars by the company's Taiwan subsidiary. Such translation is required under GAAP because the functional currency of this subsidiary is New Taiwan dollars. However, there is minimal cash impact from such foreign currency translation and management expects that the Taiwan subsidiary will continue to hold the majority of its cash, cash equivalents and marketable securities in U.S. dollars. Accordingly, earnings per share before the impact of foreign currency translation gain or loss allows an assessment of the company's operating performance before the non-cash impact of the position of the U.S. dollar versus the New Taiwan dollar, which permits a consistent comparison of results between periods.

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