Garmin Reports First Quarter 2012 Results with Revenue and Pro Forma EPS Growth

Net deferred revenues and costs

The following table illustrates the effect of deferred revenues and costs, net of the amortization of previous deferrals, associated with certain products bundled with content and services. These deferred revenues and costs are being amortized over the estimated economic lives of the products. Additional details will be available in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 and are available in the Annual Report on Form 10-K for the year ended December 31, 2011 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983).

     
Garmin Ltd. And Subsidiaries
Net Deferred Revenue Impact (Unaudited)
(In thousands, except per share information)
 
13-Weeks Ended
March 31, March 26,
2012   2011
Net sales $ 723 $ (21,826 )
Cost of goods sold   154   (3,905 )
Gross profit 569 (17,921 )
 
Operating income 569 (17,921 )
 
Income tax provision based on normalized tax effects   73   (267 )
   
Net income $ 496 $ (17,654 )
 
Net income per share:
Basic $ 0.00 $ (0.09 )
Diluted $ 0.00 $ (0.09 )
 

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