TeamB Garmin Final

8/13/2019 TeamB Garmin Final

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Corporate Analysis

Capstone Project

Presented by:Team B - Synergy

Scott, Irene, April, Simplicious


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ContentsClick section to jump throughout document

Executive Summary 1

Garmin Company Description 2

Technological Innovations 3

Marketing Strategy 3

Product 3

Price 4

Place 5

Promotion 5

PEST Analysis 6

Political 6

Economic 7

Social 7

Technological 8

SWOT Analysis 9

Strengths 9

Weaknesses 9

Opportunities 9

Threats 9

Competitive Analysis 10

Target Markets 10

Market Segments 10

Porters Five Forces 11

Financial Ratio Analysis 13

Critical Success Factors 14

Evaluation 14

Appendix

Income Statement A1

Balance Sheet A2

Cash Flow A3

Other Financials A4

Sources

Corporate Overview Sources S1

Technological Innovations &

Marketing Strategy Sources S1PEST Analysis Sources S1

SWOT Analysis Sources S2

Competitive Analysis Sources S3

Critical Success Factors Sources S3


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An Analysis of GARMINTeam Synergy -- 1

Executive Summary

Garmin was founded in 1990 by

two electrical engineers, Gary

Burrell and Dr. Min Kao.

They are headquartered in

Olathe, Kansas.

Produces over 100 products in aviation, marine, outdoor, fitness, automatic, mobile,and OEM markets

Continual focus on innovation by extending product lines, to include nvifone Garmin is reliant upon satellite technology which is outside of their control Competition comes from TomTom, iPhone, Blackberry, L-3 Avionics System and

Rockwell Collins

Risk stems from new entrants in cell-phone GPS unit market and market saturation The use of GPS technology across all age groups is a significant opportunity, as well

as possible strategic partnership with Google

Garmins financial position is strong, although they have been impacted by theeconomic situation that has reduced their YoY revenue growth

The company's stronger gross margins in the second quarter were helped bycurrency fluctuations, product mix, stable prices and raw material cost reductions.

Garmin is betting on the nvifone smartphone to boost its position in the hyper-competitive mobile market.


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Garmin Company Description

Creating navigation and communication devices that enrich their customers lives is what Garmin is all

about. One year after a brainstorming session around a card table with a small group of engineers, Garmin

launched its first product in 1990. The GPS 100, a panel-mounted receiver intended for the marine market,

debuted at the 1990 International Marine Technology Exposition in Chicago.1

Garmins next product was a handheld GPS receiver used by military personnel serving during the first Gulf

War in 1991. The company expanded industry application of these devices for the fitness and sports

industries next. One of their most popular product lines is the eTrek series of handheld GPS devices. The

eTrek product line continues today.2

Garmins focus on continual innovation, along with a desire to meet their loyal customers expectations, has

fueled an ever-growing list of products. Today, application of Garmins products span a wide range of

industries to include automotive, aviation, marine, fitness, outdoor recreation, and wireless. 3

The company designs, manufactures, markets, and sells its own products. Garmin employees are also

responsible for live-use testing of their products. This gives them a significant competitive advantagebecause they live and breathe their solutions. Research and development is paramount to Garmins long-

term success. This enables Garmin to remain focused on continual improvement of their products.4

Garmin sells over 100 products and most recently announced the launch of a smartphone, the nvifone,

which is intended to compete with smartphones on the market. 5

Source: http://gpsdock.com/blogs/2008/01/31/garmin-nuvifone-to-compete-with-iphone/


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Technological Innovations

Garmin pioneered the standalone portable navigation device market. The market for stand-alone GPS

devices is fast-growing and increasingly competitive as multi-capability devices, such as smartphones, are

gaining market share. GPS technology moved onto cell phones a few years ago and is a fast-growing feature

on the devices. Some 77 million GPS-equipped smartphones will ship worldwide in 2009, up 35% from lastyear. (Garmin, 2008)

One of the key strategic initiatives of the company for its future growth is continuous innovation,

development, and introduction of new products. Garmin benefits greatly from the consistently expanding

aviation, marine and fitness segments. Product development for these segments accounts for nearly 30% of

Garmin's sales and approximately 45% of its operational earnings. (Kiley, 2009)

Garmin leverages its GPS expertise to deliver navigation devices for anything that moves. Garmin also

distinguishes itself from competitors through rapid research-and-development (R&D) cycles that deliver

product refreshes quickly.

Marketing Strategy

Garmin's primary marketing strategy is to "provide a quality product at an affordable price." The overarching

mission of this strategy is: to enrich the lives of customers, suppliers, distributors, associates and

stockholders by designing, manufacturing and selling navigation and communication products that provide

superior quality, safety and operational features, lower cost of manufacturing and ownership, and sufficient

profits to support desired company growth. (Garmin, 2007)

ProductGarmin designs, manufactures, markets and sells over 100 products worldwide for consumer, business

and military applications. As customer demands have evolved - Garmin has launched new products.Their communication and navigation products serve the aviation, marine, outdoor, fitness, automotive,

mobile and OEM markets.

As the navigation component of its devices becomes more commoditized, Garmin is branching out into

services and new devices such as the nvifone to sustain its market share and competing with mobile

phone manufacturers. The navigation is integrated into the nvifone as a prominent feature rather than

an after-thought.

Garmin's focus on R&D ensures the latest features are brought to market quickly throughproduct refreshes.

Garmin is betting on the nvifone to help it stay relevant as GPS functionality becomespervasive on cell phones. This stride comes with significant execution risk in a competitive

industry.

Adoption of GPS service by wireless carriers could cannibalize sales of Garmin's personalnavigation devices.


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PriceAccording to Pricegrabber.com, Garmin produces seven of the top ten most popular GPS products. In

2008, Garmins GPS products sold for an average of $467. Overall, the non-Garmin GPS products on the

list had an average price of $307, priced 34% lower than Garmin GPS products. (Pricegrabber, 2008)

Garmin ranked highest in a list of average price ranges for all GPS products by manufacturer:

$500 average price range - Garmin $400 average price range - TomTom, Magellan, and Lowrance $200 average price range - Mio and ViaMichelin

Another study performed by PriceGrabber in 2007, reported a continuing downward trend in GPS prices,

despite new introductions of high-end products, like the Garmin Nvi 660. The lower-end products and

the introduction of value-oriented products introduce stiff competition around the $200 price range.

*Pricing based on average monthly price of all GPS products

Source: Market Reporter Pricegrabber.com, 2007

Despite this downward trend - Garmin continues to employ a niche product pricing strategy because the

standalone GPS market is still considered a niche market. Garmins pricing is geared toward the higher -

income consumer.

Average sale prices for Garmin's navigation devices continue to fall as competition increaseswhich adversely affects their market share.

Garmin recently benefited from lower input costs affecting their ability to remain competitivelypriced. (Pricegrabber, 2008)


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Place

Garmin products are available in a variety of retail channels on three continents: North America, Europe

and Asia. As consumer demand for GPS technology increases, especially in the automotive market,

Garmin has opportunities to meet the needs of consumers in more key markets.

Garmin also has relationships with many original equipment manufacturers. The consumer product

distributors of the company include giants such as Chrysler/Mopar, Toyota, Harley-Davidson, BMW

Motorrad, and Honda Motorcycle.

In 2008, Stan Brajer, director of fitness sales and marketing for Garmin, announced that they wanted to

focus more on specialty markets as part of their goal to win back independent bicycle dealers. (Norman,

2009)

Garmins distribution network includes 3,000+ independent dealers and the largest electronicsretailers.

Garmin's consumer products are marketed through local distributors who resell to dealers. Garmin's distribution reach diminishes as retailers such as Circuit City close stores.

PromotionGarmin utilizes an in-house advertising agency that handles all of the company's promotional and

communication needs. In 2008, they also became an exclusive navigation supplier to Kenwoods new

2008 lineup of in-dash automotive electronics. Garmin aligned with Kenwood on print, radio and online

advertising in addition to a dedicated internet site and point-of-purchase materials to inform customers.

(Garmin, 2007)

The company's focus is on increased consumer awareness of the Garmin name.

Efforts include typical media placements (periodical ad space, billboard, radio)


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PEST Analysis

POLITICAL:

GPS devices are rendered useless without a satellite system to support them. Global Navigation Satellite

System (GNSS) is the standard generic term for satellite navigation systems that provide autonomous geo-

spatial positioning with global coverage.1 Currently, the U.S. has the only operational GNSS in the world

referred to as the NAVSTAR Global Positioning System (GPS). The EU is currently working on the Galileo

project, expected to launch in 2013. Russias GLONASS and Chinas Beidou are similar projects underway,

but neither will deploy until after 2013.

The European Union (EU) began to develop GNSS in order to have an independent system they can rely

upon in times of war or political disagreement. Presently, the U.S. and/or Russia could disable EUs accessto

GPS through encryption. The U.S. was successful in its request that the EU leverage a different frequency for

Galileo GPS, thereby ensuring any jamming of their GNSS system would not affect the US system. 3

Until 2000, the U.S. had at their disposal a capability on the satellites called Selective Availability (SA), which

allowed them to render locations incorrectly on the GPS. The EU felt that civil infrastructure using the GPSwas vulnerable and, as a result, believed an independent system was needed. In 2000, President Clinton

disabled SA and committed that future satellites wouldnt include the SA capability.4

China is currently the third largest export market for U.S. goods. China is part of the World Trade

Organization. Prior to their accession in 2001 to the WTO, China severely limited imports by imposing high

tariffs and taxes. Chinas post-WTO accession tariff rates are bound, meaning that China cannot raise them

above the bound rates without compensating WTO trading partners. Chinas most important revenue

source is the Value Added Tax, which ranges between 13 and 17 percent and continues to be uneven.

Importers from a wide range of sectors report that, because taxes on imported goods are reliably collected

at the border, they are sometimes subject to application of a VAT that their domestic competitors often fail

to pay.5

EU countries, collectively, ranked second in the U.S. goods export market in 2007. Notwithstanding the

existence of customs laws that govern all EU Member States, the EU does not administer its laws through a

single customs administration. This makes uniform application of decisions impossible, thereby increasing

costs for appeals. The U.S has continued to raise serious concerns both bilaterally with the EU and in the

WTO ITA Committee in Geneva about a series of EU measures that have the effect of no longer providing or

guaranteeing duty free treatment for certain information technology products, to include smartphones with

GPS. The EU is applying new duties as high as 14 percent on imports of these products. 6

Canada is currently the largest export market for U.S. goods. If NAFTA (North American Free Trade

Agreement) expired, Garmin could face significant costs related to tariffs and taxes. 7


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ECONOMIC:

While economic pressures have severely affected consumer discretionary spending, shipments of GPS-

enabled cell phones will increase 6.4% from 2008. It is expected that nine out of every 10 smartphones will

contain GPS capability by 2014, as compared to one in three in 2008.8 Shipment of GPS handsets, though, is

expected to drop four to five percent in 2009. With the dollar weakening and Garmin manufacturingoverseas - they must endure the negative impact of losing money on the conversion. During the dollars

continuing decline, they might benefit greatly from a shift to manufacturing a portion of their products in

the U.S.

The current economic crisis will likely last through the end of 2010. Recent news, published by Bloomberg,

indicates the worlds largest economy (US) shrank at a .7% annual rate from April through June.9 Europes

economy contracted more than estimated in the second quarter as consumer spending was weaker than

earlier reported.10 In late 2009, China announced an enormous fiscal stimulus package. Since then the

Shanghai Composite Index has rallied some 90 percent. Despite this fact, questions remain over their ability

to sustain over the longer-term as the stimulus goes away. 11

Given the state of the economy, businesses around the world are concerned about the impact inflationary

pressures could have on their businesses. One consequence of selling into international markets is an

exposure to movements in currency exchange rates. Tax rates, such as repatriated earnings taxes, can have

a significant impact upon the company. In 2008, Taiwan increased these taxes to 19% from 12%, resulting in

a loss of .30c per share that year alone.12

The state of several major economies, as of September 30, 2009:

Country Interest

Rate

Growth

Rate

Inflation

Rate

Jobless

Rate

Exchange

Rate

U.S. .25% -3.8% -1.5% 9.8% 77.0450

EU 1.00% 4.8% -.20% 9.6% 1.4732

China 5.31% 7.9% -1.2% 4.3% 6.8255

Source: http://www.tradingeconomics.com

SOCIAL:

Telecom Times reports that by 2015, the expected number of GPS subscribers will reach 160 million, which

translates to a 33.7% compound annual growth rate. U.S. and Japan subscribers are opting for mobile

devices in large numbers, whereas the EU is seeing a more gradual replacement of personal navigationdevices.13

More than 40 percent of all smartphone owners use their mobile devices to get turn-by-turn directions,

according to Compete, a web analytics firm. For iPhone users, that number is more than double. As these

phones enhance their GPS capabilities, it may continue to pressure personal navigation device makers. One

person interviewed recently, summed up the general sentiment of desiring one device when he said, The

simplicity of having one device and not needing to pull the Garmin out of my glove compartment is enough.

I want to get into my car and do as few things as possible.14


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The EU has implemented several environmental regulations in the past few years, one of which is the RoHS

(restriction of hazardous substances) Directive. This directive bans new electrical and electronic equipment

containing more than permissible levels of hazardous substances on the EU market after July 1, 2006. Since

then, other countries have adopted the RoHS directive. Garmin has expended considerable effort and

resources to ensure compliance with the directive, although not all of its products are RoHS compliant.15

TECHNOLOGICAL:

Although China is a large potential market for GPS makers, there were questions as to the state of their

infrastructure in 2007. In an article found in the EETimes Asia, there was a lack of an industrial standard and

supervision for GPS operations in China. Since that time, China has made significant strides to address the

infrastructure shortcomings. China and the EU have joined forces to work toward Information and

Communications Technologies (ICT) standards.16

Source: Cellular News, July 12th

, 2009 http://www.cellular-news.com/story/38484.php?s=h

Of additional concern, the US Air Force is seeking comments from receiver manufacturers regarding an SVN-

49 signal anomaly that is causing signal distortions. This involves the GPS IIR-20(M) spacecraft launched in

early 2009, but not yet operational. Due to the number of manufacturers, it is impossible for the Air Force to

work through this matter on their own. This highlights a vulnerability of Garmins product, as it is completely

dependent upon properly functioning satellites. These anomalies could impact service levels, and brand

confidence would be significantly affected. 17


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SWOT ANALYSIS1

STRENGTHS

Core competency of Garmin is its ability to leverage GPS technologies and in-house manufacturingto create trendy but useful products for high growth markets.

Provides efficient after sales services and superior customer support in areas like repairs, technicalsupport and warranties services.

Manufacturing their products in-house reduces mishaps and ensures quality products. The company owns its manufacturing facilities in Taiwan and receives tax incentives from the

Taiwanese government slated to end in 2011. Cheap labor allows the company to keep its operating

costs low.

Garmin produces quality products that are ISO certified and further approved for use in aviation bythe FAA.

WEAKNESSES

GPS devices (inherent product weakness) are accurate to within 15 meters and certain atmosphericand weather factors may affect their accuracy. This has allowed competitors like NavSync Ltd and

Ekahau Inc. to differentiate their products. These companies have developed Wi-Fi-based Real TimeLocation Systems that boost GPS accuracy and have created new products like NavTrac Wi-Fi-

enabled GPS devices that support asset and inventory tracking from inside buildings to around the

world.

GPS satellites are monitored and controlled by the U.S Department of Defense, potentially limitingsales to certain clients (i.e. foreign governments).

Endures a low sales cycle during the first half of the year versus the latter half of the year asconsumers plan annual trips and marine activity.

Owning manufacturing facilities and their related costs can be considered a weakness when salesvolumes decline.

OPPORTUNITIES A brand awareness drive to increase visibility in the world, in Europe they sponsored the English

Premier League football club at Middlesbrough and Garmin-Slipstreamcycling team.

The use of GPS technology within varying age groups is rising and there are increased opportunitiesto provide cutting-edge applications of the technology.

The need for all-in-one devices and the shift by most electronic and manufacturing companiestoward consolidated products and applications provides continued opportunity.

Garmin could capitalize/invest in the technology of applications such as Google-Maps such as street-level images and specialty routing options.

THREATS

Increase of new entrants offering personal navigation devices consolidated into mobile devices likethe iPhone and Blackberry.

GPS satellites may become inoperable due to decaying gravity; over time, they will be pulled intoEarths atmosphere.

There is a risk of market saturation of GPS devices because of their long life cycles and usability,hence reducing non-recurring sales/revenues coming to the company.


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COMPETITIVE ANALYSIS2:

TARGET MARKETS

Garmins target markets are currently broken down into four main segments:

1. Automotive/mobile2. Outdoor/fitness3. Marine4. Aviation

Source: GARMIN-LTD-10K-Annual-Reports-20090225

MARKET SEGMENTS

1. Mobile cellular device owners, through the companys new Nvifone2. Car owners without in-built GPS systems in their cars.3. Nature and trail tracking enthusiasts, including joggers.4. Auto rental companies, to provide GPS devices as an option to their fleet of cars, for example

Enterprise and Budget car rental companies.

5. Resell companies that buy in bulk and resell their products i.e. Best Buy and Wal-Mart.6. Auto companies like Toyota and Ford that offer the product in their cars.7. Marine enthusiasts and for navigating Oceans, lakes and rivers.8. Aviation industry for air planes through aircraft companies like Raytheon and Cessna.


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PORTERS FIVE FORCES:

(Measurement scale: Very Weak, Weak, Medium, Strong and Very Strong)

DEGREE OF RIVALRY/COMPETITIONVery Strong

Garmins primary competitor is TomTom with 25% market share; Garmin holds 50% (Newsweek.com) ofthe Personal Navigation Device market (PND) including GPS consumer products for automotive

navigation. They also have stiff competition from their aviation-centered products from L-3 Avionics

Systems and Rockwell Collins. Another source of rivalry is the mobile industry that has incorporated low

cost GPS navigation services into mobile phones and PDAs using 3G, EDGE and wireless internet

technology as a base to download interactive maps. The iPhone and Blackberry are the strongest

competition in regards to their personal GPS navigation line as GPS devices have proliferated the

market. Garmin has swiftly replied to this threat by releasing the nvifone with downloaded maps.

THREAT OF SUBSTITUTES - Weak

Garmin is at the forefront of providing directional information. The only substitute to the GPS navigation

system offered by Garmin are maps that are periodically updated, printed and sold in local book and

corner stores. Another option to obtain directional information is the use of online map and locations

services such as Google Maps and MapQuest, which allow you to route a journey, print it, and follow the

provided directions to your final destination.

The threat of substitutes is weak is because the GPS based technology has been bundled with features

like route mappings, frequently updated maps, voice turn-by-turn command and location based services

(i.e. gas stations, weather information, traffic and entertainment information). These bundled services

give Garmin an edge and give consumers greater benefit.

SUPPLIER POWER- Strong for data supplier and Weak for manufacturing

Garmin has a single supplier Navteq for its data to digital mapping services. There is only one other

possible supplier (Tele Atlas NV) for the same services but were outbidded by rival TomTom for their

services thus making Navteq a powerful supplier as bundled services are what create the added value to

Garmin products. The same is true in regards to a strong supplier power when it comes to SiRF

Technology Holdings, Inc. who as of 2005 provides an architecture on which Garmin devices are built.

(SiRF Architecture.)

In respect to suppliers for product components, Garmin has a select number of suppliers that

individually provide sub components to their factories. The individual and separate suppliers with whom

Garmin has arrangements for component supplies have little power.


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BUYER POWERMedium

By the end of 2008, Best Buy accounted for 10% of Garmins total sales as per the 2008 Annual report. In

the U.S consumer product sales channeled through Garmins network of dealers and distributors.

Major retailers carrying Garmin products (Garmin, 2008 Annual Report):

Best Buyone of the largest U.S. and Canadian electronics retailers; Amazon.cominternet retailer; Costcoan international chain of membership warehouses that carry quality, brand name

merchandise;

Halfordsa large European retailer specializing in car parts and accessories; Petraa large distributor who sells to such dealers as Costco and Amazon.com; Targetone of the nations largest general merchandise retailers; Wal-Martthe worlds largest mass retailer; and Wynita large distributor who sells to such dealers as Radio Shack and Amazon.com.

Garmin depends on their automotive/mobile segment for 70% of their revenues but because of the

maturing nature of this segment of their business, there is less growth. (Garmin, 2008 Annual report)

BARRIERS TO ENTRY - Medium

First-mover companies like Garmin and its competitors (i.e. Cobra, Lowrance, Thales, Navman,

Raymarine, Mitac, TomTom, Honeywell, Dell, Hewlett-Packard, and PalmOne),have invested heavily in

GPS technology-based infrastructure and have intellectual property rights protecting their businesses

making it difficult for new entrants. New entrants stake claim by creatingadd-on services sold either to

the GPS market competitors.

It is important to note that there is vigorous price competition among the competitors. Gone are thedays when TomTom and Garmin used to charge $500 for GPS navigation units. Garmin has gone down

to as much as $150 a unit and that does not include the cheaper bundled GPS models bundled with

mobile cellular devices that have recently hit the market in the last 1 years.

The telecommunications industry is heavily regulated by the FCC, the same is true for the companys

operations in Europe where they are subject to regulation and certification for each product they bring

to market. Thus, any loss in certification or delay in attaining these credentials may lead to loss of

market share.


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Financial Ratio Analysis Garmin Ltd (GRMN)

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 declined 3% to 33% from 36%. Clearly, high expectations and slowing economy have had an

impact on Garmins capability to maintain this level of performance.

Garmin has apparently not become more efficient because of its growth as evident by its declining operating

income and a decrease in inventory turnover.). 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 Garmins financial health shows that Garmin has 3.8 timesassets 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 Garmins liquidity to TomTom NV a $2.3B competitor, we find that TomTom carries much

more debt and risk with a Current Ratio of .35. This means that TomTom 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 TomTom 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 38days 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 healthy financially although less efficient 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. Many investors can construe

this as a lack of innovation, efficient use of capital, vision and capacity for expansion. Garmins 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.

See Appendix for financial statements and charts.


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Critical Success Factors

1. Leverage use of cash and control expenses

Garmin has the strength afforded a company with significant assets and no long-term debt. Garmincould 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.

2. Diversify Product Line

The popularity of smartphones and online mapping software is a risk to Garmins business model as

there will be less desire to purchase stand-alone navigation devices. Garmin must either diversify its

product line or find a new way to collaborate with auto and boat manufacturers. Of course, Garmin

can continue to compete in the phone space or expand nvifone partnerships. 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 diversify in the phone market or buyout a

smaller competitor that has valuable IP such as TOMTOM.

Evaluation

Garmin Ltd is a financially healthy, market leading company that supplies navigational products which finds

itself in 2010 on the verge of a paradigm shift. If Garmin wishes to remain a market leader in the years to

come, it should leverage its assets and capability to diversify and re-examine how it delivers these services

and respond to a very real market shift as consumers embrace alternative platforms.


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APPENDIX


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A1

1Income StatementGarmin 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

Cost of Revenue 1,940,562 1,717,064 891,614

Gross Profit 1,553,515 1,463,255 882,386

Operating Expenses

Research Development 206,109 159,406 113,314

Selling General and Administrative 485,389 396,498 214,513

Non Recurring - - -

Others - - -

Total Operating Expenses - - -

Operating Income or Loss 862,017 907,351 554,559

Income from Continuing Operations

Total Other Income/Expenses Net 52,956 71,129 40,036

Earnings Before Interest And Taxes 914,973 978,480 594,595

Interest Expense 607 207 41

Income Before Tax 914,366 978,273 594,554

Income Tax Expense 181,518 123,262 80,431

Minority Interest - - -

Net Income From Continuing Ops 732,848 855,011 514,123

Non-recurring Events

Discontinued Operations - - -

Extraordinary Items - - -

Effect Of Accounting Changes - - -

Other Items - - -

Net Income 732,848 855,011 514,123

Preferred Stock And Other Adjustments - - -

Net Income Applicable To Common Shares $732,848 $855,011 $514,123

1


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A2

Misc Stocks O tions Warrants - - -

Redeemable Preferred Stock - - -

Preferred Stock - - -

Common Stock 1 002 1 086 1 082

Retained Earnin s 2 262 503 2 171 134 1 478 654

Treasur Stock - - -

Ca ital Sur lus - 132 264 83 438

Other Stockholder E uit 37 651 46 130 5 275

Total Stockholder E uit 2 225 854 2 350 614 1 557 899

Net Tangible Assets $1,994,900 $2,154,584 $1,490,319

Balance SheetGarmin Ltd (GRMN)

PERIOD ENDING27-Dec-08 29-Dec-07 30-Dec-06

Assets

Current Assets

Cash And Cash E uivalents 696 335 707 689 337 321

Short Term Investments 12 886 37 551 73 033

Net Receivables 791 146 1 059 889 459 520

Other Current Assets 58 746 22 179 28 202

Total Current Assets 1 984 425 2 332 775 1 169 084

Lon Term Investments 262 009 386 954 407 843

Goodwill - - -

Intan ible Assets 230 954 196 030 67 580

Accumulated Amortization - - -

Other Assets 1 941 1 554 1 525

Deferred Lon Term Asset Char es - - -

Liabilities

Current Liabilities

Accounts Pa able 479 176 801 883 337 682

Short Current Lon Term Debt - - -

- - -

Lon Term Debt - - 248

Other Liabilities 215 481 127 028 -

Deferred Lon Term Liabilit Char es 4 070 11 935 1 191

Minorit Interest - - -

- - -

Total Liabilities 698 727 940 846 339 121


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A3

Cash FlowGarmin Ltd (GRMN)

PERIOD ENDING 27-Dec-08 29-Dec-07 30-Dec-06

Net Income 732,848 855,011 514,123

Operating Activities, Cash Flows Provided By or Used In

Depreciation 78,417 64,037 44,475

Adjustments To Net Income 111,702 (2,554) (3,076)

Changes In Accounts Receivables 206,101 (477,108) (230,111)

Changes In Liabilities (330,294) 484,238 136,459

Changes In Inventories 83,035 (224,180) (95,658)

Changes In Other Operating Activities (19,645) (17,356) (4,357)

Total Cash Flow From Operating Activities 862,164 682,088 361,855

Investing Activities, Cash Flows Provided By or Used In

Capital Expenditures (119,623) (156,777) (92,906)

Investments 130,744 112,775 (93,772)

Other Cashflows from Investing Activities (67,470) (131,693) (39,707)

Total Cash Flows From Investing Activities (56,349) (175,695) (226,385)

Financing Activities, Cash Flows Provided By or Used In

Dividends Paid (150,251) (162,531) (107,923)

Sale Purchase of Stock (659,943) 9,228 (34,376)

Net Borrowings - (248) (11)

Other Cash Flows from Financing Activities 2,143 17,434 9,660

Total Cash Flows From Financing Activities (808,051) (136,117) (132,650)

Effect Of Exchange Rate Changes (9,118) 92 149

Change In Cash and Cash Equivalents ($11,354) $370,368 $2,969


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A4

Other Financials

Growth Rates % Company Industry S&P 500

Sales (Qtr vs year ago qtr) -26.60 -12.60 -9.10

Net Income (YTD vs YTD) -47.90 -10.50 -5.00

Net Income (Qtr vs year ago qtr) -36.80 -38.60 -11.30

Sales (5-Year Annual Avg.) 43.56 23.69 13.14

Net Income (5-Year Annual Avg.) 32.62 18.72 12.74

Dividends (5-Year Annual Avg.) 24.57 3.18 11.70

Financial Condition Company Industry S&P 500

Debt/Equity Ratio 0.00 0.40 1.39

Current Ratio 4.5 3.3 1.5

Quick Ratio 3.8 2.5 1.2

Interest Coverage 21.4 61.6 23.4

Leverage Ratio 1.3 1.9 5.2

Book Value/Share 12.28 20.33 21.10

Investment Returns % Company Industry S&P 500

Return On Equity 22.6 9.7 15.7

Return On Assets 17.2 5.1 5.9

Return On Capital 20.9 6.4 8.2

Return On Equity (5-Year Avg.) 35.0 14.8 19.1

Return On Assets (5-Year Avg.) 27.4 7.8 7.9

Return On Capital (5-Year Avg.) 33.8 10.0 10.6

Management Efficiency Company Industry S&P 500

Income/Employee 60,469 19,667 56,806

Revenue/Employee 339,059 280,441 846,884

Receivable Turnover 5.0 5.7 13.1

Inventory Turnover 3.4 4.1 9.4

Asset Turnover 1.0 0.7 0.8

Profit Margins % Company Industry S&P 500

Gross Margin 45.1 46.8 38.1

Pre-Tax Margin 22.3 0.9 10.4

Net Profit Margin 17.8 5.1 7.1

5Yr Gross Margin (5-Year Avg.) 47.3 46.6 37.8

5Yr PreTax Margin (5-Year Avg.) 30.4 11.2 16.5

5Yr Net Profit Margin (5-Year Avg.) 25.6 8.5 11.5


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SOURCES


23/25

S1

Corporate Overview Sources:1

Garmin Company: About Us(2009).

Retrieved September 25, 2009, from Garmin Website:

http://www8.garmin.com/aboutGarmin2

Garmin Culture: Stories from the Inside (2009).


http://www8.garmin.com/careers/culture.html?activeBranchId=careers3 Wikipedia - The Free Encyclopedia: Garmin(Sept 18, 2009).Retrieved September 25, 2009, from Wikipedia Website:

http://en.wikipedia.org/wiki/Garmin4

Wichita Business Journal: Report: Garmin smartphone will cost $500(Sept 22, 2009).

Retrieved September 25, 2009, from Wichita Business Journal Website:

http://wichita.bizjournals.com/wichita/stories/2009/09/21/daily23.html5

Wall Street Journal: Garmin Tried to Find Ways Around Smartphone Threat(Sept 22, 2009).

By Ben Charney; Retrieved September 25, 2009, from Wichita Business Journal Website:

http://online.wsj.com/article/BT-CO-20090921-703769.html

Technological Innovations & Marketing Strategy Sources:1. Becky H. GPS brownout unlikely. Colorado Springs Business Journal (CO).n.d.;Available from: Regional Business News,

Ipswich, MA. Accessed September 25, 2009.2. Bertolucci J. Let a GPS Be Your Trail Guide. Kiplinger's Personal Finance. August 2009;63(8):p70.3. Event Brief of Q2 2009 Garmin Ltd. Earnings Conference Call - Final. Fair Disclosure Wire (Quarterly Earnings Reports).4. Garmin Signals The Worst Is Past. Wall Street Journal - Eastern Edition, August 6, 2009:pB5.5. Kiley D. THE RIGHT DIRECTION. BusinessWeek. September 28, 2009;(4148):p75.6. Mott G. Golf & GPS Technology. Cigar Aficionado.September 2009;17(6):pp81-85. Available from: Business Source Premier,

Ipswich, MA. Accessed October 1, 2009.7. Norman J. Garmin Changes Strategy to Focus on Specialty Bike Channel. Bicycle Retailer & Industry News. April 15,

2009;18(6):p10.8. http://electronics.pricegrabber.com/gps9. http://finance.yahoo.com/q?s=GRMN10.http://www.garmin.com11.http://www10.giscafe.com/nbc/articles/view_article.php?articleid=49360912.http://www.gpslodge.com13.http://www.mobilewhack.com/garmin-and-tomtom-sold-over-10-million-pnds-in-2007/14.http://www.tomtom.com

PEST Analysis Sources:1

Garmin Tries To Find Ways Around Smartphone Threat >GRMN (September 21, 2009)

By Ben Charney; Retrieved September 25, 2009, from Wichita Business Journal Website:

http://online.wsj.com/article/BT-CO-20090921-703769.html2

Wikipedia - The Free Encyclopedia: Global Navigation Satellite System(Sept 18, 2009).

Retrieved September 25, 2009, from Wikipedia Website:

http://en.wikipedia.org/wiki/Global_Navigation_Satellite_System3, 4

Wikipedia - The Free Encyclopedia: Global Navigation Satellite System(September 19, 2009).

Retrieved September 25, 2009, from Wikipedia Website:

http://en.wikipedia.org/wiki/Galileo_positioning_system5

2008 National Trade Estimate Report on Foreign Trade Barriers China (September 21, 2009)

Released by US Trade Representative; Retrieved October 18, 2009, from government website:

http://www.ustr.gov/sites/default/files/uploads/reports/2008/NTE/asset_upload_file930_14640.pdf6

2008 National Trade Estimate Report on Foreign Trade Barriers European Union (September 21, 2009)



2008 National Trade Estimate Report on Foreign Trade Barriers Canada (September 21, 2009)



GPS Enabled Handsets Expected Bypass Economic Downturn (January 23, 2009)

GPS World Magazine; Retrieved September 23, 2009, from GPS World website:

http://www.gpsworld.com/consumer-oem/news/gps-enabled-handsets-expected-bypass-economic-downturn-3109
http://www8.garmin.com/aboutGarminhttp://www8.garmin.com/aboutGarminhttp://www8.garmin.com/careers/culture.html?activeBranchId=careershttp://www8.garmin.com/careers/culture.html?activeBranchId=careershttp://en.wikipedia.org/wiki/Garminhttp://en.wikipedia.org/wiki/Garminhttp://wichita.bizjournals.com/wichita/stories/2009/09/21/daily23.htmlhttp://wichita.bizjournals.com/wichita/stories/2009/09/21/daily23.htmlhttp://online.wsj.com/article/BT-CO-20090921-703769.htmlhttp://online.wsj.com/article/BT-CO-20090921-703769.htmlhttp://electronics.pricegrabber.com/gps/p/522/st=pop_category/http://electronics.pricegrabber.com/gps/p/522/st=pop_category/http://finance.yahoo.com/q?s=GRMNhttp://finance.yahoo.com/q?s=GRMNhttp://www.garmin.com/http://www.garmin.com/http://www.garmin.com/http://www.garmin.com/http://www10.giscafe.com/nbc/articles/view_article.php?articleid=493609http://www10.giscafe.com/nbc/articles/view_article.php?articleid=493609http://www10.giscafe.com/nbc/articles/view_article.php?articleid=493609http://www10.giscafe.com/nbc/articles/view_article.php?articleid=493609http://www.gpslodge.com/http://www.gpslodge.com/http://www.gpslodge.com/http://www.gpslodge.com/http://www.mobilewhack.com/garmin-and-tomtom-sold-over-10-million-pnds-in-2007/http://www.mobilewhack.com/garmin-and-tomtom-sold-over-10-million-pnds-in-2007/http://www.mobilewhack.com/garmin-and-tomtom-sold-over-10-million-pnds-in-2007/http://www.mobilewhack.com/garmin-and-tomtom-sold-over-10-million-pnds-in-2007/http://www.tomtom.com/http://www.tomtom.com/http://www.tomtom.com/http://www.tomtom.com/http://online.wsj.com/article/BT-CO-20090921-703769.htmlhttp://online.wsj.com/article/BT-CO-20090921-703769.htmlhttp://en.wikipedia.org/wiki/Global_Navigation_Satellite_Systemhttp://en.wikipedia.org/wiki/Global_Navigation_Satellite_Systemhttp://en.wikipedia.org/wiki/Galileo_positioning_systemhttp://en.wikipedia.org/wiki/Galileo_positioning_systemhttp://www.ustr.gov/sites/default/files/uploads/reports/2008/NTE/asset_upload_file930_14640.pdfhttp://www.ustr.gov/sites/default/files/uploads/reports/2008/NTE/asset_upload_file930_14640.pdfhttp://www.ustr.gov/sites/default/files/uploads/reports/2008/NTE/asset_upload_file991_14650.pdfhttp://www.ustr.gov/sites/default/files/uploads/reports/2008/NTE/asset_upload_file991_14650.pdfhttp://www.ustr.gov/sites/default/files/uploads/reports/2008/NTE/asset_upload_file165_14638.pdfhttp://www.ustr.gov/sites/default/files/uploads/reports/2008/NTE/asset_upload_file165_14638.pdfhttp://www.gpsworld.com/consumer-oem/news/gps-enabled-handsets-expected-bypass-economic-downturn-3109http://www.gpsworld.com/consumer-oem/news/gps-enabled-handsets-expected-bypass-economic-downturn-3109http://www.ustr.gov/sites/default/files/uploads/reports/2008/NTE/asset_upload_file165_14638.pdfhttp://www.ustr.gov/sites/default/files/uploads/reports/2008/NTE/asset_upload_file991_14650.pdfhttp://www.ustr.gov/sites/default/files/uploads/reports/2008/NTE/asset_upload_file930_14640.pdfhttp://en.wikipedia.org/wiki/Galileo_positioning_systemhttp://en.wikipedia.org/wiki/Global_Navigation_Satellite_Systemhttp://online.wsj.com/article/BT-CO-20090921-703769.htmlhttp://www.tomtom.com/http://www.mobilewhack.com/garmin-and-tomtom-sold-over-10-million-pnds-in-2007/http://www.gpslodge.com/http://www10.giscafe.com/nbc/articles/view_article.php?articleid=493609http://www.garmin.com/http://finance.yahoo.com/q?s=GRMNhttp://electronics.pricegrabber.com/gps/p/522/st=pop_category/http://online.wsj.com/article/BT-CO-20090921-703769.htmlhttp://wichita.bizjournals.com/wichita/stories/2009/09/21/daily23.htmlhttp://en.wikipedia.org/wiki/Garminhttp://www8.garmin.com/careers/culture.html?activeBranchId=careershttp://www8.garmin.com/aboutGarmin


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S2

9Economy in U.S. Shrank 0.7%, Less Than Anticipated (January 30, 2009)

By Shobhana Chandra; Retrieved September 25, 2009, from Bloomberg website:

http://www.bloomberg.com/apps/news?pid=20601068&sid=a3g5lqDmy2N810

Eurpoean Economy Contracts More Than Estimated (July 30, 2009)

By Simone Meier; Retrieved September 25, 2009, from Bloomberg website:

http://www.bloomberg.com/apps/news?pid=20601068&sid=aGu9Z_GJCYoQ

11 Chinese Economy May Be Headed Into an Iceberg (July 30, 2009)By Anna Fedec; Retrieved September 23, 2009, from Trading Economics website:

http://www.tradingeconomics.com/Economics/GDP-Growth.aspx?Symbol=CNY12

Garmin Hit By The Tax Man (April 30, 2008)

By Carl Gutierrez; Retrieved October 18, 2009, from Forbes website:

http://www.forbes.com/2008/04/30/garmin-navigational-technology-markets-equity-cx_cg_0430markets17.html13

Mobile navigation subscribers increase two-fold to reach 28 million (October 11, 2009)

Telecom Tiger Magazine; Retrieved September 24, 2009, from TelecomTiger website:

http://www.telecomtiger.com/fullstory.aspx?passfrom=vasstory&storyid=737114

Sendng GPS Devices the Way of the Tape Deck (July 7, 2009)

By Jenna Wortham; Retrieved September 26, 2009, from New York TImes website:

http://www.nytimes.com/2009/07/08/technology/08gps.html?scp=1&sq=needing%20to%20pull%20the%20Garmin%20out%2

0of%20my%20glove%20compartment%20is%20enough&st=cse15

Garmin Company: Product Design(2009).

Retrieved October 18, 2009, from Garmin Website:http://www8.garmin.com/aboutGarmin/environment/productdesign.html16

The Need to Redirect Chinas GPS Market(September 24, 2007).


http://www.eetasia.com/ART_8800480860_499488_NT_8bbe4c58.HTM 17

Air Force Polls Receiver Makers for Solutions to Satellite Problems(June 30, 2009).

GPS World Magazine; Retrieved September 26, 2009, from GPS World Website:

http://www.gpsworld.com/gnss-system/receiver-design/news/air-force-polls-receiver-makers-solutions-satellite-problems-

8487

1SWOT Analysis Sources

Garmin Tries To Find Ways Around Smartphone Threat (September 21,

2009)

By Ben Charny; Retrieved September 25th

2009 , from The Wall Street Journal :

http://online.wsj.com/article/BT-CO-20090921-703769.htmlNew NavTrac Wi-Fi-enabled GPS Devices Support Asset and Inventory Tracking (April 27, 2009)

By Ekahau Inc.; Retrieved October 19, 2009, from Industrial Embeded Systems website:

http://www.industrial-embedded.com/news/Contracts/16967

US says GPS satellite coverage may fail soon (May 16, 2009)

By J. Mark Lytle; Retrieved September 23, 2009, from TechRada: SATNAV News website:

http://www.techradar.com/news/portable-devices/satnav/us-says-gps-satellite-coverage-may-fail-soon-599431

Garmin to sponsor well known UK football club Middlesbrough (Jul 23rd

2007)

By Ludovic Privat; Retrieved September 23, 2009 from GPS Business News,

http://www.gpsbusinessnews.com/Garmin-to-sponsor-well-known-UK-football-club-Middlesbrough_a278.html

Garmin in a Good Position (April 17, 2007)

By Katy Marquardt; Retrieved Sep 23rd

2009, from Kiplinger.com website:

http://www.kiplinger.com/columns/picks/archive/2007/pick0417.htm

Garmin Company: Investor information;

Retrieved September 25, 2009, from Garmin website:

http://www8.garmin.com/aboutGarmin/invRelations/execBios.html?activeBranchId=investor
http://www.bloomberg.com/apps/news?pid=20601068&sid=a3g5lqDmy2N8http://www.bloomberg.com/apps/news?pid=20601068&sid=a3g5lqDmy2N8http://www.bloomberg.com/apps/news?pid=20601068&sid=aGu9Z_GJCYoQhttp://www.bloomberg.com/apps/news?pid=20601068&sid=aGu9Z_GJCYoQhttp://www.tradingeconomics.com/Economics/GDP-Growth.aspx?Symbol=CNYhttp://www.tradingeconomics.com/Economics/GDP-Growth.aspx?Symbol=CNYhttp://www.forbes.com/2008/04/30/garmin-navigational-technology-markets-equity-cx_cg_0430markets17.htmlhttp://www.forbes.com/2008/04/30/garmin-navigational-technology-markets-equity-cx_cg_0430markets17.htmlhttp://www.telecomtiger.com/fullstory.aspx?passfrom=vasstory&storyid=7371http://www.telecomtiger.com/fullstory.aspx?passfrom=vasstory&storyid=7371http://www.nytimes.com/2009/07/08/technology/08gps.html?scp=1&sq=needing%20to%20pull%20the%20Garmin%20out%20of%20my%20glove%20compartment%20is%20enough&st=csehttp://www.nytimes.com/2009/07/08/technology/08gps.html?scp=1&sq=needing%20to%20pull%20the%20Garmin%20out%20of%20my%20glove%20compartment%20is%20enough&st=csehttp://www.nytimes.com/2009/07/08/technology/08gps.html?scp=1&sq=needing%20to%20pull%20the%20Garmin%20out%20of%20my%20glove%20compartment%20is%20enough&st=csehttp://www8.garmin.com/aboutGarmin/environment/productdesign.htmlhttp://www8.garmin.com/aboutGarmin/environment/productdesign.htmlhttp://www.eetasia.com/ART_8800480860_499488_NT_8bbe4c58.HTMhttp://www.eetasia.com/ART_8800480860_499488_NT_8bbe4c58.HTMhttp://www.gpsworld.com/gnss-system/receiver-design/news/air-force-polls-receiver-makers-solutions-satellite-problems-8487http://www.gpsworld.com/gnss-system/receiver-design/news/air-force-polls-receiver-makers-solutions-satellite-problems-8487http://www.gpsworld.com/gnss-system/receiver-design/news/air-force-polls-receiver-makers-solutions-satellite-problems-8487http://online.wsj.com/article/BT-CO-20090921-703769.htmlhttp://online.wsj.com/article/BT-CO-20090921-703769.htmlhttp://www.techradar.com/news/portable-devices/satnav/us-says-gps-satellite-coverage-may-fail-soon-599431http://www.techradar.com/news/portable-devices/satnav/us-says-gps-satellite-coverage-may-fail-soon-599431http://www.gpsbusinessnews.com/Garmin-to-sponsor-well-known-UK-football-club-Middlesbrough_a278.htmlhttp://www.gpsbusinessnews.com/Garmin-to-sponsor-well-known-UK-football-club-Middlesbrough_a278.htmlhttp://www.kiplinger.com/columns/picks/archive/2007/pick0417.htmhttp://www.kiplinger.com/columns/picks/archive/2007/pick0417.htmhttp://www8.garmin.com/aboutGarmin/invRelations/execBios.html?activeBranchId=investorhttp://www8.garmin.com/aboutGarmin/invRelations/execBios.html?activeBranchId=investorhttp://www8.garmin.com/aboutGarmin/invRelations/execBios.html?activeBranchId=investorhttp://www.kiplinger.com/columns/picks/archive/2007/pick0417.htmhttp://www.gpsbusinessnews.com/Garmin-to-sponsor-well-known-UK-football-club-Middlesbrough_a278.htmlhttp://www.techradar.com/news/portable-devices/satnav/us-says-gps-satellite-coverage-may-fail-soon-599431http://online.wsj.com/article/BT-CO-20090921-703769.htmlhttp://www.gpsworld.com/gnss-system/receiver-design/news/air-force-polls-receiver-makers-solutions-satellite-problems-8487http://www.gpsworld.com/gnss-system/receiver-design/news/air-force-polls-receiver-makers-solutions-satellite-problems-8487http://www.eetasia.com/ART_8800480860_499488_NT_8bbe4c58.HTMhttp://www8.garmin.com/aboutGarmin/environment/productdesign.htmlhttp://www.nytimes.com/2009/07/08/technology/08gps.html?scp=1&sq=needing%20to%20pull%20the%20Garmin%20out%20of%20my%20glove%20compartment%20is%20enough&st=csehttp://www.nytimes.com/2009/07/08/technology/08gps.html?scp=1&sq=needing%20to%20pull%20the%20Garmin%20out%20of%20my%20glove%20compartment%20is%20enough&st=csehttp://www.telecomtiger.com/fullstory.aspx?passfrom=vasstory&storyid=7371http://www.forbes.com/2008/04/30/garmin-navigational-technology-markets-equity-cx_cg_0430markets17.htmlhttp://www.tradingeconomics.com/Economics/GDP-Growth.aspx?Symbol=CNYhttp://www.bloomberg.com/apps/news?pid=20601068&sid=aGu9Z_GJCYoQhttp://www.bloomberg.com/apps/news?pid=20601068&sid=a3g5lqDmy2N8


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2Competitive Analysis Sources:

Setting a New Course (November 7, 2007)

By Daniel McGinn; Retrieved October 4, 2009, from News Week Article:

http://www.newsweek.com/id/68909

Garmin hits iPhone directly with Nvifone (January 30, 2009)

Retrieved October 8, 2009, from Electronista website:

http://www.electronista.com/articles/08/01/30/garmin.nviphone/Garmin Limited (NASDAQ: GRMN)

Retrieved October 4, 2009, from Forbes.com website:

http://finapps.forbes.com/finapps/BuyHoldSellAnalysis.do?tkr=grmn

GPS Devices and Systems Will Generate Revenues of $240 Billion by 2013 (April 28, 2009)

Retrieved October 7, 2009, from ABIresearch website:

http://www.abiresearch.com/press/1115-

GPS+Devices+and+Systems+Will+Generate+Revenues+of+%24240+Billion+by+2013

Who Keeps Digital Maps Going in The Right Direction? (January 14, 2009)

By Amol Sharma; Retrieved October 10, 2009, from The Wall Street Journal website:

http://online.wsj.com/article/SB120027487946287479.html

Garmin Company: Garmin Chooses SiRF as Supplier on Selected New Garmin Devices (August 30,2005)

Retrieved October 11, 2008, from Garmin Press Release:

http://www8.garmin.com/pressroom/corporate/083005.html

Garmin company: 10-K 2008 Filing

Retrieved October 11, 2009, from Garmin company website:

http://www8.garmin.com/aboutGarmin/invRelations/reports/10-K_2008.pdf

Critical Success Factors Sources

MSN Money. (2009, 10 6). Retrieved fromhttp://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 StreetJournal Online.
http://www.newsweek.com/id/68909http://www.newsweek.com/id/68909http://www.electronista.com/articles/08/01/30/garmin.nuviphone/http://www.electronista.com/articles/08/01/30/garmin.nuviphone/http://finapps.forbes.com/finapps/BuyHoldSellAnalysis.do?tkr=grmnhttp://finapps.forbes.com/finapps/BuyHoldSellAnalysis.do?tkr=grmnhttp://www.abiresearch.com/press/1115-GPS+Devices+and+Systems+Will+Generate+Revenues+of+%24240+Billion+by+2013http://www.abiresearch.com/press/1115-GPS+Devices+and+Systems+Will+Generate+Revenues+of+%24240+Billion+by+2013http://www.abiresearch.com/press/1115-GPS+Devices+and+Systems+Will+Generate+Revenues+of+%24240+Billion+by+2013http://online.wsj.com/article/SB120027487946287479.htmlhttp://online.wsj.com/article/SB120027487946287479.htmlhttp://www8.garmin.com/pressroom/corporate/083005.htmlhttp://www8.garmin.com/pressroom/corporate/083005.htmlhttp://www8.garmin.com/aboutGarmin/invRelations/reports/10-K_2008.pdfhttp://www8.garmin.com/aboutGarmin/invRelations/reports/10-K_2008.pdfhttp://www.msn.com/http://www.msn.com/http://www.msn.com/http://moneycentral.msn.com/detail/stock_quote?Symbol=GRMN%2Chttp://moneycentral.msn.com/detail/stock_quote?Symbol=GRMN%2Chttp://online.wsj.com/article/SB12542356078994945http://online.wsj.com/article/SB12542356078994945http://online.wsj.com/article/SB12542356078994945http://online.wsj.com/article/SB12542356078994945http://moneycentral.msn.com/detail/stock_quote?Symbol=GRMN%2Chttp://www.msn.com/http://www8.garmin.com/aboutGarmin/invRelations/reports/10-K_2008.pdfhttp://www8.garmin.com/pressroom/corporate/083005.htmlhttp://online.wsj.com/article/SB120027487946287479.htmlhttp://www.abiresearch.com/press/1115-GPS+Devices+and+Systems+Will+Generate+Revenues+of+%24240+Billion+by+2013http://www.abiresearch.com/press/1115-GPS+Devices+and+Systems+Will+Generate+Revenues+of+%24240+Billion+by+2013http://finapps.forbes.com/finapps/BuyHoldSellAnalysis.do?tkr=grmnhttp://www.electronista.com/articles/08/01/30/garmin.nuviphone/http://www.newsweek.com/id/68909

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