GRMN » Topics » Garmin Reports Record Fourth Quarter and Fiscal Year, Provides 2005 Guidance, Announces 2005 Annual Meeting
This excerpt taken from the GRMN 8-K filed Feb 9, 2005.
Garmin Reports Record
Fourth Quarter and Fiscal Year, Provides 2005
Guidance, Announces 2005 Annual Meeting
CAYMAN ISLANDS, February 9,
2005/PRNewswire/ Garmin Ltd. (Nasdaq: GRMN news) today
announced a record fourth quarter and fiscal year ended December 25, 2004. Revenue and net
income both exceeded the guidance previously given by the company. The companys
consumer segment experienced 27 percent revenue growth during the fourth quarter and 31
percent during 2004. The aviation segment also contributed revenue growth of 42 percent
for the quarter and for the full year, which led to overall revenue growth of 33 percent
for the year.
2004 was another good year for
Garmin. We introduced a record number (fifty) of new products in 2004. These products,
which include many recreational and automotive units with beautiful TFT color displays,
and a marine network system, which integrated our chart plotters, sounders, XM satellite
weather receivers and radar, have all been very well received by the market, said
Dr. Min Kao, CEO of Garmin Ltd. Consumer awareness and interest in the utility of
GPS navigation continue to grow, and we experienced strong demand across all product
lines, continued Dr. Kao. Over 2.3 million Garmin products were shipped in 2004, raising
the companys total to over ten million shipped to date, which is an important
benchmark of the strength of the Garmin brand. The company also completed certification of
its G1000 integrated cockpit for a total of six aircraft models (the Cessna 182 and 206,
Diamond DA40 and DA42, and Mooney Ovation2 and Bravo) and started shipping this acclaimed
integrated avionics system during the year.
I am pleased to report that,
with much hard work and additional investment in people and equipment, we have overcome
most of the component shortage and product delivery challenges that were experienced
during 2004. We were able to meet most of the product demands in the fourth quarter and,
have additionally replenished our inventory to meet the anticipated demands for the coming
marine and spring seasons, said Dr. Kao.
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