x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
|
Cayman
Islands
(State
or other jurisdiction
of
incorporation or organization)
|
98-0229227
(I.R.S.
Employer identification no.)
|
5th
Floor, Harbour Place, P.O. Box 30464 SMB,
103
South Church Street
George
Town, Grand Cayman, Cayman Islands
(Address
of principal executive offices)
|
N/A
(Zip
Code)
|
Part
I - Financial Information
|
Page
|
|
Item
1.
|
Condensed
Consolidated Financial Statements (Unaudited)
|
3
|
Introductory
Comments
|
3
|
|
Condensed
Consolidated Balance Sheets at June 30, 2007 and December 30,
2006
|
4
|
|
|
Condensed
Consolidated Statements of Income for the 13-weeks and 26-weeks ended
June
30, 2007 and July 1, 2006
|
5
|
Condensed
Consolidated Statements of Cash Flows for the 26-weeks ended June
30, 2007
and July 1, 2006
|
6
|
|
Notes
to Condensed Consolidated Financial Statements
|
7
|
|
Item
2.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
13
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
23
|
Item
4.
|
Controls
and Procedures
|
24
|
Part
II - Other Information
|
||
Item
1.
|
Legal
Proceedings
|
25
|
Item
1A.
|
Risk
Factors
|
27
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
27
|
Item
3.
|
Defaults
Upon Senior Securities
|
27
|
Item
4.
|
Submission
of Matters to a Vote of Securities Holders
|
28
|
Item
5.
|
Other
Information
|
28
|
Item
6.
|
Exhibits
|
29
|
30
|
||
Index
to Exhibits
|
31
|
|
|
|
|||||
|
June
30,
|
December
30,
|
|||||
|
2007
|
2006
|
|||||
Assets
|
|||||||
Current
assets:
|
|||||||
Cash
and cash equivalents
|
$
|
667,671
|
$
|
337,321
|
|||
Marketable
securities
|
147,435
|
73,033
|
|||||
Accounts
receivable, net
|
506,483
|
403,524
|
|||||
Inventories,
net
|
290,682
|
271,008
|
|||||
Deferred
income taxes
|
56,934
|
55,996
|
|||||
Prepaid
expenses and other current assets
|
19,104
|
28,202
|
|||||
|
|||||||
Total
current assets
|
1,688,309
|
1,169,084
|
|||||
|
|||||||
Property
and equipment, net
|
350,299
|
250,988
|
|||||
|
|||||||
Marketable
securities
|
258,445
|
407,843
|
|||||
Restricted
cash
|
1,558
|
1,525
|
|||||
Licensing
agreements, net
|
14,804
|
3,307
|
|||||
Other
intangible assets, net
|
131,186
|
64,273
|
|||||
|
|||||||
Total
assets
|
$
|
2,444,601
|
$
|
1,897,020
|
|||
|
|||||||
Liabilities
and Stockholders' Equity
|
|||||||
Current
liabilities:
|
|||||||
Accounts
payable
|
$
|
167,339
|
$
|
88,375
|
|||
Salaries
and benefits payable
|
26,056
|
16,268
|
|||||
Accrued
sales programs
|
52,849
|
-
|
|||||
Accrued
warranty costs
|
49,725
|
37,639
|
|||||
Other
accrued expenses
|
115,208
|
100,732
|
|||||
Income
taxes payable
|
16,975
|
94,668
|
|||||
|
|||||||
Total
current liabilities
|
428,152
|
337,682
|
|||||
|
|||||||
Long-term
debt, less current portion
|
-
|
248
|
|||||
Deferred
income taxes
|
1,010
|
1,191
|
|||||
Other
liabilities
|
90,470
|
-
|
|||||
|
|||||||
Stockholders'
equity:
|
|||||||
Common
stock, $0.005 par value, 1,000,000,000
|
|||||||
Issued
and outstanding shares - 216,588,000 as of
|
|||||||
June
30, 2007 and 216,098,000 as of
|
|||||||
December
30, 2006
|
1,085
|
1,082
|
|||||
Additional
paid-in capital
|
105,525
|
83,438
|
|||||
Retained
earnings
|
1,832,891
|
1,478,654
|
|||||
Accumulated
other comprehensive loss
|
(14,532
|
)
|
(5,275
|
)
|
|||
|
|||||||
Total
stockholders' equity
|
1,924,969
|
1,557,899
|
|||||
Total
liabilities and stockholders' equity
|
$
|
2,444,601
|
$
|
1,897,020
|
13-Weeks
Ended
|
26-Weeks
Ended
|
||||||||||||
June
30,
|
July
1,
|
June
30,
|
July
1,
|
||||||||||
2007
|
2006
|
2007
|
2006
|
||||||||||
Net
sales
|
$
|
742,466
|
$
|
432,468
|
$
|
1,234,625
|
$
|
754,779
|
|||||
Cost
of goods sold
|
367,799
|
216,184
|
622,206
|
375,706
|
|||||||||
Gross
profit
|
374,667
|
216,284
|
612,419
|
379,073
|
|||||||||
Selling,
general and
administrative expenses |
95,373
|
54,915
|
161,297
|
92,678
|
|||||||||
|
|||||||||||||
Research
and development
expense |
37,727
|
26,793
|
71,230
|
51,707
|
|||||||||
133,100
|
81,708
|
232,527
|
144,385
|
||||||||||
Operating
income
|
241,567
|
134,576
|
379,892
|
234,688
|
|||||||||
Other
income (expense):
|
|||||||||||||
Interest
income
|
10,841
|
8,538
|
20,199
|
15,843
|
|||||||||
Interest
expense
|
(23
|
)
|
(5
|
)
|
(55
|
)
|
(12
|
)
|
|||||
Foreign
currency
|
(6,086
|
)
|
2,958
|
7,119
|
(4,488
|
)
|
|||||||
Other
|
338
|
(167
|
)
|
389
|
3,437
|
||||||||
5,070
|
11,324
|
27,652
|
14,780
|
||||||||||
Income
before income taxes
|
246,637
|
145,900
|
407,544
|
249,468
|
|||||||||
Income
tax provision
|
32,260
|
22,614
|
53,307
|
38,668
|
|||||||||
Net
income
|
$
|
214,377
|
$
|
123,286
|
$
|
354,237
|
$
|
210,800
|
|||||
Net
income per share:
|
|||||||||||||
Basic
|
$
|
0.99
|
$
|
0.57
|
$
|
1.64
|
$
|
0.97
|
|||||
Diluted
|
$
|
0.98
|
$
|
0.56
|
$
|
1.62
|
$
|
0.96
|
|||||
Weighted
average common
shares outstanding: |
|||||||||||||
Basic
|
216,380
|
216,818
|
216,298
|
216,594
|
|||||||||
Diluted
|
219,078
|
219,344
|
218,925
|
218,868
|
26-Weeks
Ended
|
|||||||
June
30,
|
July
1,
|
||||||
2007
|
2006
|
||||||
Operating
Activities:
|
|||||||
Net
income
|
$
|
354,237
|
$
|
210,800
|
|||
Adjustments
to reconcile net income to net cash
|
|||||||
provided
by operating activities:
|
|||||||
Depreciation
|
13,479
|
10,211
|
|||||
Amortization
|
15,856
|
17,055
|
|||||
Loss
on sale of property and equipment
|
18
|
191
|
|||||
Provision
for doubtful accounts
|
1,808
|
2,038
|
|||||
Deferred
income taxes
|
(725
|
)
|
(13,478
|
)
|
|||
Foreign
currency transaction gains/losses
|
(10,358
|
)
|
2,392
|
||||
Provision
for obsolete and slow moving inventories
|
17,309
|
9,336
|
|||||
Stock
compensation expense
|
7,196
|
4,759
|
|||||
Realized
gains on marketable securities
|
-
|
(3,852
|
)
|
||||
Changes
in operating assets and liabilities:
|
|||||||
Accounts
receivable
|
(88,405
|
)
|
(126,836
|
)
|
|||
Inventories
|
(33,406
|
)
|
(37,408
|
)
|
|||
Other
current assets
|
9,059
|
(11,135
|
)
|
||||
Accounts
payable
|
63,472
|
13,119
|
|||||
Other
current and non-current liabilities
|
101,826
|
56,503
|
|||||
Income
taxes
|
(6,937
|
)
|
143
|
||||
Purchase
of licenses
|
(22,290
|
)
|
(1,462
|
)
|
|||
Net
cash provided by operating activities
|
422,139
|
132,376
|
|||||
Investing
activities:
|
|||||||
Purchases
of property and equipment
|
(112,020
|
)
|
(26,612
|
)
|
|||
Purchase
of intangible assets
|
(1,881
|
)
|
(1,115
|
)
|
|||
Purchase
of marketable securities
|
(378,909
|
)
|
(231,870
|
)
|
|||
Redemption
of marketable securities
|
455,598
|
150,222
|
|||||
Change
in restricted cash
|
(33
|
)
|
(92
|
)
|
|||
Net
cash paid for acquisition of businesses and other
intangibles
|
(68,902
|
)
|
-
|
||||
Net
cash used in investing activities
|
(106,147
|
)
|
(109,467
|
)
|
|||
Financing
activities:
|
|||||||
Proceeds
from issuance of common stock
|
7,534
|
9,479
|
|||||
Payments
on long term debt
|
(248
|
)
|
-
|
||||
Tax
benefit related to stock option exercise
|
7,360
|
6,988
|
|||||
Net
cash provided by financing activities
|
14,646
|
16,467
|
|||||
Effect
of exchange rate changes on cash and cash equivalents
|
(288
|
)
|
216
|
||||
Net
increase in cash and cash equivalents
|
330,350
|
39,592
|
|||||
Cash
and cash equivalents at beginning of period
|
337,321
|
334,352
|
|||||
Cash
and cash equivalents at end of period
|
$
|
667,671
|
$
|
373,944
|
1. |
Basis
of Presentation
|
2. |
Inventories
|
|
June
30, 2007
|
December
30, 2006
|
|||||
Raw
materials
|
$
|
92,239
|
$
|
85,040
|
|||
Work-in-process
|
50,453
|
42,450
|
|||||
Finished
goods
|
170,292
|
160,748
|
|||||
Inventory
reserves
|
(22,302
|
)
|
(17,230
|
)
|
|||
|
|||||||
Inventory,
net of reserves
|
$
|
290,682
|
$
|
271,008
|
3. |
Share
Repurchase Plan
|
4. |
Earnings
Per Share
|
|
13-Weeks
Ended
|
||||||
|
June
30,
|
July
1,
|
|||||
|
2007
|
2006
|
|||||
Numerator:
|
|||||||
Numerator
for basic and diluted net income
per share - net income |
$
|
214,377
|
$
|
123,286
|
|||
|
|||||||
Denominator:
|
|||||||
Denominator
for basic net income per share -
weighted-average common shares |
216,380
|
216,818
|
|||||
|
|||||||
Effect
of dilutive securities -
employee stock options |
2,698
|
2,526
|
|||||
|
|||||||
Denominator
for diluted net income per share -
adjusted weighted-average common shares |
219,078
|
219,344
|
|||||
|
|||||||
Basic
net income per share
|
$
|
0.99
|
$
|
0.57
|
|||
|
|||||||
Diluted
net income per share
|
$
|
0.98
|
$
|
0.56
|
26-Weeks
Ended
|
|||||||
|
June
30,
|
July
1,
|
|||||
|
2007
|
2006
|
|||||
Numerator:
|
|||||||
Numerator
for basic and diluted net income
per share - net income |
$
|
354,237
|
$
|
210,800
|
|||
|
|||||||
Denominator:
|
|||||||
Denominator
for basic net income per share -
weighted-average common shares |
216,298
|
216,594
|
|||||
|
|||||||
Effect
of dilutive securities -
employee stock options |
2,627
|
2,274
|
|||||
|
|||||||
Denominator
for diluted net income per share -
adjusted weighted-average common shares |
218,925
|
218,868
|
|||||
|
|||||||
Basic
net income per share
|
$
|
1.64
|
$
|
0.97
|
|||
|
|||||||
Diluted
net income per share
|
$
|
1.62
|
$
|
0.96
|
5. |
Comprehensive
Income
|
13-Weeks
Ended
|
|||||||
June
30, 2007
|
July
1, 2006
|
||||||
Net
income
|
$
|
214,377
|
$
|
123,286
|
|||
Translation
adjustment
|
2,345
|
(7,641
|
)
|
||||
Change
in fair value of available-for-sale
marketable securities, net of deferred taxes |
(538
|
)
|
(2,760
|
)
|
|||
Comprehensive
income
|
$
|
216,184
|
$
|
112,885
|
26-Weeks
Ended
|
|||||||
June
30, 2007
|
July
1, 2006
|
||||||
Net
income
|
$
|
354,237
|
$
|
210,800
|
|||
Translation
adjustment
|
(10,537
|
)
|
1,568
|
||||
Change
in fair value of available-for-sale
marketable securities, net of deferred taxes |
1,280
|
(5,604
|
)
|
||||
Comprehensive
income
|
$
|
344,980
|
$
|
206,764
|
6. |
Segment
Information
|
|
Reportable
Segments
|
|||||||||||||||
|
Outdoor/
|
|
Auto/
|
|
|
|||||||||||
|
Fitness
|
Marine
|
Mobile
|
Aviation
|
Total
|
|||||||||||
13-Weeks
Ended June 30, 2007
|
||||||||||||||||
|
||||||||||||||||
Net
sales to external customers
|
$
|
77,163
|
$
|
79,771
|
$
|
507,895
|
$
|
77,637
|
$
|
742,466
|
||||||
Operating
income
|
$
|
28,600
|
$
|
33,115
|
$
|
149,067
|
$
|
30,785
|
$
|
241,567
|
||||||
Income
before taxes
|
$
|
28,812
|
$
|
34,065
|
$
|
153,109
|
$
|
30,651
|
$
|
246,637
|
||||||
|
||||||||||||||||
13-Weeks
Ended July 1, 2006
|
||||||||||||||||
|
||||||||||||||||
Net
sales to external customers
|
$
|
71,115
|
$
|
50,115
|
$
|
255,387
|
$
|
55,851
|
$
|
432,468
|
||||||
Operating
income
|
$
|
31,617
|
$
|
21,146
|
$
|
59,974
|
$
|
21,839
|
$
|
134,576
|
||||||
Income
before taxes
|
$
|
32,883
|
$
|
21,647
|
$
|
69,251
|
$
|
22,119
|
$
|
145,900
|
||||||
|
||||||||||||||||
|
||||||||||||||||
26-Weeks
Ended June 30, 2007
|
||||||||||||||||
|
||||||||||||||||
Net
sales to external customers
|
$
|
137,690
|
$
|
122,775
|
$
|
824,520
|
$
|
149,640
|
$
|
1,234,625
|
||||||
Operating
income
|
$
|
49,809
|
$
|
44,410
|
$
|
228,591
|
$
|
57,082
|
$
|
379,892
|
||||||
Income
before taxes
|
$
|
53,595
|
$
|
47,150
|
$
|
248,253
|
$
|
58,546
|
$
|
407,544
|
||||||
|
||||||||||||||||
26-Weeks
Ended July 1, 2006
|
||||||||||||||||
|
||||||||||||||||
Net
sales to external customers
|
$
|
134,761
|
$
|
100,818
|
$
|
406,116
|
$
|
113,084
|
$
|
754,779
|
||||||
Operating
income
|
$
|
56,298
|
$
|
40,059
|
$
|
96,264
|
$
|
42,067
|
$
|
234,688
|
||||||
Income
before taxes
|
$
|
57,040
|
$
|
42,293
|
$
|
108,491
|
$
|
41,644
|
$
|
249,468
|
North
|
|||||||||||||
America
|
Asia
|
Europe
|
Total
|
||||||||||
June
30, 2007
|
|||||||||||||
Net
sales to external customers
|
$
|
777,515
|
$
|
52,474
|
$
|
404,636
|
$
|
1,234,625
|
|||||
Long-lived
assets
|
$
|
162,536
|
$
|
143,819
|
$
|
43,944
|
$
|
350,299
|
|||||
July
1, 2006
|
|||||||||||||
Net
sales to external customers
|
$
|
435,264
|
$
|
39,839
|
$
|
279,676
|
$
|
754,779
|
|||||
Long-lived
assets
|
$
|
138,499
|
$
|
56,363
|
$
|
521
|
$
|
195,383
|
7. |
Income
Taxes
|
8. |
Warranty
Reserves
|
13-Weeks
Ended
|
|||||||
June
30, 2007
|
July
1, 2006
|
||||||
Balance
- beginning of the period
|
$
|
39,281
|
$
|
20,179
|
|||
Accrual
for products sold
|
|||||||
during
the period
|
22,565
|
11,464
|
|||||
Expenditures
|
(12,121
|
)
|
(6,737
|
)
|
|||
Balance
- end of the period
|
$
|
49,725
|
$
|
24,906
|
26-Weeks
Ended
|
|||||||
June
30, 2007
|
July
1, 2006
|
||||||
Balance
- beginning of the period
|
$
|
37,639
|
$
|
18,817
|
|||
Accrual
for products sold
|
|||||||
during
the period
|
37,600
|
17,597
|
|||||
Expenditures
|
(25,514
|
)
|
(11,508
|
)
|
|||
Balance
- end of the period
|
$
|
49,725
|
$
|
24,906
|
9. |
Commitments
|
10. |
Recent
Accounting Pronouncements
|
11. |
Acquisitions
|
12. |
Subsequent
Events
|
13-Weeks
Ended
|
|||||||
June
30, 2007
|
July
1, 2006
|
||||||
Net
sales
|
100.0 | % |
100.0
|
%
|
|||
Cost
of goods sold
|
49.5 | % |
50.0
|
%
|
|||
Gross
profit
|
50.5 | % |
50.0
|
%
|
|||
Research
and development
|
5.1 | % |
6.2
|
%
|
|||
Selling,
general and administrative
|
12.8 | % |
12.7
|
%
|
|||
Total
operating expenses
|
17.9 | % |
18.9
|
%
|
|||
Operating
income
|
32.6 | % |
31.1
|
%
|
|||
Other
income (expense), net
|
0.6 | % |
2.6
|
%
|
|||
Income
before income taxes
|
33.2 | % |
33.7
|
%
|
|||
Provision
for income taxes
|
4.3 | % |
5.2
|
%
|
|||
Net
income
|
28.9 | % |
28.5
|
%
|
26-Weeks
Ended
|
|||||||
June
30, 2007
|
July
1, 2006
|
||||||
Net
sales
|
100.0 | % |
100.0
|
%
|
|||
Cost
of goods sold
|
50.4 | % |
49.8
|
%
|
|||
Gross
profit
|
49.6 | % |
50.2
|
%
|
|||
Research
and development
|
5.8 | % |
6.9
|
%
|
|||
Selling,
general and administrative
|
13.0 | % |
12.2
|
%
|
|||
Total
operating expenses
|
18.8 | % |
19.1
|
%
|
|||
Operating
income
|
30.8 | % |
31.1
|
%
|
|||
Other
income (expense), net
|
2.2 | % |
2.0
|
%
|
|||
Income
before income taxes
|
33.0 | % |
33.1
|
%
|
|||
Provision
for income taxes
|
4.3 | % |
5.1
|
%
|
|||
Net
income
|
28.7 | % |
28.0
|
%
|
|
Reportable
Segments
|
|||||||||||||||
|
Outdoor/
|
|
Auto/
|
|
|
|||||||||||
|
Fitness
|
Marine
|
Mobile
|
Aviation
|
Total
|
|||||||||||
13-Weeks
Ended June 30, 2007
|
||||||||||||||||
|
||||||||||||||||
Net
sales
|
$
|
77,163
|
$
|
79,771
|
$
|
507,895
|
$
|
77,637
|
$
|
742,466
|
||||||
Gross
profit
|
$
|
43,648
|
$
|
46,381
|
$
|
233,520
|
$
|
51,118
|
$
|
374,667
|
||||||
Operating
income
|
$
|
28,600
|
$
|
33,115
|
$
|
149,067
|
$
|
30,785
|
$
|
241,567
|
||||||
|
||||||||||||||||
13-Weeks
Ended July 1, 2006
|
||||||||||||||||
|
||||||||||||||||
Net
sales
|
$
|
71,115
|
$
|
50,115
|
$
|
255,387
|
$
|
55,851
|
$
|
432,468
|
||||||
Gross
profit
|
$
|
42,469
|
$
|
29,823
|
$
|
107,061
|
$
|
36,931
|
$
|
216,284
|
||||||
Operating
income
|
$
|
31,617
|
$
|
21,146
|
$
|
59,974
|
$
|
21,839
|
$
|
134,576
|
||||||
|
||||||||||||||||
|
||||||||||||||||
|
||||||||||||||||
26-Weeks
Ended June 30, 2007
|
||||||||||||||||
|
||||||||||||||||
Net
sales
|
$
|
137,690
|
$
|
122,775
|
$
|
824,520
|
$
|
149,640
|
$
|
1,234,625
|
||||||
Gross
profit
|
$
|
77,063
|
$
|
67,534
|
$
|
370,251
|
$
|
97,571
|
$
|
612,419
|
||||||
Operating
income
|
$
|
49,809
|
$
|
44,410
|
$
|
228,591
|
$
|
57,082
|
$
|
379,892
|
||||||
|
||||||||||||||||
26-Weeks
Ended July 1, 2006
|
||||||||||||||||
|
||||||||||||||||
Net
sales
|
$
|
134,761
|
$
|
100,818
|
$
|
406,116
|
$
|
113,084
|
$
|
754,779
|
||||||
Gross
profit
|
$
|
78,812
|
$
|
57,839
|
$
|
170,147
|
$
|
72,275
|
$
|
379,073
|
||||||
Operating
income
|
$
|
56,298
|
$
|
40,059
|
$
|
96,264
|
$
|
42,067
|
$
|
234,688
|
|
13-weeks
ended June 30, 2007
|
13-weeks
ended July 1, 2006
|
Quarter
over Quarter
|
||||||||||||||||
|
Net
Sales
|
%
of Revenues
|
Net
Sales
|
%
of Revenues
|
$
Change
|
%
Change
|
|||||||||||||
Outdoor/Fitness
|
$
|
77,163
|
10.4
|
%
|
$
|
71,115
|
16.4
|
%
|
$
|
6,048
|
8.5
|
%
|
|||||||
Marine
|
79,771
|
10.7
|
%
|
50,115
|
11.6
|
%
|
29,656
|
59.2
|
%
|
||||||||||
Automotive/Mobile
|
507,895
|
68.4
|
%
|
255,387
|
59.1
|
%
|
252,508
|
98.9
|
%
|
||||||||||
Aviation
|
77,637
|
10.5
|
%
|
55,851
|
12.9
|
%
|
21,786
|
39.0
|
%
|
||||||||||
Total
|
$
|
742,466
|
100.0
|
%
|
$
|
432,468
|
100.0
|
%
|
$
|
309,998
|
71.7
|
%
|
|
13-weeks
ended June 30, 2007
|
13-weeks
ended July 1, 2006
|
Quarter
over Quarter
|
||||||||||||||||
|
Gross
Profit
|
%
of Revenues
|
Gross
Profit
|
%
of Revenues
|
$
Change
|
%
Change
|
|||||||||||||
Outdoor/Fitness
|
$
|
43,648
|
56.6
|
%
|
$
|
42,469
|
59.7
|
%
|
$
|
1,179
|
2.8
|
%
|
|||||||
Marine
|
46,381
|
58.1
|
%
|
29,823
|
59.5
|
%
|
16,558
|
55.5
|
%
|
||||||||||
Automotive/Mobile
|
233,520
|
46.0
|
%
|
107,061
|
41.9
|
%
|
126,459
|
118.1
|
%
|
||||||||||
Aviation
|
51,118
|
65.8
|
%
|
36,931
|
66.1
|
%
|
14,187
|
38.4
|
%
|
||||||||||
Total
|
$
|
374,667
|
50.5
|
%
|
$
|
216,284
|
50.0
|
%
|
$
|
158,383
|
73.2
|
%
|
|
13-weeks
ended June 30, 2007
|
13-weeks
ended July 1, 2006
|
|
||||||||||||||||
|
Selling,
General
|
|
Selling,
General
|
|
Quarter
over Quarter
|
||||||||||||||
|
&
Admin. Expenses
|
%
of Revenues
|
&
Admin. Expenses
|
%
of Revenues
|
$
Change
|
%
Change
|
|||||||||||||
Outdoor/Fitness
|
$
|
9,310
|
12.1
|
%
|
$
|
6,900
|
9.7
|
%
|
$
|
2,410
|
34.9
|
%
|
|||||||
Marine
|
8,748
|
11.0
|
%
|
5,611
|
11.2
|
%
|
3,137
|
55.9
|
%
|
||||||||||
Automotive/Mobile
|
71,445
|
14.1
|
%
|
38,018
|
14.9
|
%
|
33,427
|
87.9
|
%
|
||||||||||
Aviation
|
5,870
|
7.6
|
%
|
4,386
|
7.9
|
%
|
1,484
|
33.8
|
%
|
||||||||||
Total
|
$
|
95,373
|
12.8
|
%
|
$
|
54,915
|
12.7
|
%
|
$
|
40,458
|
73.7
|
%
|
|
13-weeks
ended June 30, 2007
|
13-weeks
ended July 1, 2006
|
Quarter
over Quarter
|
||||||||||||||||
|
Research
& Development |
%
of Revenues
|
Research
& Development |
%
of Revenues
|
$
Change
|
%
Change
|
|||||||||||||
Outdoor/Fitness
|
$
|
5,738
|
7.4
|
%
|
$
|
3,952
|
5.6
|
%
|
$
|
1,786
|
45.2
|
%
|
|||||||
Marine
|
4,518
|
5.7
|
%
|
3,066
|
6.1
|
%
|
1,452
|
47.4
|
%
|
||||||||||
Automotive/Mobile
|
13,008
|
2.6
|
%
|
9,069
|
3.6
|
%
|
3,939
|
43.4
|
%
|
||||||||||
Aviation
|
14,463
|
18.6
|
%
|
10,706
|
19.2
|
%
|
3,757
|
35.1
|
%
|
||||||||||
Total
|
$
|
37,727
|
5.1
|
%
|
$
|
26,793
|
6.2
|
%
|
$
|
10,934
|
40.8
|
%
|
|
13-weeks
ended June 30, 2007
|
13-weeks
ended July 1, 2006
|
Quarter
over Quarter
|
||||||||||||||||
|
Operating
Income
|
%
of Revenues
|
Operating
Income
|
%
of Revenues
|
$
Change
|
%
Change
|
|||||||||||||
Outdoor/Fitness
|
$
|
28,600
|
37.1
|
%
|
$
|
31,617
|
44.5
|
%
|
($3,017
|
)
|
-9.5
|
%
|
|||||||
Marine
|
33,115
|
41.5
|
%
|
21,146
|
42.2
|
%
|
11,969
|
56.6
|
%
|
||||||||||
Automotive/Mobile
|
149,067
|
29.3
|
%
|
59,974
|
23.5
|
%
|
89,093
|
148.6
|
%
|
||||||||||
Aviation
|
30,785
|
39.7
|
%
|
21,839
|
39.1
|
%
|
8,946
|
41.0
|
%
|
||||||||||
Total
|
$
|
241,567
|
32.5
|
%
|
$
|
134,576
|
31.1
|
%
|
$
|
106,991
|
79.5
|
%
|
|
13-weeks
ended
|
13-weeks
ended
|
|||||
|
June
30, 2007
|
July
1, 2006
|
|||||
Interest
Income
|
$
|
10,841
|
$
|
8,538
|
|||
Interest
Expense
|
(23
|
)
|
(5
|
)
|
|||
Foreign
Currency Exchange
|
(6,086
|
)
|
2,958
|
||||
Other
|
338
|
(167
|
)
|
||||
Total
|
$
|
5,070
|
$
|
11,324
|
26-weeks
ended June 30, 2007
|
26-weeks
ended July 1, 2006
|
Period
over Period
|
|||||||||||||||||
Net
Sales
|
%
of Revenues
|
Net
Sales
|
%
of Revenues
|
$
Change
|
%
Change
|
||||||||||||||
Outdoor/Fitness
|
$
|
137,690
|
11.2
|
%
|
$
|
134,761
|
17.9
|
%
|
$
|
2,929
|
2.2
|
%
|
|||||||
Marine
|
122,775
|
9.9
|
%
|
100,818
|
13.4
|
%
|
21,957
|
21.8
|
%
|
||||||||||
Automotive/Mobile
|
824,520
|
66.8
|
%
|
406,116
|
53.8
|
%
|
418,404
|
103.0
|
%
|
||||||||||
Aviation
|
149,640
|
12.1
|
%
|
113,084
|
15.0
|
%
|
36,556
|
32.3
|
%
|
||||||||||
Total
|
$
|
1,234,625
|
100.0
|
%
|
$
|
754,779
|
100.0
|
%
|
$
|
479,846
|
63.6
|
%
|
26-weeks
ended June 30, 2007
|
26-weeks
ended July 1, 2006
|
Period
over Period
|
|||||||||||||||||
Gross
Profit
|
%
of Revenues
|
Gross
Profit
|
%
of Revenues
|
$
Change
|
%
Change
|
||||||||||||||
Outdoor/Fitness
|
$
|
77,063
|
56.0
|
%
|
$
|
78,812
|
58.5
|
%
|
($1,749
|
)
|
-2.2
|
%
|
|||||||
Marine
|
67,534
|
55.0
|
%
|
57,839
|
57.4
|
%
|
9,695
|
16.8
|
%
|
||||||||||
Automotive/Mobile
|
370,251
|
44.9
|
%
|
170,147
|
41.9
|
%
|
200,104
|
117.6
|
%
|
||||||||||
Aviation
|
97,571
|
65.2
|
%
|
72,275
|
63.9
|
%
|
25,296
|
35.0
|
%
|
||||||||||
Total
|
$
|
612,419
|
49.6
|
%
|
$
|
379,073
|
50.2
|
%
|
$
|
233,346
|
61.6
|
%
|
26-weeks
ended June 30, 2007
|
26-weeks
ended July 1, 2006
|
|
|||||||||||||||||
Selling,
General
|
|
Selling,
General
|
|
Period
over Period
|
|||||||||||||||
&
Admin. Expenses
|
%
of Revenues
|
&
Admin. Expenses
|
%
of Revenues
|
$
Change
|
%
Change
|
||||||||||||||
Outdoor/Fitness
|
$
|
16,599
|
12.1
|
%
|
$
|
13,845
|
10.3
|
%
|
$
|
2,754
|
19.9
|
%
|
|||||||
Marine
|
14,785
|
12.0
|
%
|
11,564
|
11.5
|
%
|
3,221
|
27.9
|
%
|
||||||||||
Automotive/Mobile
|
117,259
|
14.2
|
%
|
57,548
|
14.2
|
%
|
59,711
|
103.8
|
%
|
||||||||||
Aviation
|
12,654
|
8.5
|
%
|
9,721
|
8.6
|
%
|
2,933
|
30.2
|
%
|
||||||||||
Total
|
$
|
161,297
|
13.1
|
%
|
$
|
92,678
|
12.3
|
%
|
$
|
68,619
|
74.0
|
%
|
26-weeks
ended June 30, 2007
|
26-weeks
ended July 1, 2006
|
Period
over Period
|
|||||||||||||||||
Research
& Development |
%
of Revenues |
Research
& Development |
%
of Revenues |
$
Change
|
%
Change
|
||||||||||||||
Outdoor/Fitness
|
$
|
10,655
|
7.7
|
%
|
$
|
8,669
|
6.4
|
%
|
$
|
1,986
|
22.9
|
%
|
|||||||
Marine
|
8,339
|
6.8
|
%
|
6,216
|
6.2
|
%
|
2,123
|
34.2
|
%
|
||||||||||
Automotive/Mobile
|
24,401
|
3.0
|
%
|
16,335
|
4.0
|
%
|
8,066
|
49.4
|
%
|
||||||||||
Aviation
|
27,835
|
18.6
|
%
|
20,487
|
18.1
|
%
|
7,348
|
35.9
|
%
|
||||||||||
Total
|
$
|
71,230
|
5.8
|
%
|
$
|
51,707
|
6.9
|
%
|
$
|
19,523
|
37.8
|
%
|
26-weeks
ended June 30, 2007
|
26-weeks
ended July 1, 2006
|
Period
over Period
|
|||||||||||||||||
Operating
Income
|
%
of Revenues
|
Operating
Income
|
%
of Revenues
|
$
Change
|
%
Change
|
||||||||||||||
Outdoor/Fitness
|
$
|
49,809
|
36.2
|
%
|
$
|
56,298
|
41.8
|
%
|
($6,489
|
)
|
-11.5
|
%
|
|||||||
Marine
|
44,410
|
36.2
|
%
|
40,059
|
39.7
|
%
|
4,351
|
10.9
|
%
|
||||||||||
Automotive/Mobile
|
228,591
|
27.7
|
%
|
96,264
|
23.7
|
%
|
132,327
|
137.5
|
%
|
||||||||||
Aviation
|
57,082
|
38.1
|
%
|
42,067
|
37.2
|
%
|
15,015
|
35.7
|
%
|
||||||||||
Total
|
$
|
379,892
|
30.8
|
%
|
$
|
234,688
|
31.1
|
%
|
$
|
145,204
|
61.9
|
%
|
26-weeks
ended
|
26-weeks
ended
|
||||||
June
30, 2007
|
July
1, 2006
|
||||||
Interest
Income
|
$
|
20,199
|
$
|
15,843
|
|||
Interest
Expense
|
(55
|
)
|
(12
|
)
|
|||
Foreign
Currency Exchange
|
7,119
|
(4,488
|
)
|
||||
Other
|
389
|
3,437
|
|||||
Total
|
$
|
27,652
|
$
|
14,780
|
Period
|
Total
# of
Shares
Purchased
|
Average
Price
Paid
Per Share
|
Total
Number of Shares
Purchased
as Part of
Publicly
Announced
Plans
or Programs
|
Maximum
Number of
Shares
That May Yet
Be
Purchased Under
the
Plans or Programs
|
13-weeks
ended
June
30, 2007
|
0
|
$0.00
|
0
|
1,844,700
|
Total
|
0
|
$0.00
|
0
|
1,844,700
|
Nominee
|
For
|
Withheld
|
|||||
Gene
M. Betts
|
203,495,368
|
1,742,787
|
|||||
Thomas
A. McDonnell
|
192,344,024
|
12,894,131
|
Exhibit
31.1
|
Certification
of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a)
or
15d-14(a).
|
Exhibit
31.2
|
Certification
of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a)
or
15d-14(a).
|
Exhibit
32.1
|
Certification
of Chief Executive Officer pursuant to 18 U.S.C. Section 1350,
as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
Exhibit
32.2
|
Certification
of Chief Financial Officer pursuant to 18 U.S.C. Section 1350,
as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
GARMIN LTD. | ||
|
|
|
By: | /s/ Kevin Rauckman | |
Kevin Rauckman |
||
Chief
Financial Officer
(Principal
Financial Officer and
Principal
Accounting Officer)
|
Exhibit
No.
|
Description
|
Exhibit
31.1
|
Certification
of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a)
or
15d-14(a).
|
Exhibit
31.2
|
Certification
of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a)
or
15d-14(a).
|
Exhibit
32.1
|
Certification
of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as
adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
Exhibit
32.2
|
Certification
of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as
adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|