SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Act of 1934
Date of Report (Date of earliest event reported): December 16, 2002
GARMIN LTD.
(Exact name of registrant as specified in its charter)
Cayman Islands 0-31983 98-0229227
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
P.O. Box 30464 SMB
5th Floor, Harbour Place
103 South Church Street
George Town, Grand Cayman, Cayman Islands
(Address of principal executive offices)
Registrant's telephone number, including area code: (345) 946-5203*
Not Applicable
(Former name or former address, if changed since last report)
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* The executive offices of the Registrant's principal United States subsidiary
are located at 1200 East 151st Street, Olathe, Kansas 66062.
The telephone number there is (913) 397-8200.
Item 9. Regulation FD Disclosure
See attached as Exhibit 99.1 to this Form 8-K a press release dated
December 16, 2002 concerning the revision of guidance upward for fourth quarter
and full-year 2002 and the announcement of production and facility expansions.
The information in this Form 8-K, including the exhibits, is furnished
pursuant to Item 9 and shall not be deemed to be "filed" for the purposes of
Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the
liabilities of that Section.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GARMIN LTD.
Date: December 16, 2002 /s/ Andrew R. Etkind
---------------------------------------
Andrew R. Etkind
General Counsel and Secretary
EXHIBIT INDEX
Exhibit No. Description
99.1 Press release dated December 16,
2002 concerning the revision of
guidance upward for fourth quarter
and full-year 2002 and the
announcement of production and
facility expansions.
Exhibit 99.1
Garmin Revises Guidance Upward for Fourth Quarter and Full-Year 2002,
Announces Production and Facility Expansions
CAYMAN ISLANDS, December 16, 2002 / PR Newswire/ -- Garmin Ltd. (Nasdaq: GRMN)
today revised its fourth quarter and full-year 2002 guidance upward due to
continued strong consumer and aviation product sales during the fourth quarter.
The company also announced expansion activities for both its Taiwan and Kansas
facilities.
Revised Fourth Quarter and Fiscal Year 2002 Guidance
"Sales across our business have been strong throughout the fourth quarter,
exceeding our earlier expectations. While we have not yet completed the fourth
quarter, given these favorable trends, we are providing updated guidance," said
Kevin Rauckman, chief financial officer of Garmin Ltd. "Strong demand for
consumer products during the holidays, as well as the shipment of significant
quantities of backordered GTX 330 and GDL 49 aviation products have pushed
revenues higher than anticipated."
Revenues for the fourth quarter 2002 are now expected to be in the $132-$135
million range, up significantly from the earlier estimate of $106-$110 million.
Full-year 2002 revenue guidance in turn rises to a range of $464-$467 million.
The company anticipates providing 2003 revenue and EPS guidance during the
fourth quarter earnings call in mid-February.
Production and Facility Expansion in 2003
To support continued growth across the business, Garmin Ltd. also announces
several initiatives. In early 2003, two new surface-mount technology lines will
be purchased for the production facility in Taiwan in order to create extra
capacity for the company's growing consumer business.
In addition, Garmin is in the early stages of design for an expansion of the
Olathe, Kan. facility to be completed during 2004. This expansion will include
additional floor space to support Garmin's growing research and development
needs, new call center associates, additional warehouse facilities, and other
business needs.
Also, Garmin has purchased and begun implementation of Oracle's E-Business
suite, a fully integrated enterprise suite of business applications and
supporting technologies, to upgrade its existing MRPII system. The new Oracle
ERP (Enterprise Resource Planning) system will provide improved integration
among the major Garmin business entities in Taiwan, Europe, and the United
States, and enable the company to achieve a higher level of efficiency. The
system will be implemented in phases over the next couple of years.
Through its operating subsidiaries, Garmin Ltd. designs, manufactures, and
markets navigation, communications and information devices, most of which are
enabled by GPS technology. Garmin is a leader in the general aviation and
consumer markets and its products serve aviation, marine, general recreation,
automotive, wireless and OEM applications. Garmin Ltd. is incorporated in the
Cayman Islands, and its principal subsidiaries are located in the United States,
Taiwan and the United Kingdom. For more information, visit Garmin's Investor
Relations site at www.garmin.com or contact the Investor Relations department at
913-397-8200.
Source: Garmin Ltd.
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IR Contact:Paulette Schwerdt, 913-397-8200, ext. 1394; polly.schwerdt@garmin.com
Media Contact:Pete Brumbaugh, 913-397-8200, ext. 1411; pete.brumbaugh@garmin.com