Garmin Ltd. (NASDAQ: GRMN), incorporated in Schaffhausen, Switzerland, is the parent company of a group of companies founded in 1989 by Gary Burrell and Min Kao (hence the name GarMin), that develops consumer, aviation, and marine technologies for the Global Positioning System. Its subsidiary Garmin International, Inc. serves as headquarters for the Garmin Limited companies and is located in Olathe, Kansas, which is located in the Kansas City Metropolitan Area in the United States. The largest operating subsidiary and primary production facility of Garmin Limited is Garmin (Asia) Corporation located in Sijhih City, Taiwan, a suburb of Taipei.
Garmin Ltd. (Garmin), incorporated on July 24, 2000, is a provider of navigation, communication and information devices and applications, which are enabled by global positioning system (GPS) technology. Garmin designs, develops, manufactures and markets a diverse family of hand-held, portable and fixed-mount GPS-enabled products and other navigation, communications and information products. Garmin has four business segments: Marine, Automotive/Mobile, Outdoor/Fitness, and Aviation. In September 2010, the Company acquired MetriGear, Inc. In October 2010, the Company acquired Belanor AS.
Automotive/Mobile
Garmin offers a range of automotive navigation products, as well as a variety of products and applications designed for the mobile GPS market. Its automotive and mobile products include nuvi, zumo, Garmin Mobile and StreetPilot. The nuvi is Garmin’s personal navigation device (PND). All nuvi models combine a GPS navigator (with built-in maps). Garmin Mobile for BlackBerry is a subscription-based software application. The Company launched StreetPilot appin January 2011. This smartphone application allows Apple iPhone or iPad users to download premium Garmin navigation to their device, allowing for turn-by-turn, voice-prompted directions and other Garmin navigation features.
Outdoor/Fitness
The Company’s fitness and outdoor products include Forerunner, Edge, Dakota, Oregon, Rino, GPSMAP62, Approach, Astron and GTU-10 GPS Tracker. Forerunner is a training assistants for athletes with integrated GPS sensor (except for FR60 fitness watch) that provide time, speed, distance, pace and other data. Edge integrated personal training systems are designed for cyclists. The Dakota series is Garmin’s entry level series of handheld GPS navigators with built-in mapping. The Oregon series combines a bright three inch color touchscreen, rugged design and variety of features. Rino is a handheld two-way family radio service (FRS) and general mobile radio service (GMRS) radios that integrate two-way voice communications with GPS navigation. GPSMAP62 is a rugged outdoor handheld devices for hunters, hikers, geocachers and outdoors enthusiasts. The Approach G5 is a waterproof, touchscreen, handheld GPS for golfers that features over 14,000 preloaded golf course maps. Astro has high sensitivity GPS-enabled dog tracking system. On January 4, 2011, Garmin announced the GTU10, which represents a category of product for Garmin. The GTU10 is a GPS locator that combines a Web-based tracking service with GPS technology so the user can keep track of children, pets and property by monitoring the device’s location through either a phone or the Internet.
Marine
Garmin’s marine products include handhelds, network products and multifunction displays, fixed-mount GPS/chartplotter products, instruments, fishfinders, radar, autopilots, VHF radios, marine networking products, and sounder products. Its marine products include GPSMAP 7000 series, GPSMAP 6000 series, GPSMAP 5000 series, GPSMAP 4000 series/ 4200 series, GPSMAP 6x0and 7x0 series, GPSMAP 5x6 and 5x1 series, GPSMAP 4x1 series, GSD 21 and 22, GMS 10, GMI 10, GPSMAP 78, VHF Marine Radios, Marine Autopilot Systems, Fishfinders, and Radar.
The GPSMAP 7000 series introduced Garmin’s G Motion technology, which represents an upgrade in speed, smoothness and clarity over prior plotters. The GPSMAP 6x12 series features a traditional soft-key interface with an alphanumeric keypad and a 12-inch diagonal XGA (1024 x 768 pixels) sunlight readable display. GPSMAP 4000 series/ 4200 series multifunction displays for the Garmin Marine Network offer ease of use and video-quality resolution and color. GPSMAP 6x0and 7x0 series chartplotters provides navigational support for both marine mode and automotive mode and radar capability and built-in sonar. The GMS 10 Network Port Expander is the nerve centre of the Garmin Marine Network. The GMI 10 is a NMEA 2000 and NMEA 0183 compliant instrument that display data from multiple remote sensors on one screen. Garmin’s marine autopilot lineup is the GHP 12, a full-featured marine autopilot designed specifically for sailboats. Garmin offers 10 different fishfinder options spanning various price points. Garmin offers both radomes and open array radar products with compatibility to any network-compatible Garmin chartplotter so that the chartplotter can double as the radar screen.
Aviation
Garmin’s product line includes GPS-enabled navigation, very high frequency (VHF) communications transmitters/receivers, multi-function displays, electronic flight instrumentation systems (EFIS), automatic flight control systems, traffic advisory systems and traffic collision avoidance systems, instrument landing system (ILS) receivers, surveillance products, audio panels and cockpit datalink systems. Its aviation products include aera series, GPSMAP 695/696, Pilot My-Cast, G5000, G3000, G1000, G600, G500, G500H
G900X, GDU 370/375 Series, 500 W Series, GTS TAS and TCAS I Systems, GI-102A & 106A, GMA 240, 340 & 347, GTX 330 & 330D, GTX 320A, 327 & 328, GDL 90, GDL 69 and 69A, GMX 200 and SL 30 and SL 40. The Company’s aera series combines aviation portable with automotive GPS, allowing pilots to transition between aviation to automotive mode with one touch. Pilot My-Cast by Garmin is a flight planning, flight plan filing and pre-flight weather application for display on compatible mobile phones. In October 2010, Garmin announced the G5000 integrates glass avionics suite designed for FAR Part 25 business jets. The G1000 integrates navigation, communication, attitude, weather, terrain, traffic, surveillance and engine information on large high-resolution color displays.
The G600 brings the style and function of an all-glass integrated avionics suite to the retrofit market for FAR Part 23 Class I, II or III aircraft. GDU 370/375 has multi-function displays for the light sport retrofit and experimental aircraft markets. GI-106A features an instrument landing system receiver to aid in landing. The GMA 340 is a features audio panel with six-place stereo intercom and independent pilot/co-pilot communications capabilities. The GMA 347 has automatic squelch, digital clearance recorder, and a full-duplex telephone interface. The GMA 240 is a non-TSO’d audio panel designed for experimental and light sport aircraft. The GDL 90 allows pilots in the cockpit and air traffic controllers on the ground to see aircraft traffic. The GSR 56 provides pilots with access to on-demand global weather information, text/voice communications and near real-time position tracking through the Iridium satellite network. The GSR 56 offers a worldwide tracking solution that continuously monitors an aircraft’s status enroute. The GDL 69 offers the ability to provide real-time weather information to the aircraft, which can be displayed on one of several panel-mounted devices, such as the GNS 430, GNS 530, MX20, and G1000 systems. The GDL 69 and GDL 69A receive real-time weather information broadcast by the XM WX Satellite radio system.
The Company competes with TomTom N.V. and MiTAC Digital Corporation (MiTAC), Navigon AG, Magellan, Lowrance Electronics, Inc., Delorme, Nike, Inc., Polar Electro Oy, Suunto Oy, Timex Corp., Bryton Corp, Raymarine Inc. (Raymarine), Furuno Electronic Company (Furuno), Simrad, Johnson Outdoors, Inc., Honeywell, Inc., Avidyne Corporation, L-3 Avionics Systems, Rockwell Collins, Inc., Sagem Avionics, Inc., Universal Avionics Systems Corporation, Chelton Flight Systems, Aspen Avionics, Motorola, Inc., Cobra Electronics Corporation and Midland Radio Corporation.
Through a process called Selective Availability, the Department of Defense limited the accuracy of commercial uses of GPS technology to prevent the devices from being used to guide weapons. However, this policy was cancelled in May 2000, improving the unit's accuracy from 100 meters to less than ten meters. This resulted in increased interest in GPS in time for Garmin's initial public offering (IPO).
Before the IPO, a Cayman Islands-based holding company called Garmin Ltd. was created in July 2000. Garmin Ltd. became a public company on December 8, 2000 with one of the best IPOs following the dot-com bust. The price of shares, offered at $14, rose 42 percent to $20 in the first day of trading. The offering raised $147 million, most of it earmarked to fund growth. Revenues rose almost 50 percent to $345.7 million in 2000, and Garmin's net margins were above 30 percent.
Flush with cash, the company continued to spend significantly on research and development and introduced two dozen new products in 2001. However, both the aviation market and the overall economy experienced a downturn following the September 11 terrorist attacks on the United States. Nevertheless, Garmin was able to open 2002 with its best first quarter results to date--net income of $26.8 million on revenues of $100.9 million.
Revenues rose 26 percent to $465.1 million for 2002 as a whole, while net income was up $38 million to $142.8 million. Consumer revenue brought in $350.6 million, while aviation revenue accounted for $114.5 million. The company's aviation business had fallen by 9 percent in the previous year due to the FAA's restrictions on private aircraft following 9/11.
Garmin's product line had expanded considerably in the previous dozen years. It targeted a variety of users, from fishermen to commercial pilots, and its units were priced from $100 to $10,000. Consumer products then accounted for three-quarters of sales; Garmin had a new agreement to have them distributed at Target and Circuit City stores in the United States.
International sales were also very important. Garmin's first major buyer of its NavTalk GSM cell phone, which featured a GPS receiver and map, was a Chinese firm, CEC Telecom Co. Garmin had had manufacturing facilities in Taiwan for several years.
The company had also patented its "Rino" walkie-talkies (Radios Integrated with Navigation for the Outdoors) with integrated map and GPS features, including the ability to report the position of other radios on each user's map.
Co-founder Gary Burrell retired as co-CEO on August 24, 2002, his sixty-fifth birthday; he remained co-chairman and a director of the company. The company then employed 1,400 people around the world, a little less than half of them at its operating headquarters in Olathe, Kansas. According to Investor's Business Daily, Garmin had a 50 percent or better market share in the consumer segment of the GPS market, which accounted for three-quarters of the company's revenues. It controlled 80 percent of the aviation market and was also quite popular among boaters and hikers.
GPS for the Masses in 2003
The Chicago-Sun Times reported that GPS began to hit the mass market, versus the gadget enthusiasts, in 2003. This was evidenced by new offerings from Cobra Electronics Inc., a company that did much to popularize CB radios. Established GPS rivals such as Motorola Inc. and Magellan Corp. continued to develop low-priced units, and they were finding acceptance at more and more big box retailers like Best Buy and Wal-Mart.
The next step saw the combining of a handheld personal digital assistant (PDA) with GPS technology, allowing users to receive turn-by-turn directions to contacts listed in their address books. The combined handheld unit, called the iQue 3600, used the popular Palm operating system and was introduced at a January 2003 trade show. The device had "voice guidance" to give users spoken directions while driving as well as a full color map. It retailed for less than $600 and also offered traditional palmtop features such as the ability to edit word processor and spreadsheet files.
At the same time, Garmin was rolling out its first under-$100 GPS device, the Geko 101. Garmin technology was also featured in a Timex athletic training watch, enabling speed and distance calculations for runners. Garmin brought out its own training watch, the Forerunner 201, in the fall of 2003. The Forerunner's GPS included altitude capabilities and retailed for about $160.
OVERALL
Beta: 1.44
Market Cap (Mil.): $6,788.63
Shares Outstanding (Mil.): 194.02
Annual Dividend: --
Yield (%): --
FINANCIALS
GRMN.O Industry Sector
P/E (TTM): 10.83 16.06 18.99
EPS (TTM): -6.19 -- --
ROI: 20.28 5.51 16.05
ROE: 22.36 6.80 17.71
Statistics:
Public Company
Incorporated: 2000
Employees: 1,575
Sales: $465.14 million (2002)
Stock Exchanges: NASDAQ
Ticker Symbol: GRMN
NAIC: 334220 Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing; 334511 Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing
Key Dates:
1990: Garmin Corporation is formed in Taiwan.
1991: The company's first product, GPS 100AVD, debuts.
1996: Garmin moves to new headquarters building.
1997: GPS III, Garmin's first automotive product, is introduced.
1998: StreetPilot, an auto navigation product, is introduced.
2000: The company goes public, and Garmin Ltd. is formed.
2003: Palm OS-based iQue 3600 is unveiled.Aviation products accounted for 20 percent of revenues. Garmin continued to bring forth innovations, combining several flight instruments in its integrated avionics systems, which were selected for use in Cessna Aircraft Co. business jets and piston-engine aircraft from Diamond Aircraft Co.
Garmin International acquired UPS Aviation Technologies, Inc. from United Parcel Service, Inc. in August 2003 for $38 million. The unit, which employed 150 people producing general aviation and air cargo products, was renamed Garmin AT, Inc.
A mandate from the FCC for mobile phone companies to offer enhanced 911 service to help dispatchers locate callers--along with penetration of GPS technology into new fields, such as golf--suggested the market for GPS-related devices was still relatively untapped. The Kansas facility was slated for another expansion to be completed in 2004.
Name Age Since Current Position
Kao, Min 62 2004 Chairman of the Board, Chief Executive Officer
Pemble, Clifton 45 2007 President, Chief Operating Officer, Director
Rauckman, Kevin 48 2000 Chief Financial Officer, Treasurer
Etkind, Andrew 55 2008 Vice President, General Counsel, Secretary
Kelley, Gary 64 2005 Vice President - Marketing of Garmin International Inc.
Pokorny, Brian 47 2005 Vice President - Operations of Garmin International, Inc.
Bartel, Danny 61 2006 Vice President - Worldwide Sales of Garmin International, Inc.
Betts, Gene 58 2001 Independent Director
Eller, Donald 68 2001 Independent Director
Peffer, Charles 63 2004 Independent Director
Poberezny, Thomas 64 2010 Independent Director
Address:
5th Floor, Harbour Place
103 South Church Street
George Town, Grand Cayman
Cayman Islands
Garmin Ltd. (Garmin), incorporated on July 24, 2000, is a provider of navigation, communication and information devices and applications, which are enabled by global positioning system (GPS) technology. Garmin designs, develops, manufactures and markets a diverse family of hand-held, portable and fixed-mount GPS-enabled products and other navigation, communications and information products. Garmin has four business segments: Marine, Automotive/Mobile, Outdoor/Fitness, and Aviation. In September 2010, the Company acquired MetriGear, Inc. In October 2010, the Company acquired Belanor AS.
Automotive/Mobile
Garmin offers a range of automotive navigation products, as well as a variety of products and applications designed for the mobile GPS market. Its automotive and mobile products include nuvi, zumo, Garmin Mobile and StreetPilot. The nuvi is Garmin’s personal navigation device (PND). All nuvi models combine a GPS navigator (with built-in maps). Garmin Mobile for BlackBerry is a subscription-based software application. The Company launched StreetPilot appin January 2011. This smartphone application allows Apple iPhone or iPad users to download premium Garmin navigation to their device, allowing for turn-by-turn, voice-prompted directions and other Garmin navigation features.
Outdoor/Fitness
The Company’s fitness and outdoor products include Forerunner, Edge, Dakota, Oregon, Rino, GPSMAP62, Approach, Astron and GTU-10 GPS Tracker. Forerunner is a training assistants for athletes with integrated GPS sensor (except for FR60 fitness watch) that provide time, speed, distance, pace and other data. Edge integrated personal training systems are designed for cyclists. The Dakota series is Garmin’s entry level series of handheld GPS navigators with built-in mapping. The Oregon series combines a bright three inch color touchscreen, rugged design and variety of features. Rino is a handheld two-way family radio service (FRS) and general mobile radio service (GMRS) radios that integrate two-way voice communications with GPS navigation. GPSMAP62 is a rugged outdoor handheld devices for hunters, hikers, geocachers and outdoors enthusiasts. The Approach G5 is a waterproof, touchscreen, handheld GPS for golfers that features over 14,000 preloaded golf course maps. Astro has high sensitivity GPS-enabled dog tracking system. On January 4, 2011, Garmin announced the GTU10, which represents a category of product for Garmin. The GTU10 is a GPS locator that combines a Web-based tracking service with GPS technology so the user can keep track of children, pets and property by monitoring the device’s location through either a phone or the Internet.
Marine
Garmin’s marine products include handhelds, network products and multifunction displays, fixed-mount GPS/chartplotter products, instruments, fishfinders, radar, autopilots, VHF radios, marine networking products, and sounder products. Its marine products include GPSMAP 7000 series, GPSMAP 6000 series, GPSMAP 5000 series, GPSMAP 4000 series/ 4200 series, GPSMAP 6x0and 7x0 series, GPSMAP 5x6 and 5x1 series, GPSMAP 4x1 series, GSD 21 and 22, GMS 10, GMI 10, GPSMAP 78, VHF Marine Radios, Marine Autopilot Systems, Fishfinders, and Radar.
The GPSMAP 7000 series introduced Garmin’s G Motion technology, which represents an upgrade in speed, smoothness and clarity over prior plotters. The GPSMAP 6x12 series features a traditional soft-key interface with an alphanumeric keypad and a 12-inch diagonal XGA (1024 x 768 pixels) sunlight readable display. GPSMAP 4000 series/ 4200 series multifunction displays for the Garmin Marine Network offer ease of use and video-quality resolution and color. GPSMAP 6x0and 7x0 series chartplotters provides navigational support for both marine mode and automotive mode and radar capability and built-in sonar. The GMS 10 Network Port Expander is the nerve centre of the Garmin Marine Network. The GMI 10 is a NMEA 2000 and NMEA 0183 compliant instrument that display data from multiple remote sensors on one screen. Garmin’s marine autopilot lineup is the GHP 12, a full-featured marine autopilot designed specifically for sailboats. Garmin offers 10 different fishfinder options spanning various price points. Garmin offers both radomes and open array radar products with compatibility to any network-compatible Garmin chartplotter so that the chartplotter can double as the radar screen.
Aviation
Garmin’s product line includes GPS-enabled navigation, very high frequency (VHF) communications transmitters/receivers, multi-function displays, electronic flight instrumentation systems (EFIS), automatic flight control systems, traffic advisory systems and traffic collision avoidance systems, instrument landing system (ILS) receivers, surveillance products, audio panels and cockpit datalink systems. Its aviation products include aera series, GPSMAP 695/696, Pilot My-Cast, G5000, G3000, G1000, G600, G500, G500H
G900X, GDU 370/375 Series, 500 W Series, GTS TAS and TCAS I Systems, GI-102A & 106A, GMA 240, 340 & 347, GTX 330 & 330D, GTX 320A, 327 & 328, GDL 90, GDL 69 and 69A, GMX 200 and SL 30 and SL 40. The Company’s aera series combines aviation portable with automotive GPS, allowing pilots to transition between aviation to automotive mode with one touch. Pilot My-Cast by Garmin is a flight planning, flight plan filing and pre-flight weather application for display on compatible mobile phones. In October 2010, Garmin announced the G5000 integrates glass avionics suite designed for FAR Part 25 business jets. The G1000 integrates navigation, communication, attitude, weather, terrain, traffic, surveillance and engine information on large high-resolution color displays.
The G600 brings the style and function of an all-glass integrated avionics suite to the retrofit market for FAR Part 23 Class I, II or III aircraft. GDU 370/375 has multi-function displays for the light sport retrofit and experimental aircraft markets. GI-106A features an instrument landing system receiver to aid in landing. The GMA 340 is a features audio panel with six-place stereo intercom and independent pilot/co-pilot communications capabilities. The GMA 347 has automatic squelch, digital clearance recorder, and a full-duplex telephone interface. The GMA 240 is a non-TSO’d audio panel designed for experimental and light sport aircraft. The GDL 90 allows pilots in the cockpit and air traffic controllers on the ground to see aircraft traffic. The GSR 56 provides pilots with access to on-demand global weather information, text/voice communications and near real-time position tracking through the Iridium satellite network. The GSR 56 offers a worldwide tracking solution that continuously monitors an aircraft’s status enroute. The GDL 69 offers the ability to provide real-time weather information to the aircraft, which can be displayed on one of several panel-mounted devices, such as the GNS 430, GNS 530, MX20, and G1000 systems. The GDL 69 and GDL 69A receive real-time weather information broadcast by the XM WX Satellite radio system.
The Company competes with TomTom N.V. and MiTAC Digital Corporation (MiTAC), Navigon AG, Magellan, Lowrance Electronics, Inc., Delorme, Nike, Inc., Polar Electro Oy, Suunto Oy, Timex Corp., Bryton Corp, Raymarine Inc. (Raymarine), Furuno Electronic Company (Furuno), Simrad, Johnson Outdoors, Inc., Honeywell, Inc., Avidyne Corporation, L-3 Avionics Systems, Rockwell Collins, Inc., Sagem Avionics, Inc., Universal Avionics Systems Corporation, Chelton Flight Systems, Aspen Avionics, Motorola, Inc., Cobra Electronics Corporation and Midland Radio Corporation.
Through a process called Selective Availability, the Department of Defense limited the accuracy of commercial uses of GPS technology to prevent the devices from being used to guide weapons. However, this policy was cancelled in May 2000, improving the unit's accuracy from 100 meters to less than ten meters. This resulted in increased interest in GPS in time for Garmin's initial public offering (IPO).
Before the IPO, a Cayman Islands-based holding company called Garmin Ltd. was created in July 2000. Garmin Ltd. became a public company on December 8, 2000 with one of the best IPOs following the dot-com bust. The price of shares, offered at $14, rose 42 percent to $20 in the first day of trading. The offering raised $147 million, most of it earmarked to fund growth. Revenues rose almost 50 percent to $345.7 million in 2000, and Garmin's net margins were above 30 percent.
Flush with cash, the company continued to spend significantly on research and development and introduced two dozen new products in 2001. However, both the aviation market and the overall economy experienced a downturn following the September 11 terrorist attacks on the United States. Nevertheless, Garmin was able to open 2002 with its best first quarter results to date--net income of $26.8 million on revenues of $100.9 million.
Revenues rose 26 percent to $465.1 million for 2002 as a whole, while net income was up $38 million to $142.8 million. Consumer revenue brought in $350.6 million, while aviation revenue accounted for $114.5 million. The company's aviation business had fallen by 9 percent in the previous year due to the FAA's restrictions on private aircraft following 9/11.
Garmin's product line had expanded considerably in the previous dozen years. It targeted a variety of users, from fishermen to commercial pilots, and its units were priced from $100 to $10,000. Consumer products then accounted for three-quarters of sales; Garmin had a new agreement to have them distributed at Target and Circuit City stores in the United States.
International sales were also very important. Garmin's first major buyer of its NavTalk GSM cell phone, which featured a GPS receiver and map, was a Chinese firm, CEC Telecom Co. Garmin had had manufacturing facilities in Taiwan for several years.
The company had also patented its "Rino" walkie-talkies (Radios Integrated with Navigation for the Outdoors) with integrated map and GPS features, including the ability to report the position of other radios on each user's map.
Co-founder Gary Burrell retired as co-CEO on August 24, 2002, his sixty-fifth birthday; he remained co-chairman and a director of the company. The company then employed 1,400 people around the world, a little less than half of them at its operating headquarters in Olathe, Kansas. According to Investor's Business Daily, Garmin had a 50 percent or better market share in the consumer segment of the GPS market, which accounted for three-quarters of the company's revenues. It controlled 80 percent of the aviation market and was also quite popular among boaters and hikers.
GPS for the Masses in 2003
The Chicago-Sun Times reported that GPS began to hit the mass market, versus the gadget enthusiasts, in 2003. This was evidenced by new offerings from Cobra Electronics Inc., a company that did much to popularize CB radios. Established GPS rivals such as Motorola Inc. and Magellan Corp. continued to develop low-priced units, and they were finding acceptance at more and more big box retailers like Best Buy and Wal-Mart.
The next step saw the combining of a handheld personal digital assistant (PDA) with GPS technology, allowing users to receive turn-by-turn directions to contacts listed in their address books. The combined handheld unit, called the iQue 3600, used the popular Palm operating system and was introduced at a January 2003 trade show. The device had "voice guidance" to give users spoken directions while driving as well as a full color map. It retailed for less than $600 and also offered traditional palmtop features such as the ability to edit word processor and spreadsheet files.
At the same time, Garmin was rolling out its first under-$100 GPS device, the Geko 101. Garmin technology was also featured in a Timex athletic training watch, enabling speed and distance calculations for runners. Garmin brought out its own training watch, the Forerunner 201, in the fall of 2003. The Forerunner's GPS included altitude capabilities and retailed for about $160.
OVERALL
Beta: 1.44
Market Cap (Mil.): $6,788.63
Shares Outstanding (Mil.): 194.02
Annual Dividend: --
Yield (%): --
FINANCIALS
GRMN.O Industry Sector
P/E (TTM): 10.83 16.06 18.99
EPS (TTM): -6.19 -- --
ROI: 20.28 5.51 16.05
ROE: 22.36 6.80 17.71
Statistics:
Public Company
Incorporated: 2000
Employees: 1,575
Sales: $465.14 million (2002)
Stock Exchanges: NASDAQ
Ticker Symbol: GRMN
NAIC: 334220 Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing; 334511 Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing
Key Dates:
1990: Garmin Corporation is formed in Taiwan.
1991: The company's first product, GPS 100AVD, debuts.
1996: Garmin moves to new headquarters building.
1997: GPS III, Garmin's first automotive product, is introduced.
1998: StreetPilot, an auto navigation product, is introduced.
2000: The company goes public, and Garmin Ltd. is formed.
2003: Palm OS-based iQue 3600 is unveiled.Aviation products accounted for 20 percent of revenues. Garmin continued to bring forth innovations, combining several flight instruments in its integrated avionics systems, which were selected for use in Cessna Aircraft Co. business jets and piston-engine aircraft from Diamond Aircraft Co.
Garmin International acquired UPS Aviation Technologies, Inc. from United Parcel Service, Inc. in August 2003 for $38 million. The unit, which employed 150 people producing general aviation and air cargo products, was renamed Garmin AT, Inc.
A mandate from the FCC for mobile phone companies to offer enhanced 911 service to help dispatchers locate callers--along with penetration of GPS technology into new fields, such as golf--suggested the market for GPS-related devices was still relatively untapped. The Kansas facility was slated for another expansion to be completed in 2004.
Name Age Since Current Position
Kao, Min 62 2004 Chairman of the Board, Chief Executive Officer
Pemble, Clifton 45 2007 President, Chief Operating Officer, Director
Rauckman, Kevin 48 2000 Chief Financial Officer, Treasurer
Etkind, Andrew 55 2008 Vice President, General Counsel, Secretary
Kelley, Gary 64 2005 Vice President - Marketing of Garmin International Inc.
Pokorny, Brian 47 2005 Vice President - Operations of Garmin International, Inc.
Bartel, Danny 61 2006 Vice President - Worldwide Sales of Garmin International, Inc.
Betts, Gene 58 2001 Independent Director
Eller, Donald 68 2001 Independent Director
Peffer, Charles 63 2004 Independent Director
Poberezny, Thomas 64 2010 Independent Director
Address:
5th Floor, Harbour Place
103 South Church Street
George Town, Grand Cayman
Cayman Islands
Last edited: