The effective tax rate in the first quarter of 2015 was 12.3% compared to 16.6% in the prior year with comparable benefits in both years related to release of reserves. The year-over-year decrease in the effective tax rate is primarily due to the expected full year income mix at the end of first quarter of 2015 as compared to a less favorable expectation at the end of first quarter of 2014.
We continued to return cash to shareholders with our quarterly dividend of approximately $92 million and our share repurchase activity which totaled $16 million in the current quarter. We have $284 million remaining in the share repurchase program authorized through December 31, 2016. We ended the quarter with cash and marketable securities of approximately $2.7 billion.
As announced in February, the Board will recommend to the shareholders for approval at the annual meeting to be held on June 5, 2015 a cash dividend in the total amount of $2.04 per share (subject to possible adjustment based on the total amount of the dividend in Swiss Francs) payable in quarterly installments.
We are maintaining the guidance issued in February of approximately $2.9 billion of revenue and approximately $3.10 of pro forma EPS as our performance thus far is consistent with our expectations.
Webcast Information/Forward-Looking Statements:
The information for Garmin Ltd.’s earnings call is as follows:
|When:||Wednesday, April 29, 2015 at 10:30 a.m. Eastern|
|How:||Simply log on to the web at the address above or call to listen in at 855-757-3897|
An archive of the live webcast will be available until June 24, 2015 on the Garmin website at www.garmin.com. To access the replay, click on the Investor Relations link and click over to the Events Calendar page.
This release includes projections and other forward-looking statements
regarding Garmin Ltd. and its business. Any statements regarding the
Company’s estimated earnings and revenue for fiscal 2015, the Company’s
expected segment revenue growth rate, margins, new products to be
introduced in 2015 and the Company’s plans and objectives are
forward-looking statements. The forward-looking events and circumstances
discussed in this release may not occur and actual results could differ
materially as a result of risk factors affecting Garmin, including, but
not limited to, the risk factors that are described in the Annual Report
on Form 10-K for the year ended December 27, 2014 filed by Garmin with
the Securities and Exchange Commission (Commission file number 0-31983).
A copy of Garmin’s 2013 Form 10-K can be downloaded from