Garmin Reports Solid First Quarter 2015 Margins and Operating Results

Non-GAAP Financial Information

Pro Forma net income (earnings) per share

Management believes that net income per share before the impact of foreign currency translation gain or loss and income tax adjustments that materially impact the effective tax rate, as discussed below, is an important measure. The majority of the Company’s consolidated foreign currency gain or loss result from transactions involving the Euro, the British Pound Sterling and the Taiwan Dollar and from the exchange rate impact of the significant cash and marketable securities, receivables and payables held in a currency other than the functional currency at one of the Company’s subsidiaries. However, there is minimal cash impact from such foreign currency gain or loss. The Company’s income tax expense is periodically impacted by material net releases of reserves primarily related to completion of audits and/or the expiration of statutes effecting prior periods. Thus, reported income tax expense is not reflective of the income tax expense that is incurred related to the current period earnings. The net release of other uncertain tax position reserves, amounting to approximately $5 million and $6 million in first quarter 2015 and 2014, respectively, have not been included as pro forma adjustments in the following presentation of pro forma net income as such amounts have been considered immaterial, tend to be more recurring in nature and are comparable between periods. Accordingly, earnings per share before the impact of foreign currency translation gain or loss and income tax adjustments that materially impact the effective tax rate permits a consistent comparison of the Company’s operating performance between periods.

       
Garmin Ltd. And Subsidiaries
Net income per share (Pro Forma)
(in thousands, except per share information)
 
13-Weeks Ended
March 28, March 29,
2015 2014
 
Net Income (GAAP) $ 66,793 $ 118,818
Foreign currency (gain) / loss, net of tax effects $ 38,801   ($10,687 )
Net income (Pro Forma) $ 105,594 $ 108,131  
 
Net income per share (GAAP):
Basic $ 0.35 $ 0.61
Diluted $ 0.35 $ 0.61
 
Net income per share (Pro Forma):
Basic $ 0.55 $ 0.55
Diluted $ 0.55 $ 0.55
 
Weighted average common shares outstanding:
Basic 191,762 195,090
Diluted 192,341 195,860
 

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