garmin ltd (GRMN) Snapshot

Garmin announced that it is expanding its operations in Chandler, AZ. After a competitive, nationwide process, the company will build a 60,000 square foot building in the Chandler Corporate Center where it has leased space for the last five years. Garmin will add 141 new software and product development jobs over the next three years, and has committed to $11 million in capital investment. The Chandler office will help support Garmin's software engineering needs, including aviation, automotive OEM, and desktop applications. Chandler was selected over several other states in a highly competitive process. Construction will begin late this summer with an expected completion in the first half of 2014.

At Garmin Ltd.'s annual shareholders meeting held on June 7, 2013, approval was received from the shareholders for a cash dividend in the amount of $1.80 per share (subject to possible adjustment based on the total amount of the dividend in Swiss Francs as approved at the annual meeting), payable in four equal installments. The board has determined that the a dividend of $0.45 per share for June dividend will be paid on June 28, 2013 with a record date of June 18, 2013. A second installment dividend of $0.45 per share will be paid on September 30, 2013 with a record date of September 16, 2013. Third installment dividend of $0.45 per share will be paid on December 31, 2013 with a record date of December 16, 2013. Fourth installment dividend of $0.45 per share will be paid on March 31, 2014 with a record date of March 17, 2014.

Garmin Ltd. reported unaudited consolidated earnings results for the first quarter ended March 30, 2013. For the thirteen weeks, the company reported net sales of $531,957,000 against $556,597,000 a year ago. Operating income was $79,926,000 against $90,333,000 a year ago. Income before income taxes was $81,634,000 against $99,556,000 a year ago. Net income was $88,666,000 or $0.45 diluted per share against $86,858,000 or $0.44 basic and diluted per share a year ago. Net cash provided by operating activities was $59,363,000 against $122,228,000 for the same period in the last year. Purchases of property and equipment were $11,616,000, compared to $5,758,000 for the last year. Cash from operations was $165 million. Purchase of intangible assets was $347,000 against $2,929,000 for the same period in the last year. Free cash flow was $47,747,000 against $116,470,000 for the same period in the last year. Pro forma net income was $79,507,000 against $88,593,000 for the same period in the last year. The company provided earnings guidance for the second quarter of 2013. Garmin plans to update guidance following the second quarter which is seasonally stronger, providing a better preview for the second half of the year.