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| Garmin Ltd. |
| 113 South Church Street, Grand Cayman, Cayman Islands * 3459452187 |
| Business Description | The company is a leading, worldwide provider of navigation, communications and information devices, most of which are enabled by Global Positioning System technology. |
| Offering Information Company has | |||
| Trading As | GRMN (NASNTL) | Industry | Manufacturing (SIC 3812) |
| Type of Stock Offered | Common Shares | Filing Date | 9/11/00 |
| Domestic Shares Offered | 8,925,000 | Offer Date | 12/7/00 |
| Foreign Shares Offered | 1,575,000 | Filing Range | $15.00 - $17.00 |
| Company Shares | 7,875,000 | Offer Price | $14.00 |
| Selling Shrhldrs Shares | 2,625,000 | Gross Spread | - - |
| Gross Proceeds | $147,000,000 | Selling | - - |
| Expenses | - - | Reallowance | - - |
| Post-IPO Shares | - - | Employees | 1205 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| CS First Boston | Lead Manager | (212) 325-2000 |
| Merrill Lynch & Co. | Co-manager | (212) 449-4600 |
| Salomon Smith Barney | Co-manager | (212) 723-7300 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/97 | 12/26/98 | 12/25/99 | 6/26/99 | 6/24/00 | ||
| Revenues | - | - | 160.280 | 169.030 | 232.586 | 106.395 | 170.540 |
| Income from Oper. | - | - | 36.901 | 46.687 | 82.530 | 35.582 | 67.144 |
| Net Income | - | - | 36.092 | 35.166 | 64.167 | 28.583 | 49.760 |
| E.P.S | - | - | 0.410 | 0.400 | 0.720 | 0.320 | 0.560 |
| Revenue Growth (%) | - | - | 5.46 | 37.600 | 60.29 | ||
| Net Income Growth (%) | - | - | -2.57 | 82.47 | 74.09 | ||
| Oper. Profit Margin (%) | - | - | 23.02 | 27.62 | 35.48 | 39.37 | 33.44 |
| Net Profit Margin (%) | - | - | 22.52 | 20.80 | 27.59 | 29.18 | 26.86 |
| Cash Flow - Oper. | 44.34 | 23.29 | 34.39 | ||||
| Cash Flow - Inv. | -32.30 | -1.62 | -14.68 | ||||
| Cash Flow - Fin. | 10.15 | -7.83 | -3.36 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/24/00 | Financial Ratios | ||||
| Total Assets | 327.06 | Current Assets | 246.07 | Current Ratio | 4.23 |
| Total Liab. | 106.45 | Current Liab. | 58.13 | Debt Ratio | 32.55% |
| Total Equity | 220.61 | Working Cap. | 187.95 | Debt to Equity Ratio | 0.48 |
| Cash | 123.61 | Return on Assets | 15.21% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for for working capital and other general corporate purposes, including possible acquisitions, strategic partnerships and expansion into new products and markets. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Maples and Calder |
| Bank's Law Firm | Lee & Li |
| Auditor | Ernst & Young |
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