Washington, D.C. 20549

Form 8-K

Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2003

(Exact name of registrant as specified in its charter)

Cayman Islands 0-31983 98-0229227
  (State or other (Commission (I.R.S. Employer
    jurisdiction File Number) Identification No.)
of incorporation)

P.O. Box 30464 SMB
5th Floor, Harbour Place
103 South Church Street
George Town, Grand Cayman, Cayman Islands
(Address of principal executive offices)

Registrant's telephone number, including area code: (345) 946-5203*

         Not Applicable
(Former name or former address, if changed since last report)


*   The executive offices of the Registrant’s principal United States subsidiary
are located at 1200 East 151st Street, Olathe, Kansas 66062.
The telephone number there is (913) 397-8200.

Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits

                 (c) Exhibits

Exhibit No.

Press Release dated April 30, 2003

Item 9. Regulation FD Disclosure (Furnished under Item 12)

        See attached as an exhibit to this Form 8-K a press release dated April 30, 2003 concerning the announcement of financial results for the fiscal quarter ended March 29, 2003.

        The information in this Form 8-K, including the exhibit, is required by Item 12 of Form 8-K, is furnished pursuant to Item 9 and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933.


        Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: April 30, 2003 /s/ Andrew R. Etkind
Andrew R. Etkind
General Counsel and Secretary


Exhibit Description

Press release dated April 30, 2003.

Exhibit 99.1

Garmin Reports Record First Quarter 2003

CAYMAN ISLANDS, April 30, 2003/PRNewswire/ — Garmin Ltd. (Nasdaq: GRMNnews) today announced record revenue and earnings for its first fiscal quarter ended March 29, 2003. Revenue for the quarter increased 23 percent to $123.8 million from $100.9 million in the year-ago quarter. Net income increased to $41.5 million, or $0.38 diluted earnings per share, compared to $26.8 million or $0.25 diluted earnings per share in the year-ago quarter. First quarter net income included a $0.8 million foreign currency loss as a result of a weaker U.S. dollar compared to the Taiwan dollar. The diluted EPS of $0.38 recorded for the first quarter of 2003 exceeded company guidance of $0.29 to $0.32. Excluding the effects of foreign currency, diluted EPS for the quarter was $0.39 compared to $0.25 in the year-ago quarter.

“We are pleased to announce another quarter of solid growth. Overall demand for our products continues to expand,” said Dr. Min Kao, CEO and Co-Chairman of Garmin Ltd. “Our consumer segment recorded a 28 percent increase in revenues during this quarter when compared to the first quarter of 2002, and all of our consumer product lines continue to grow. Our aviation segment was also strong this quarter, posting a 9% growth in revenue over the year ago quarter.”

“We also experienced a 56 percent growth in EPS when excluding the effects of foreign currency from the prior year quarter,” Dr. Kao continued. “We are pleased that consumers are becoming more aware of the usefulness of GPS navigation. As a result, we have experienced growth in our core markets, as well as our emerging automotive product line, as we look forward to bringing fully-integrated GPS navigation to the PDA market in the coming months. We are also anticipating future opportunities our new integrated cockpit will provide, and are delighted to have been chosen to provide the avionics for the new Cessna Mustang business jet, which is due out in 2006, and the Diamond Aircraft DA42 turbo-diesel twin engine aircraft which is due out in 2004.”

Consumer revenue for the first quarter totaled $95.3 million – a 28 percent growth compared to the first quarter of 2002. Aviation revenue totaled $28.5 million – a 9 percent increase compared to the year-ago quarter. Total units sold for the quarter increased to 446,000 from 313,000 – representing an increase of 43 percent.

Revenue increased across all geographic regions during the first quarter of fiscal 2003 when compared to the year-ago quarter:

—    North America revenue was $85.3 million compared to $73.1 million, up 17 percent.
—    Europe revenue was $33.5 million compared to $23.7 million, up 41 percent.
—    Asia revenue was $5.0 million compared to $4.1 million, up 22 percent.

“We are pleased with our financial performance during the first quarter,” said Kevin Rauckman, chief financial officer of Garmin Ltd. “Our consumer segment has now achieved six consecutive quarters of year-over-year revenue growth in excess of twenty percent. Gross margins improved significantly to 60.3 percent when compared to 54.0 percent in the prior year’s first quarter, driven primarily by product mix, improved manufacturing productivity and efficiencies, and the overall benefits that come from our strategy of vertical integration. We also generated $37.7 million of free cash flow for the quarter resulting in a cash and marketable securities balance of $500.5 million at the end of the first quarter.”

Second Quarter and Fiscal Year 2003 Outlook

The company estimates that its diluted EPS for the second fiscal quarter of 2003, excluding effects for foreign currency, will be in the range of $0.40 to $0.43 on revenues between $138 million and $143 million.

Fiscal year 2003 revenue guidance remains $515 million to $540 million, and diluted EPS for the year, excluding effects of foreign currency, will be raised to a range of $1.54 to $1.60.

Earnings Call Information

        The information for Garmin Ltd.‘s earnings call is as follows:

      When:     Wednesday, April 30, 2003 at 11:00 a.m. Eastern
      How:        Simply log on to the web at the address above or call to listen in at

A phone recording will be available for 24 hours following the earnings call and can be accessed by dialing 800-252-6030 utilizing the access code 16386361. An archive of the live webcast will be available until May 30, 2003 on the Garmin website at 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 future financial position, revenues, earnings, product introductions, 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. Information concerning risk factors that could affect Garmin’s actual results is contained in the Annual Report on Form 10-K for the year ended December 28, 2002 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2002 Form 10-K can be downloaded from

Through its operating subsidiaries, Garmin Ltd. designs, manufactures, and markets navigation, communications and information devices, most of which are enabled by GPS technology. Garmin is a leader in the general aviation and consumer markets and its products serve aviation, marine, general recreation, automotive, wireless and OEM applications. Garmin Ltd. is incorporated in the Cayman Islands, and its principal subsidiaries are located in the United States, Taiwan and United Kingdom. For more information, visit the investor relations site of Garmin Ltd. at or contact the Investor Relations department at 913-397-8200.

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Income
(In thousands except per share information)

13-Weeks Ended
March 29, March 30,
Net sales     $123,788   $100,856  

Cost of goods sold
    49,133    46,364  

Gross profit
    74,655    54,492  

Selling, general and
     administrative expenses    13,593    11,239  

Research and development
     expense    8,796    7,973  

     22,389    19,212  

Operating income
    52,266    35,280  

Other income (A)
    830    592  

Income before income taxes
    53,096    35,872  

Income tax provision
    11,602    9,111  

Net income
   $41,494   $26,761  

Net income per share:
     Basic   $0.38   $0.25  
     Diluted   $0.38   $0.25  

Weighted average common
shares outstanding:  
     Basic    107,948    107,777  
     Diluted    108,693    108,137  

(A)     Includes $0.8 million of foreign currency losses in Q1 2003 and $0.7 million of
losses in Q1 2002.

         Garmin Ltd. And Subsidiaries Condensed
Consolidated Balance Sheets
(In thousands)

March 29, December 28,
Current assets:  
     Cash and cash equivalents   $251,148   $216,768  
     Marketable securities    79,311    113,336  
     Accounts receivable, net    52,108    58,278  
     Inventories    62,846    57,507  
     Deferred income taxes    14,847    14,847  
     Prepaid expenses and other current assets    5,649    4,490  

Total current assets    465,909    465,226  
Property and equipment, net    76,785    74,440  
Restricted cash    1,599    1,598  
Marketable securities    170,008    132,372  
Other assets, net    24,598    24,479  

Total assets   $738,899   $698,115  

Liabilities and Stockholders' Equity  
Current liabilities:  
     Accounts payable   $24,670   $32,446  
     Salaries and benefits payable    2,867    4,178  
     Warranty reserve    5,705    5,949  
     Income taxes payable    26,597    18,080  
     Current portion of long-term debt    0    0  
     Other accrued expenses    10,989    12,752  

Total current liabilities    70,828    73,405  
Long-term debt    20,000    20,000  
Deferred income taxes    2,278    2,211  
Stockholders' equity:  
     Common stock    1,122    1,080  
     Additional paid-in capital    130,070    129,431  
     Retained earnings    549,378    507,884  
     Accumulated other comprehensive loss    (34,777 )  (35,896 )

Total stockholders' equity    645,793    602,499  

 Total liabilities and stockholders' equity   $738,899   $698,115