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Garmin Ltd./ Financial Analysis

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Garmin Ltd./ Financial Analysis
I. Garmin Ltd
Corporate History/ Company Overview Garmin Ltd. and its subsidiaries, design, manufacture, market and sell navigation, communication and information devices and applications since 1989. Garmin Ltd. (Nasdaq: GRMN) Is a company incorporated in the Cayman Islands on July 24, 2000 as a holding company for Garmin Corporation, a Taiwan Corporation, facilitating public offering of Garmin shares to the United States. Garmin has principal subsidiaries in the United States, Taiwan and the United Kingdom. Garmin owns, directly or indirectly, all of the operating companies in the Garmin group. The development of Global Positioning System (GPS) devices was offered an optimal scenario when the US Department of Defense removed on May 2000, a national security restriction process known as Selective Availability which degraded the accuracy of civilian GPS. Its permanent removal confirmation through a presidential policy statement in December 2004, favored the development of enhanced GPS receivers (Garmin, 2009).
Garmin’s Industry Garmin competes in the information technology sector, with a specific focus on Global Positioning System (GPS) equipment and software. Garmin is a worldwide provider of navigation, communication and information devices and applications mostly enabled by Global Positioning System (GPS) technology, in both portable and fixed mount versions. Garmin offers ergonomically designed, user-friendly products with innovating features and designs covering a range of applications and prices. Garmin designs and manufactures for four main segments: the automotive/ mobile, outdoor/fitness, marine and aviation (Garmin, 2009).
Primary Competitors
Product line Competitors
Portable automotive Tom Tom N.V, Navigon AG and MiTAC Digital (Magellan, Mio and Navman).
Outdoors Magellan and Lowrance Electronics, Inc. (subsidiary of Navico Holdings AS.)
Marine Raymarine Ltd.,


Bibliography: Atkinson, A., Kaplan, R., Matsumura, E., & Young, S., (2007) Management Accounting. New Jersey: Pearson Prentice Hall Deloitte (2009) Raising Capital in tight Credit Markets, published on February 12, 2009, retrieved on March 09, 2010 from www.deloitte.com and http://media.deloitte.ca/podcast/DeloitteCanadaInsights/Ep_32.mp3 Garmin Ltd, Annual Report (2008), Investor Relations, retrieved on March 02, 2010 from www.garmin.com Garmin Ltd, Annual Report (2009), Investor Relations, retrieved on March 02, 2010 from www.garmin.com Reuters (2010), Tom2 Finance, retrieved on March 02, 2010 from http://www.reuters.com/finance/stocks/financialHighlights?symbol=TOM2.AS Tom Tom Financials (2010), Investor Relations, retrieved on March 02, 2010 from http://investors.tomtom.com/facts.cfm?smode=yearly
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