Garmin is Global Leader Once Again, Expanding Market Share.CAYMAN ISLANDS Cayman Islands (kā`mən), British dependency (2005 est. pop. 44,300), 100 sq mi (259 sq km), comprising three islands in the West Indies. -- Garmin Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : GRMN) today announced that for the second straight year, it is the global leader in personal navigation device A Personal Navigation Device (PND) is a portable electronic product which combines a positioning capability (such as GPS) and navigation functions. The earliest PND were hand-held GPS units (circa mid 1980s) which were capable of displaying the user's location on an (PND (Personal Navigation Device) A portable GPS-based navigation system that can be used when walking, hiking or in any vehicle. See GPS. ) sales in 2008 - expanding its worldwide market share over 2007. The research was provided by Canalys, a leading independent technology market analyst firm. "For the second straight year, people across the globe chose Garmin more than any other brand to help guide them to their destinations," said Cliff Pemble, Garmin's president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "For twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. , Garmin has been committed to bringing its customers industry-leading innovation, quality, value, ease-of-use, and support. Despite these difficult economic times, we believe that our higher market share validates our approach and are confident that we can continue to offer best-in-the-business products to attract more customers in the years ahead." "Canalys estimates that in 2008 Garmin increased its global market share in the portable navigation device (PND) market to 33.7%, up from 27.8% in 2007," commented Chris Jones, vice president and principal analyst at industry analyst firm Canalys. "According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Canalys estimates, Garmin's PND shipments grew by 42% year on year, a solid performance in a market that is now feeling the effects of slowing consumer demand. However, despite what will be tough market conditions in 2009, the stronger vendors in the market will benefit and continue to gain share," said Jones. The Canalys figures include total worldwide PND sales for the 2008 calendar year. The report did not include Garmin's other significant product segments - outdoor, fitness, marine, and aviation products - which would extend the company's global leadership in the market for location-based devices even further. In all, Garmin delivered 16.9 million total units in 2008, a 38% increase from 2007. Despite a very challenging economic climate, the company posted total revenue of $3.49 billion in 2008, up 10% from $3.18 billion a year earlier. All geographic areas experienced revenue growth as well in 2008, with North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. up 13%, Europe up five percent, and Asia up one percent. About Garmin The global leader in satellite navigation, Garmin Ltd. and its subsidiaries have designed, manufactured, marketed and sold navigation, communication and information devices and applications since 1989 - most of which are enabled by GPS technology. Garmin's products serve automotive, mobile, wireless, outdoor recreation, marine, aviation, and OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and applications. Garmin Ltd. is incorporated in the Cayman Islands, and its principal subsidiaries are located in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Taiwan and the United Kingdom. For more information, visit Garmin's virtual pressroom at www.garmin.com/pressroom or contact the Media Relations department at 913-397-8200. Garmin is a registered trademark of Garmin Ltd. or its subsidiaries. Notice on Forward-Looking Statements: This release includes forward-looking statements regarding Garmin Ltd. and its business. All statements regarding the company's future product introductions are forward-looking statements. Such statements are based on management's current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 27, 2008, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin's Form 10-K can be downloaded at www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. |
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