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Business Description
Garmin Ltd. is engaged in the design, development, manufacturing and marketing of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. The Company's products, marketed and distributed worldwide principally under the GARMIN brand, utilize its proprietary integrated circuit and receiver designs to collect, calculate and display location, direction, speed and other information in forms optimized for specific uses. These products are generally covered by a warranty for periods ranging from one to two years. The Company operates in two business segments, Consumer and Aviation, each of which is managed separately due to the varying nature of their products and types of customers. New products launched during 2003 include the iQue 3600, Garmin's first personal digital assistant product; the StreetPilot 2610, for portable automotive applications, and the Forerunner 201 integrated personal training product.

Financial Information
For the 13 weeks ended 3/27/04, revenues increased 28% to $158.3M. Net income fell 16% to $34.7 million. Results reflect increased demand for automotive and PDA products, offset by decreased margins.