Summary
Garmin Ltd. filed its 2001 Form 10-K/A on April 2, 2002, primarily to add the signature of its independent auditors. The report covers the fiscal year ended December 29, 2001, and provides a comprehensive overview of the company's financial performance and position. Garmin reported net sales of $369.1 million in 2001, a slight increase from $345.7 million in 2000, demonstrating continued revenue growth. Net income also saw a healthy rise, reaching $113.4 million in 2001 compared to $105.7 million in 2000, indicating strong profitability. Key financial highlights include robust operating income and a solid balance sheet. The company's total assets grew to $532.2 million, with a significant portion in current assets, including a healthy cash and equivalents balance. While inventories decreased, accounts receivable increased, reflecting a dynamic sales environment. The company's strong retained earnings balance underscores its profitability over time. Investors should note the substantial increase in 'Other comprehensive loss,' primarily due to foreign currency translation adjustments, which impacts equity but not current earnings.
Key Highlights
- 1Net sales increased by 6.8% to $369.1 million for the year ended December 29, 2001, compared to $345.7 million in 2000.
- 2Net income grew to $113.4 million in 2001, up from $105.7 million in 2000, reflecting improved profitability.
- 3Total assets increased to $532.2 million as of December 29, 2001, up from $463.3 million in the prior year.
- 4The company maintained a strong cash position, with cash and cash equivalents of $192.8 million at the end of 2001.
- 5Inventories decreased by $28.7 million to $61.1 million, suggesting efficient inventory management or strong sales pace.
- 6Operating income remained strong at $131.3 million, demonstrating consistent operational performance.
- 7Accumulated other comprehensive loss significantly increased to a deficit of $39.3 million, primarily due to foreign currency translation adjustments.