December 11, 2003
Garmin® Joins the NASDAQ-100 Index®
CAYMAN ISLANDS/December 11, 2003/PR Newswire — Garmin Ltd. (Nasdaq: GRMN) today announced that the company will be added to the NASDAQ-100 Index. The NASDAQ-100 Index is comprised of premier, non-financial, growth companies. Garmin will officially join this elite list of companies on December 22, 2003.
"We are honored that NASDAQ has chosen to add Garmin to the NASDAQ-100 Index," said Dr. Min H. Kao, CEO and co-chairman of Garmin Ltd. "We started our company with the idea to provide products of superior quality and with features that enrich the lives of our users, and promote the safety of navigation on land, in the air and on water. Today’s news is a story more about our dedicated associates, loyal customers and faithful shareholders who have made this company successful. It is truly an honor to be recognized among the world’s leading growth companies."
Garmin is a leading innovator of Global Positioning System (GPS) technology. The company’s navigation and communication products help pilots, mariners, hunters, hikers, anglers, motorists and businesspersons know where they are, where they are going and where they have been. Over the past seven years, Garmin has experienced a compounded annual revenue growth rate of
23 percent across its two business segments (aviation and consumer). The company has recently earned innovation awards for its G1000™ integrated glass cockpit, StreetPilot® 2610 portable automotive navigation system, iQue™ 3600 integrated GPS/PDA and Rino® 120 integrated GPS/FRS radio. Garmin holds 129 patents with the U.S. Patent and Trademark Office and has 150 patents pending.
The NASDAQ-100 Index, launched in 1985, reflects NASDAQ’s largest non-financial companies across major industry groups, including hardware, software, telecommunications, retail/wholesale trade and pharmaceuticals. Index securities are ranked by market value and evaluated annually to determine which securities will be included. The NASDAQ-100 Index Tracking StockSM (Amex: QQQ) represents ownership in the NASDAQ-100 Trust. This Trust holds a portfolio of equity securities that compose the NASDAQ-100 Index and aims to provide investment results that generally correspond with the NASDAQ-100 Index performance.
Through its operating subsidiaries, Garmin Ltd. designs and manufactures navigation, communication and information electronics. Garmin is a leader in the general aviation and consumer GPS markets and its products serve aviation, marine, outdoor 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 the United Kingdom. For more information, visit the Investor Relations site of Garmin Ltd. at www.garmin.com or contact the Investor Relations department at 913-397-8200.
Notice on forward-looking statements:
This release includes 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 Form 10-K can be downloaded from www.garmin.com/aboutGarmin/invRelations/finReports.html.