garmin ltd (GRMN) Key Developments
Garmin Ltd. Releases GDL 84 ADS-B solutions
Mar 10 15
Garmin Ltd. announced the delivery of the initial orders for the GDL 84, a new addition to the company's lineup of certified ADS-B solutions. The GDL 84 provides an all-inclusive option for owners looking to satisfy the requirements of NextGen, while providing the benefits offered by ADS-B In without the need to significantly modify the panel of the aircraft. For $3,995, the GDL 84 comes complete with an integrated WAAS GPS, installation kit, configuration module, GPS antenna, and the Flight Stream Bluetooth wireless gateway, offering customers the industry's most comprehensive ADS-B package and cost-effective solution available on the market. Installation is quick and easy because the GDL 84 is a straightforward solution that wirelessly transmits weather and traffic information via Flight Stream 110/210 to a mobile device with Garmin Pilot, instead of an installed multifunction display in the cockpit. Additionally, for aircraft owners who do not already have a compatible WAAS GPS position source on board their aircraft, the GDL 84 offers a built-in WAAS GPS receiver. The GDL 84 is an all-in-one solution, which meets regulatory requirements and gives pilots the added benefits without the cost associated with a large installation. Becoming rule-compliant and preserving the existing aircraft panel are important to many aircraft owners. Because of the versatility and wireless functionality offered by the GDL 84 and Flight Stream, the existing panel configuration remains intact. Garmin's patented self-interrogation feature allows the GDL 84 to wirelessly communicate and interface with a wide range of general aviation transponders to synchronize squawk code and ident. This unique technology enables the ADS-B Out source to broadcast the same code as the transponder, simplifying the installation and eliminating the need to install an additional ADS-B control panel. This exclusive feature reduces pilot workload, preventing the need to manually enter two squawk codes. The GDL 84 has received the FAA's Approved Model List Supplemental Type Certification (AML STC) for hundreds of aircraft makes and models.
Garmin Announces Availability of GI 205 Radar Altimeter Display
Mar 9 15
Garmin Ltd. has announced the availability of the GI 205 radar altimeter display. Owners and operators are offered an all-in-one and timely solution to satisfy the April 24, 2017 Part 135 helicopter operating requirements set forth by the FAA last year. This radar altimeter package includes the all-digital GRA 55 radar altimeter sensor, GI 205 radar altimeter indicator and two antennas for an introductory price of $11,995. Garmin's high performance GRA 55 includes patent-pending digital signal processing technology, leveraged from high-end GRA 5500 radar altimeter, that works to provide smooth altitude tracking, resulting in a consistent and highly accurate above ground level indication. The GRA 55 also incorporates patent-pending built-in self-test monitors that continuously cross check system and data integrity, assuring the pilot of an accurate indication in even the most challenging environments, such as rough terrain, tree canopies, sand and choppy water.
Garmin Announces New Version of Garmin Pilot for iOS
Mar 9 15
Garmin has announced a new version of Garmin Pilot for iOS, which includes new features tailored for helicopter operators. These features incorporate helicopter route charts throughout eight US metropolitan areas, including the Gulf of Mexico. Additionally, the latest version of Garmin Pilot allows pilots to easily identify and document the obstacle along their flight plan route, which fulfills Part 135 Helicopter Emergency Medical Service (HEMS) requirements set forth by the FAA. Helicopter Route Charts within Garmin Pilot provide detailed information applicable to the unique ope rations carried out by these operators. These three-color charts depict helicopter airways and routes, heliports with associated frequency and lighting capabilities, NAVAID information and obstructions. Additionally, pictorial symbols, roads and geographical features are notated on these charts for easier identification in urban areas with high concentrations of helicopter activity. Garmin Pilot includes VFR and IFR Helicopter Route Charts for eight major metropolitan areas, including: Baltimore; Boston; Chicago; Dallas-Ft.Worth; Detroit; Houston; Los Angeles; and New York. The latest version of Garmin Pilot for iOS is available immediately as a free update, providing operators access to additional chart information tailored to helicopter operators and the opportunity to conveniently meet HEMS requirements. Additionally, support for helicopter route charts are expected to become available for the aera 795/796 in April.
Garmin Ltd. Proposes Dividends for the Four Installments, Payable on June 30, 2015, September 30, 2015, December 31, 2015, and March 31, 2016; Approves Final Dividend Installment, Payable on March 31, 2015
Feb 18 15
The board of directors of Garmin Ltd. intends to recommend to the shareholders for approval at the annual meeting to be held on June 5, 2015, a cash dividend in the amount of $2.04 per share (subject to possible adjustment based on the total amount of the dividend in Swiss Francs as approved at the annual meeting), payable in four equal installments on dates to be determined by the Board. The board currently anticipates the scheduling of the dividend in four installments as, the dividend of each $0.51 per share on June 30, 2015, September 30, 2015, December 31, 2015, and March 31, 2016 periods will be payable to the shareholders recorded on June 16, 2015, September 15, 2015, December 15, 2015, and March 15, 2016, respectively.
In addition, the board of directors has established March 31, 2015 as the payment date for the final dividend installment of $0.48 per share, with a record date of March 16, 2015, per the prior approval at the 2014 annual shareholders’ meeting.
Garmin Ltd. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 27, 2014; Provides Earnings Guidance for 2015
Feb 18 15
Garmin Ltd. reported unaudited consolidated earnings results for the fourth quarter and year ended December 27, 2014. For the quarter, the company's net sales were $803,306,000 compared to $759,694,000 for the same period of last year. Operating income was $176,000,000 compared to $172,471,000 for the same period of last year. Income before income taxes was $199,896,000 compared to $204,539,000 for the same period of last year. Net income was $210,245,000 compared to $163,585,000 for the same period of last year. Net income per diluted share was $1.09 compared to $0.83 for the same period of last year. Free cash flow was $126,507,000 compared to $135,055,000 for the same period of last year. Pro forma diluted earnings per share were $0.77 compared to $0.76 reported a year ago. Net cash provided by operating activities was $149,813,000 compared to $149,813,000 for the same period of last year. Purchases of property and equipment were $14,758,000 compared to $14,758,000 for the same period of last year.
For the year, the company's net sales were $2,870,658,000 compared to $2,631,851,000 for the same period of last year. Operating income was $690,626,000 compared to $574,032,000 for the same period of last year. Income before income taxes was $723,745,000 compared to $653,558,000 for the same period of last year. Net income was $364,211,000 compared to $612,412,000 for the same period of last year. Net income per diluted share was $1.88 compared to $3.12 for the same period of last year. Net cash provided by operating activities was $522,711,000 compared to $630,084,000 for the same period of last year. Purchases of property and equipment were $73,339,000 compared to $56,083,000 for the same period of last year. Purchase of intangible assets was $4,720,000 compared to $1,122,000 for the same period of last year. Free cash flow was $527,509,000 compared to $574,001,000 for the same period of last year. Pro forma diluted earnings per share were $3.10 compared to $2.62 reported a year ago.
For 2015, the company expected revenue of $2.9 billion, gross margin of 56%, operating income of $675 million, tax rate in range of 16% to 17% and pro forma EPS of $3.10.