Profile: Garmin Ltd (GRMN.OQ)

GRMN.OQ on NASDAQ Stock Exchange Global Select Market

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15 Sep 2014
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Garmin Ltd. (Garmin), incorporated on July 24, 2000, is a provider of navigation, communication and information devices and applications, which are enabled by global positioning system (GPS) technology. Garmin designs, develops, manufactures and markets a diverse family of hand-held, portable and fixed-mount GPS-enabled products and other navigation, communications and information products for the automotive/mobile, outdoor, fitness, marine, and general aviation markets. Garmin has four segments: Automotive/Mobile, Aviation, Marine, Outdoor and Fitness. In June 2011, Garmin acquired Tri-Tronics Inc. In July 2011, the Company acquired Garmin Wurzburg GmbH. In September 2011, it acquired Garmin Southern Africa (Pty) Ltd. In December 2011, Garmin acquired Garmin Chile Lda. In September 2012, its subsidiary acquired Nexus Marine AB, a designer and manufacturer of instrumentation for the sailing and yachting market.

Automotive/Mobile

Garmin offers a range of automotive navigation products, as well as a variety of products and applications designed for the mobile GPS market. Its automotive and mobile products include nuvi, zumo, dezl, StreetPilot Application, Streetpilot Onboard Application for iPhone, Smartphone Link, Garmin Wurzburg GmbH Applications for iPhone, Garmin Wurzburg GmbH Applications for Windows and Garmin Wurzburg GmbH Applications for Android. The nuvi is Garmin’s personal navigation device (PND). All nuvi models combine a GPS navigator (with built-in maps). In January 2012, Garmin announced the nuvi 3500 series.

Motorcycle-specific navigators with features, including a glove-friendly touch screen with high bright sunlight-readable display, motorcycle mount, vibration-tested design, and Bluetooth wireless technology. A microSD (secure digital) card slot allows riders to share their favorite places and rides with fellow zumo riders. The zumo 660 and 665 feature three dimensiona (3-D) building view and lane assist with junction view and a digital fuel gauge. The 665 includes an antenna for XM Satellite Radio, XM NavWeather and XM NavTraffic.

In January 2011, Garmin announced the dezl series, a new line of Garmin navigators designed exclusively for the over-the road trucking industry. The dezl series is consisted of two models: the dezl 560LT, a traffic-enabled model that notifies drivers of traffic delays and road construction and suggests detours around them, and the dezl 560LMT that adds map updates, letting users download the maps. In January 2011,the Company launched StreetPilot Application, which allows Apple iPhone or GPS-enabled iPad users to download premium Garmin navigation to their device, allowing for turn-by-turn, voice-prompted directions and other Garmin navigation features. In August 2011, the Company announced StreetPilot Onboard App for iPhone offers onboard mapping and navigation.

In January 2012, the Company launched Smartphone Link to provide live services to PNDs. Smartphone Link creates a navigation between any Bluetooth enabled 2012 Garmin nuvi and an Android smartphone allowing them to communicate and share data. Among other functionalities, the application lets nuvi users add live services, such as traffic information, traffic camera images, weather and fuel prices to their navigation device, utilizing the smartphone's mobile data plan.

In November 2011, Garmin Wurzburg GmbH launched the second generation of its iPhone navigation app, Garmin Wurzburg GmbH 2.0 for iPhone. With Garmin Wurzburg GmbH’s Windows applications, users can turn their Windows mobile phones into a mobile navigation device with features, such as text-to-speech spoken turn-by-turn navigation instructions, Reality View Pro junction information and depictions, and Lane Assist Pro. With Garmin Wurzburg GmbH’s Android applications, users can turn their Android mobile phones into a mobile navigation device with features, such as text-to-speech spoken turn-by-turn navigation directions, Reality View Pro junction information and depictions, Lane Assist Pro, and live real-time weather and traffic information.

Outdoor

The Company’s outdoor products include Dakota, Oregon, Rino, Montana, eTrex, GPSMAP 62, Approach, Astron and GTU 10 GPS Tracker. The Dakota 10 is a rugged, palm-sized navigator that offers a touchscreen display, high-sensitivity GPS, and a built-in worldwide basemap. The 20 model also allows a user to share waypoints, tracks, routes and geocaches wirelessly with other compatible Dakota, Foretrex, Oregon and Colorado users. The Oregon series combines a bright 3-inch color touchscreen, rugged design and a variety of hiker-friendly features. The Oregon 450 and Oregon 450t offer a rugged, sunlight-readable, touchscreen along with a built-in basemap with shaded relief, a high-sensitivity receiver, barometric altimeter, 3-axis electronic compass, microSD card slot, picture viewer and more. The Oregon 550 and 550t models each come with a built-in 3.2 megapixel autofocus digital camera with 4x digital zoom.

Handheld two-way Family Radio Service (FRS) and General Mobile Radio Service (GMRS) radios integrate two-way voice communications with GPS navigation. Features include peer-to-peer position reporting to transmit the location to another Rino radio. The Rino 110 offers an FRS/GMRS radio plus basic GPS navigator. The Rino 120 adds an internal basemap and MapSource compatibility for street-level mapping. The Rino 130 has 24 MB of internal memory, built-in electronic compass, barometric sensor, and National Oceanic and Atmospheric Administration (NOAA) weather radio receiver. The Rino 520HCx has a high sensitivity GPS receiver, 5 watts of transmit power, color display, mini-USB interface, and a turn-by turn automatic route calculation for use in automobiles. The Rino 530HCx has all of the features of the Rino 520HCx, plus a seven-channel weather receiver, electronic compass, and barometric altimeter. In June 2011 Garmin announced the redesigned and upgraded Rino 610, 650 and 655t. The Rino 610 is an entry level 1-watt FRS/GMRS radio handheld GPS radio is powered by four AA batteries and comes pre-loaded with a worldwide basemap. The Rino 650 and 655t 5-watt FRS/GMRS radios have a communication range of up to 20 miles and have evolved to include a 2.6 glove-friendly touchscreen and include features, such as a barometric altimeter, 3-axis tilt compensated compass and NOAA weather radio.

Garmin’s Montana handheld GPS device has a barometric altimeter for elevation profiling and ability to profile the route ahead using an included worldwide elevation model. The included 3-axis compass. Montana 600 is the base model and features a 4-inch color touchscreen dual orientation display and supports multiple mapping options, such as BirdsEye Satellite Imagery, BlueChart g2 and TOPO U.S. 24K. Montana has key features for the outdoors such as a 3-axis tilt-compensated compass and barometric altimeter. Montana 650 adds a five megapixel camera, and Montana 650t adds preloaded TOPO U.S. 100K maps. In May 2011, Garmin announced the redesigned and upgraded eTrex handheld GPS device.

Rugged outdoor handheld devices for hunters, hikers, geocachers and outdoors enthusiasts. The basic GPSMAP 62 includes a built-in worldwide basemap with shaded relief. The GPSMAP 62s adds a 3-axis tilt-compensated electronic compass and wireless connectivity for sharing routes, tracks, waypoints and geocaches between other compatible Garmin handhelds. The GPSMAP 62s also includes a barometric altimeter that tracks changes in pressure to pinpoint the precise altitude. In addition to these features, the GPSMAP 62st includes preloaded 100K topographic maps for the entire United States. The GPSMAP 62stc and GPSMAP 62sc were announced in June 2011. The GPSMAP 62stc features a 3-axis tilt-compensated compass, a barometric altimeter, five megapixel autofocus camera with photo navigation, preloaded TOPO U.S. 100K maps and supports custom maps and BirdsEye Satellite imagery (subscription required). The GPSMAP 62sc features a 3-axis tilt-compensated compass, a barometric altimeter, a five megapixel autofocus camera with photo navigation, and support for Custom Maps and BirdsEye Satellite imagery (subscription required).

The Approach G5 is a waterproof, touchscreen, handheld GPS for golfers that features over 17,500 preloaded golf course maps. Approach G5 uses a high-sensitivity GPS receiver to measure individual shot distances and show the exact yardage to fairways, hazards and greens. A statistic-tracking feature allows users to track and analyze their golf statistics. The Approach G3 is a smaller, lighter version of the G5, yet still offers over 17,500 preloaded courses. The Approach S1 is a wearable golf watch that displays precise yardages to the front, back and middle of greens and comes preloaded with over 17,500 courses. In September 2011, Garmin introduced the Approach S1W, which is a white version of the Approach S1, so that customers could choose between the colors black and white for their Approach S1. In January 2012, Garmin announced the newest Approach model - the Approach G6. The Approach G6 is a sleek, slim glove-friendly device weighing just over three ounces that comes preloaded with over 25,000 worldwide courses.

High sensitivity GPS-enabled dog tracking system. The Astro 220 is designed to pinpoint up to ten dogs’ positions at one time through all-weather collars and a handheld system. The system also provides a Dog Tracker page and a Covey Countertm to assist the hunter. It is loaded with many of the features of our outdoor devices including: barometric altimeter, electronic compass, microSD slot, area calculator and a waterproof exterior. In June 2011, Garmin announced the Astro 320, which includes increased range, a simplified user interface, and enhanced mapping capability. With the included redesigned antenna, the maximum range between the Astro 320 and a Garmin tracking collar was increased by nearly 30%. Like the Astro 220, the Astro 320 can track up to 10 dogs per receiver at once, and the unit is fully compatible with Garmin’s DC 20, DC 30, and DC 40 dog tracking collars and accessories. In addition to the pre-installed basemap, the Astro 320 can be loaded with 100k or 24k Topo maps or photorealistic BirdsEye Satellite Imagery. The Astro 320 has 1.7 gigabytes of on-board memory available for loading maps, and a microSD slot for pre-loaded cards. On January 4, 2011, Garmin announced the GTU 10, which is a GPS locator that combines a Web-based tracking service with GPS technology so the user can keep track his or her children, pets and property by monitoring the device’s location through either Garmin’s secure Website using any computer or with the free Garmin Tracker app.

Fitness

The Company’s fitness products include Forerunner, Edge, Garmin Fit Application and Vector. Compact, lightweight training assistants for athletes with integrated GPS sensor (except for the FR60 and FR 70 fitness watches) that provide time, speed, distance, pace and other data. Some models also offer a heart rate monitoring function. The FR 60 and FR70 are entry-level advanced fitness watches that allow runners and walkers to track their workouts and automatically upload their data (via a wireless USB ANT Stick) to a personal computer. The Forerunner 405 is a compact-sized, wrist-worn GPS-enabled device that allows runners and joggers to track their speed, distance, heart rate and location, access their training history or challenge a Virtual Partner and automatically upload their data wirelessly to a personal computer. The Forerunner 610 is Garmin’s touch-screen fitness watch and it also adds the new Virtual Racer. The Forerunner 310XT model, which was designed specifically for triathletes, is water-resistant to 50m and tracks biking and running data (and optional heart rate data). In October 2011, Garmin announced the Forerunner 910XT, which is GPS-enabled device that provides detailed swim metrics and tracks distance, speed/pace, elevation and heart rate for running and cycling. Designed for both open water and pool swimming, Forerunner 910XT is water resistant to 50 meters and is Garmin’s first multisport watch to offer swim metrics, including swim distance, stroke identification, stroke count and pool lengths.

Integrated personal training systems designed for cyclists. The Edge 200 measures speed, distance, time, calories burned, climb and descent, altitude and more. The Edge 500 is geared toward performance-driven cyclists and tracks the cyclist’s distance, speed, location and elevation with high sensitivity GPS, and also tracks the cyclist’s heart rate with an optional heart rate monitor (sold separately). The newest model, the Edge 800, added a touchscreen interface to the Edge family of products. In October 2011, Garmin announced Garmin Fit for iPhone and Android, Garmin’s fitness app that lets users track metrics, such as speed, pace, distance, time, calories, and with optional Garmin accessories displays heart rate and cadence. Garmin Fit also maps and automatically uploads workouts to Garmin’s Garmin Connect, which is Garmin’s Website where users can track their workout data. In August 2011, Garmin announced Vector, which is a pedal based power meter for cyclists.

Marine

Garmin’s marine products include handhelds, network products and multifunction displays, fixed-mount GPS/chartplotter products, instruments, fishfinders, radar, autopilots, VHF radios, marine networking products, and sounder products. Its marine products include GPSMAP 7000 series, GPSMAP 6000 series, GPSMAP 5000 series, GPSMAP 4000 series/ 4200 series, GPSMAP 6x0and 7x0 series, GPSMAP 5x6 and 5x1 series, GPSMAP 4x1 series, GSD 22, 24 and 26, GMS 10, GMI 10, GPSMAP 78 sc, VHF Marine Radios, Marine Autopilot Systems, Fishfinders, and Radar.

The GPSMAP 7000 series of large format multi-function displays Garmin’s G Motion technology. G Motion technology delivers map panning and zooming with virtually seamless graphical updating in all dimensions. The 7000 series chartplotters also feature a low-level backlight display and a backlit keypad for use in low-light conditions without compromising vision. The GPSMAP 7x15 series offers a huge 15-inch diagonal XGA (1024 x 768 pixels) sunlight readable touchscreen display, and is offered in two models: the GPSMAP 7015, and the GPSMAP 7215. Mariners can also opt for the XGA resolution in a 12-inch diagonal screen configuration with the GPSMAP 7012 and GPSMAP 7212 models.

Like the 7000 series, the 6000 series models also offer Garmin’s G Motion technology. The GPSMAP 6x12 series features a traditional soft-key interface with an alphanumeric keypad and a 12-inch diagonal XGA (1024 x 768 pixel) sunlight readable display. Within this family, Garmin offers the GPSMAP 6012 with an enhanced worldwide satellite imagery basemap; and the GPSMAP 6212 with highly detailed United States coastal charts and Explorer Charts for the Bahamas preloaded. For a smaller display, the GPSMAP 6x08 series offers an 8-inch VGA (640 x 480) sunlight readable display with a soft-key interface.

GPSMAP 5000 series touch-screen multifunction displays for the Garmin Marine Network (a system that combines GPS, radar, XM WX Satellite Weather, sonar, and other data) offer of use and video-quality resolution and color. The 5212 and 5208 come pre-loaded with detailed Unite States coastal charts, including Explorer Charts, and are compatible with Garmin’s BlueChart g2 Vision charts, which offer high-resolution satellite imagery, 3-D map perspective, aerial reference photos, and auto guidance. The 5215 and 5015 offer 15-inch diagonal sunlight-readable touchscreen displays. GPSMAP 4000 series/ 4200 series multifunction displays for the Garmin Marine Network offer ease of use and video-quality resolution and color. The 4212 and 4208 come pre-loaded with detailed Unite States coastal charts, including Explorer Charts, and are compatible with Garmin’s BlueChart g2 Vision charts, which offer high-resolution satellite imagery, 3-D map perspective, aerial reference photos, and auto guidance. The 4210 and 4010 feature 10.4-inch diagonal sunlight- readable displays and Garmin’s newer marine user interface. GPSMAP 6x0and 7x0 series chartplotters offer a WVGA touchscreen display and provide navigational support for both marine mode and automotive mode. The 7x0 models are touchscreen controlled stand-alone marine chartplotters offering radar capability and built-in sonar.

Aviation

Garmin’s aviation product line includes GPS-enabled navigation, VHF communications transmitters/receivers, multi-function displays, electronic flight instrumentation systems (EFIS), automatic flight control systems, traffic advisory systems and traffic collision avoidance systems, terrain awareness and warning systems, instrument landing system (ILS) receivers, surveillance products, audio panels and cockpit datalink systems. The aviation products include aera series, GPSMAP 695/696, Pilot My-Cast, SafeNav Powered by Garmin, G5000, G3000, G2000, G1000, G1000H, G600, G500, G500H, G900X, GDU 370/375, GNS 400W Series, GTN 650 and 750, GTS TAS and TCAS I Systems, GI-102A & 106A, GMA, GTX 330 & 330D, GTX 327 & 328, GDL 90, GSR 56, GDL 69 and 69A, GMX 200, SL 30 and SL 40, and GWX 68.

The GDL 69 offers the ability to provide real-time weather information to the aircraft which can be displayed on one of several panel-mounted devices, such as the GNS 430W, GNS 530W, GTN 650, GTN 750, GMX200, G500, G500H, G600, as well as fully integrated G1000/G2000/G3000/G5000 systems. The GDL 69 and GDL 69A receive real-time weather information broadcast by the XM WX Satellite radio system. In addition, the GDL 69A expands the utility of the system by providing CD quality audio provided by XM Satellite Radio. The SL30 is a compact VHF navigation and communications unit that combines a 760-channel VHF communications radio with 200-channel glideslope and localizer receivers. The SL40 is a 760-channel VHF communications radio only. Both the SL30 and SL40 feature 10 watt communications transmitters. The GTS 800 series of traffic avoidance products combines active and passive surveillance data to pinpoint specific traffic threats.

The Company competes with TomTom N.V., MiTAC Digital Corporation, Magellan, Lowrance Electronics, Inc., Delorme, Nike, Inc., Polar Electro Oy, Suunto Oy, Timex Corp., Bryton Corp., Raymarine Inc., Furuno Electronic Company, Simrad, Lowrance, Johnson Outdoors, Inc., Honeywell, Inc., Avidyne Corporation, L-3 Avionics Systems, Rockwell Collins, Inc., Sagem Avionics, Inc., Universal Avionics Systems Corporation, Chelton Flight Systems, Aspen Avionics, d Free Flight Systems, Motorola Solutions, Inc., Cobra Electronics Corporation and Midland Radio Corporation.

Company Address

Garmin Ltd

Muehlentalstrasse 2
SCHAFFHAUSEN     8200
P: +4152.6301600

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