Garmin Ltd. issued a statement in response to reports that it was in early discussions with Raymarine to purchase the U.K.-based company. “In accordance with Rule 2.10 of the City Code on Takeovers and Mergers … Garmin announces that any offer it might make for the shares of Raymarine is likely to be solely in…more
Garmin Ltd. is a group of companies that designs, manufactures, markets and sells navigation, communication and information devices and applications, most of which are enabled by GPS technology.
Garmin Ltd. today reported a 27 percent decline in revenue for the second quarter, which ended June 27. Total revenue was $669 million in the recent quarter, compared to $912 million in the year-ago quarter. Marine segment revenue decreased 15 percent to $60 million in the 2009 quarter. Net income declined to $161.9 million, or…more
Garmin Ltd. is conducting a voluntary product safety recall of the 2009 version of its marine cartography data card known as BlueChart g2 and g2 Vision. The affected data cards were sold between April 8 and June 3. In certain waters, the data card provides inaccurate indications of the depth of the water, which creates…more
Garmin today reported a 34 percent decrease in overall revenue for the first quarter ending March 28, including a 32 percent decrease in the marine segment. Total revenue of $437 million was reported, down from $664 million in the first quarter of 2008. Marine segment revenue was $38 million for the quarter. Significant decreases of…more
Garmin Ltd. issued a press release disputing a recent report in the DigiTimes trade publication titled, “Garmin expects to ship 18 million GPS PNDs in 2008.” The story contains a number of inaccuracies in both sales figures and product rollout schedules, according to Garmin. “Black Friday sales from our customers were what we expected, and…more