Garmin says trade publication’s report is inaccurate

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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 gross margins remain relatively strong,” said Kevin Rauckman, Garmin CFO and treasurer, in a statement. “However, the December sales environment is weaker, which we attribute to our retail customers’ desire to exit the year with lower levels of inventory.”

Garmin will update investors during its fourth quarter 2008 earnings call, scheduled for Feb. 25.

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