Garmin, one of the marine industry’s largest manufacturer of GPS products, today announced record revenue and net income for its fourth fiscal quarter and its fiscal year ended on 29 December 2001.

Revenue for the quarter was US$93 million – up nine per cent from the US$85.7 million generated in the year-ago quarter. Net income increased to US$28 million compared to US$27.6 million in the year-ago quarter. Fourth quarter net income included a US$3.9 million foreign currency gain as a result of a stronger US dollar compared to the New Taiwan Dollar. Revenue for fiscal 2001 was US$369.1 million – up 7 per cent from the US$345.7 million generated during fiscal 2000. Net income increased to US$113.4 million compared to US$105.7 million.

“Fiscal year 2001 represented our eleventh consecutive year of record revenue,” said Dr Min Kao, co-CEO and co-chairman of Garmin. “The seven per cent revenue increase for the year is quite an accomplishment given the many challenges that we faced during 2001. Despite a recession, events of September 11, and restrictions on US airspace, which directly impacted the aviation segment of our business, Garmin was able to introduce 25 new products during the year, while continuing to grow its business and investing in the future. Consumers continued to exhibit strong demand for our GPS-enabled products during the fourth quarter despite an overall lacklustre economy.”

Consumer revenue, including marine market sales, for the fourth quarter totalled US$69.8 million – a 23 per cent growth compared to the fourth quarter of 2000. Aviation revenue totalled US$23.2 million – a 19 per cent decline compared to the year-ago quarter.

Consumer revenue for the year totalled US$263.3 million – a 14 per cent growth compared to fiscal 2000. Aviation revenue totalled US$105.8 million – a 9 per cent decline compared to fiscal 2000. Total units increased to 1,331,000 in 2001 compared to 1,223,000 in the prior year, representing a growth of nine per cent.