Garmin’s Financial Statements
Financial Management I
Strayer University

Introduction to Garmin
Garmin was founded in 1990 in Taiwan, launched its first GPS product in 1991 and became a publicly traded company in 2000 (Funding Universe, 2013). During its first few years, its products were specialized for aircraft and boats. It finally launched its first automotive product in 1997, and in the early 2000s began working on cellular and handheld GPS devices (Funding Universe, 2013). The company’s mission, vision and values all intertwine to be a futuristic company full of innovation and top-notch customer service for all their segments of automotive, aviation, marine, outdoor and sports divisions (Funding Universe, 2013).

Garmin’s Balance Sheet Analysis
The balance sheet is the core of a company’s financial health and reveals the company’s assets, or what it owns, and its liabilities, or what it owes (JWMI, 2013). Examining Garmin’s balance sheet reveals that the company grew dramatically between 2005 and 2007, and then became more stable between 2008 and 2012. Given the current economy, Garmin’s cash and equivalents grew dramatically between 2006 and 2007 from 337M to 708M, and again between 2008 and 2009 from 696M to 1.09B. In 2004, Garmin had a mere 250M in cash and equivalents and in 2012 it ended the year with 1.23B in cash equivalents. In general, its total current assets almost double between 2005 to 2006 from 801M to 1.17B, and again between 2006 and 2007 from 1.17 B to 2.33B. Since then, its assets dropped in 2008 to 1.98B and has since been steady at about 2.5B with a close in 2012 of 2.54B (WikiInvest, 2013). Considering this data, along with its liabilities, we can determine Garmin’s overall liquidity and solvency with such financial ratios as the working capital, current ratio and quick ratio. Garmin’s working capital first