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Garmin reports Q4 marine revenue up double digits!!!

If there’s something I love, it’s sailing… I started sailing my catamaran with nothing more than a compass and a sense of direction from the flights I’d taken from St Thomas to San Juan PR, and on the first day I piloted her, I studied a chart to study depths and pointed my boat in the direction of Puerto Rico… took me 3 hours and there were moments where the water was so transparent that I kicked myself wondering if I was in too shallow… Luckily, I escaped the reef off of Culebra, but not before wishing I had a trusty Garmin to help me move through the minefield of reefs and rocks.

I love my bluewater edition Garmin…it allows me to feel like the comfort level of sailing in darkness and in unknown water to be second nature. This amazing company is depended upon heavily within our wonderful industry. Usedboatyard.com applauds their efforts along with their committment to bringing us products which makes the lives of boaters and sailors much easier…

Garmin reported today that total revenue for the company was up 9 percent year-over-year in Q4 2011 and up 3 percent overall for the year.

Revenue in the company’s marine segment was up 16 percent year-over-year in Q4 2011 to $43 million and up 12 percent for 2011 at $222 million.

Garmin said in a statement that gains in the marine segment exceeded the company’s expectations, leading to its strongest-ever revenues in 2011.

“We have invested heavily in our marine segment this year with increased research and development and the build-out of additional support infrastructure to serve our growing base of OEM customers,” Min Kao, chairman and chief executive officer of Garmin, said in a statement. “We expect growth to continue in 2012 as we deliver further innovation and utility to the recreational marine market.”.

Gross margins in the fourth quarter of 2011 for Garmin were flat at 22 percent compared to 2010, while gross margins for the fiscal year were down 1 percent to 49 percent, compared to the same period of 2010.

So glad to see a marine leader do so well in a bad economy!

T.

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