Garmin Q2 09 Earnings call transcript

The Foretrex 301 and 401 is the new line of wearable navigators incorporating a high sensitivity GPS chipset. The 401 model incorporates an electronic compass, barometric altimeter, and wireless data sharing, as well as compatibility with Garmin’s heart rate monitors and cadence sensors, resulting in a versatile GPS that can be used for multiple applications.

And finally, the new Dakota family of products brings touch-screen functionality to the mid-range price point for outdoor enthusiasts. This compact product is perfect for the whole family and offers all of the must-have features including a three-axis compass, barometric altimeter and wireless data sharing on the Dakota 20 model.

At the recent 2009 Oshkosh Air Show, we introduced a number of new aviation products. Highlighting just a few, we introduced our new GTS traffic advisory systems which feature patent-pending technology known as CLEAR CAS. This technology correlates both ADS-B and traditional radar targets to provide the most comprehensive presentation of traffic to pilots. By incorporating ADS-B into the GTS family, Garmin is positioned at the forefront of the FAA next generation modernization program.

The G500 is a new glass cockpit solution which brings the form and functionality of the G600 to smaller aircraft at a value price. The G500 provides altitude, air data, weather, terrain, and traffic information and can be upgraded to include our popular synthetic vision virtual reality display.

We also announced our first entry into the experimental and light sport aircraft market, the G3X. Based on a building-block design, the G3X is a customizable glass display system that incorporates magnetometer, altitude, air data, engine monitoring and temperature (probe) to provide complete situational awareness for experimental and LSA aircraft.

On the marine front, we announced a number of new products to further strengthen our position in this market segment. These products include upgrades to our successful GPSMAP 400 and 500 series. These new products include a high sensitivity GPS receiver for faster, more reliable satellite acquisition and improve digital design for faster map drawing and panning speeds. In addition, most of these new chartplotters are NMEA 2000 certified for plug and play system integration.

Next we announced additions to our VHF radio lineup that target the OEM and high-end boat markets. These products are designed for easy integration with our multifunction display systems using space-saving blackbox configurations. The AIS model also features additional receivers which allows the user to track and avoid other vessels equipped with AIS transmitters.

And finally, we introduced a new open array radar, offering increased power and high definition technology for improved accuracy and precision which are highly-desired features for mid-ranged and large-sized boats.

Finally, I’d like to provide an update on the development of our nüvifone. As announced last week, we launched the G60 in Taiwan and look forward to additional launches throughout August in other Asian countries. Our partner, Asus, is also finalizing carrier launch details for the M20 in both Taiwan and Singapore.

In the United States, the G60 is currently in carrier field testing in anticipation of a Q4 launch. The G60 and M20 will be available in parts of Europe during the back-half of the year. As we’ve said before, we will provide additional details as we near the launch date.

At this time, I’d like to turn the call over to Kevin who will provide a more detailed look at our second quarter results.


Saturday, August 8th 2009

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