http://finance.yahoo.com/news/garmin-forecasts-weak-fourth-q......

Garmin Reports 2012 Results; Initiates $300 Million Share Repurchase Program

Fourth Quarter 2012 Financial Summary:
Total revenue of $769 million, down 16% from $910 million in fourth quarter 2011:
Automotive/Mobile segment revenue decreased 25% to $437 million
Outdoor segment revenue decreased 2% to $119 million
Fitness segment revenue increased 10% to $104 million
Aviation segment revenue decreased 2% to $70 million
Marine segment revenue decreased 9% to $39 million
Geographically, revenues decreased in all regions compared to fourth quarter 2011:
Americas revenue was $445 million compared to $537 million, down 17%
EMEA revenue was $253 million compared to $301 million, down 16%
APAC revenue was $71 million compared to $72 million, down 1%
Gross margin increased to 49% compared to 48% in fourth quarter 2011
Operating margin decreased to 19% compared to 22% in fourth quarter 2011
Diluted EPS decreased 22% to $0.66 from $0.85 in fourth quarter 2011; pro forma EPS decreased 29% to $0.68 from $0.96 in the same quarter of 2011. (Pro forma EPS excludes the impact of foreign currency transaction gains or losses.)
Effective tax rate increased to 16.5% from 10.6% in fourth quarter 2011
Generated $163 million of free cash flow in fourth quarter 2012...

Usually they have a great report and the market ignores it. This one is not so great, and the market will surely hammer them. They are still a cash flow machine and have $3B in cash. That and the dividend keep me holding, along with the growth they have in their non-auto segments (at least on average, just not this quarter). Marine and Aviation will pick up with the economy. But they still need to replace the lost revenue from auto to some degree. I'll continue to look for that. At least the divi should create a bottom for the stock. And I do like the buyback - I hope it's not just lip service...

Howard