CAYMAN ISLANDS - Garmin Ltd, the global leader in satellite navigation, announced today that its board of directors has approved the payment of a 2008 annual cash dividend in the amount of $0.75 per share. The dividend is payable to shareholders of record on December 1, 2008 and will be paid on December 15, 2008.

Garmin Ltd. also announced that its board of directors approved a share repurchase program authorizing the company to purchase up to 10 million common shares of Garmin Ltd. as market and business conditions warrant. The purchases may be made from time to time on the open market or in negotiated transactions in compliance with the SEC's Rule 10b-18.

The timing and amounts of any purchases will be determined by the company's management depending on market conditions and other factors including price, regulatory requirements and capital availability. The program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time. The share repurchase authorization expires on December 31, 2009.

The five million share repurchase program that was approved by the board of directors in February 2008 was recently completed.

The global leader in satellite navigation, Garmin Ltd. and its subsidiaries have designed, manufactured, marketed and sold navigation, communication and information devices and applications since 1989 – most of which are enabled by GPS technology. Garmin's products serve automotive, mobile, wireless, outdoor recreation, marine, aviation, and OEM applications.

Courtesy: Garmin Ltd, USA

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Posted by Naresh Koshti on 9 June, 2008 12:48:48 PM IST #