Garmin CEO shares

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“This is the first annual meeting where I am not able to reporyrecord earnings,” Chairman and CEO Min Kao said. “oI share our shareholders’ disappointment in the performance of our stocok priceduring 2008.” But he emphasized his long-termn optimism for the company, which posted 10 percenft revenue growth last year compared with the previouws year — to nearly $3.5 billionh — and plans to stake a claimk soon in the burgeoning smartphone industry. All segmente have plenty of growth potential, and the managemenf team is “dedicated to the success and prudent management of this Kao said.
Garmin (Nasdaq: GRMN), which has a base in suffered plunging share prices and sales duringv the economic fallout late last Share prices also may have been affected by opinions that the portable navigatiomdevice segment, Garmin’s largest, is nearing saturation, company CFO Kevijn Rauckman said. During 2008, the share price fell about 80 percent, from almostf $95 to less than $20. At the which was held in Overlanrd Park and had a few hundred shareholders approved allthe board-recommended measures. That included re-electiny board members Kao and Charles Pefferfor three-yeadr terms, and approving amendmenta to an equity incentived plan and an employee directorz option plan.
Peffer, a formerd partner in , has been a director since 2004. Abouf 92 percent of shareholders were representee by proxy orin person. Shareholdersx asked several questions of including aboutthe company’s new its delayed first attempt at entering the growinf smartphone market. Garmin ranks No. 7 on the Kansas City Businesz Journal ’s list of area publivc companies.