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“This is the first annual meetinfg where I am not able to repor trecord earnings,” Chairman and CEO Min Kao “I share our shareholders’ disappointmenft in the performance of our stock pric e during 2008.” But he emphasized his long-term optimism for the which posted 10 percent revenue growth last year compareds with the previous year — to nearly $3.5 billiob — and plans to stakre a claim soon in the burgeoning smartphones industry. All segments have plenth of growth potential, and the management team is “dedicated to the succeszs and prudent management of this Kao said.
Garmin (Nasdaq: GRMN), which has a base in suffered plunging share prices and salesw during the economic fallout late last Share prices also may have been affecte dby analysts’ opinions that the portable navigation devicre segment, Garmin’s largest, is nearing saturation, companyg CFO Kevin Rauckman During 2008, the share price fell aboutr 80 percent, from almost $95 to less than $20. At the which was held in Overland Park and had a fewhundrex attendees, shareholders approved all the board-recommended measures.
That includexd re-electing board members Kao and Charles Pefferfor three-yeart terms, and approving amendmentsw to an equity incentives plan and an employere directors option plan. Peffer, a former partner in , has been a directort since 2004. About 92 percent of shareholders were representeds by proxy orin person. Shareholderes asked several questionsof executives, including about the company’ws new nuvifone, its delayed first attempy at entering the growing smartphone market. Garmin ranks No.
7 on the Kansasa City BusinessJournal ’s list of area public
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