GPS manufacturers report sales growth

GPS World, March, 2005

Garmin, Leica, NovAtel, SiRF, and Trimble all reported revenue growth in their last fiscal quarters.

San Jose, California-based SiRF Technology, Inc. reported a 60-percent hike in annual revenues ($117.4 million versus $73.1 million); net income rose ten-fold to $30.7 million in fiscal 2004 (FY04). SiRF posted fourth quarter (Q4) sales of $27.5 million, a 5-percent increase from the same period a year earlier.

Garmin Ltd. (Cayman Islands) announced record Q4 revenue, up 30 percent to $220.9 million. A $25.3 million foreign currency loss contributed to a Q4 net income decrease of 12.8 percent, to $47.6 million, Yearly revenue rose 33 percent to $762.5 million; annual net income rose to $205.7 million.

A 24-percent gain in annual revenue to $668.8 million bolstered Trimble's (Sunnyvale, California) yearly net income 76 percent to $67.7 million. Q4 revenue grew 20 percent to $162.7 million, and Q4 net income 8.7 percent to $16.4 million.

Leica Geosystems of Heerbrugg, Switzerland, reported an 11.9-percent revenue gain to CHF 194.9 million (US $160 million), driving a more than seven-fold increase in net income to CHF 12 million (US $9.9 million).

Calgary, Alberta, Canada-based NovAtel, Inc. reported preliminary FY04 unaudited results: Annual revenue of CDN $53.5-$54 million (US $43.75 million), up nearly 40 percent. FY04 net income of CDN $9.2 million to CDN $9.7 million, up more than 160 percent from FY03. Q4 net income doubled to CDN $2.2-$2.7 million with revenue of CDN $13.9-$14.4 million, up 23-27.5 percent over '03.