Garmin Announces Stock Repurchase Program and Revises Its Third Quarter Guidance

    CAYMAN ISLANDS, Sept. 24 Garmin Ltd. today announced that the company's board of
directors approved a share repurchase program authorizing the company to
purchase up to 5.0 million 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 deemed relevant.
The share repurchase authorization expires on December 31, 2002.  As of
September 21, 2001, the company had 108,242,111 shares outstanding.
    "This action reflects our confidence in Garmin's long-term growth
potential," said Dr. Min Kao, co-CEO and co-chairman of Garmin Ltd.  "We
currently have cash in excess of our requirements and, under current market
conditions, the authorization of the share repurchase program will give us the
flexibility to be able to buy back our shares at attractive levels."
    The company also revised its third quarter guidance due to overall
economic conditions and the negative economic effects associated with the
terrorist attacks that occurred on Sept. 11, 2001.  Specifically, the company
experienced logistics challenges when the U.S. government shut down the
commercial airspace and closed U.S. customs in response to the attacks.  This
resulted in approximately a one-week delay of receiving shipments from its
Taiwan manufacturing facility, which also experienced several days of factory
shutdown due to Typhoon Nari.  Although Typhoon Narining at full capacity.
    As the company does not have sufficient time to recover during the
remainder of the quarter, it has revised its third quarter guidance.  Revenues
are projected to be in the range of $84.0 to $87.0 million, down from previous
guidance of $90.0 to $96.0 million.  The company's net income range is
projected at $21.0 to $23.0 million, which results in an earnings per share
range of $0.20 to $0.21, down from earlier guidance of $0.23 to $0.25.  The
earnings per share estimate excludes the effects of foreign currency.
    "Our thoughts and prayers go out to the families and friends of the
victims of the terrorist attacks on Sept. 11, 2001," said Kevin Rauckman,
chief financial officer of Garmin Ltd.  "It is a difficult time for all of us;
however, we continue to move forward with business as usual.  We continue to
manage our inventory levels and cash flow remains strong as we maintain our
favorable margins.  Our operations have been impacted due to these tragic
events, however, we believe that our revised projected financial performance
still evidences positive results for the third quarter given the current
economic environment."
    The company will be hosting a conference call today at 11:15 a.m. Eastern
to discuss in more detail its projected financial performance for the third
quarter.  The information for the conference call is as follows:

     When:     Monday, Sept. 24, 2001 at 11:15 a.m. Eastern
     Where:    http://www.garmin.com/aboutGarmin/invRelations/irCalendar.html
     How:      Simply log on to the web at the address above or call to listen
               in at 800-377-5666.
     Contact:  investor.relations@garmin.com

    A phone recording will be available for 48 hours following the conference
call and can be accessed by dialing 800-252-6030 utilizing the access code
9972572.  An archive of the live webcast will be available until Sept. 30,
2001 on the Garmin website at http://www.garmin.com .  To access the replay,
click on the Investor Relations link and click over to the Events Calendar
page.

    This release includes projections and other forward-looking statements
regarding Garmin Ltd. and its business.  Any statements regarding the
company's future financial position, revenues, earnings, product
introductions, plans and objectives are forward-looking statements.  The
forward-looking events and circumstances discussed in this release may not
occur and actual results could differ materially as a result of risk factors
affecting Garmin.  Information concerning risk factors that could affect
Garmin's actual results is contained in the Annual Report on Form 10-K for the
year ended December 30, 2000 filed by Garmin with the Securities and Exchange
Commission (Commission file number 0-31983).  A copy of Garmin's Form 10-K can
be downloaded from
http://www.garmin.com/aboutGarmin/invRelations/finReports.html .

    Through its operating subsidiaries, Garmin Ltd. designs and manufactures
navigation, communication and information electronics.  The company's primary
markets are aviation, marine, outdoor recreation, automotive, wireless and
OEM.  Garmin Ltd. is incorporated in the Cayman Islands, and its principal
subsidiaries are located in the United States, Taiwan and United Kingdom.  For
more information, visit the Investor Relations site of Garmin Ltd. at
http://www.garmin.com or contact the Investor Relations department at 913-397-8200.

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