"We have increased concerns about the holiday season and we expect increased competition for Garmin from both other personal navigation devices (PND) manufacturers as well as other consumer electronics," analyst Mark Sue said in a note to clients.

The analyst halved his price target to $20 on the shares of Garmin, which competes with Dutch rival TomTom in the PND market.

PND pricing was down about 25 percent in the second quarter and we are currently modeling a similar year-over-year decline in the second half of 2008, Sue said.

Every further 1 percent decline for the remainder of the year will cost the biggest U.S. maker of navigation devices 6 cents in earnings, Sue said.

"Nuvifone success seems less likely with each passing day," he said.

In July, Garmin further delayed the launch of nuvifone to the first half of 2009 and said meeting some of the carrier-specific requirements will take longer than anticipated.

"We are concerned about the limited market size for navigation-centric smartphones and that the competition may have erased any lead that Garmin had," the analyst said.

Garmin's nuviphone will compete against Research In Motion's BlackBerry Pearl 8110, Nokia's N95 and N82 multimedia phones and Apple's iPhone.

Shares of the company fell 10 percent to a three-year low of $25.77, before recouping some losses to trade down $2.15 at $26.57 Monday morning on Nasdaq.

(Reporting by Antonita Madonna Devotta in Bangalore; Editing by Amitha Rajan) Keywords: GARMIN/RESEARCH RBC Chuck Mikolajczak cm

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Budget Truck Rental's fleet includes cargo vans, 10' trucks, 16' trucks with ramps, 16' trucks with lift gates and 24' trucks. All trucks feature automatic transmissions and have free 24/7 roadside assistance.

Budget Truck offers its customers a full range of products and services to make moving fast and easy; for example, Budget Truck is the first consumer truck rental company to offer Global Positioning System (GPS) units to its customers. where2(R) navigation devices with guidance by Garmin(R) are available at select Budget Truck Rental locations throughout the United States, and can be used with any type of rental, including one-way, local and commercial rentals. Budget Truck provides assistance to customers to select the proper truck for any move, and also offers moving equipment, boxes and supplies.

To qualify for Budget Truck's American Express promotion, Cardmembers must reserve their one-way rental 24-hours in advance at www.budgettruck.com/get50 with any American Express Card. Customers will be required to enter contact information, including a mailing address where they will receive their $50 reward card. Qualifying rentals must be completed by December 31, 2008, and be paid with any American Express Card. The promotion is available at participating Budget Truck Rental locations in the contiguous United States while supplies last. For complete details, including terms and conditions, or to make a reservation visit www.budgettruck.com/get50.

About Budget Truck Rental

Budget Truck Rental is one of the leading consumer truck rental companies in the United States, operating through a network of nearly 2,800 corporate owned, dealer and franchised locations throughout the continental United States, serving both the consumer and light commercial sectors. Budget Rent A Car System Inc. operates both Budget Truck Rental and Budget Rent A Car and is a wholly owned subsidiary of Avis Budget Group, Inc. (NYSE: CAR). For further information, visit www.budgettruck.com.

SOURCE: Budget Truck Rental

The VHF 100 is Garmin's entry-level radio, offering 25 watts of transmit power and Class D Digital Selective Calling (DSC) capability via NMEA 0183. In addition to dedicated buttons and knobs, the VHF 100 features three soft keys that allow boaters to intuitively see and select the information they want, while eliminating the clutter they don't. That information is presented on a 3.2-inch display. The VHF 100 also features NOAA weather alerts and Position Tracking, which allows a mariner to locate and keep tabs on up to three other boats that use a Garmin system, the company said.

The VHF 200 incorporates all of the features mentioned above and adds a number of capabilities, including NMEA 2000 compatibility for integration with NMEA 2000 enabled multifunction displays. The unit comes standard with a wired fist microphone, and supports one wired full-function handheld (the GHS 10) which allows for full remote operation. The wired mics can also be relocated by the installer for optimal location on the boat's console. The VHF 200 also boasts 20-watt hailer compatibility for communication with other boats or deckhands, according to the company.

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"Sensis, like Garmin, is an innovative company that strives to improve the everyday life of their customers," said Charles Morse, Garmin's director of mobile and online marketing. "By offering Garmin's premium navigation to Telstra customers, Whereis Navigator users will save time and headaches as they'll now be able to avoid hassles related to bad directions or getting lost."

Gregan McMahon, group manager of Sensis Mobile, comments that the partnership with Garmin is an exciting step towards providing Telstra customers with an even better mapping experience on their mobile device. "Combining Garmin's leading satellite navigation with Sensis' comprehensive mapping points of interest and other content takes Whereis Navigator to the next level," says McMahon.

The Whereis Navigator interface is very intuitive and allows customers to easily route to a specific street address or to one of the 600,000 points of interest (POI) -- places like hotels, restaurants, shopping and tourist attractions. POI search results can be viewed on a high resolution map, providing a quick overview of POI locations relative to the user's current position. The text-to-speech functionality allows the device to audibly announce the name of streets and POIs, letting drivers keep their eyes on the road while navigating through busy traffic and tricky roadways. If users stray off course, Whereis Navigator will automatically calculate the quickest way to get back on track.

In addition to turn-by-turn directions, Whereis Navigator offers fixed speed and red-light camera warnings while driving. Whereis Navigator also features seamless integration with the user's contacts stored on their phone, allowing for convenient routing to an address of a friend or business associate. Users can easily access weather conditions and forecast data for their current location as well as other destinations in Australia.

Whereis Navigator will be available on selected Telstra GPS-enabled phones. Telstra customers can try Whereis Navigator by downloading the free trial directly from their phone. For additional information, visit www.garmin.com or www.telstra.com.

About Garmin International Inc.

Garmin International Inc. is a subsidiary of Garmin Ltd. (NASDAQ: GRMN), the global leader in satellite navigation. Since 1989, this group of companies has designed, manufactured, marketed and sold navigation, communication and information devices and applications -- most of which are enabled by GPS technology. Garmin's products serve automotive, mobile, wireless, outdoor recreation, marine, aviation, and OEM applications. Garmin Ltd. is incorporated in the Cayman Islands, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. For more information, visit Garmin's virtual pressroom at www.garmin.com/pressroom or contact the Media Relations department at 913-397-8200. Garmin and Garmin Mobile are registered trademarks of Garmin Ltd. or its subsidiaries. Anticipated product availability dates are based on management's current expectations and are not guaranteed.

All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

About Telstra

Telstra is Australia's leading telecommunications and information services company, offering a full range of services and competing in all telecommunications markets throughout Australia. Telstra provides more than 9.6 million Australian fixed line and more than 9.3 million mobile services, including 3.3 million 3G services.

About Whereis(R)

Whereis(R) is Australia's leading provider of digital mapping and location-based content. It is managed by Sensis, a fully owned subsidiary of Telstra. Whereis(R) mapping data is the power behindmost of Australia's online, in-car, portable, and wireless navigation products. It is also the power behind leading portable navigation products and most of New Zealand's in-car products. Whereis(R) navigation data draws on the mapping experience of Sensis' UBD(R) and Gregory's(R) businesses, as well as the comprehensive and rich content databases of the White Pages(R), Yellow(TM), GoStay(TM) and Citysearch(R).

Notice on Forward-Looking Statements:

This release includes forward-looking statements regarding Garmin Ltd. and its business. All statements regarding the company's future product introductions are forward-looking statements. Such statements are based on management's current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 29, 2007, filed by Garmin with the Securities and Exchange Commission (Commission file number 000-31983). A copy of Garmin's Form 10-K can be downloaded at www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

SOURCE: Garmin International Inc.

Garmin International Inc. 
Jessica Myers, 913-397-8200 
media.relations@garmin.com