Garmin (NASDAQ:GRMN) is a company that many investors have soured on over the last few years. Admittedly, it is not hard to see why investors may be concerned about owning Garmin, due to the rise in popularity of navigational applications on smartphones. At the same time, the company has weathered the onslaught of competition and still maintained a pristine balance sheet. Earnings have been under pressure, with net income showing a steady march lower each year from 2008 to 2011. However, in 2012, net income rose on a year over year basis in what should be considered a sign of stability. Just as importantly, gross margin % moved back above 50% in 2012, providing another key data point...
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