From Lowrance’s website:
A Flashing position indicates that the unit has not obtained a satellite fix. This is normal when a unit is first turned on. The time needed to obtain a position fix can vary greatly and depends on how recently the unit was in operation, the change in position from where the unit was locked on to satellites last, the current field of view and many other factors. In some cases, the unit may take as long as 30 minutes to lock on to satellites initially. The satellites being tracked and additional data can be obtained from the Status or Satellites page. If the unit continues having difficulty tracking satellites or is giving a specific error message of GPS Module Not Responding, additional troubleshooting may resolve the problem.
I’ve heard of people increasing postion lock times by disabling the WAAS feature.
Give it a try and see if it helps you.
To Turn on or off WAAS/EGNOS:
1. Press MENU|MENU|down arrow to GPS SETUP|ENT.
2. Press down arrow to USE WAAS/EGNOS|ENT, which will turn on (check) or turn
off (uncheck) the feature. Press EXIT to clear the menus. Note that this
setting can only be accessed in Advanced Mode.