Logitech Announces Record Q1 Financial Results

Q1 Revenue Up 18%, Operating Income Up 24%

(Auszug aus der Pressemitteilung)

FREMONT, Calif., July 21, 2008 and ROMANEL-SUR-MORGES, Switzerland, July 22, 2008 – Logitech International (SWX: LOGN) (Nasdaq: LOGI) today

announced financial results for the first quarter of Fiscal Year 2009.
Sales for Q1 were $509 million, up 18 percent from $430 million in the same
quarter last year. Operating income was $30 million, up 24 percent from $24
million for the same quarter a year ago. Net income was $29 million ($0.16
per share) compared to $26 million ($0.14 per share) in Q1 of FY 2008.
Gross margin was 34.1 percent, compared to 33.7 percent in Q1 of FY 2008.
Cash flow from operations was $44 million, up by more than three times
com-pared to Q1 of FY 2008.

Logitech’s retail sales for Q1 grew by 19 percent year over year,
increasing by 20 percent in EMEA, 10 percent in the Americas and 41 percent
in Asia. Retail sales growth was fueled by strong performance of Harmony®
remotes (up 74%) and pointing devices (up 34%). Performance of the retail
video business continued to rebound with sales up 21 percent. OEM sales
grew by 15 percent, driven primarily by strong demand for microphones for
console gaming.
„We’re very pleased that Logitech’s Fiscal 2009 is off to a solid start in
sales and profitability,“ said Gerald P. Quindlen, president and chief
executive officer. „With strong demand for our products, we delivered
double digit revenue growth across all regions and accelerated momentum in
the video category. As we proceed into Q2, we look forward to continued
market momentum driven by new products that will be introduced over the
next few months.“

The Company confirmed its financial targets of 15 percent growth in both
sales and operating income for Fiscal Year 2009, ending March 31, 2009. FY
2009 gross margin is expected to be above the Company’s long-term target
range of 32-34 percent. Logitech expects its effective tax rate for the
year to be approximately 12 percent.