Logitech Announces Financial Results for Q2 FY 2010

Company Exceeds Outlook, Expects Return to Profit Growth in Q3

(Auszug aus der Pressemitteilung)

FREMONT, Calif., Oct. 21, 2009 and ROMANEL-SUR-MORGES, Switzerland, Oct. 22, 2009 – Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial

Anzeige
results for the second quarter of Fiscal Year 2010.

Sales for Q2 were $498 million, a decrease of 25 percent compared to $665 million in the
same quarter last year. Excluding the unfavorable impact of exchange rate changes, sales
decreased by 24 percent.

Operating income for Q2 was $27 million, compared to $80 million in the same quarter a
year ago. Net income for the quarter was $21 million ($0.11 per share) compared to net
income of $72 million ($0.39 per share) in Q2 FY 2009. Gross margin for the second quarter
was 30.5 percent compared to 34.3 percent in Q2 FY 2009.

Logitech’s retail sales for Q2 declined by 19 percent year over year, with sales down by 5
percent in the Americas, 24 percent in EMEA, and 28 percent in Asia. OEM sales were down
by 54 percent.

“Our Q2 results demonstrate that we continue to deliver on our plan to navigate the
downturn,” said Gerald P. Quindlen, Logitech president and chief executive officer. “I was
pleased that we delivered the predicted return to profitability, driven by a substantial
improvement in gross margin compared to Q1 and our ongoing diligence in controlling
expenses. Our sales and profitability both benefited from better-than-expected sell-through
of our products in the Americas and EMEA.

“Our sustained focus on working capital management resulted in cash flow from operations
of $133 million for the first half of the fiscal year. This represents an improvement of 59
percent compared to the first half of the prior year, in spite of dramatically worse economic
conditions. “We’ve entered the second half of Fiscal Year 2010 well positioned for continued
improvements in our operating performance. In both EMEA and the Americas, the reset of
our channel partners’ weeks of supply is essentially complete. Our new products are being
well received by customers and will be well represented on retail shelves for the holiday
season. Even assuming no improvement in consumer spending, we anticipate a return to
year-over-year profit growth starting in Q3.”

Outlook
For the third quarter of FY 2010, Logitech expects sales within the range of $575 million to
$595 million, gross margin of approximately 31 percent, and operating income in the range
of $45 million to $50 million.

(Visited 1 times, 1 visits today)