Logitech Lowers Full-Year Outlook for FY 11
FREMONT, Calif. and MORGES, Switzerland, March 31, 2011 — Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced that it has lowered its full-year outlook for Fiscal Year 2011, ending March 31, 2011. The company now expects FY 2011 sales in the range of $2.35 to $2.37 billion, down from the previous range of $2.4 to $2.42 billion. FY 2011 operating income is now expected to be in the range of $140 to $150 million, down from the previous range of $170 to $180 million.
The projected shortfalls in both sales and profitability are primarily due to weakness in the company’s EMEA retail sales region. Logitech has experienced lower than expected demand for its retail products in EMEA from both distribution partners and consumers.
Earnings Teleconference and Webcast
Logitech plans to announce financial results for Fiscal Year 2011 on April 27, 2011 at 10:00 p.m. Eastern Daylight Time and Thursday, April 28, 2011 at 04:00 Central European Summer Time. The company will hold an earnings teleconference on Thursday, April 28, 2011 at 8:30 a.m. Eastern Daylight Time and 14:30 Central European Summer Time. A live webcast of the call, along with presentation slides, will be available on the Logitech corporate Web site at http://ir.logitech.com.
Logitech is a world leader in products that connect people to the digital experiences they care about. Spanning multiple computing, communication and entertainment platforms, Logitech’s combined hardware and software enable or enhance digital navigation, music and video entertainment, gaming, social networking, audio and video communication over the Internet, video security and home-entertainment control. Founded in 1981, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI).
This press release contains forward-looking statements, including the statements regarding the expected sales and operating income ranges for FY 2011. The forward-looking statements in this release involve risks and uncertainties that could cause Logitech’s actual results to differ materially from that anticipated in these forward-looking statements. Factors that could cause actual results to differ materially include: the review of the fourth quarter and full fiscal year results and quarter- and year-end accounting procedures; the sales mix among our lower- and higher-margin products and our geographic sales mix; as well as those additional factors set forth in our periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2010 and our Quarterly Reports on Form 10-Q for the quarters ended June 30, 2010, September 30, 2010 and December 31, 2010, available at www.sec.gov. Logitech does not undertake to update any forward-looking statements.
(LOGI – IR)