Logitech Announces Final Q2 Financial Results
FREMONT, Calif., Oct. 29, 2007 and ROMANEL-SUR-MORGES, Switzerland, Oct. 30, 2007 — Logitech International (SWX: LOGN) (Nasdaq: LOGI) today announced final financial results for the second quarter of Fiscal Year 2008, updating the Company’s Oct. 17, 2007 announcement.
Consistent with the range in the previous announcement, the Company recorded an impairment loss of $67.4 million on the value of its short-term investment portfolio as of September 30, 2007. As a result, net income for Q2 FY 2008 was $12 million ($0.06 per share). Excluding this charge, non-GAAP net income for the quarter was $79 million ($0.42 per share), compared to $49 million ($0.26 per share) in Q2 FY 2007.
Subsequent to quarter end, the Company sold, at par, fifty per cent of each of the securities in the portfolio. As a result, the Company will recover half of the loss and will record it as a gain of $33.7 million in the Q3 FY 2008 income statement under Other Income. The sale was part of a confidential settlement agreement and the sale price is not necessarily indicative of current market prices or fair value for the securities.
Logitech is a world leader in personal peripherals, driving innovation in PC navigation, Internet communications, digital music, home-entertainment control, gaming and wireless devices. Founded in 1981, Logitech International is a Swiss public company traded on the SWX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI).
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