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Logitech Chairman and CEO Guerrino De Luca to Present at the 40th Annual J.P. Morgan Global Technology, Media and Telecom Conference in Boston

Tue, 08 May 2012 07:00:00 PDT

NEWARK, Calif., May 8, 2012 and MORGES, Switzerland, May 9, 2012 — Logitech International (SIX: LOGN) (NASDAQ: LOGI) today announced that Guerrino De Luca, Logitech chairman and chief executive officer, will present at the 40th Annual J.P. Morgan Global Technology, Media and Telecom Conference in Boston on May 15, 2012 at 8:20 a.m. Pacific Daylight Time/11:20 a.m. Eastern Daylight Time. A live webcast and replay will be available on the Logitech corporate Web site at http://ir.logitech.com.

About Logitech
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).

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Logitech, the Logitech logo, and other Logitech marks are registered in Switzerland and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s website at www.logitech.com.

Logitech Introduces Light-Powered Protection for the iPad

Thu, 03 May 2012 12:50:00 PDT

Logitech — May 3, 2012 — Today Logitech (SIX: LOGN) (NASDAQ: LOGI) announced the expansion of both its solar and tablet accessories line-ups with the Logitech® Solar Keyboard Folio.

Made for the new, third-generation iPad® as well as the iPad 2, the ultra-slim, book-style case and keyboard offer stylish design with protection, featuring a built-in keyboard that’s powered by light.

Logitech Announces Changes in Executive Management

Wed, 25 Apr 2012 07:02:00 PDT

NEWARK, Calif. — April 25, 2012 and MORGES, Switzerland, April 26, 2012 — Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced that the company has eliminated two executive management positions as part of its transformation strategy, which includes a plan to restructure the company, announced separately today.

The position of executive vice president of the products group and president of Logitech Europe, held by Junien Labrousse and reporting to Logitech President Bracken Darrell, has been eliminated. The leaders of the individual business groups, which formerly reported to Mr. Labrousse, now report directly to Mr. Darrell. Mr. Labrousse has assumed the role of senior vice president of the business group responsible for PCs, Macs and tablets.

The position of senior vice president of worldwide sales and marketing, held by Werner Heid and reporting to Bracken Darrell, has been eliminated. The leaders of each of Logitech’s sales and marketing regions now report directly to Mr. Darrell. Due to the elimination of his position, Mr. Heid will be leaving Logitech effective May 15, 2012.

“These changes enable me to work more closely with our product and sales teams,” said Bracken Darrell. “Together, we can become more responsive to the changing needs of today’s consumers as we address new opportunities with greater speed and flexibility.

“I would like to thank Werner Heid for his contribution to Logitech over the last three years. His talent and expertise have helped the company navigate through challenging times. Werner strengthened Logitech’s market position in key developed markets and provided the foundation for our growth opportunities in emerging markets.”

Details regarding the changes in executive management, including related changes in compensation, are included in a Current Report on Form 8-K to be filed with the Securities & Exchange Commission.

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Logitech Announces Fourth Quarter and Full-Year Financial Results for FY 2012

Wed, 25 Apr 2012 07:00:00 PDT

NEWARK, Calif. — April 25, 2012 and MORGES, Switzerland, April 26, 2012 — Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the fourth quarter and full year of Fiscal Year 2012.

Sales for Q4 FY 2012 were $532 million, down 3 percent from $548 million in Q4 FY 2011. Excluding the unfavorable impact of exchange rates, sales decreased by 2 percent compared to the prior year. Operating income was $24 million compared to $4 million in the same quarter a year ago. Net income for Q4 FY 2012 was $28 million ($0.17 per share) compared to net income of $3 million ($0.02 per share) in Q4 of FY 2011. Gross margin for the quarter was 36.4 percent compared to 32.8 percent in the same quarter one year ago.

Logitech’s retail sales for Q4 FY 2012 decreased year over year by 2 percent, with an increase in EMEA of 13 percent, an increase in Asia of 12 percent, and a decrease in the Americas of 17 percent. OEM sales decreased by 9 percent. Sales for the LifeSize division decreased by 10 percent.

For the full fiscal year, sales were $2.32 billion, compared to $2.36 billion in FY 2011. Operating income was $72 million, down 50 percent from $143 million a year ago. Net income for the full fiscal year was $71 million ($0.41 per share), down 44 percent from $128 million ($0.72 per share) in FY 2011. Gross margin for FY 2012 was 33.5 percent compared to 35.4 percent in FY 2011.

“I look forward to leading Logitech to improved performance,” said Bracken Darrell, Logitech president. “To get back to sustained, profitable growth, we need to be simpler, faster and more consumer-centric. Some of this transformation has already begun, with the management team’s work to reinvigorate the product portfolio. We now need to simplify the organization through restructuring. With board approval, I have eliminated a layer of business and sales executive management; the leaders of our business groups and sales regions now report directly to me. In addition, we will consolidate brand management and product portfolio management under the leadership of the business groups, and streamline most other functions. I expect most of this restructuring to be completed by the end of the current quarter, freeing up resources to pursue our growth opportunities. The restructuring should result in a reduction of approximately $80 million in annual operating costs.”

“I believe the organizational streamlining that Bracken is driving is a decisive step for Logitech’s future,” said Guerrino De Luca, Logitech chairman and chief executive officer. “Looking ahead, I am also excited about what I believe is a strong lineup of new products with a much clearer value proposition to consumers. We expect that increasingly differentiated products will provide strong up-sell opportunities across all of our businesses. The majority of these new products will launch in Q2.”

The company expects to benefit from a stronger product portfolio, the simplification of the organization and processes, and cost savings from the restructuring, resulting in improved financial performance in the second half of Fiscal 2013.

Prepared Remarks Available Online
Logitech has made its prepared written remarks for the financial results teleconference available online on the Logitech corporate Web site at http://ir.logitech.com. The remarks are posted in the Calendar section on the Investor home page.

Financial Results Teleconference and Webcast
Logitech will hold a financial results teleconference to discuss the Q4 and full-year results for FY 2012 and its restructuring and simplification plans on Thursday, April 26, 2012 at 8:30 a.m. Eastern Daylight Time and 14:30 Central European Summer Time. A live webcast of the call will be available on the Logitech corporate website at http://ir.logitech.com.

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This press release contains forward-looking statements, including the statements regarding performance, sustainable and profitable growth, organizational structure, the timing of completing the restructuring, the availability of resources to pursue growth opportunities, the reduction in annual operating costs and the amount of those cost savings available in Fiscal Year 2013, the lineup of new products, the timing of their launches and their value propositions, up-sell opportunities and financial performance in the second half of Fiscal Year 2013. The forward-looking statements in this release involve risks and uncertainties that could cause Logitech’s actual results to differ materially from those anticipated in these forward-looking statements. Factors that could cause actual results to differ materially include: the demand of our customers and our consumers for our products and our ability to accurately forecast it; if our investment prioritization decisions do not result in the sales or profitability growth we expect, or when we expect it; the effect of pricing, product, marketing and other initiatives by our competitors, and our reaction to them, on our sales, gross margins and profitability; the sales mix among our lower- and higher-margin products and our geographic sales mix; if our product offerings and marketing activities do not result in the sales and profitability we expect, or when we expect it; if we fail to successfully develop and market products for mobile computing devices such as smartphones and tablets with touch interfaces, or if significant demand for peripherals to use with tablets and other mobile devices with touch interfaces does not develop; if there is a deterioration of business and economic conditions in one or more of our sales regions or operating segments, or significant fluctuations in currency exchange rates; if the sales growth in emerging markets for our PC peripherals and other products does not increase as much as we expect; in digital music, if we fail to introduce differentiated product and marketing strategies to separate ourselves from competitors; competition in the video conferencing and communications industry, including from companies with significantly greater resources, sales and marketing organizations, installed base and name recognition; if the restructuring fails to produce the intended performance and cost savings results or is not implemented in the contemplated timeframe; as well as those additional factors set forth in Logitech’s periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2011 and our Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2011, available at www.sec.gov. Logitech does not undertake to update any forward-looking statements, which speak as of their respective dates.

Logitech Delivers Protection with Style for the New, Third-Generation iPad

Wed, 18 Apr 2012 12:50:00 PDT

Logitech — April 18, 2012 — Logitech (SIX: LOGN) (NASDAQ: LOGI) today extends its tablet line-up with its latest keyboard accessory – the Logitech® Ultrathin Keyboard Cover – made for the new, third-generation iPad® as well as the iPad 2. Leveraging Logitech’s extensive heritage of high quality, reliability and design, this all-in-one solution provides an ultrathin screen protector and built-in keyboard so you can type easily and travel without worry.