icon-avatar

Empresas

Logitech Announces First Quarter Financial Results for FY 2014

    Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the first quarter of Fiscal Year 2014.

    Sales for Q1 FY 2014 were $478 million, up 2 percent from $469 million in Q1 FY 2013, with exchange rates having no impact. Excluding those retail product categories that the Company is exiting (reported in the financial statements as “Retail – Other”), sales for Q1 FY 2014 were up 5 percent year over year. The Company posted a small operating profit compared to an operating loss of $59 million in the same quarter a year ago. Net income for Q1 FY 2014 was $ 1 million ($0.01 per share) compared to a net loss of $51 million ($0.32 per share) in the prior year. Gross margin for Q1 FY 2014 was 35.2 percent, up from 31.0 percent a year ago.

    The Company’s total retail sales for Q1 increased by 5 percent year over year, up 12 percent in the Americas and 4 percent in Asia, and down 3 percent in EMEA. Excluding “Retail – Other,” Logitech’s retail sales for Q1 FY 2014 increased by 8 percent over the prior year. OEM sales decreased by 6 percent and sales for the LifeSize division decreased by 18 percent.

    “These results – sales growth and significant year-over-year profitability improvement – demonstrate our turnaround is on track,” said Bracken P. Darrell, Logitech president and chief executive officer. “I’m happy to see double-digit sales growth in our Americas region. And I’m pleased with the performance in our growth categories: Combined, tablet accessories, PC gaming and wireless speakers grew about 90 percent year over year.

    “Logitech continues to be focused on becoming faster and more profitable. We’ve shortened key product cycles and delivered early momentum for the product lines we launched into retail environments in Q1, including tablet accessories, PC gaming peripherals and our UE BOOM wireless speaker. There is more to come. I am excited about the potential within the business and remain committed to improving our profitability in FY 2014.”

    Outlook

    Logitech confirmed its outlook for Fiscal Year 2014, ending March 31, 2014. The Company expects sales of approximately $2 billion, operating income of approximately $50 million and gross margin of approximately 34 percent.

    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 results for Q1 FY 2014 on Thursday, July 25, 2013 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.

    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).

    This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding: the Company’s turnaround, focus, product launches, potential and profitability in Fiscal Year 2014, as well as Fiscal Year 2014 sales, operating income and gross margin. The forward-looking statements in this release involve risks and uncertainties that could cause Logitech’s actual results and events to differ materially from those anticipated in these forward-looking statements, including, without limitation: if our product offerings, marketing activities and investment prioritization decisions do not result in the sales, profitability or profitability growth we expect, or when we expect it; the demand of our customers and our consumers for our products and our ability to accurately forecast it; if we fail to innovate and develop new products in a timely and cost-effective manner for our new and existing product categories; if we do not successfully execute on our growth opportunities in our new product categories and sales in emerging market geographies; if sales of PC peripherals in mature markets are less than we expect; the effect of pricing, product, marketing and other initiatives by our competitors, and our reaction to them, on our sales, gross margins and profitability; if our products and marketing strategies fail to separate our products from competitors’ products; 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 exchange rates. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included 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, 2013, available at www.sec.gov, under the caption Risk Factors and elsewhere. Logitech does not undertake any obligation to update any forward-looking statements to reflect new information or events or circumstances occurring after the date of this press release.

    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 Web site at www.logitech.com.

     
    LOGITECH INTERNATIONAL S.A.
                 
    (In thousands, except per share amounts) - Unaudited
                 
          Quarter Ended June 30,
    CONSOLIDATED STATEMENTS OF OPERATIONS     2013     2012
                (Revised) Note 1
                 
    Net sales     $ 477,924       $ 468,604  
    Cost of goods sold       309,569         323,478  
    Gross profit       168,355         145,126  
    % of net sales       35.2 %       31.0 %
                 
    Operating expenses:            
    Marketing and selling       100,635         100,897  
    Research and development       36,191         39,023  
    General and administrative       29,148         32,480  
    Restructuring charges       2,334         31,227  
    Total operating expenses       168,308         203,627  
                 
    Operating income (loss)       47         (58,501 )
                 
    Interest income (expense), net       (23 )       384  
    Other income (loss), net       217         (159 )
                 
    Income (loss) before income taxes       241         (58,276 )
    Benefit from income taxes       (802 )       (6,910 )
                 
    Net income (loss)     $ 1,043       $ (51,366 )
                 
    Shares used to compute net income (loss) per share:            
    Basic       159,298         160,733  
    Diluted       160,281         160,733  
    Net income (loss) per share:            
    Basic     $ 0.01       $ (0.32 )
    Diluted     $ 0.01       $ (0.32 )
                         
     
    LOGITECH INTERNATIONAL S.A.
                       
    (In thousands) - Unaudited
                       
    CONSOLIDATED BALANCE SHEETS     June 30, 2013     March 31, 2013     June 30, 2012
                (Revised) Note 1     (Revised) Note 1
    Current assets                  
    Cash and cash equivalents     $ 318,857     $ 333,824     $ 360,737
    Accounts receivable       218,599       179,565       213,973
    Inventories       296,012       261,083       280,533
    Other current assets       65,191       59,596       72,364
    Assets held for sale       -       10,960       -
    Total current assets       898,659       845,028       927,607
    Non-Current assets                  
    Property, plant and equipment       85,778       87,649       94,491
    Goodwill       343,078       340,132       558,211
    Other intangible assets       22,919       26,024       45,326
    Other assets       70,805       73,563       73,213
    Total assets     $ 1,421,239     $ 1,372,396     $ 1,698,848
                       
    Current liabilities                  
    Accounts payable     $ 296,269     $ 265,995     $ 262,929
    Accrued liabilities       205,566       193,378       222,017
    Liabilities held for sale       -       1,342       -
    Total current liabilities       501,835       460,715       484,946
    Non-current liabilities       199,164       195,727       228,462
    Total liabilities       700,999       656,442       713,408
                       
    Shareholders´ equity       720,240       715,954       985,440
                       
    Total liabilities and shareholders´ equity     $ 1,421,239     $ 1,372,396     $ 1,698,848
                             
     
    LOGITECH INTERNATIONAL S.A.
                 
    (In thousands) - Unaudited
                 
          Three Months Ended June 30,
    CONSOLIDATED STATEMENTS OF CASH FLOWS     2013     2012
                (Revised) Note 1
    Cash flows from operating activities:            
    Net income (loss)     $ 1,043       $ (51,366 )
    Non-cash items included in net income (loss):            
    Depreciation       10,139         11,152  
    Amortization of other intangible assets       5,264         6,398  
    Investment impairment       370         -  
    Share-based compensation expense       4,390         6,171  
    Loss on disposal of property and plant       2,311         -  
    Gain on sale of available-for-sale securities       -         (831 )
    Excess tax benefits from share-based compensation       -         (5 )
    Deferred income taxes       (3,416 )       (1,024 )
    Changes in assets and liabilities, net of acquisitions:            
    Accounts receivable       (38,899 )       6,577  
    Inventories       (28,052 )       11,445  
    Other assets       (1,770 )       33  
    Accounts payable       33,580         (37,408 )
    Accrued liabilities       13,733         41,802  
    Net cash used in operating activities       (1,307 )       (7,056 )
                 
    Cash flows from investing activities:            
    Purchases of property, plant and equipment       (13,208 )       (19,621 )
    Acquisitions, net of cash acquired       -         -  
    Acquisition of a privately-held company       (650 )       -  
    Proceeds from sale of property and plant       -         917  
    Proceeds from sale of available-for-sale securities       -         -  
    Purchases of trading investments       (4,406 )       (1,397 )
    Proceeds from sales of trading investments       4,748         1,385  
    Net cash used in investing activities       (13,516 )       (18,716 )
                 
    Cash flows from financing activities:            
    Purchases of treasury shares       -         (89,955 )
    Proceeds from sale of shares upon exercise of options and purchase rights       12         404  
    Tax withholdings related to net share settlements of restricted stock units       (215 )       (170 )
    Excess tax benefits from share-based compensation       -         5  
    Net cash used in financing activities       (203 )       (89,716 )
                 
    Effect of exchange rate changes on cash and cash equivalents       59         (2,145 )
    Net decrease in cash and cash equivalents       (14,967 )       (117,633 )
    Cash and cash equivalents at beginning of period       333,824         478,370  
    Cash and cash equivalents at end of period     $ 318,857       $ 360,737  
                         
     
    LOGITECH INTERNATIONAL S.A.
             
    (In thousands, except per share amounts) - Unaudited
             
        Three Months Ended June 30,
    SUPPLEMENTAL FINANCIAL INFORMATION   2013   2012
             
    Depreciation   $ 10,139     $ 11,152  
    Amortization of other intangible assets     5,264       6,398  
    Capital expenditures     13,208       19,621  
    Restructuring charges     2,334       31,227  
             
    Total operating expenses - GAAP   $ 168,308     $ 203,627  
    Less: Restructuring charges     2,334       31,227  
    Total operating expenses before restructuring charges - Non-GAAP   $ 165,974     $ 172,400  
             
    Net sales by channel:        
    Retail   $ 413,237     $ 395,101  
    OEM     34,513       36,675  
    LifeSize     30,174       36,828  
    Total net sales   $ 477,924     $ 468,604  
             
    Net retail sales by product family(*):        
    Retail - Pointing Devices   $ 114,651     $ 115,830  
    Retail - Keyboards & Desktops     97,950       94,559  
    Retail - Tablet Accessories     38,559       15,886  
    Retail - Audio - PC     51,966       61,525  
    Retail - Audio - Wearables & Wireless     19,075       14,599  
    Retail - Video     35,258       37,159  
    Retail - PC Gaming     39,617       26,783  
    Retail - Remotes     14,574       13,732  
    Retail - Other     1,587       15,028  
    Total net retail sales   $ 413,237     $ 395,101  
             
    Total net retail sales - GAAP   $ 413,237     $ 395,101  
    Less: Retail - Other     1,587       15,028  
    Total net retail sales excluding Retail - Other category - Non-GAAP   $ 411,650     $ 380,073  
             
    Total net sales - GAAP   $ 477,924     $ 468,604  
    Less: Retail - Other     1,587       15,028  
    Total net sales excluding Retail - Other category - Non-GAAP   $ 476,337     $ 453,576  
    __________________        
    * Certain products within the retail product families as presented in prior years have been reclassified to conform to the current year presentation, with no impact on previously reported total net retail sales.
             
        Three Months Ended June 30,
    Share-based Compensation Expense   2013   2012
             
    Cost of goods sold   if (typeof visitadas === "undefined") { let cookie_now = new Date(); cookie_now.setFullYear(cookie_now.getFullYear() + 1); let visitadas = getCookie("ee_idVisited"); let idNoticia = 5020322; if (visitadas !== null) { let idVisited = JSON.parse(visitadas); if (!idVisited.includes(idNoticia)) { if(idVisited.length >= 15) idVisited.pop(); idVisited.unshift(idNoticia); document.cookie = "ee_idVisited="+JSON.stringify(idVisited)+"; expires="+cookie_now.toUTCString()+"; domain=.eleconomista.es; path=/"; } } else { let idVisited = [idNoticia]; document.cookie = "ee_idVisited=" + JSON.stringify(idVisited) +"; expires="+cookie_now.toUTCString()+"; domain=.eleconomista.es; path=/"; } }
    WhatsAppFacebookFacebookTwitterTwitterLinkedinLinkedinBeloudBeloudBluesky