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Third Quarter Sales Up 18% at $352 million Operating Income Up 20% at $51 million |
| ROMANEL, Switzerland and
FREMONT, Calif.--(BUSINESS WIRE)-- Jan. 21, 2003-- Net Income Up 22% at $40 million Logitech (Nasdaq:LOGI; Switzerland:LOGN) has posted its best quarter yet, with strong holiday sales across both traditional and new product categories. Revenue for the quarter ended December 31, 2002 reached $351.8 million, an increase of 18 percent over the same quarter last year. Operating income was $50.8 million, an increase of 20 percent over the same quarter of the previous year. Net income of $40.4 million ($0.80 per share) was 22 percent higher year over year. Gross margin was 33.3 percent, compared with 34.7 percent for the same quarter last year. Retail sales increased by 15 percent over the same quarter last year and represented 85 percent of total revenue for the quarter. OEM sales grew by 37 percent year over year, as the Company continued to expand its OEM offerings. "We are extremely pleased with our continued ability to meet challenges and show significant growth during this prolonged period of difficulty for the high-tech industry and weaker consumer spending, " said Guerrino De Luca, president and chief executive officer. "Our third-quarter results reflect both a solid foundation and the ability to innovate within our core product lines, as well as our increasing success in markets we have entered more recently, such as PC speakers and gaming consoles. We believe this speaks to the soundness of our strategy of expanding our PC-based product portfolio while at the same time introducing personal interface products that address alternate computing platforms." Third quarter highlights included:
"During calendar year 2002, we passed the $1 billion mark in sales for the first time in Logitech's history," added Mr. De Luca. "In acknowledging this milestone, we are optimistic that our product portfolio, our geographic presence and the skills and dedication of our employees will allow us to maintain double-digit growth and sustained profitability." For the current quarter ending March 31, 2003, the Company expects revenue to range between $285 million and $290 million and operating income to reach approximately $32 million. Reaching these targets would lead the Company to exceed its revenue and operating income goals for the full fiscal year 2003 of $1.07 billion and $120 million respectively. Logitech provided a preliminary target for the coming fiscal year 2004, ending March 31, 2004, of revenue growth in the order of 10 percent and operating income growth in the order of 15 percent over the current fiscal year. There will be an earnings teleconference today at 9:00 a.m. Pacific Time/12:00 p.m. Eastern Time/18:00 Central European Time to discuss these results as well as guidance regarding revenues and operating income for both the fourth quarter and year ending March 31, 2003, and the full fiscal year ending March 31, 2004. In addition, a live webcast of the teleconference will be accessible at http://www.logitech.com. A replay of this teleconference will be made available through February 7, 2003 on the Logitech web site. Please visit the web site at least 10 minutes early to register for the teleconference webcast. About Logitech: Founded in 1981, Logitech designs, manufactures and markets personal interface products that enable people to effectively work, play, and communicate in the digital world. With corporate headquarters through its U.S. subsidiary in Fremont, California, and regional headquarters through local subsidiaries in Switzerland, Taiwan and Hong Kong, Logitech International is a Swiss public company traded in Switzerland on the Swiss Stock Exchange (LOGN) and in the U.S. on the Nasdaq National Market System (LOGI). The company has manufacturing facilities in Asia and offices in major cities in North America, Europe and Asia Pacific. This press release contains forward-looking statements with respect to future results, including the statements regarding Logitech's continued ability to show significant growth, increasing success in recently entered markets, the maintenance of double-digit growth and sustained profitability, and revenue and operating income growth for the quarter and full fiscal year ending March 31, 2003 and for the full fiscal year ending March 31, 2004. These forward-looking statements involve risks and uncertainties. The Company's actual performance could differ materially from that anticipated in these forward-looking statements as a result of certain factors, including the timing of new product introductions by the Company and its competitors and their acceptance by the market, timely availability and pricing of products and components, the successful distribution of our products to customers, price protection charges and product returns from customers, the impact of competition on the Company's average selling prices and operating expenses, inventory management and exposures, the outcome of ongoing intellectual property disputes, technological changes and their acceptance by the market, fluctuations in exchange rates, general economic conditions, as well as generally those additional factors set forth in the Company's Annual Report on Form 20-F dated June 11, 2002, and subsequent filings available from the SEC, online from the Edgar database at www.sec.gov, or upon request from Logitech by calling 510/713-4220. Logitech does not undertake to update any forward-looking statements All trademarks are the property of their respective owners. For more information on Logitech and its products, visit the Company's website at www.logitech.com.
LOGITECH INTERNATIONAL S.A.
(In thousands of U.S. dollars, except share and per share / ADS)
-- Unaudited
Quarter Ended December 31
CONSOLIDATED STATEMENTS OF INCOME 2002 2001
Net sales $ 351,756 $ 299,067
Cost of goods sold 234,744 195,237
------------ ------------
Gross profit 117,012 103,830
------------ ------------
% of net sales 33.3% 34.7%
Operating expenses:
Marketing and selling 41,271 39,187
Research and development 14,220 12,353
General and administration 10,750 10,036
------------ ------------
Total operating expenses 66,241 61,576
------------ ------------
Operating income 50,771 42,254
Interest expense, net (239) (553)
Other income (expense), net 8 (236)
------------ ------------
Income before income taxes 50,540 41,465
Provision for income taxes 10,108 8,292
------------ ------------
Net income $ 40,432 $ 33,173
============ ============
Shares used to compute
net income per share and ADS:
Basic 46,045,955 44,782,059
Diluted 51,168,419 51,291,165
Net income per share and ADS:
Basic $ 0.88 $ 0.74
Diluted $ 0.80 $ 0.66
LOGITECH INTERNATIONAL S.A.
(In thousands of U.S. dollars, except share and per share / ADS)
-- Unaudited
Nine Months Ended December 31
CONSOLIDATED STATEMENTS OF INCOME 2002 2001
Net sales $ 798,584 $ 687,591
Cost of goods sold 529,327 459,523
------------ ------------
Gross profit 269,257 228,068
------------ ------------
% of net sales 33.7% 33.2%
Operating expenses :
Marketing and selling 107,485 97,911
Research and development 40,853 33,899
General and administration 31,862 27,127
------------ ------------
Total operating expenses 180,200 158,937
------------ ------------
Operating income 89,057 69,131
Interest expense, net (508) (1,790)
Other income (expense), net 1,716 (549)
------------ ------------
Income before income taxes 90,265 66,792
Provision for income taxes 18,044 13,359
------------ ------------
Net income $ 72,221 $ 53,433
============ ============
Shares used to compute net
income per share and ADS:
Basic 46,081,614 44,558,939
Diluted 51,795,923 50,358,990
Net income per share and ADS:
Basic $ 1.57 $ 1.20
Diluted $ 1.43 $ 1.09
LOGITECH INTERNATIONAL S.A.
(In thousands of U.S. dollars) - Unaudited
CONSOLIDATED BALANCE SHEETS Dec. 31, March 31, Dec. 31,
2002 2002 2001
Current assets
Cash and cash equivalents $169,499 $143,101 $ 85,389
Accounts receivable 239,417 171,103 205,913
Inventories 140,636 85,124 109,244
Other current assets 38,344 33,486 37,463
-------- -------- --------
Total current assets 587,896 432,814 438,009
Investments 1,434 8,713 11,013
Property, plant and equipment 39,861 32,086 33,451
Intangible assets
Goodwill 108,615 102,017 95,197
Other intangible assets 18,679 15,358 16,199
Other assets 12,940 4,756 17,682
-------- -------- --------
Total assets $769,425 $595,744 $611,551
======== ======== ========
Current liabilities
Short-term debt $ 10,161 $ 5,527 $ 5,850
Accounts payable 164,103 88,268 123,377
Accrued liabilities 108,779 73,309 75,434
-------- -------- --------
Total current liabilities 283,043 167,104 204,661
Long term debt 127,031 104,812 104,518
Other liabilities 3,540 811 6,288
-------- -------- --------
Total liabilities 413,614 272,727 315,467
Shareholders' equity 355,811 323,017 296,084
-------- -------- --------
Total liabilities
and shareholders' equity $769,425 $595,744 $611,551
======== ======== ========
LOGITECH INTERNATIONAL S.A.
(In thousands of U.S. dollars) - Unaudited
SUPPLEMENTAL FINANCIAL AND OTHER INFORMATION
Quarter Ended Nine months Ended
Dec. 31 Dec. 31
2002 2001 2002 2001
Depreciation $ 8,273 $ 6,665 $ 20,162 $ 21,417
Amortization of other
acquisition-related
intangibles 1,261 890 3,791 2,745
Operating income 50,771 42,254 89,057 69,131
Operating income before
depreciation
and amortization 60,305 49,809 113,010 93,293
Capital expenditures 9,019 3,462 24,493 16,635
Contact: Logitech
Joe Greenhalgh, 510/713-4220 (USA)
Kristen Onken, 510/713-4660 (USA)
Garreth Hayes, +41 (0) 21.863.5111 (Europe)
Source: Logitech Today's News On The Net |
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