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Tops the Billion-Dollar Mark |
ROMANEL, Switzerland and
FREMONT, Calif.--(BUSINESS WIRE)--April 23, 2003--Logitech International
(SWX:LOGN)(Nasdaq:LOGI)
Logitech International (SWX:LOGN)(Nasdaq:LOGI) has completed a fifth consecutive year of record sales and record profitability. For Q4 2003, which ended on March 31, 2003, the Company posted sales of $302 million, an 18 percent growth over sales of $256 million for the same quarter last year. Operating income of $34.8 million was 24 percent greater than the same quarter in the previous year. Net income reached $26.6 million ($0.54 per share/ADS), compared with $21.5 million ($0.42 per share/ADS) for Q4 FY02. Gross margin was 31.6 percent, compared with 34.2 percent for the same quarter last year. For the full fiscal year, Logitech topped the billion-dollar mark, posting $1.1 billion in revenue, a 17 percent growth over fiscal 2002. Operating income at $124 million was 27 percent higher than $97 million for the prior year, while net income at $99 million ($1.97 per share/ADS) grew by 32 percent over last year's net income of $75 million ($1.50 per share/ADS). Gross margin was 33.1 percent, compared with 33.4 percent for fiscal 2002. The Company's retail business continued to thrive, increasing by 16 percent for the quarter and 15 percent for the entire year. The OEM business delivered even stronger performance, growing by 26 percent during the fourth quarter and 23 percent for the full year, as the Company continued to increase the products it offers its traditional PC customers, as well as to broaden its presence in the console industry. "We are very pleased with these strong results during a difficult period for the technology industry," said Guerrino De Luca, president and chief executive officer. "Despite a generally sluggish market characterized by weakening consumer confidence, Logitech has consistently been able to sustain growth through the launch of innovative products and effective cost management. "In these challenging times, we must fight every day to introduce an ongoing stream of powerful, attractively priced offerings across all categories. While this is never easy, these results give us continued reason for confidence in our ability to grow further." Highlights for Fiscal 2003 include:
Logitech indicated that it expects sales for the current fiscal year ending March 31, 2004, to reach approximately $1.21 billion. Operating income for the year is expected to reach approximately $142 million. Gross margin for the full year should be approximately 33 percent. As the Company expects its operating income to continue to grow at a faster pace than its revenue in the foreseeable future, it set an upgraded three-year target for its operating and net profit margins, to reach 12 and 10 percent respectively. For the current quarter, ending June 30, 2003, the Company expects sales of between $215 and $220 million, a growth of approximately 11 to 13 percent, and operating income of slightly better than $14 million, a growth of approximately 15 percent. Gross margin for the quarter is expected to be around 32 percent. There will be an investor and analyst meeting held today in Zurich at 10:00 Central European Time/4:00 A.M. Eastern Time to discuss financial results for the fiscal fourth quarter and year-end as well as guidance regarding revenues and operating income for the quarter ending June 30, 2003 and the full fiscal year ending March 31, 2004. A live webcast of the meeting will be available at www.logitech.com. A replay of this webcast will be made available through May 2 on the Logitech corporate website. There will also be an earnings teleconference at 16:00 Central European Time/10:00 A.M. Eastern Time today to discuss these results as well as revenue and operating income guidance for the quarter ending June 30, 2003 and the full fiscal year ending March 31, 2004. In addition, a live webcast of the teleconference can be accessed at www.logitech.com. A replay of this teleconference will be made available on the Logitech corporate web site. 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 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 ability to continue to grow its business, expected revenue, operating income and gross margins for the quarter ending June 30, 2004 and the full fiscal year ending March 31, 2004, the relative rate of growth of operating income compared to revenue and Logitech's 3-year targets for net and operating profit margins. These forward-looking statements involve risks and uncertainties. Logitech's actual performance could differ materially from that anticipated in these forward-looking statements as a result of certain factors, including fluctuations in our quarterly results, general economic and political conditions, the timing of new product introductions by the Company and its competitors and their acceptance by the market, continued financial stability of our distributors, retailers and OEM customers, our ability to match production to demand and coordinate the worldwide manufacturing and distribution of our products in a timely and cost-effective manner, timely availability and pricing of products and components, price protection charges and product returns from customers, the impact of competition on the Company's average selling prices and operating expenses, fluctuations in exchange rates, as well as generally those additional factors set forth in our Annual Report on Form 20-F dated June 11, 2002, and subsequent filings, available from the SEC's Edgar database at www.sec.gov and upon request from Logitech by calling (510) 713-4220. Logitech does not undertake to update any forward-looking statements. Note to Editors: All 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. -0- LOGITECH INTERNATIONAL S.A.
(In thousands of U.S. dollars,
except share and per share/ADS) -- Unaudited
Quarter Ended March 31
----------------------
CONSOLIDATED STATEMENTS OF INCOME 2003 2002
---------- ----------
Net sales $301,704 $255,954
Cost of goods sold 206,457 168,474
---------- ----------
Gross profit 95,247 87,480
---------- ----------
% of net sales 31.6% 34.2%
Operating expenses:
Marketing and selling 33,709 32,149
Research and development 15,342 16,633
General and administration 11,371 10,611
---------- ----------
Total operating expenses 60,422 59,393
---------- ----------
Operating income 34,825 28,087
Interest expense, net (688) (165)
Other expense, net (850) (1,019)
---------- ----------
Income before income taxes 33,287 26,903
Provision for income taxes 6,665 5,381
---------- ----------
Net income $26,622 $21,522
========== ==========
Shares used to compute net income per share
and ADS:
Basic 45,721,086 45,510,554
Diluted 50,606,524 52,421,840
Net income per share and ADS:
Basic $0.58 $0.47
Diluted $0.54 $0.42
LOGITECH INTERNATIONAL S.A.
(In thousands of U.S. dollars, except share and per share/ADS)
-- Unaudited
Year Ended March 31
----------------------
CONSOLIDATED STATEMENTS OF INCOME 2003 2002
---------- ----------
Net sales $1,100,288 $943,546
Cost of goods sold 735,784 627,998
---------- ----------
Gross profit 364,504 315,548
---------- ----------
% of net sales 33.1% 33.4%
Operating expenses:
Marketing and selling 141,194 130,060
Research and development 56,195 50,531
General and administration 43,233 37,739
---------- ----------
Total operating expenses 240,622 218,330
---------- ----------
Operating income 123,882 97,218
Interest expense, net (1,196) (1,956)
Other income (expense), net 866 (1,567)
---------- ----------
Income before income taxes 123,552 93,695
Provision for income taxes 24,709 18,739
---------- ----------
Net income $98,843 $74,956
========== ==========
Shares used to compute net income per share
and ADS:
Basic 45,988,766 44,928,853
Diluted 51,409,464 50,939,060
Net income per share and ADS:
Basic $2.15 $1.67
Diluted $1.97 $1.50
LOGITECH INTERNATIONAL S.A.
(In thousands of U.S. dollars) -- Unaudited
CONSOLIDATED BALANCE SHEETS March March March
31, 2003 31, 2002 31, 2001
-------- -------- --------
Current assets
Cash and cash equivalents $218,734 $143,101 $44,142
Accounts receivable 181,644 171,103 144,781
Inventories 124,123 85,124 111,612
Other current assets 38,762 33,486 29,558
-------- -------- --------
Total current assets 563,263 432,814 330,093
Investments 1,458 8,713 16,649
Property, plant and equipment 38,914 32,086 38,160
Intangible assets
Goodwill 108,615 102,017 95,197
Other intangible assets 17,523 15,358 18,726
Other assets 8,529 4,756 6,291
-------- -------- --------
Total assets $738,302 $595,744 $505,116
======== ======== ========
Current liabilities
Short-term debt $10,102 $5,527 $62,986
Accounts payable 129,326 88,268 91,267
Accrued liabilities 98,134 73,309 59,054
-------- -------- --------
Total current liabilities 237,562 167,104 213,307
Long term debt 131,615 104,812 26,908
Other liabilities 3,563 811 8,847
-------- -------- --------
Total liabilities 372,740 272,727 249,062
Shareholders' equity 365,562 323,017 256,054
-------- -------- --------
Total liabilities and shareholders'
equity $738,302 $595,744 $505,116
======== ======== ========
LOGITECH INTERNATIONAL S.A.
(In thousands of U.S. dollars) -- Unaudited
SUPPLEMENTAL FINANCIAL AND OTHER INFORMATION
Quarter Ended Year Ended
March 31 March 31
--------------- ---------------
2003 2002 2003 2002
------- ------- ------- -------
Depreciation $5,360 $6,675 $25,522 $28,092
Amortization of other acquisition-
related intangibles 1,256 933 5,047 3,678
Operating income 34,825 28,087 123,882 97,218
Operating income before
depreciation and amortization 41,441 35,695 154,451 128,988
Capital expenditures 4,164 5,306 28,657 21,941
Contact: Logitech International
Joe Greenhalgh, 510/713-4220
Director, Investor Relations -- USA
Kristen Onken, 510/713-4660
Sr. Vice President & Chief Financial Officer -- USA
Garreth Hayes, +41 (0) 21-863-5111
Public Relations Manager -- Europe
Betty Skov, 510/713-4463
PR Director -- USA
Source: Logitech International |
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