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Logitech Announces Third Quarter Results for FY 2013

Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the third quarter of Fiscal Year 2013.

Sales for Q3 FY 2013 were $615 million, down 14 percent from $715 million in Q3 FY 2012, with no material impact from exchange rates. The company posted an operating loss of $180 million, which included a non-cash goodwill impairment charge, estimated to be $211 million, announced on January 22, 2013. Net loss for Q3 FY 2013 was $195 million ($1.24 per share) compared to net income of $55 million ($0.32 per share) in Q3 FY 2012. Gross margin for the quarter was 34.2 percent, compared to 36.2 percent in the same quarter one year ago. Excluding the aforementioned Q3 FY 2013 impairment charge, Q3 FY 2013 non-GAAP operating income would have been $31 million and non-GAAP net income would have been $16 million.

Logitech’s retail sales for Q3 FY 2013 decreased by 14 percent year over year, down 8 percent in the Americas, 11 percent in Asia and 20 percent in EMEA. Year over year, OEM sales decreased by 23 percent and sales for the LifeSize division decreased by 4 percent.

“As we articulated when we started the third quarter, continued weakness in the global PC market was the primary factor in our disappointing Q3 results,” said Bracken P. Darrell, Logitech president and chief executive officer. “These results are unacceptable and we are taking decisive action as an outcome of my strategic review. I was pleased with the continued strong demand for our Ultrathin Keyboard Cover in Q3. We plan to expand our presence in the growing tablet accessories category with the launch of a number of exciting new products later this quarter.

“We are taking immediate actions to shape a faster and more profitable Logitech,” continued Mr. Darrell. “We are developing more mobility-related products, leveraging the powerful growth of tablets and smartphones. We intend to sustain our leadership in PC platform-related products where we have engineering, distribution and scale advantages. Our goal with PC-platform products is to maximize profitability, while investing selectively in growing categories. We have also identified a number of product categories that no longer fit with our current strategic direction. As a result, we have initiated the process to divest our remote controls and digital video security categories, and we plan to discontinue other non-strategic products, such as speaker docks and console gaming peripherals, by the end of Calendar Year 2013.”

Mr. Darrell concluded, “As we execute our plans over the coming quarters, we will reduce costs significantly across the company beyond the $80M annual cost savings (FY 2014 over FY 2012) resulting from the restructuring we announced last April. My goal is to get Logitech back to sustained profitability as quickly as possible. This requires unwavering focus on developing great products both for large and for fast-growing markets, removing unnecessary costs and a commitment to move at least as fast as the markets in which we participate.”

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 Q3 FY 2013 on Thursday, Jan. 24, 2013 at 8:30 a.m. Eastern Standard Time and 14:30 Central European 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: demand for our products, expansion of our presence and growth in the tablet and smartphones accessories category, new product launches, our plans to divest or discontinue non-strategic products, our focus, and our ability to be faster and more profitable, to achieve sustained profitability, to sustain our leadership and advantages in PC platform-related products, and to reduce costs. 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; if our products and marketing strategies fail to separate our products from competitors’ products; if the restructuring fails to produce the intended performance and cost savings results or is not implemented in the contemplated timeframe. 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 Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2012, 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 December 31,
CONSOLIDATED STATEMENTS OF OPERATIONS   2012   2011
 
Net sales $ 614,500 $ 714,596
Cost of goods sold   404,402     455,922  
Gross profit   210,098     258,674  
% of net sales 34.2 % 36.2 %
 
Operating expenses:
Marketing and selling 112,698 116,313
Research and development 40,393 41,911
General and administrative 26,382 30,673
Goodwill impairment 211,000 -
Restructuring charges (credits), net   (358 )   -  
Total operating expenses   390,115     188,897  
 
Operating income (loss) (180,017 ) 69,777
 
Interest income, net 114 917
Other income (expense), net   (3,670 )   6,713  
 
Income (loss) before income taxes (183,573 ) 77,407
Provision for income taxes   11,370     22,074  
 
Net income (loss) $ (194,943 ) $ 55,333  
 
Shares used to compute net income (loss) per share:
Basic 157,706 173,003
Diluted 157,706 173,656
Net income (loss) per share:
Basic $ (1.24 ) $ 0.32
Diluted $ (1.24 ) $ 0.32
 
 
LOGITECH INTERNATIONAL S.A.
   
(In thousands, except per share amounts) - Unaudited
 
 
Nine Months Ended December 31,
CONSOLIDATED STATEMENTS OF OPERATIONS   2012   2011
 
Net sales $ 1,630,797 $ 1,784,241
Cost of goods sold   1,080,452     1,201,539  
Gross profit   550,345     582,702  
% of net sales 33.7 % 32.7 %
 
Operating expenses:
Marketing and selling 324,117 323,552
Research and development 117,340 121,383
General and administrative 84,842 89,527
Goodwill impairment 211,000 -
Restructuring charges   28,198     -  
Total operating expenses   765,497     534,462  
 
Operating income (loss) (215,152 ) 48,240
 
Interest income, net 651 2,208
Other income (expense), net   (4,338 )   10,141  
 
Income (loss) before income taxes (218,839 ) 60,589
Provision for (benefit from) income taxes   (26,616 )   17,417  
 
Net income (loss) $ (192,223 ) $ 43,172  
 
Shares used to compute net income (loss) per share:
Basic 158,383 176,414
Diluted 158,383 177,201
Net income (loss) per share:
Basic $ (1.21 ) $ 0.24
Diluted $ (1.21 ) $ 0.24
 
 
LOGITECH INTERNATIONAL S.A.
         
(In thousands)
 
 
CONSOLIDATED BALANCE SHEETS   December 31, 2012     March 31, 2012     December 31, 2011
(Unaudited) (Unaudited) (Unaudited)
Current assets
Cash and cash equivalents $ 321,999 $ 478,370 $ 523,333
Accounts receivable 264,589 223,104 318,678
Inventories 277,477 297,072 295,749
Other current assets 59,808 65,990 73,498
Assets held for sale   17,697   -   -
Total current assets 941,570 1,064,536 1,211,258
Non-Current assets
Property, plant and equipment 89,128 94,884 78,055
Goodwill 345,313 560,523 560,106
Other intangible assets 35,033 53,518 59,743
Other assets   78,021   83,033   81,524
Total assets $ 1,489,065 $ 1,856,494 $ 1,990,686
 
Current liabilities
Accounts payable $ 339,283 $ 301,111 $ 377,132
Accrued liabilities 204,528 186,680 213,092
Liabilities held for sale   2,020   -   -
Total current liabilities 545,831 487,791 590,224
Non-current liabilities   186,663   218,462   195,956
Total liabilities 732,494 706,253 786,180
 
Shareholders' equity 756,571 1,150,241 1,204,506
     
Total liabilities and shareholders' equity $ 1,489,065 $ 1,856,494 $ 1,990,686
 
 
LOGITECH INTERNATIONAL S.A.
   
(In thousands) - Unaudited
 
 
Three Months Ended December 31,
CONSOLIDATED STATEMENTS OF CASH FLOWS   2012 2011
 
Cash flows from operating activities:
Net income (loss) $ (194,943 ) $ 55,333
Non-cash items included in net income (loss):
Depreciation 11,554 10,608
Amortization of other intangible assets 5,657 6,653
Goodwill impairment 211,000 -
Investment impairment 3,600 -
Share-based compensation expense 5,222 6,927
Gain on sale of investments - (6,118 )
Excess tax benefits from share-based compensation (4 ) (3 )
Deferred income taxes and other 13,204 7,556
Changes in assets and liabilities, net of acquisitions:
Accounts receivable 16,962 (26,575 )
Inventories 32,177 23,869
Other assets 5,138 (4,967 )
Accounts payable (29,202 ) 36,885
Accrued liabilities   14,736     42,366  
Net cash provided by operating activities   95,101     152,534  
 
Cash flows from investing activities:
Purchases of property, plant and equipment (9,215 ) (10,496 )
Proceeds from sale of available-for-sale securities - 6,550
Purchases of trading investments (646 ) (1,041 )
Proceeds from sales of trading investments   671     998  
Net cash used in investing activities   (9,190 )   (3,989 )
 
Cash flows from financing activities:
Payment of cash dividends - -
Purchases of treasury shares - -
Proceeds from sale of shares upon exercise of options and purchase rights (165 ) 88
Tax withholdings related to net share settlements of restricted stock units (1,360 ) (705 )
Excess tax benefits from share-based compensation   4     3  
Net cash used in financing activities   (1,521 )   (614 )
 
Effect of exchange rate changes on cash and cash equivalents   576     (4,048 )
Net increase in cash and cash equivalents 84,966 143,883
Cash and cash equivalents at beginning of period   237,033     379,450  
Cash and cash equivalents at end of period $ 321,999   $ 523,333  
 
 
LOGITECH INTERNATIONAL S.A.
   
(In thousands) - Unaudited
 
 
Nine Months Ended December 30,
CONSOLIDATED STATEMENTS OF CASH FLOWS   2012 2011
 
Cash flows from operating activities:
Net income (loss) $ (192,223 ) $ 43,172
Non-cash items included in net income (loss):
Depreciation 33,861 35,201
Amortization of other intangible assets 17,914 20,209
Goodwill impairment 211,000 -
Investment impairment 3,600 -
Inventory valuation adjustment - 34,074
Share-based compensation expense 18,659 23,380
Gain on disposal of property and plant - (4,904 )
Gain on sale of investments (831 ) (6,118 )
Excess tax benefits from share-based compensation (26 ) (33 )
Deferred income taxes and other 9,398 (998 )
Changes in assets and liabilities, net of acquisitions:
Accounts receivable (41,310 ) (63,092 )
Inventories 1,444 (35,720 )
Other assets (2,201 ) (11,853 )
Accounts payable 39,673 81,973
Accrued liabilities   5,238     38,877  
Net cash provided by operating activities   104,196     154,168  
 
Cash flows from investing activities:
Purchases of property, plant and equipment (39,737 ) (31,417 )
Acquisitions, net of cash acquired - (18,814 )
Investment in privately-held company (3,970 ) -
Proceeds from sale of property and plant 4,904
Proceeds from sale of available-for-sale securities 917 6,550
Purchases of trading investments (2,294 ) (5,577 )
Proceeds from sales of trading investments   2,309     5,520  
Net cash used in investing activities   (42,775 )   (38,834 )
 
Cash flows from financing activities:
Payment of cash dividends (133,462 ) -
Purchases of treasury shares (89,955 ) (73,134 )
Proceeds from sale of shares upon exercise of options and purchase rights 8,843 9,852
Tax withholdings related to net share settlements of restricted stock units (1,995 ) (890 )
Excess tax benefits from share-based compensation   26     33  
Net cash used in financing activities   (216,543 )   (64,139 )
 
Effect of exchange rate changes on cash and cash equivalents   (1,249 )   (5,793 )
Net increase (decrease) in cash and cash equivalents (156,371 ) 45,402
Cash and cash equivalents at beginning of period   478,370     477,931  
Cash and cash equivalents at end of period $ 321,999   $ 523,333  
 
 
LOGITECH INTERNATIONAL S.A.
       
(In thousands, except per share amounts) - Unaudited
 
 
Quarter Ended Nine Months Ended
December 31, December 31,
SUPPLEMENTAL FINANCIAL INFORMATION   2012   2011 2012   2011
 
Depreciation $ 11,554 $ 10,608 $ 33,861 $ 35,201
Amortization of other intangible assets 5,657 6,653 17,914 20,209
Goodwill impairment 211,000 - 211,000 -
Operating income (loss) (180,017 ) 69,777 (215,152 ) 48,240
Operating income (loss) before depreciation and amortization (162,806 ) 87,038 (163,377 ) 103,650
Operating income (loss) before goodwill impairment 30,983 69,777 (4,152 ) 48,240
Income (loss) before income taxes (183,573 ) 77,407 (218,839 ) 60,589
Income (loss) before income taxes and goodwill impairment 27,427 77,407 (7,839 ) 60,589
Net income (loss) (194,943 ) 55,333 (192,223 ) 43,172
Net income before goodwill impairment 16,057 55,333 18,777 43,172
Capital expenditures 9,215 10,497 39,737 31,417
 
 
Net sales by channel:
Retail $ 542,388 $ 630,873 $ 1,413,968 $ 1,527,385
OEM 35,300 45,527 108,693 144,966
LifeSize   36,812     38,196   108,136     111,890  
Total net sales $ 614,500   $ 714,596 $ 1,630,797   $ 1,784,241  
-
 
Net retail sales by product family(**):
Retail - Pointing Devices $ 153,921 $ 171,920 $ 392,274 $ 427,031
Retail - Keyboards & Desktops 110,671 117,507 302,299 302,840
Retail - Tablet Accessories 39,398 17,976 89,021 36,565
Retail - Audio - PC 75,366 92,766 214,158 238,932
Retail - Audio - Wearables & Wireless 23,577 23,233 57,284 39,071
Retail - Video 51,664 58,343 138,276 166,370
Retail - PC Gaming 45,111 56,177 118,567 129,839
Retail - Remotes 30,094 39,706 60,260 74,105
Retail - Other   12,586     53,245   41,829     112,632  
Total net retail sales $ 542,388   $ 630,873 $ 1,413,968   $ 1,527,385  
 

__________________

* * 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.
 
Quarter Ended Nine Months Ended
December 31, December 31,
Share-based Compensation Expense (*)   2012 2011 2012 2011
 
Cost of goods sold $ 704 $ 948 $ 2,101 $ 3,058
Marketing and selling 953 2,380 5,377 9,345
Research and development 2,430 1,802 6,018 5,364
General and administrative 1,135 1,797 5,163 5,613
Income tax benefit   (1,043 )   70   (4,090 )   (4,595 )
Total share-based compensation expense after income taxes $ 4,179   $ 6,997 $ 14,569   $ 18,785  
 

__________________

* Share-based compensation expense for the quarter ended December 31, 2012 and nine months ended December 31, 2012 includes a reduction of $0 and $2.2m in expense applicable to employees terminated as a result of the restructuring plan announced in April 2012.

 

Constant dollar sales (sales excluding impact of exchange rate changes) and Non-GAAP operating and net income (excluding the Q3 FY 2013 impairment charge)

 

We refer to our net sales excluding the impact of foreign currency exchange rates as constant dollar sales. We also report non-GAAP operating and net income (loss) in this press release, excluding the Q3 FY 2013 non-cash impairment charge, and non-GAAP operating income (loss) before depreciation and amortization. Constant dollar sales and non-GAAP operating and net income (loss) are non-GAAP financial measures, which are information derived from consolidated financial information but not presented in our financial statements prepared in accordance with U.S. GAAP. Our management uses these non-GAAP measures in its financial and operational decision-making, and believes these non-GAAP measures, when considered in conjunction with the corresponding GAAP measures, facilitate a better understanding of changes in net sales, operating income (loss) and net income(loss). Constant dollar sales are calculated by translating prior period sales in each local currency at the current period's average exchange rate for that currency. Non-GAAP operating income (loss) and non-GAAP net income (loss) before goodwill impairment can be reconciled to GAAP operating income (loss) and GAAP net income (loss), respectively, by adding the amount of the impairment charge.  Non-GAAP operating income (loss) before depreciation and amortization can be reconciled to GAAP operating income (loss) by adding the amounts of depreciation and amortization of other intangible assets.

 

(LOGIIR)

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