|[March 06, 2014]
Logitech Confirms High End of FY 2014 Financial Outlook, Raises FY 2015 Outlook, Introduces Long-Term Financial Model
NEW YORK & LAUSANNE, Switzerland --(Business Wire)--
Prior to a meeting today with financial analysts and investors in New
York City, Logitech (News - Alert) International (SIX: LOGN)(Nasdaq: LOGI) announced:
Full-year FY 2014 financial performance at the high end of the outlook
provided in January 2014: $2.1 billion in sales and $125 million in
non-GAAP operating income.
Full-year financial outlook for FY 2015 of $2.16 billion in sales and
$145 million in non-GAAP operating income, raised from the FY 2015
outlook provided in May 2013.
Long-term financial model that includes an annual non-GAAP operating
profit margin greater than 10%.
A $250 million share buyback program, subject to the approval of the
Swiss Takeover Board.
"We're very confident that we are on the right track with our turnaround
strategy," said Bracken Darrell, Logitech president and chief executive
officer. "Consumers are showing their approval of our renewed emphasis
on product design. We're building momentum in our growth categories and
we're becoming a faster and more profitable Logitech."
The Company's Analyst and Investor Day will be held today at 9:00 a.m.
Eastern Standard Time and 15:00 Central European Time. A live webcast
and replay of the meeting will be available on the Logitech corporate
Web site at http://ir.logitech.com.
Use of Non-GAAP Financial Information
To facilitate comparisons to Logitech's historical results, Logitech has
included non-GAAP adjusted measures, which exclude primarily share-based
compensation expense, amortization of other intangible assets,
restructuring charges (credits), other restructuring-related charges,
and investment impairment (recovery). Most of these excluded amounts
pertain to events that have not yet occurrd and are not currently
possible to estimate with a reasonable degree of accuracy. Therefore, no
reconciliation to GAAP amounts has been provided. Nevertheless, Logitech
believes this information will help investors to evaluate its current
period performance, outlook and trends in its business.
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
This press release contains forward-looking statements within the
meaning of the federal securities laws, including, without limitation,
statements regarding: the Company's turnaround, momentum in the
Company's growth categories and profitability, as well as Fiscal Year
2014 financial performance, sales and operating income, Fiscal Year 2015
sales and operating income, and long-term operating profit 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 Quarterly Report on Form 10-Q for the fiscal
quarter ended December 31, 2013 and our Amended Annual Report on Form
10-K/A 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.
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