Logitech Plans To Restate Prior Financial Statements
(dpa-AFX International Compact Via Acquire Media NewsEdge) ROMANEL-SUR-MORGES (dpa-AFX) - Logitech International (LOGI) announced its previously issued financial statements for fiscal years 2011 and 2012 and the first quarter of fiscal year 2012 can no longer be relied, due to an accounting misstatement for inventory valuation reserves for its discontinued Revue product.
The company will restate these financial statements as part of its fiscal year 2014 10-K filing. The company said it has discussed the matter relating to the restatement with its independent registered public accounting firm, PricewaterhouseCoopers LLP.
The restatement will reflect an increase in the provision for inventory reserves during the fourth quarter of fiscal year 2011 related to the Revue product, and a corresponding decrease in the provision for inventory reserves for the same amount in the first quarter of fiscal year 2012. This shift will cause a decrease in operating income in fiscal year 2011 and a corresponding increase in operating income for the same amount in fiscal year 2012.
Logitech specified that the restatement is not expected to materially impact fiscal years 2013 or 2014 and no impact on cash and cash equivalent balances.
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