General Assembly Appoints Ronald Croen and Peter Pfluger to Board of Directors; Company Re-Iterates Guidance for Current Quarter and FY02
Romanel-sur-Morges, Switzerland/Fremont, CA -- June 28, 2001 -- Logitech (NASDAQ:LOGIY) (Switzerland: LOGN, LOGZ) today announced that the Company's shareholders attending its Annual General Meeting on June 28, 2001, have approved a resolution authorizing a 10 for 1 stock split of its registered shares. The stock split will be effective on August 2, 2001. Each American Depositary Share will remain unchanged. The current ratio of ten American Depositary Shares to one registered share will change to a new ratio of one American Depositary Share to one registered share. The price of the company's registered shares traded on the SWX Swiss Exchange will adjust on the effective date of the split.
Also at the Annual General Meeting, Logitech shareholders named two new directors to the Company's Board of Directors: Ronald Croen, president and chief executive officer of Nuance Communication, and Peter Pfluger, chief executive officer of Phonak Hearing Systems.
The Company re-iterated its guidance for the current quarter and the whole of FY02. According to Guerrino De Luca, president and chief executive officer, Logitech expects a revenue growth of 20 to 25% in the current quarter and approximately 25% for the full fiscal year, with operating income growing 45% (excluding the impact of a $1.1M goodwill amortization expense) and 40 to 45% respectively.
About Logitech:
Founded in 1981, Logitech designs, manufactures and markets human interface devices and software that link people to digital information and the Internet and enable them to work, play, learn and communicate more effectively in the digital world. The Company's product family includes Internet video cameras; mice, trackballs and keyboards; PC audio and telephony products; and interactive gaming controllers.
With operational headquarters through its U.S. subsidiary in Fremont, California, and regional headquarters through local subsidiaries in Romanel, Switzerland, and Hsinchu, Taiwan, R.O.C., Logitech International is a Swiss public company traded in Switzerland under the symbols LOGN and LOGZ, and in the U.S. on the Nasdaq National Market System (LOGIY). 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 , including statements regarding our expected sales and operating income for fiscal 2002 and the potential for continuing growth of the Company. 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, 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 filed on May 31, 2001, available from the SEC's Edgar database at http://www.sec.gov and upon request from Logitech by calling (510) 713-4220.
The revenue and operating income targets discussed in the press release constitute Logitech's goals as of the date of the release and are based on current conditions. Logitech undertakes no obligation to update these targets in any way or for any reason.
For more information about Logitech and its products, visit the Company's web site at www.logitech.com.
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