General Assembly Appoints Gary Bengier and Michael Moone to Board of Directors; Company Re-iterates Guidance for FY03
Romanel-sur-Morges, Switzerland/Fremont, CA - June 27, 2002 -- Logitech (NASDAQ:LOGI) (Switzerland: LOGN, LOGZ) today announced that the Company's shareholders attending its Annual General Meeting on June 27, 2002, have named two new directors to the Company's Board of Directors: Gary F. Bengier, a former Senior Vice President of eBay Inc., and Michael J. Moone, President and Chief Executive Officer of Alloptic Inc.
Gary F. Bengier has many years experience in the technology industry. Most recently, he served as Senior Vice President, Strategic Planning and Development of eBay Inc., and prior to that as eBay's Vice President and Chief Financial Officer. Mr. Bengier holds a B.B.A. degree in Computer Science and Operations Research from Kent State University and an M.B.A. degree from the Harvard Business School.
Michael J. Moone is the President and Chief Executive Officer and a member of the Board of Directors of Alloptic, Inc. He also serves as Vice Chairman of Pico Communications. Mr. Moone has held senior executive roles in several multi-national companies including as a Vice President of Cisco Systems, Inc. Mr. Moone holds a BA from Xavier University.
The Company re-iterated its guidance for the whole of the current financial year, which runs to March 31, 2003. According to Guerrino De Luca, president and chief executive officer, Logitech expects a revenue growth of 16%, with operating income growth of 23%, for the full fiscal year.
About Logitech: Founded in 1981, Logitech designs, manufactures and markets personal interface products that provide people with easy access to the digital world. The Company's product family includes Internet video cameras, mice and trackballs, keyboards, audio and telephony products, interactive gaming devices and 3D controllers.
With operational 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 in Switzerland on the Swiss Stock Exchange (LOGN and LOGZ) 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 statements regarding estimated revenue and operating income for the full FY2003. 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, the successful distribution of our products to customers, 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 dated June 11, 2002, and subsequent filings available from the SEC, online from the Edgar database, or upon request from Logitech
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