Company to reiterate goals for current fiscal year of 11 percent growth in revenue and 15 percent growth in operating income
Shareholders will be asked to elect Monika Ribar and Shin'ichi Okamoto to board of directors, approve new flexibility for share buyback programs
FREMONT, Calif., June 23, 2004 and ROMANEL-SUR-MORGES, Switzerland, June 24, 2004 -- At its Annual General Meeting for shareholders on Thursday, June 24, 2004 in Lausanne Switzerland, Logitech International (SWX: LOGN) (NASDAQ: LOGI) will review both its financial performance for Fiscal Year 2004 and its growth strategy, as well as highlight directions for continued leadership in innovation. The Company will also reiterate financial goals for the current fiscal year, ending March 31, 2005. In addition, several actions will be put before Logitech's shareholders, including election and re-election of board members and approval of new flexibility in managing share buyback programs.
The review of Logitech's financial performance for FY 2004 -- its sixth year of record revenue and profitability -- will be presented by Kristen Onken, the Company's chief financial officer. Guerrino De Luca, Logitech's president and chief executive officer, will review the Company's long-term growth strategy and highlight Logitech's plans to maintain clear leadership in innovation this year with the introduction of breakthrough products.
Logitech will present Monika Ribar and Shin'ichi Okamoto for election to the board of directors. Ms. Ribar is the chief information officer of Panalpina Management Ltd., a Swiss freight forwarding and logistics services provider with worldwide operations. Mr. Okamoto is the former chief technology officer of Sony Computer Entertainment Inc.
Daniel Borel, Logitech's chairman, and Guerrino De Luca, will be presented to the shareholders for re-election to the board of directors.
To provide the Company with greater flexibility in managing share buyback programs under Swiss law, Logitech will request that its shareholders authorize the Company to repurchase more than 10 percent of its own shares, with the expectation that the repurchased shares exceeding the 10 percent ownership threshold would be cancelled, with shareholder approval, or used for other purposes.
The Company will reiterate goals for Fiscal Year 2005, of 11 percent growth in revenue and 15 percent growth in operating income, compared with last year. The revenue goal reflects the acquisition of Intrigue Technologies in May 2004.
About Logitech
Founded in 1981, Logitech designs, manufactures and markets personal peripherals that enable people to effectively work, play, and communicate in the digital world. With corporate 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 on the Swiss Stock Exchange (LOGN) 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, including the statements regarding Logitech's revenue and operating income goals for Fiscal Year 2005 and product plans. These forward-looking statements involve risks and uncertainties that could cause Logitech's actual performance to differ materially from that anticipated in these forward-looking statements. Factors that could cause actual results to differ materially include the timing of new product introductions by Logitech and its competitors and their acceptance by the market, the sales mix of our higher and lower margin retail and OEM products, our ability to match production to demand and to coordinate the worldwide manufacturing and distribution of our products in a timely and cost-effective manner, general economic and political conditions, the effect of fluctuations in exchange rates, as well as generally those additional factors set forth in our Annual Report on Form 20-F for the fiscal year ended March 31, 2004, and subsequent filings, available from the SEC's Edgar database at www.sec.gov and upon request from Logitech by calling (510) 713-4220. Logitech does not undertake to update any forward-looking statements.
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Logitech, the Logitech logo and other Logitech marks are owned by Logitech and may be registered. 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.