Nov 17, 2003 Logitech To Release Tax Valuation Allowance
FREMONT, Calif., Nov. 17, 2003 and ROMANEL-SUR-MORGES, Switzerland, Nov 18, 2003 - Logitech International (Nasdaq: LOGI) (Switzerland: LOGN) today announced that it will release a valuation allowance on specific deferred tax assets that is no longer required. As a result, taxes and net income for the third quarter of Fiscal 2004, ending December 31, 2003, will include a one-time favorable impact of approximately $13 million.

"We monitor the status of our deferred tax assets on a regular basis," said Kristen Onken, Logitech's senior vice president of finance and chief financial officer. "We've concluded that under Statement of Financial Accounting Standards No. 109, the release of the valuation allowance is necessary, primarily as a result of achieving sustained profitability in certain tax jurisdictions."

Separately, the Company also announced that it has reassessed its tax position and expects its effective tax rate to be 15 percent on an ongoing basis. This...
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Oct 21, 2003 Logitech Posts Record Second Quarter Results
Revenue $294 million; Operating Income $27.4 million; EPS $.44 FREMONT, Calif. and ROMANEL-SUR-MORGES, Switzerland - Oct. 21, 2003 - Logitech International (Nasdaq:LOGI) (Switzerland: LOGN) today announced that sales for its second fiscal quarter of 2004, ended September 30, 2003, were $294 million, up 17 percent from $252 million in the same quarter last year. Operating income was $27.4 million, up from $25.7 million last year. Net income for the quarter was $21.2 million ($0.44 per share), up slightly from $21 million ($0.42 per share) in Q2, 2003. Gross margin rebounded in the second quarter to 31.5 percent, compared with 27.8 percent during this year's first fiscal quarter - an improvement of 370 basis points. Q2, 2004 was Logitech's strongest-ever second quarter, with revenue and operating income exceeding its expectations. The strong Q2 revenue results were largely due to robust OEM sales, which were up by 45 percent over Q2 of the prior year. Retail sales of Logitech products...
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Jul 22, 2003 Logitech Reports First Quarter Results
Sales Meet Growth Target; Operating Income, Gross Margin Driven Down in Response to Challenging Retail Environment FREMONT, Calif. and ROMANEL-SUR-MORGES, Switzerland-July 22, 2003-Logitech International (Switzerland: LOGN) (Nasdaq:LOGI) today announced that its sales for the first fiscal quarter of 2004, ended June 30, 2003, were $218 million, up 12 percent over the same quarter last year. Gross margin for the quarter was 27.8 percent, compared with 34 percent last year. Operating income was $7.9 million, down 38 percent compared to the same quarter last year. Net income for the quarter was $5.7 million ($0.12 per share), down 47 percent from a year ago. During the latter part of the first quarter-faced with weaker-than-expected demand and stronger-than-expected competition in some key categories of its retail business-Logitech implemented significant pricing actions, building on the Company's ongoing promotional initiatives. In addition, strong sales in Logitech's OEM business-31...
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Jul 8, 2003 Logitech Reports Preliminary First Quarter Results
Response to Challenging Retail Environment Drives Gross Margin to 27-28 Percent FREMONT, Calif. and ROMANEL-SUR-MORGES, Switzerland - July 8, 2003 - Logitech International (Switzerland: LOGN) (Nasdaq:LOGI) today announced that it expects to generate operating income of $7 million to $8 million for its first fiscal quarter, ended June 30, 2003. Logitech had previously indicated an operating income goal of approximately $14 million for the first quarter. The Company expects to report a gross margin of between 27 percent and 28 percent. Estimated revenues are $218 million, in line with stated targets. This report of estimated results is based on preliminary information. Logitech plans to release its final quarterly financial results for the period ended June 30, 2003 on Tuesday, July 22, 2003. During the latter part of the first quarter, Logitech addressed intensifying competition and a slow market in its retail business with significant pricing actions, building on the Company's ongoing...
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Jun 30, 2003 Logitech Announces Equity Investment in Anoto Group AB
Fremont, Calif./Lund, Sweden - June 30, 2003 - Logitech International (SWX:LOGN) (NASDAQ:LOGI) and Anoto Group AB (SSE:ANOT) today announced that Logitech has agreed to make a $15M equity investment in Anoto Group for approximately 10% of the company, subject to the approval of Anoto shareholders. The investment more firmly establishes the two companies' strategic relationship formed for business and technology development of the Logitech® io? Digital Pen and the digital pen & paper platform. Logitech Senior Vice President David Henry will join the Anoto Group board of directors, subject to Anoto shareholder approval. "The market for the io Digital Pen shows tremendous potential," said Mr. Henry. "Even with all the advances in digital technology, a pen continues to be the preferred input method for a wide range of business processes, especially note-taking and filling out forms. With this technology, we marry the elegance and simplicity of the pen with the speed and convenience of...
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Apr 22, 2003 Logitech Closes Record Q4, Fifth Record Year; Tops the Billion-Dollar Mark
Q4 FY 2003 Revenue $302 Million (up 18%) Operating Income $34.8 Million (up 24%) Net Income $26.6 Million (up 24%) Fiscal Year 2003 Revenue $1.1 Billion (up 17%) Operating Income $124 Million (up 27%) Net Income $99 Million (up 32%) Romanel, Switzerland/Fremont, CA - April 23, 2003 - Logitech International (SWX:LOGN) (NASDAQ:LOGI) has completed a fifth consecutive year of record sales and record profitability. For Q4 2003, which ended on March 31, 2003, the Company posted sales of $302 million, an 18 percent growth over sales of $256 million for the same quarter last year. Operating income of $34.8 million was 24 percent greater than the same quarter in the previous year. Net income reached $26.6 million ($0.54 per share/ADS), compared with $21.5 million ($0.42 per share/ADS) for Q4 FY02. Gross margin was 31.6 percent, compared with 34.2 percent for the same quarter last year. For the full fiscal year, Logitech topped the billion-dollar mark, posting $1.1 billion in revenue, a 17...
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Feb 23, 2003 Logitech Announces Share Repurchase Program
Romanel, Switzerland/Fremont, CA - February 24, 2003 - Logitech International (Switzerland:LOGN) (NASDAQ:LOGI), today announced that its Board of Directors has authorized the repurchase of up to CHF 75 million (approximately $55 million) of the company's registered shares on the Swiss Exchange (SWX) over the next twelve months. This repurchase program follows the successful completion of a similar program approved by Logitech's Board in July 2002. Under that program, completed in February 2003, the company repurchased 1,509,332 shares for approximately CHF 75 million ($52 million). The two programs combined represent a total repurchase authorization of CHF 150 million (approximately $107 million). The company will provide bi-weekly updates on the shares repurchased under this program on the investor relations section of its website at www.logitech.com. About Logitech Founded in 1981, Logitech designs, manufactures and markets personal interface products that enable people to...
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Jan 21, 2003 Logitech Continues Strong Growth with Best Quarter Ever
Third Quarter Sales Up 18% at $352 million; Operating Income Up 20% at $51 million; Net Income Up 22% at $40 million Romanel, Switzerland/Fremont, CA - January 21, 2003 - Logitech (Nasdaq:LOGI) (Switzerland:LOGN) has posted its best quarter yet, with strong holiday sales across both traditional and new product categories. Revenue for the quarter ended December 31, 2002 reached $351.8 million, an increase of 18 percent over the same quarter last year. Operating income was $50.8 million, an increase of 20 percent over the same quarter of the previous year. Net income of $40.4 million ($0.80 per share) was 22 percent higher year over year. Gross margin was 33.3 percent, compared with 34.7 percent for the same quarter last year. Retail sales increased by 15 percent over the same quarter last year and represented 85 percent of total revenue for the quarter. OEM sales grew by 37 percent year over year, as the Company continued to expand its OEM offerings. "We are extremely pleased with our...
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