Logitech Proposes Dividend for 2013, Provides Perspective on Financial Performance Goals for FY 2016
Briefing for Analysts and Investors to Be Held Today in Zurich
NEWARK, Calif. —May 22, 2013 and ZURICH, Switzerland, May 23, 2013 — Prior to a briefing for financial analysts and investors in Zurich today, Logitech International (SIX: LOGN) (Nasdaq: LOGI) announced that its Board of Directors has approved a dividend of CHF 0.21 per share, subject to shareholder approval at the Company’s Annual General Meeting in September 2013. Logitech plans to issue an annual dividend on a recurring basis, subject to shareholder approval and other Swiss statutory requirements.
At today’s briefing for financial analysts and investors, Logitech plans to discuss its overall business strategy and its strategy for key product categories. The Company plans to reiterate its FY 2014 financial outlook announced on April 25, 2013 and discuss its long-range financial performance goals for FY 2016: Sales of $2.25 billion, operating income of $150 million and gross margin of approximately 35 percent. These goals are based on the Company’s completed and planned actions in FY 2013 through FY 2016 to accelerate growth in mobility products, maximize profitability in its PC peripherals categories, reduce operating expenses as a percent of sales and operate as a faster, simpler company. In addition to providing financial performance goals for FY 2016, Logitech also plans to provide a financial performance scenario for how FY 2015 may bridge to FY 2016. The FY 2015 bridge scenario includes: Sales of $2.1 billion, operating income of $90 million and gross margin of 34.5%.
A webcast of Logitech’s briefing for financial analysts and investors will begin at 09:00 Central European Summer Time on May 23, 2013. The webcast and a subsequent replay will be available on Logitech’s website at http://ir.logitech.com.
Logitech is a world leader in products that connect people to the digital experiences they care about. Spanning multiple computing, communication and entertainment platforms, Logitech’s combined hardware and software enable or enhance digital navigation, music and video entertainment, gaming, social networking, audio and video communication over the Internet, video security and home-entertainment control. Founded in 1981, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI).
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This press release includes forward-looking statements within the meaning of the U.S. federal securities laws, including, without limitation: Logitech’sability to accelerate growth in mobility products, maximize profitability in its PC peripherals categories, reduce operating expenses as a percent of sales and operate as a faster, simpler company; FY 2014 outlook, FY 2015 bridge scenario and FY 2016 long-range target scenario for sales, operating income and gross margin; and payments of a recurring annual dividend. These statements are subject to risks and uncertainties that may cause actual results and events to differ materially, including without limitation: if our product offerings, marketing activities and investment prioritization decisions do not result in the sales, profitability or profitability growth we expect, or when we expect it; the demand of our customers and our consumers for our products and our ability to accurately forecast it; if we fail to innovate and develop new products in a timely and cost-effective manner for our new and existing product categories; if we do not successfully execute on our growth opportunities in our new product categories and sales in emerging market geographies; if sales of PC peripherals in mature markets are less than we expect; the effect of pricing, product, marketing and other initiatives by our competitors; if our products and marketing strategies fail to separate our products from competitors’ products; if our restructurings fail to produce the intended performance and cost savings results; if we are unable to divest or discontinue non-strategic product categories and products and effect strategic acquisitions and investments successfully; if there is a deterioration of business and economic conditions in one or more of our sales regions or operating segments, or significant fluctuations in exchange rates. These risks and uncertainties are detailed in Logitech’s filings with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2012 and its Annual Report on Form 10-K for the fiscal year ended March 31, 2012, available at www.sec.gov. Logitech does not undertakes any obligation to update any forward-looking statements to reflect new information or events or circumstances occurring after the date of this release.