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Logitech 3Q Net Profit Up 41% On Year; Expects Strong 4Q Sales

By Se Young Lee and Goran Mijuk Of DOW JONES NEWSWIRES Logitech International SA (LOGI) Thursday reported a 41% rise in fiscal third-quarter net profit as the Swiss computer peripheral maker benefited from recent cost cuts and the sales decline slowed compared with previous quarter. The Romanel-sur-Morges, Switzerland-based firm also said it expects to see stronger sales momentum in the fiscal fourth quarter. The company said net profit for the three months to the end of December rose to $57.1 million from $40.5 million in the year-earlier period as the company's restructuring efforts played out. Sales during the important Christmas holiday period, meanwhile, declined 1.7% to $617.1 million from $627.5 million a year ago. However, on a quarter-on-quarter basis, revenue jumped 24% from $498.1 million in the second quarter, reflecting hopes that the worst of the economic crisis is over and that consumer spending will pick up. "(The third quarter) marks a turning point in our plan to emerge stronger from the economic downturn," said Gerald P. Quindlen, Logitech president and chief executive officer. "There were many highlights in the quarter, starting with improved sell-through in all of our retail regions, driven by the success of our new products across multiple categories." "For the current quarter, we anticipate accelerating sales momentum, resulting in our return to double-digit sales growth, as well as a substantial improvement in profitability compared to (fourth quarter of fiscal year 2009)," he added. The company forecasts sales for the fourth quarter ending March 31 to be between $500 million and $515 million, a gross margin of about 34% and operating income between $15 million and $20 million. Logitech posted a net loss in the fourth quarter of the preceding fiscal year and the first quarter of current fiscal year as retailers started to aggressively destock, a trend that slowed in the second quarter and now seems to have ended, igniting hopes for a turnaround. Company Web Site: www.logitech.com -By Se Young Lee and Goran Mijuk, Dow Jones Newswires; +65 6415 4155; vincent.lee@dowjones.com

Stock News for Logitech International S.a. - Registered (LOGI)
DateTimeHeadline
09/26/201611:00:00Logitech SmartDock Simplifies the Skype for Business Meeting...
09/22/201603:01:00Logitech Introduces First Desktop Speaker That Combines High-Quality...
09/21/201620:00:00Logitech Confirms September 2016 Dividend Dates
09/16/201619:11:54Statement of Changes in Beneficial Ownership (4)
09/15/201618:59:01Statement of Changes in Beneficial Ownership (4)
09/15/201617:30:00Logitech Acquires Saitek Simulation Product Line from Mad Catz
09/15/201617:30:00Mad Catz® Announces Sale of Saitek® Simulation Product Line t...
09/13/201616:22:23Current Report Filing (8-k)
09/09/201616:44:29Statement of Changes in Beneficial Ownership (4)
09/09/201616:43:36Statement of Changes in Beneficial Ownership (4)
09/09/201616:42:17Statement of Changes in Beneficial Ownership (4)
09/08/201618:25:12Initial Statement of Beneficial Ownership (3)
09/08/201618:22:49Statement of Changes in Beneficial Ownership (4)
09/08/201618:22:22Statement of Changes in Beneficial Ownership (4)
09/08/201618:21:56Statement of Changes in Beneficial Ownership (4)
09/08/201618:20:53Statement of Changes in Beneficial Ownership (4)
09/08/201618:20:19Statement of Changes in Beneficial Ownership (4)
09/08/201618:19:52Statement of Changes in Beneficial Ownership (4)
09/08/201618:19:24Statement of Changes in Beneficial Ownership (4)
09/08/201614:13:00EQUITY ALERT: Rosen Law Firm Announces Investigation of Securities...

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