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Logitech Swings To $29.6 million 1Q Net Loss; CEO Quindlen Steps Down

ZURICH -(Dow Jones)- Computer peripherals maker Logitech International SA (LOGN.VX) fell short of expectations Thursday by posting a first quarter net loss of $29.6 million and lowered its sales outlook for the full fiscal year to approximately $2.5 billion from $2.6 billion. The company also announced that Gerald P. Quindlen has stepped down as president and chief executive. He has been replaced on an acting basis by chairman of the company Guerrino De Luca. "My priorities will be to pursue our many opportunities with a strong sense of urgency and to renew the confidence in Logitech among all stakeholders," said De Luca in a statement. The Swiss company announced a net loss for the quarter ended June 30 of $$29.6 million compared with a net profit of $19.5 million a year earlier. The result was below expectations of a $4.2 million loss. Sales rose marginally to $480 million from $479 million, below expectations of $489 million. Operating loss was $45 million, compared to an operating income of $12 million in the same quarter a year ago. Included in the operating loss was a $34 million charge to cost of goods sold due to a planned price reduction on Logitech Revue with Google TV. The company said the result reflects sustained weakness in its EMEA sales region. There was also minimal sales growth in its Americas region, primarily due to very weak sales in the Digital Home category. It added that the quarterly performance was hit by the "significant impact" of the decision to reduce the price of Logitech Revue from $249 to $99 during the second quarter of last year. The action was taken with the goal of accelerating adoption of the Google TV platform by removing price as a barrier to broad consumer acceptance. The company, the world's largest maker of computer mice, has been battling the rise of tablet computers which do not need mice or keyboards, another of Logitech's key products. Logitech has also been facing a slowdown in consumer electronics demand across Europe that has already seen profit warnings from navigational device maker Tom Tom NV (TOM2.AE) and Philips Electronics NV (PHIA.AE) and has hammered sales at electronics retailers. Retailers Kesa Electricals PLC (KESA.LN), Home Retail Group PLC (HOME.LN) and Dixons Retail PLC (DXNS.LN) have all fallen foul of a steep slump in consumer electronic sales. -By John Revill, Dow Jones Newswires; +41 43 443 8042 ; john.revill@dowjones.com

Stock News for Logitech International S.a. - Registered (LOGI)
DateTimeHeadline
06/25/201517:16:40Current Report Filing (8-k)
06/25/201517:00:00Logitech Announces Sue Gove, Lung Yeh and Edouard Bugnion as...
06/25/201509:00:00Lifesize Extreme Support Team and Executive Receive Gold Stevie...
06/16/201504:00:00Ultimate Ears Introduces New Mobile Speaker Designed for Whatever...
06/13/201514:19:035 Gadgets Under $100 That Will Blow Your Mind
06/11/201504:03:00Logitech G Introduces Force Feedback Racing Wheel for the PlayStation®4
06/11/201504:00:00Logitech G Introduces First Force Feedback Racing Wheel for Xbox...
06/10/201504:00:00Logitech Simplifies Connecting Your PC to Your TV with New Living...
06/05/201517:15:00Logitech Files Annual Report on Form 10-K
06/05/201517:05:59Annual Report (10-k)
06/02/201517:02:38Notification That Annual Report Will Be Submitted Late (nt 10-k)
06/02/201501:00:00Logitech to File Form 12b-25
05/29/201519:01:17Statement of Changes in Beneficial Ownership (4)
05/29/201518:59:51Statement of Changes in Beneficial Ownership (4)
05/29/201517:27:05Specialized Disclosure Report (sd)
05/26/201504:00:00Logitech Harmony Brings Home Control to All Harmony Hub Users
05/21/201509:00:00Lifesize Expands Global Cloud Video Service to Support 15 Languages
05/19/201504:00:00Seven Logitech Products Recognized With International Design...
05/14/201517:29:20Statement of Changes in Beneficial Ownership (4)
05/14/201506:02:52Current Report Filing (8-k)

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