• Welcome to TechPowerUp Forums, Guest! Please check out our forum guidelines for info related to our community.

Logitech Announces Fourth Quarter and Full-Year Financial Results for FY 2013

btarunr

Editor & Senior Moderator
Staff member
Joined
Oct 9, 2007
Messages
34,519 (9.18/day)
Likes
17,526
Location
Hyderabad, India
System Name MRE-grade Potato
Processor Intel Core i7-4770K
Motherboard ASUS Z97-A
Cooling Xigmatek Aegir CPU Cooler
Memory 2x 8GB Kingston HyperX Beast DDR3-1866
Video Card(s) 2x ZOTAC GeForce GTX 970
Storage ADATA SU800 512GB + Intel SSD320 120GB + Patriot WildFire 120GB
Display(s) Samsung U28D590 28-inch 4K UHD
Case Cooler Master CM690 1st Gen
Audio Device(s) Creative Sound Blaster Recon3D PCIe
Power Supply Corsair HX850W
Mouse Razer Abyssus
Keyboard Microsoft Sidewinder X4
Software Windows 10 Pro
#1
Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the fourth quarter and full year of Fiscal Year 2013.

Sales for Q4 FY 2013 were $469 million, down 12 percent from $532 million in Q4 FY 2012. Excluding the unfavorable impact of exchange rates, sales were down by 11 percent compared to the prior year. The Company posted an operating loss for the fourth quarter of $37 million compared to operating income of $24 million in the same quarter a year ago. The operating loss included $16 million in restructuring charges and $6 million related to the impairment of goodwill and other assets. The net loss for Q4 FY 2013 was $36 million ($0.23 per share) compared to net income of $28 million ($0.17 per share) in the prior year. Gross margin for Q4 FY 2013 was 33.5 percent, down from 36.4 percent a year ago.

Logitech's retail sales for Q4 FY 2013 decreased by 10 percent year over year, up 2 percent in Asia, down 2 percent in the Americas and down 25 percent in EMEA. OEM sales decreased by 21 percent and sales for the LifeSize division decreased by 19 percent.

For the full 2013 fiscal year, ending March 31, 2013, sales were $2.1 billion, compared to $2.3 billion in FY 2012. The Company posted an operating loss of $252 million. Excluding impairment and restructuring charges, FY 2013 non-GAAP operating income would have been $8 million. The net loss for the full fiscal year was $228 million ($1.44 per share) compared to net income of $71 million ($0.41 per share) in FY 2012. Gross margin for FY 2013 was 33.7 percent compared to 33.5 percent in FY 2012.

"Regionally, with the exception of EMEA, our retail business has begun to stabilize," said Bracken P. Darrell, Logitech president and chief executive officer. "In Europe, the combination of the difficult macro-economic environment and the very slow PC market stalled our business in Q4. For the rest of our retail business (Americas and Asia), sales of our mice and keyboards grew 6 percent, much better than the market for PCs, which was down globally nearly 14 percent year over year. I was also pleased with the strong momentum of our tablets accessories during the fourth quarter. We recently launched a version of our best-selling Ultrathin Keyboard Cover for the iPad mini as well as a range of new tablet folios."

"In closing FY 2013, I believe we have taken appropriate actions to effect a turnaround," said Mr. Darrell. "We have narrowed our strategic focus; restructured the company, including our LifeSize division; and prioritized our resources to create great new products for tablets. While the PC market continues to weigh upon parts of our business, and the ongoing economic uncertainty in much of Europe shows no signs of improvement, our product portfolio and indications of stabilization in the Americas and Asia, combined with the cost savings resulting from our FY 2013 restructuring initiatives, position us for improved profitability in FY 2014."

Outlook
For Fiscal Year 2014, ending March 31, 2014, Logitech currently expects sales of approximately $2 billion, operating income of approximately $50 million and gross margin of approximately 34 percent.

Prepared Remarks Available Online
Logitech has made its prepared written remarks for the financial results teleconference available online on the Logitech corporate Web site at http://ir.logitech.com. The remarks are posted in the Calendar section on the Investor home page.

Financial Results Teleconference and Webcast
Logitech will hold a financial results teleconference to discuss the results for Q4 FY 2013 on Thursday, April 25, 2013 at 8:30 a.m. Eastern Daylight Time and 14:30 Central European Summer Time. A live webcast of the call will be available on the Logitech corporate website at http://ir.logitech.com.
 
Joined
Jan 5, 2013
Messages
895 (0.49/day)
Likes
114
#2
Exactly what one would expect from a company that has lost it's way and a lot of it's loyal customers. Maybe they'll wake up after a few more quarters of double digit million dollar losses? If not then they may end up as just a bootnote in PC history.
 
Joined
Sep 7, 2011
Messages
595 (0.26/day)
Likes
202
Location
Pacific Rim
Processor 2600K
Motherboard Gigabyte Z77X-D3H
Cooling Scythe Ashura
Memory Corsair 1600C9 8GB x2
Video Card(s) MSI 390
Storage Seagate 2TB + WD Green 640GB
Display(s) Samsung 40JU6600 @ 200% scaling
Case Coolermaster CM 690 II
Audio Device(s) Xonar DG
Power Supply Corsair HX650
Mouse Deathadder Black, CMStorm Recon, Mionix Naos 3200, and Destructor
Keyboard Corsair K70, Razer Tarantula
#3
and what exactly is logitech's way?
 
Joined
Feb 19, 2009
Messages
1,573 (0.48/day)
Likes
568
Location
Warwick
System Name PC-Chips
Processor Intel core I5 4690K
Motherboard Asrock z87 Extreme 3
Cooling Noctua NH-D14
Memory G-Skill Ripjaws 2133mhz 4x4gig
Video Card(s) Sapphire RX-480 Nitro+ 8gig
Storage Samsung 250gig 840 SSD / 1TB HDD
Display(s) Samsung C27F591 27 inch Curved LED
Case NZXT phantom 410
Audio Device(s) Realtek digital out - Yamaha A-S501 - Wharfedale pacific evo 20 speakers - Wharfedale SW150 sub
Power Supply Cooler Master G650M
Mouse logitech G402
Keyboard Logitech delux 250
Software Windows 10 pro 64bit
#4
Some of there products might suck balls but they have a damn good customer service.
My logitech G500 mouse broke (cable spooned it) and i could not find my receipt, I decided to contact them anyway and now i have a new G500s on the way and they also gave me 35% discount on my next perchase.
 
Joined
Sep 10, 2010
Messages
107 (0.04/day)
Likes
6
Location
Romania
Processor intel i7 4770k @ 4.6ghz
Motherboard asus maximus vi hero
Cooling noctua nh d14
Memory 16gb gskill 2400 mhz
Video Card(s) MSI gtx 780ti
Storage 512gb samsung 840 pro + 2x 1tb WD caviar black sata 3
Display(s) 3x Benq XL2720Z 144hz surround
Case cooler master storm stryker
Audio Device(s) asus xonar dx
Power Supply corsair ax1200
Software windows 7 ultimate 64 bit
#5
a lot of people have been expecting an improved g27 wheel, probably g29. logitech have not delivered. I can't feel sorry for them...
 
Joined
Jun 12, 2007
Messages
4,815 (1.24/day)
Likes
639
Location
Wangas, New Zealand
System Name Darth Obsidious
Processor Intel i5 2500K
Motherboard ASUS P8Z68-V/Gen3
Cooling Cooler Master Hyper 212+ in Push Pull
Memory 2X4GB Corsair Vengeance DDR3 1600
Video Card(s) ASUS R9 270x TOP
Storage 128GB Samsung 830 SSD, 1TB WD Black, 2TB WD Green
Display(s) LG IPS234V-PN
Case Corsair Obsidian 650D
Audio Device(s) Infrasonic Quartet
Power Supply Corsair HX650w
Software Windows 7 64bit and Windows XP Home
Benchmark Scores 2cm mark on bench with a razor blade.
#6
Seems Logitech have not come up with anything new and excting in a while.
Last thing I remember them releasing which seemed to be a big deal was their gaming headset.

Now I see Logitech have released yet another round of the same mice but with higher dpi (not that any of us really need such high dpi.
Releasing old products revamped is not necessarily a bad thing.
Sometimes there is no point on adding to something when there is nothing better to add to it if all the idedas which have come up are only going to make it a bad product.