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Logitech’s Q4 FY 2014 Sales, Profit and Cash from Operations Exceed Expectations

Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the fourth quarter and full year of Fiscal Year 2014. Q4 FY 2014 sales were $485 million, up 3 percent over the prior year.

  • Q4 GAAP operating income was $7 million, with GAAP earnings per share (EPS) of $0.07, compared to a loss a year ago.
  • Q4 non-GAAP operating income was $23 million, with non-GAAP EPS of $0.14, compared to $0.01 in the same quarter a year ago.

For the full 2014 fiscal year, ended March 31, 2014, sales were $2.12 billion, up 1 percent year over year – the Company’s first year of sales growth since FY 2011.

  • FY 2014 GAAP operating income was $77 million, with GAAP EPS of $0.46, compared to an operating loss in the prior year.
  • FY 2014 non-GAAP operating income more than doubled to $140 million, with non-GAAP EPS of $0.76, up from $0.31 a year ago.
  • Cash flow from operations on a trailing twelve-month basis was $202 million, up 72 percent.

“Our Q4 performance was strong, with sales, profit and cash generation better than expected,” said Bracken Darrell, Logitech president and chief executive officer. “Q4 sales in our Growth category – PC Gaming, Tablet and Other Accessories, and Mobile Speakers – were up nearly 50 percent.

“At the start of our fiscal year we said we would deliver strong sales in our Growth category, reduce operating expenses and improve profitability. We delivered on our commitments across the board, concluding FY 2014 ahead of our turnaround plan.”

Outlook

Logitech confirmed its current FY 2015 outlook of $2.16 billion in sales and $145 million in non-GAAP operating income.

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, in the Calendar section.

Financial Results Teleconference and Webcast

Logitech will hold a financial results teleconference to discuss the results for Q4 and full-year FY 2014 on Thurs., April 24, 2014 at 8:30 a.m. Eastern Standard Time and 14:30 Central European Time. A live webcast of the call will be available on the Logitech corporate website at http://ir.logitech.com.

Use of Non-GAAP Financial Information

To facilitate comparisons to Logitech’s historical results, Logitech has included non-GAAP adjusted measures, which exclude share-based compensation expense, amortization of other intangible assets, restructuring charges (credits), other restructuring-related charges, investment impairment (recovery), benefit from (provision for) income taxes and other items detailed under “Supplemental Financial Information” after the tables below. Logitech believes this information will help investors to evaluate its current period performance and trends in its business. With respect to our outlook for non-GAAP operating income, most of these excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy. Therefore, no reconciliation to GAAP amount has been provided for FY 2015.

About Logitech

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).

This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding: the Company’s turnaround and growth categories, as well as Fiscal Year 2015 revenue and operating income. The forward-looking statements in this release involve risks and uncertainties that could cause Logitech’s actual results and events to differ materially from those anticipated in these forward-looking statements, 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, and our reaction to them, on our sales, gross margins and profitability; if our products and marketing strategies fail to separate our products from competitors’ products; 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. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in Logitech’s periodic filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2013 and our Amended Annual Report on Form 10-K/A for the fiscal year ended March 31, 2013, available at www.sec.gov, under the caption Risk Factors and elsewhere. Logitech does not undertake any obligation to update any forward-looking statements to reflect new information or events or circumstances occurring after the date of this press release.

Note that unless noted otherwise, comparisons are year over year.

Logitech, the Logitech logo, and other Logitech marks are registered in Switzerland and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s Web site at www.logitech.com.

 
LOGITECH INTERNATIONAL S.A.
 

(In thousands, except per share amounts) - Unaudited

 
    Three Months Ended     Fiscal Years Ended
March 31, March 31,
CONSOLIDATED STATEMENTS OF OPERATIONS 2014     2013 2014     2013
(A)
 
Net sales $ 485,259 $ 469,086 $ 2,123,045 $ 2,099,883
Cost of goods sold   320,298     309,854     1,392,954     1,389,726  
Gross profit   164,961     159,232     730,091     710,157  
% of net sales 34.0 % 33.9 % 34.4 % 33.8 %
 
Operating expenses:
Marketing and selling 92,081 107,481 380,050 431,598
Research and development 30,893 36,582 138,820 154,207
General and administrative 29,885 28,982 119,988 113,824
Goodwill impairment - 5,688 - 216,688
Restructuring charges, net   5,385     15,506     14,006     43,704  
Total operating expenses   158,244     194,239     652,864     960,021  
 
Operating income (loss) 6,717 (35,007 ) 77,227 (249,864 )
 
Interest income (expense), net 465 256 (397 ) 907
Other income (expense), net 625 2,140 1,986 (2,198 )
 
Income (loss) before income taxes 7,807 (32,611 ) 78,816 (251,155 )
Provision for (benefit from) income taxes   (3,777 )   1,028     3,288     (25,588 )
 
Net income (loss) $ 11,584   $ (33,639 ) $ 75,528   $ (225,567 )
 
Net income (loss) per share:
Basic $ 0.07   $ (0.21 ) $ 0.47   $ (1.42 )
Diluted $ 0.07   $ (0.21 ) $ 0.46   $ (1.42 )
Shares used to compute net income (loss) per share :
Basic 162,255 158,716 160,619 158,468
Diluted 165,766 158,716 162,526 158,468
 
 
LOGITECH INTERNATIONAL S.A.
 
(In thousands) - Unaudited
       
March 31, March 31,
CONSOLIDATED BALANCE SHEETS 2014 2013
 
Current assets:
Cash and cash equivalents $ 469,412 $ 333,824
Accounts receivable, net 177,671 179,565
Inventories 229,871 261,083
Other current assets 58,247 58,103
Assets held for sale   -   10,960
Total current assets 935,201 843,535
Non-current assets:
Property, plant and equipment, net 83,990 87,649
Goodwill 345,010 341,357
Other intangible assets 10,529 26,024
Other assets   73,964   75,098
Total assets $ 1,448,694 $ 1,373,663
 
Current liabilities:
Accounts payable $ 245,572 $ 265,995
Accrued and other current liabilities 218,139 192,774
Liabilities held for sale   -   3,202
Total current liabilities 463,711 461,971
Non-current liabilities:   189,439   195,882
Total liabilities 653,150 657,853
 
Total shareholders' equity 795,544 715,810
   
Total liabilities and shareholders' equity $ 1,448,694 $ 1,373,663
 
 
LOGITECH INTERNATIONAL S.A.
 
(In thousands) - Unaudited
 
    Three Months Ended     Fiscal Years Ended
March 31, March 31,
CONSOLIDATED STATEMENTS OF CASH FLOWS 2014     2013 2014     2013

(A)

Operating activities:
Net income (loss) $ 11,584 $ (33,639 ) $ 75,528 $ (225,567 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation 14,978 10,558 43,734 44,419
Amortization of other intangible assets 2,781 5,159 17,771 23,571
Share-based compensation expense 8,134 6,539 25,546 25,198
Goodwill impairment - 5,688 - 216,688
Impairment of investment 56 - 624 3,600
Loss on disposal of property, plant and equipment 533 - 4,411 -
Gain on sale of securities - - - (831 )
Excess tax benefits from share-based compensation (1,674 ) - (2,246 ) (26 )
Deferred income taxes and other (815 ) 2,154 (4,374 ) 11,552
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net 134,998 86,238 4,733 44,667
Inventories 27,361 23,602 42,013 23,954
Other assets 2,227 1,012 (741 ) (1,420 )
Accounts payable (83,182 ) (75,962 ) (20,251 ) (34,069 )
Accrued and other liabilities   (23,007 )   (18,555 )   15,111     (14,594 )
Net cash provided by operating activities 93,974 12,794 201,859 117,142
 
Investing activities:
Purchases of property, plant and equipment (11,000 ) (7,208 ) (43,096 ) (49,240 )
Purchase of strategic investment (300 ) (450 ) (300 ) (4,420 )
Acquisitions, net of cash acquired - - (650 ) -
Proceeds from sales of available-for-sale securities - - - 917
Proceeds from return of investment from strategic investments - - 261 -
Purchases of trading investments for deferred compensation plan (619 ) (1,902 ) (8,450 ) (4,196 )
Proceeds from sales of trading investments for deferred compensation plan   683     2,154     8,994     4,463  
Net cash used in investing activities (11,236 ) (7,406 ) (43,241 ) (52,476 )
 
Financing activities:
Payment of cash dividends - - (36,123 ) (133,462 )
Purchases of treasury shares - - - (87,812 )
Proceeds from sales of shares upon exercise of options and purchase rights 8,457 7,139 16,922 15,982
Tax withholdings related to net share settlements of restricted stock units (2,789 ) (380 ) (5,726 ) (2,375 )
Excess tax benefits from share-based compensation   1,674     -     2,246     26  
Net cash provided by (used in) financing activities 7,342 6,759 (22,681 ) (207,641 )
 
Effect of exchange rate changes on cash and cash equivalents   (533 )   (322 )   (349 )   (1,571 )
Net increase (decrease) in cash and cash equivalents 89,547 11,825 135,588 (144,546 )
Cash and cash equivalents, beginning of the period   379,865     321,999     333,824     478,370  
Cash and cash equivalents, end of the period $ 469,412   $ 333,824   $ 469,412   $ 333,824  
 
 
LOGITECH INTERNATIONAL S.A.
 
(In thousands, except per share amounts) - Unaudited
 
    Three Months Ended     Fiscal Years Ended
March 31, March 31,
SUPPLEMENTAL FINANCIAL INFORMATION (B) 2014     2013 2014     2013
(A)
 
Gross profit - GAAP $ 164,961 $ 159,232 $ 730,091 $ 710,157
Share-based compensation expense 675 398 2,518 2,499
Amortization of other intangible assets 549 2,534 7,910 13,280
Restructuring-related charges   -     1,084     5,194     4,399  
Gross profit - Non-GAAP $ 166,185   $ 163,248   $ 745,713   $ 730,335  
 
Gross margin - GAAP 34.0 % 33.9 % 34.4 % 33.8 %
Gross margin - Non-GAAP 34.2 % 34.8 % 35.1 % 34.8 %
 
Operating expenses - GAAP $ 158,244 $ 194,239 $ 652,864 $ 960,021

Less: Share-based compensation expense

7,459 6,141 23,028 22,699
Amortization of other intangible assets 2,232 2,625 9,861 10,291
Goodwill impairment - 5,688 - 216,688
Restructuring charges, net 5,385 15,506 14,006 43,704
Restructuring-related charges   -         997     -         2,943  
Operating expenses - Non-GAAP $ 143,168       $ 163,282   $ 605,969       $ 663,696  
 
% of net sales - GAAP 32.6 % 41.4 % 30.8 % 45.7 %
% of net sales - Non - GAAP 29.5 % 34.8 % 28.5 % 31.6 %
 
Operating expenses - GAAP $ 158,244 $ 194,239 $ 652,864 $ 960,021
Less: Restructuring charges, net   5,385         15,506     14,006         43,704  
Operating expenses excluding restructuring charges - Non-GAAP $ 152,859       $ 178,733   $ 638,858       $ 916,317  
 
Operating income (loss) - GAAP $ 6,717 $ (35,007 ) $ 77,227 $ (249,864 )
Share-based compensation expense 8,134 6,539 25,546 25,198
Amortization of other intangible assets 2,781 5,159 17,771 23,571
Goodwill Impairment - 5,688 - 216,688
Restructuring charges, net 5,385 15,506 14,006 43,704
Restructuring-related charges   -     2,081     5,194     7,342  
Operating income (loss) - Non - GAAP $ 23,017   $ (34 ) $ 139,744   $ 66,639  
 
% of net sales - GAAP 1.4 % -7.5 % 3.6 % -11.9 %
% of net sales - Non - GAAP 4.7 % 0.0 % 6.6 % 3.2 %
 
Net income (loss) - GAAP $ 11,584 $ (33,639 ) $ 75,528 $ (225,567 )
Share-based compensation expense 8,134 6,539 25,546 25,198
Amortization of other intangible assets 2,781 5,159 17,771 23,571
Goodwill impairment - 5,688 - 216,688
Restructuring charges, net 5,385 15,506 14,006 43,704
Restructuring-related charges - 2,081 5,194 7,342
Investment impairment, net 56 - 203 3,600
Benefit from (provision for) income taxes   (5,216 )   381     (15,387 )   (44,510 )
Net income - Non - GAAP   22,724     1,715     122,861     50,026  
 
Net income (loss) per share:
Diluted - GAAP $ 0.07 $ (0.21 ) $ 0.46 $ (1.42 )
Diluted - Non - GAAP $ 0.14 $ 0.01 $ 0.76 $ 0.31
 
Shares used to compute net income (loss) per share:
Diluted - GAAP 165,766 158,716 162,526 158,468
Diluted - Non-GAAP 165,766 159,565 162,526 159,445
 
Net sales by channel:
Retail $ 420,013 $ 407,689 $ 1,861,493 $ 1,821,657
OEM 35,168 32,493 141,749 141,186
Video conferencing   30,078     28,904     119,803     137,040  
Total net sales $ 485,259   $ 469,086   $ 2,123,045   $ 2,099,883  
 
Net retail sales by product family(*):
PC Gaming $ 44,796 $ 24,096 $ 186,441 $ 144,512
Tablet & Other Accessories 22,692 30,766 172,955 119,856
Mobile Speakers   19,154     3,799     87,186     33,408  
Growth   86,642     58,661     446,582     297,776  
Pointing Devices 118,586 128,809 505,650 521,083
PC Keyboards & Desktops 102,230 105,176 414,185 399,144
Audio-PC &Wearables 59,849 61,064 254,931 292,245
Video 30,857 36,225 136,597 153,060
Remotes   13,124     11,382     67,075     71,641  
Profit Maximization   324,646     342,656     1,378,438     1,437,173  
Other   8,725     6,372     36,473     86,708  
Non-Strategic   8,725     6,372     36,473     86,708  
Total net retail sales $ 420,013   $ 407,689   $ 1,861,493   $ 1,821,657  

__________________

* Certain products within the retail product families as presented in prior years have been reclassified to conform to the current year presentation, with no impact on previously reported total net retail sales.

 
Share-based Compensation Expense
Cost of goods sold $ 675 $ 398 $ 2,518 $ 2,499
Research and development 706 1,514 4,546 7,532
Marketing and selling 2,318 2,448 8,298 7,825
General and administrative 4,435 2,179 10,184 7,342
Income tax benefit   (2,559 )   (1,266 )   (4,902 )   (5,356 )
Total share-based compensation expense after income taxes $ 5,575   $ 5,273   $ 20,644   $ 19,842  

__________________

(A)   In the first quarter of fiscal year 2014, the Company identified errors related to the accounting for its product warranty liability, amortization expense of certain intangible assets and other out-of-period adjustments. The errors impacted prior reporting periods, starting prior to fiscal year 2009. While these errors are not material to any previously issued annual or quarterly consolidated financial statements, management concluded that correcting the cumulative errors and related tax effects, which amounted to $19.1 million, in the first quarter of fiscal year 2014 would be material to the consolidated financial statements for the first quarter of fiscal year 2014 and to the expected results of operations for the fiscal year ending March 31, 2014. Accordingly, the Company revised its prior period annual and quarterly consolidated financial statements as reflected in this earnings release.
 
(B) Non-GAAP Financial Measures
 
To supplement our condensed consolidated financial results prepared in accordance with GAAP, we use a number of financial measures, both GAAP and non-GAAP, in analyzing and assessing our overall business performance, for making operating decisions and for forecasting and planning future periods. We consider the use of non-GAAP financial measures helpful in assessing our current financial performance, ongoing operations and prospects for the future as well as understanding financial and business trends relating to our financial condition and results of operations.
 
While we use non-GAAP financial measures as a tool to enhance our understanding of certain aspects of our financial performance and to provide incremental insight into the underlying factors and trends affecting both our performance and our cash-generating potential, we do not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures. Consistent with this approach, we believe that disclosing non-GAAP financial measures to the readers of our financial statements provides useful supplemental data that, while not a substitute for GAAP financial measures, can offer insight in the review of our financial and operational performance and enables investors to more fully understand trends in our current and future performance. In assessing our business during the three months and fiscal years ended March 31, 2013 and 2014, we excluded items in the following general categories, each of which are described below:
 
Share-based compensation expenses. We believe that providing non-GAAP measures excluding share-based compensation expense, in addition to the GAAP measures, allows for a more transparent comparison of our financial results from period to period. We prepare and maintain our budgets and forecasts for future periods on a basis consistent with this non-GAAP financial measure. Further, companies use a variety of types of equity awards as well as a variety of methodologies, assumptions and estimates to determine share-based compensation expense. We believe that excluding share-based compensation expense enhances our ability and the ability of investors to understand the impact of non-cash share-based compensation on our operating results and to compare our results against the results of other companies.
 
Amortization of other intangible assets. We incur intangible asset amortization expense, primarily in connection with our acquisitions of various businesses and technologies. The amortization of purchased intangibles varies depending on the level of acquisition activity. We exclude these various charges in budgeting, planning and forecasting future periods and we believe that providing the non-GAAP measures excluding these various non-cash charges, as well as the GAAP measures, provides additional insight when comparing our operating expenses and financial results from period to period.
 
Restructuring and restructuring-related charges. These expenses are associated with re-aligning our business strategies based on current economic conditions. We have undertaken several restructurings in recent years. In connection with our restructuring initiatives, we incurred restructuring charges related to employee terminations, facility closures and early cancellation of certain contracts. Our restructuring initiatives also resulted in other costs related to restructurings not qualifying for inclusion in restructuring charges. We believe that providing the non-GAAP measures excluding these charges, as well as the GAAP measures, assists our investors because such charges are not reflective of our ongoing operating results in the current period.
 
Income taxes. Our historical non-GAAP effective tax rates differ from our GAAP effective tax rates from period to period because non-GAAP income tax expense or benefit excludes the tax impact of certain GAAP financial measures for the reasons stated above. We also exclude the tax impact of certain events that management believes are not indicative of our ongoing operating results.
 
Impairment of investment and goodwill. We provided non-GAAP measures excluding the impairment of investment and goodwill that are not reflective of our ongoing operations.
 
Each of the non-GAAP financial measures described above, and used in this press release, should not be considered in isolation from, or as a substitute for, a measure of financial performance prepared in accordance with GAAP. Further, investors are cautioned that there are inherent limitations associated with the use of each of these non-GAAP financial measures as an analytical tool. In particular, these non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and many of the adjustments to the GAAP financial measures reflect the exclusion of items that are recurring and may be reflected in the Company’s financial results for the foreseeable future. We compensate for these limitations by providing specific information in the reconciliation included in this press release regarding the GAAP amounts excluded from the non-GAAP financial measures. In addition, as noted above, we evaluate the non-GAAP financial measures together with the most directly comparable GAAP financial information.
 

(LOGIIR)

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