Key Developments: Logitech International SA (LOGN.S)
6.46CHF
17 May 2013
CHF0.07 (+1.10%)
CHF6.34
CHF6.36
CHF6.49
CHF6.37
281,750
776,477
CHF10.81
CHF5.73
Latest Key Developments (Source: Significant Developments)
Logitech International SA Issues FY 2014 Guidance
Logitech International SA announced that for fiscal 2014, it expects sales of approximately $2 billion, operating income of approximately $50 million and gross margin of approximately 34%. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $1.9 billion for fiscal 2014. Full Article
Logitech International SA Announces Departure of CFO Erik K. Bardman
Logitech International SA announced that Erik K. Bardman, senior vice president of finance and chief financial officer, will leave Logitech, effective April 26, 2013. Mr. Bardman, who has been with Logitech since October 2009, will join Roku as chief financial officer. Logitech is conducting a search of internal and external candidates for Mr. Bardman’s replacement. Full Article
Logitech International SA Issues Q4 2013 Charge Guidance
Logitech International SA announced that it anticipates recording a pre-tax, cash charge of approximately $12 million to $14 million in the fourth quarter of 2013. Full Article
Logitech International SA Announces Chief Executive Officer Change
Logitech International SA announced that it filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission confirming that Bracken P. Darrell has become the Chief Executive Officer of the Company, effective January 1, 2013, as part of an executive leadership transition planned when he joined Logitech as president in April 2012. Mr. Darrell succeeds Guerrino De Luca, who continues as Chairman of the board. Full Article
Logitech International SA Approves Dividend
Logitech International SA announced that at its annual general meeting, the Company’s shareholders approved a one-time dividend, to be distributed out of capital contribution reserves, in the amount of CHF 125,650,814. Logitech shareholders eligible for the estimated CHF 0.80 per share dividend must own shares at the close of trading on September 12, 2012 on the SIX Swiss Exchange or the Nasdaq Global Select Market. The dividend will be distributed on September 18, 2012. Full Article
Logitech International SA To Cut 450 Jobs In Cost Saving Drive-Reuters
Reuters reported that Logitech International SA will cut about 13% of its workforce, in an attempt by the computer mouse maker's new president for a quick fix following three profit warnings. Logitech said on Friday the job cuts, mainly white-collar positions, will result in a $35 million charge. They are part of a restructuring, announced in April, to save $80 million amid a soft euro and weak economy. Full Article
Logitech International SA Issues FY, Q1 2013 Charge Guidance
Logitech International SA announced that it expects to record pre-tax charges in the current fiscal year of approximately $35 million associated with the Company's previously announced restructuring. The Company is undertaking this restructuring to simplify the organization, to better align costs with its current business and to free up resources to pursue its growth opportunities. The restructuring is expected to yield approximately a net $80 million reduction in annual operating costs. The reduction will begin to benefit the Company in the second half of fiscal 2013 with the full savings expected to be achieved in fiscal 2014. Approximately $32 million of the restructuring charges are expected to be recorded in the first quarter of 2013, ending June 30, 2012. The largest component of the restructuring charge will be cash charges related to a workforce reduction. The Company is eliminating approximately 450 positions, or 13% of its worldwide non-direct-labor workforce. Logitech expects that reduced personnel-related costs will represent an estimated 60% of the approximately $80 million savings in annual operating costs. Full Article
Logitech Announces Agreement With GN Netcom
Logitech announced that it is teaming up with GN Netcom to fuel the Unified Communications (UC) market. As a first step in their collaboration, the two companies have entered into a distribution agreement under which Logitech will offer select products from the Jabra headsets and speakerphones through distribution channel partners in North America. The two companies also plan to roll out the offering globally as well as collaborate on the development of future audio peripherals for UC. As part of the initial agreement, Logitech will begin offering select Jabra headsets and speakerphones for Unified Communications, beginning in July 2011. Logitech will offer the Jabra products, which will be co-branded Logitech powered by Jabra as part of a portfolio of audio and video business solutions for UC. Full Article
Bernstein Liebhard LLP Announces Filing Of Class Action Against Logitech International SA
Bernstein Liebhard LLP announced that a lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class of investors who purchased Logitech International SA common stock between the period of October 28, 2010 to April 1, 2011 (Class Period). The complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company’s true financial condition, business and prospects. Specifically, the complaint alleges: that the Company’s distributors were overstocked with inventory of certain product lines; that the Company’s pricing and promotional activity was not operating according to plan; that demand for the Company’s products in the Europe, Middle East and Africa markets was significantly declining far below internal expectations; and as a result of the foregoing, defendants’ positive statements about the Company were lacking in a reasonable basis of fact and were materially false and misleading when made. Full Article
STOCKS NEWS EUROPE-Logitech shares fall 7 pct after sales drop
Shares in Logitech International fall over 7 percent to their lowest level since early March after the world's biggest producer of computer mice reports a 12 percent drop in sales in the fourth quarter.
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