Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the third quarter of Fiscal Year 2012.
Sales for Q3 FY 2012 were $715 million, down 5 percent from $754 million in Q3 FY 2011. Changes in exchange rates did not have an impact on sales compared to the prior year. Operating income was $70 million, down 8 percent from $76 million in the same quarter a year ago. Net income for Q3 FY 2012 was $55 million ($0.32 per share) compared to net income of $65 million ($0.36 per share) in Q3 of FY 2011. Gross margin for the quarter was 36.2 percent compared to 36.0 percent one year ago.
Logitech's retail sales for Q3 FY 2012 decreased by 4 percent, with an increase in Asia of 13 percent, a decrease in EMEA of 5 percent and a decrease in the Americas of 8 percent. OEM sales decreased by 24 percent. Sales for the LifeSize division grew 6 percent.
"Our Q3 FY 2012 sales performance across most of our business is consistent with the findings from the assessment of our business that we completed earlier this fiscal year," said Guerrino De Luca, Logitech chairman and acting chief executive officer. "Large categories such as cordless mice and cordless keyboards, including those for tablets, achieved strong year-over-year sales growth, despite the product gaps that exist across many of our retail categories. I am pleased with our improved execution in EMEA and with the progress of our new product initiatives, both of which we expect to benefit from in Fiscal Year 2013.
"Since we last provided our outlook for Fiscal Year 2012 at the end of October, several factors have changed. Most significantly, the Euro has weakened considerably during the last three months. In addition, webcams and remotes continue to be impacted more than expected by product portfolio and market weakness. Consequently, we have lowered our outlook for FY 12 sales and operating income.
"I am very pleased with our strong cash generation in Q3," continued De Luca. "Our cash flow from operations for the quarter was $153 million and we ended with $523 million in cash. We can repurchase up to $177 million of our shares under our existing share repurchase program, with all regulatory approvals in place to begin repurchases on our second trading line."
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