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Logitech International (SIX:LOGN)(Nasdaq:LOGI) today announced preliminary unaudited and unreviewed financial results for the first quarter of Fiscal Year 2015.
"We have started the new fiscal year with a strong Q1 performance, delivering sales growth, year-over-year improvement in profitability and improved cash generation," said Bracken Darrell, Logitech president and chief executive officer. "Q1 sales in our Growth category - which includes PC Gaming, Tablet and Other Accessories, and Mobile Speakers - were up 17 percent, with Mobile Speakers sales more than doubling over last year. As planned, our cost reduction actions continue to drive increased operating leverage. As we proceed through Fiscal Year 2015, we will continue to focus both on accelerating sales growth and on achieving our improved outlook for profitability."
For Fiscal Year 2015, Logitech confirmed its outlook of $2.16 billion in sales and raised its outlook for non-GAAP operating income from $145 million to approximately $170 million.
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 preliminary results for Q1 FY 2015 on July 24, 2014 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.
Update on Audit Committee Investigation
As previously disclosed, Logitech's Audit Committee, with the assistance of independent advisors, is conducting an independent investigation of certain accounting matters related to the Company's previously issued financial statements. Related to the Audit Committee's investigation, the Company is performing additional work associated with its Fiscal Year 2014 Annual Report on Form 10-K, which might result in adjustments to the previously issued financial statements. The Audit Committee has not reached any conclusion because the investigation is ongoing.
In addition, preliminary financial information for the first quarter of Fiscal Year 2015 was compiled by the Company and has not yet been reviewed by the Company's independent registered public accounting firm. The financial information for the first quarter of Fiscal Year 2015 may be subject to adjustment. This depends on the outcome of the Audit Committee's investigation as well as changes in reserves and estimates resulting from subsequent events and other information available through the filing date of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2014.
Accordingly, the preliminary results for the first quarter of Fiscal Year 2015 and the results for the corresponding period of Fiscal Year 2014 contained in this press release may be subject to potentially material adjustment. Until the investigation and related additional work are complete, Logitech will be unable to file its Annual Report on Form 10-K for the year ended March 31, 2014 and also expects to delay the filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2014. Complete financial information for the first quarter of Fiscal Year 2015, including balance sheet and cash flow statement, will be provided when the Company files its Quarterly Report on Form 10-Q.
Also related to the investigation, Logitech has asked the SIX Swiss Exchange for an extension to the July 31, 2014 filing deadline for the Company's annual report, and the Company expects to postpone the Annual General Meeting, which would have been held in September 2014.
Logitech continues to devote significant resources to complete and file all required periodic reports with the SEC and SIX Swiss Exchange as soon as possible following completion of the investigation.
View at TechPowerUp Main Site
"We have started the new fiscal year with a strong Q1 performance, delivering sales growth, year-over-year improvement in profitability and improved cash generation," said Bracken Darrell, Logitech president and chief executive officer. "Q1 sales in our Growth category - which includes PC Gaming, Tablet and Other Accessories, and Mobile Speakers - were up 17 percent, with Mobile Speakers sales more than doubling over last year. As planned, our cost reduction actions continue to drive increased operating leverage. As we proceed through Fiscal Year 2015, we will continue to focus both on accelerating sales growth and on achieving our improved outlook for profitability."
- Q1 sales were $484 million, up 1 percent over the prior year, with retail sales up 3 percent.
- Q1 GAAP operating income was $25 million, with GAAP earnings per share (EPS) of $0.13, compared to $0.01 in the same quarter a year ago.
- Q1 non-GAAP operating income was $44 million, with non-GAAP EPS of $0.23, compared to $0.07 a year ago.
- Q1 cash flow from operations was approximately $28 million.
For Fiscal Year 2015, Logitech confirmed its outlook of $2.16 billion in sales and raised its outlook for non-GAAP operating income from $145 million to approximately $170 million.
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 preliminary results for Q1 FY 2015 on July 24, 2014 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.
Update on Audit Committee Investigation
As previously disclosed, Logitech's Audit Committee, with the assistance of independent advisors, is conducting an independent investigation of certain accounting matters related to the Company's previously issued financial statements. Related to the Audit Committee's investigation, the Company is performing additional work associated with its Fiscal Year 2014 Annual Report on Form 10-K, which might result in adjustments to the previously issued financial statements. The Audit Committee has not reached any conclusion because the investigation is ongoing.
In addition, preliminary financial information for the first quarter of Fiscal Year 2015 was compiled by the Company and has not yet been reviewed by the Company's independent registered public accounting firm. The financial information for the first quarter of Fiscal Year 2015 may be subject to adjustment. This depends on the outcome of the Audit Committee's investigation as well as changes in reserves and estimates resulting from subsequent events and other information available through the filing date of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2014.
Accordingly, the preliminary results for the first quarter of Fiscal Year 2015 and the results for the corresponding period of Fiscal Year 2014 contained in this press release may be subject to potentially material adjustment. Until the investigation and related additional work are complete, Logitech will be unable to file its Annual Report on Form 10-K for the year ended March 31, 2014 and also expects to delay the filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2014. Complete financial information for the first quarter of Fiscal Year 2015, including balance sheet and cash flow statement, will be provided when the Company files its Quarterly Report on Form 10-Q.
Also related to the investigation, Logitech has asked the SIX Swiss Exchange for an extension to the July 31, 2014 filing deadline for the Company's annual report, and the Company expects to postpone the Annual General Meeting, which would have been held in September 2014.
Logitech continues to devote significant resources to complete and file all required periodic reports with the SEC and SIX Swiss Exchange as soon as possible following completion of the investigation.
View at TechPowerUp Main Site
