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Logitech International SA Message Board

  • swisslakes swisslakes Oct 25, 2012 7:49 AM Flag

    14 areas of Stegnth & Weakness going ahead across categories & financials

    Bits & pieces Logitech Second Quarter Fiscal Year 2013 Financial Results
    Management’s Prepared Remarks (October 24, 2012) and my humble perception


    - net tax benefit of $32 million from the closure of an income tax audit almost offset the restructure in 1st Qtr of of $31 million

    "Our Q2 gross margin was up by 210 basis points compared to the prior year and up by 500 basis points sequentially.....despite the negative impact of a weaker Euro"

    -Seems that restructure start to pay off as "G&A expenses decreased by 7%" and more expected

    -although all headwinds in global economy, currency impact, Windows 8 wait, Music range transition, Logitech managed to beat last year same qtr net income and

    -Euro gaining strength VS last Qtr low based on EU issues

    -Improved EPS ahead

    "We received shareholder approval to cancel the 18.5M shares we repurchased in
    Q4 FY12 and Q1 FY13 at our September 2012 Annual General Meeting

    We expect the cancellation of these shares to take effect by the end of calendar 2012"

    "Keyboards & Desktops was our best-performing retail product category in Q2, with sales up by 20% and units up by 4%. We achieved strong double-digit sales growth in both the Americas and EMEA."

    it will be more WOW with Windows 8 New & upgraded PC, Windows 8 Tablets & Mac/new ipads(more soon announced) huge catalysts ahead

    Mouse & Tochpad
    Sales in our Pointing Devices category declined by 8%, with units up by 2%. The impact of deteriorating conditions in the global PC market was a major factor in the sales declines in this category across all regions....... Earlier this month we introduced several new products designed to enhance the touch and navigation capabilities for the new Windows 8 operating system, which is expected to launch shortly.
    Windows 8 New & upgraded PC, Windows 8 Tablets & Mac(soon announced) huge catalysts ahead


    Sales in the Gaming category declined by 1%, with units up by 10%. While sales
    declined in console gaming, our sales of PC gaming peripherals grew by 12% with units up by 17%."

    again Windows 8 as catalys, even windows 8 Tablets support USB for lohitech wireless dongle/mini reciver

    Remote Control
    "Sales of our Harmony remotes were down by 14%, with units down by 31%." expected as no New Harmony Remotes in jan-Sep period and no new high end in years

    last year they launched low end harmony 200 & 300 models

    not any more, just Launched the Great Harmony Touch, check top seller list at the like of Amazon, expect Qwerty high end?

    "Video sales declined by 17%, with units down by 21%." expected as Consumer waiting for Windows & Lack for dedicated Mac

    i expect that will change as Windows 8 in days, New Wifi Webcam Broadcaster for Mac & iOS, Skype TV Cam all in current Qtr

    "We were pleased with the initial success of our wireless speakers, including the Logitech UE Mobile Boombox and the Logitech UE Boombox, which began shipping late in the quarter. It was also a strong start for sales of our new Logitech UE headphones and noise-isolating earphones. Our new Logitech UE products were initially available exclusively through the Apple stores. The early response to these products has been encouraging and we look forward to expanding the distribution of these products as we progress through the 2nd half of the fiscal year."

    Transition happened @ end of last Qtr from ipad/iphone from old dock Logitech products to new Wireless range

    "Sales in our Audio category declined by 14% with units down by 9%. The decline in sales was the result of double-digit drops in PC speakers, PC headsets, and speaker docks"

    Windows 8 will help & new PC speakers start to roll out current Qtr, more expected.

    Expected as cautious PC makers waiting for Windows 8 trends to see the direction

    also comments from President & coming CEO few months ago about OEM potential in other Areas? may take some time in 2013

    "Sales in Q2 decreased by 7%, with declines experienced in all regions. "

    its ups and downs, i believe this not the core business and better spin off as it got new Cloud & virtualization systems but it taking time to build the channel, may fit other companies global portfolio.

    Sentiment: Strong Buy

24.3111+0.1711(+0.71%)11:44 AMEDT