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LOGITECH INTL NA SF -,25 Reports Operating Results (10-Q)

November 08, 2010 | About:
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LOGITECH INTL NA SF -,25 (LOGI) filed Quarterly Report for the period ended 2010-09-30.

Logitech Intl Na Sf -,25 has a market cap of $3.35 billion; its shares were traded at around $19.07 with a P/E ratio of 22.98 and P/S ratio of 1.71. Logitech Intl Na Sf -,25 had an annual average earning growth of 6.9% over the past 10 years.LOGI is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC, Chuck Royce of Royce& Associates, Steven Cohen of SAC Capital Advisors.
This is the annual revenues and earnings per share of LOGI over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of LOGI.


Highlight of Business Operations:

In our OEM channel in the past several quarters, the shift away from desktop PCs adversely affected our sales of OEM mice and keyboards, which are sold with name-brand desktop PCs. In the six months ended September 30, 2010, sales of our OEM mice increased 13% and OEM keyboards increased 36% compared with the same period in the prior fiscal year, with OEM mice units increasing 14% and OEM keyboard units increasing 81%. Our OEM mice and keyboard sales have historically made up the bulk of our OEM sales. Our OEM sales accounted for 11% and 12% of total revenues during the six months ended September 30, 2010 and 2009.

Retail unit sales increased 18% and 27% during the three and six months ended September 30, 2010 compared with the three and six months ended September 30, 2009. Our total retail average selling price in the three and six months ended September 30, 2010 was 6% and 7% lower than the same periods in fiscal year 2009. Sales of our retail products priced above $100 represented 17% of total retail sales in the three month period and 16% in the six month period ended September 30, 2010, compared with 15% and 13% in the three and six months ended September 30, 2009. If foreign currency exchange rates had been the same in the three and six months ended September 30, 2010 and 2009, our constant dollar retail sales increases would have been 15% and 26% instead of 11% and 22% .

OEM unit sales increased 5% and 18% in the three and six months ended September 30, 2010 compared with 2009, due to sales of our OEM mice, keyboards and microphones for console singing games. Sales of OEM mice increased 5% and 13% in dollars and 3% and 14% in units in the three and six month periods, compared with the same periods in the prior fiscal year. OEM keyboard sales increased 57% and 81% in units in the three and six months ended September 30, 2010 compared with 2009.

Approximately 43% and 41% of the Company s total net sales were denominated in currencies other than the U.S. dollar in the three and six months ended September 30, 2010 compared with approximately 51% and 52% in the three and six months ended September 30, 2009. If foreign currency exchange rates had been the same in the three and six months ended September 30, 2010 and 2009, our constant dollar total net sales increase would have been 21% and 32% instead of 17% and 29%, primarily reflecting the weakness of the euro in 2010 compared with 2009.

Retail units sold in our EMEA region during the three and six months ended September 30, 2010 increased 5% and 18% compared with the prior fiscal year. EMEA retail sales in U.S. dollars declined in all product families except video and remotes in the three months ended September 30, 2010 compared with 2009, primarily due to the weaker euro in 2010. For the six month period, EMEA retail sales increased in all product families, except keyboards and desktops, and gaming. However, unit sales in keyboards and desktops experienced an 11% increase in the six months ended September 30, 2010 compared with 2009. If foreign currency exchange rates had been the same in the three and six months ended September 30, 2010 and 2009, our EMEA constant dollar retail sales increase would have been 6% and 15%. Sell-through growth in the EMEA region was 22% for the three months and 18% for the six months ended September 30, 2010 compared with the same periods in the prior fiscal year, with particular strength in emerging markets. Sell-through data is subject to limitations as described in “Trends in Our Business.”

Retail sales in the Asia Pacific region increased 38% and 31% during the three and six months ended September 30, 2010 compared with the same periods in the prior fiscal year, with growth in all product lines except audio and gaming. The Asia Pacific retail sales increase was led by China, with sales in Chinese renminbi more than doubling in the six months ended September 30, 2010 compared with the six months ended September 30, 2009. Retail sell-through increased 22% and 21% in the three and six months compared with the same periods in the prior fiscal year. Sell-through data is subject to limitations as described in “Trends in Our Business.” Total retail units sold in the Asia Pacific region increased 66% and 55% during the three and six months ended September 30, 2010 compared with the three and six months ended September 30, 2009. The unit percentage increase was higher than the sales percentage increase primarily due to higher sales of our value-priced products in the region. If foreign currency exchange rates had been the same in the three and six months ended September 30, 2010 and 2009, our Asia Pacific constant dollar retail sales increase would have been 35% and 29%.

Read the The complete Report

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