Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced that
the filing of its Annual Report on Form 10-K for the year ended March
31, 2014 will be delayed beyond the required filing date of May 30, 2014.
The 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. Some of
the issues being reviewed by the Audit Committee are also the subject of
an ongoing formal investigation by the SEC, including the revision to
the Company’s financial statements concerning warranty accruals and
amortization of intangible assets presented in its Form 10-K/A, filed on
August 7, 2013, and the Company’s transactions with a distributor for
Fiscal Year 2007 through Fiscal Year 2009. The Company is cooperating
with the SEC in its ongoing investigation. Logitech recently entered
into an agreement with the SEC to extend the statute of limitations and
cannot predict the outcome of the investigation at this time.
Related to the Audit Committee’s investigation, the Company is
performing additional work related to its Fiscal Year 2014 Form 10-K,
which might result in adjustments to the financial statements. Logitech
will continue to devote the resources necessary to complete its Fiscal
Year 2014 Form 10-K and file as soon as possible.
Logitech remains confident in its strategy to return to consistent
top-line growth and improved profitability and does not believe these
matters will have any impact on the Company’s previously stated outlook
for Fiscal Year 2015 or on its long-term business model.
About Logitech
Logitech is a world leader in products that connect people to the
digital experiences they care about. Spanning multiple computing,
communication and entertainment platforms, Logitech’s combined hardware
and software enable or enhance digital navigation, music and video
entertainment, gaming, social networking, audio and video communication
over the Internet, video security and home-entertainment control.
Founded in 1981, Logitech International is a Swiss public company listed
on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market
(LOGI).
This press release contains forward-looking statements within the
meaning of the federal securities laws, including, without limitation,
statements regarding: return to top-line growth and consistent
profitability, the Company’s outlook for Fiscal Year 2015, and the
Company’s long-term business model. The forward-looking statements in
this release involve risks and uncertainties that could cause Logitech’s
actual results and events to differ materially from those anticipated in
these forward-looking statements, including, without limitation: if our
product offerings, marketing activities and investment prioritization
decisions do not result in the sales, profitability or profitability
growth we expect, or when we expect it; the demand of our customers and
our consumers for our products and our ability to accurately forecast
it; if we fail to innovate and develop new products in a timely and
cost-effective manner for our new and existing product categories; if we
do not successfully execute on our growth opportunities in our new
product categories; if sales of PC peripherals in mature markets are
less than we expect; the effect of pricing, product, marketing and other
initiatives by our competitors, and our reaction to them, on our sales,
gross margins and profitability; if our products and marketing
strategies fail to separate our products from competitors’ products; if
there is a deterioration of business and economic conditions in one or
more of our sales regions or operating segments, or significant
fluctuations in exchange rates. A detailed discussion of these and other
risks and uncertainties that could cause actual results and events to
differ materially from such forward-looking statements is included in
Logitech’s periodic filings with the Securities and Exchange Commission,
including our Quarterly Report on Form 10-Q for the fiscal quarter ended
December 31, 2013 and available at www.sec.gov,
under the caption Risk Factors and elsewhere. Logitech does not
undertake any obligation to update any forward-looking statements to
reflect new information or events or circumstances occurring after the
date of this press release.
Logitech, the Logitech logo, and other Logitech marks are registered in
Switzerland and other countries. All other trademarks are the property
of their respective owners. For more information about Logitech and its
products, visit the company’s Web site at www.logitech.com.
(LOGIIR)
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