Logitech International (SIX:LOGN)(Nasdaq:LOGI) today announced that its
board of directors has approved a new share buyback program, which
authorizes the Company to invest up to $250 million to purchase its own
shares, subject to the approval of the Swiss Takeover Board.
Logitech's share buyback program is intended to create shareholder value
by making opportunistic repurchases during periods of favorable market
conditions and is expected to be completed in three years. Shares may be
repurchased from time to time on the open market, through block trades
or otherwise. Purchases may be started or stopped at any time without
prior notice depending on market conditions and other factors.
In a separate announcement
today, prior to the Company’s Analyst and Investor Day, Logitech
confirmed its FY 2014 full-year financial outlook at the high end of the
range provided in January 2014, raised its full-year financial outlook
for FY 2015 and provided a long-term financial 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: the completion of the Company’s share buyback
program, as well as Fiscal Years 2014 and 2015 financial outlook. 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 and
sales in emerging market geographies; 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 our Amended Annual Report on Form
10-K/A for the fiscal year ended March 31, 2013, 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)
Copyright Business Wire 2014