Logitech Delivers Record Q1 Sales and Profit

Logitech Delivers Record Q1 Sales and Profit

Logitech International (SWX: LOGN) (Nasdaq: LOGI) today announced record Q1 sales and profit, posting its thirty-first consecutive quarter of double-digit revenue growth. Sales for the first quarter of Fiscal Year 2007, ended June 30, 2006, were $393 million, up 18 percent from $335 million for the same quarter one year ago.

Beginning with Q1 FY 2007, in accordance with U.S. Generally Accepted Accounting Principles (GAAP), Logitech has adopted Statement of Financial Accounting Standards No.123R (SFAS 123R). The Company´s GAAP results now include the costs of stock-based compensation. A reconciliation between GAAP and non-GAAP results is provided in a table as part of the attached financial statements.

For Q1, GAAP operating income was $23.8 million, including $5.1 million in costs for stock-based compensation. GAAP net income for Q1, including $4.2 million in costs for stock-based compensation (net of related tax benefit), was $30.1 million ($0.16 per share). Net income during the first quarter also included a gain of $6.6 million on the sale of shares of Anoto Group AB.

Non-GAAP operating income, which excludes stock-based compensation, was $28.9 million, up 15 percent from last year´s operating income of $25.2 million. Non-GAAP net income for Q1 was $34.4 million ($0.18 per share), up 53 percent compared with net income of $22.4 million ($0.12 per share) in the prior year. Non-GAAP gross margin was 30.9 percent, compared to 32.1 percent for the same quarter last year.

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