Logitech has told about profit in the first quarter

Profit growth for the first quarter of an order of 18 %, a trading profit – an order of 24 %

Logitech declared finance results for the first quarter of budgetary 2009.

Sales for the first quarter have made $509 million that means growth on 18 % in comparison with the sum of $430 million for the similar period of last year. The trading profit has made $30 million, i.e. has increased on 24 % in comparison with the sum of $24 million for the same quarter year before. The Net profit has made $29 million ($0.16 on one share) incomparison with $26 million ($0.14 on one share) in the first quarter of budgetary 2008. The gross profit has made 34.1 %, in comparison with 33.7 % in the first quarter of budgetary 2008. Inflow of money resources from operations has made $44 million, that is has three times exceeded the sum for similar quarter 2008.

Retails Logitech in the first quarter have grown on 19 %: on 20 % in Europe, in the Near East and in Africa, on 10 % on the American continent and on 41 % in Asia. Growth of retails was stimulated with high sales of universal panels Harmony (to 74 %), and also manipulators (to 34 %). Efficiency of a retail business continues to grow in video segment - sales have reached 21 %. Sales OEM have increased by 15 % that is caused by a higher demand on microphones for console games.

"We are happy with that in a sales targets and profitableness Logitech has prepared to itself good base for 2009" - the president and the main chief executive of the company has declared Dzherald P.Kvindlen. "Thanks to a great demand for our goods, we have achieved the growth of profit expressed in two-place figures, in all regions, and also the accelerated growth rates in a video-equipment segment. In the second quarter we expect the further acceleration of growth rates owing to a conclusion to the market of the new goods".

Plans for the future
For current fiscal year which comes to an end on March, 31st, 2009г., the company has confirmed following planned targets of growth: 15 % of growth of a sales volume and increase in a planned trading profit. The net profit in budgetary 2009 is expected over the established level of the long-term plan of the company - 32-34 %. Logitech assumes, that the actual tax rate will make approximately 12 %.