Logitech 2001 Annual Report Download - page 4

Fiscal 2001, which ended March 31, 2001, was marked by four
record quarters. Sales of $761.4 million topped last year’s by
24 percent, handily surpassing the billion mark in Swiss Francs.
Net income of $48.4 million was 61 percent greater than fiscal
2000. Operating income of $58 million exceeded our projections
and underscored our ability to successfully manage expenses
while continuing to invest in growth opportunities. Gross margin
of 34.0 percent demonstrated the strength of our current
product portfolio.
These results, in sharp contrast to the widespread slowdown in
the PC industry, are largely attributable to a transformation of our
business model in the past three years. Of key importance in this
growth is our strength in the retail market, which now accounts
for approximately 80 percent of our revenue. Here, we have
continued to introduce innovative products—iFeel™ mice, Cordless
MouseMan® Optical, or the dual-purpose QuickCam® Traveler™ ,
to name but a few—that enable consumers to do new and exciting
things with today’s powerful computing platforms.
This year, we introduced 25 new retail products across
all categories. We saw the sale of our 300 millionth
mouse, as well as more than six million cordless
products and more than four million Internet video
cameras. In fact, for both cordless and video,
we are the market leader. Impressive as these
figures are, the opportunity ahead remains
huge, considering that the penetration
of camera and cordless categories into
the installed base of hundreds of millions
of PCs is still in the single digits.
TO OUR shareholders,
partners and
employees
GUERRINO DE LUCA
President and
Chief Executive Officer
DANIEL BOREL
Chairman of the Board