Logitech 2005 Annual Report Download - page 43

ITEM 3. KEY INFORMATION
A. Selected Financial Data
The financial data below has been derived from our audited consolidated financial statements prepared in
accordance with generally accepted accounting principles in the United States of America. This financial data
should be read in conjunction with the consolidated financial statements and related notes included elsewhere in
this Form 20-F. This table should also be read in conjunction with Item 5 “Operating and Financial Review and
Prospects.” These historical results are not necessarily indicative of the results to be expected in the future.
Year ended March 31,
2005 2004 2003 2002 2001
(In thousands, except per share amounts)
Consolidated statements of income and cash
flow data:
Net sales ............................... $1,482,626 $1,268,470 $1,100,288 $943,546 $735,549
Grossprofit ............................. 503,587 408,922 364,504 315,548 233,259
Operating expenses:
Marketing and selling ................. 201,353 156,793 141,194 130,060 105,140
Research and development ............. 73,900 61,289 56,195 50,531 36,686
General and administrative ............. 56,660 45,286 43,233 37,739 33,484
Purchased in-process research and
development(1).................... — — — — 3,275
Total operating expenses ........... 331,913 263,368 240,622 218,330 178,585
Operating income ........................ 171,674 145,554 123,882 97,218 54,674
Netincome ............................. $ 149,266 $ 132,153 $ 98,843 $ 74,956 $ 45,068
Net income per share and ADS:
Basic .............................. $ 3.37 $ 2.91 $ 2.15 $ 1.67 $ 1.07
Diluted............................. $ 3.07 $ 2.69 $ 1.97 $ 1.50 $ 0.96
Shares used to compute net income per share
and ADS:
Basic .............................. 44,252 45,346 45,989 44,929 42,226
Diluted............................. 49,562 50,160 51,409 50,939 46,940
Net cash provided by operating activities ...... $ 213,674 $ 166,460 $ 145,108 $112,595 $ 12,043
March 31,
2005 2004 2003 2002 2001
(In thousands)
Consolidated balance sheet data:
Cash and cash equivalents .................. $ 341,277 $ 294,753 $ 218,734 $143,101 $ 44,142
Total assets ............................. $1,018,872 $ 865,916 $ 738,302 $595,744 $505,116
Long-term debt, net of current maturities ...... $ 147,788 $ 137,008 $ 131,615 $104,812 $ 26,908
Shareholders’ equity ...................... $ 526,149 $ 457,080 $ 365,562 $323,017 $256,054
(1) In connection with the acquisition of Labtec in fiscal year 2001, the Company recorded a charge of $3.3
million for purchased in-process research and development.
Exchange Rates
Our registered shares traded on the SWX Swiss Exchange are denominated in Swiss francs while our ADSs
traded on the Nasdaq National Market are denominated in U.S. dollars. Fluctuations in the exchange rate between
the Swiss franc and the U.S. dollar will affect the U.S. dollar equivalent of the Swiss franc price of our registered
shares on the SWX Swiss Exchange and, as a result, will likely affect the market price of our ADSs in the United
States, and vice versa.
5
CG
20-F
LISA