Logitech 2009 Annual Report Download - page 2

Fiscal Year 2005 2006 2007 2008 2009
(in thousands of U.S. dollars, except per share amounts)
Total revenues $ 1,482,626 $ 1,796,715 $ 2,066,569 $ 2,370,496 $ 2,208,832
Gross margin 34.0% 32.0% 34.3% 35.8% 31.3%
Operating income $ 171,674 $ 198,911 $ 230,862 $ 286,680 $ 109,654
Operating margin 11.6% 11.1% 11.2% 12.1% 5.0%
Net income $ 149,266 $ 181,105 $ 229,848 $ 231,026 $ 107,032
Earnings per diluted share $ 0.77 $ 0.92 $ 1.20 $ 1.23 $ 0.59
Diluted number of shares (in millions) 198,250 198,769 190,991 187,942 182,911
Cash ow from operations $ 213,674 $ 152,217 $ 303,825 $ 393,079 $ 200,587
Capital expenditures $ 40,541 $ 54,102 $ 47,246 $ 57,900 $ 48,263
Cash & cash equivalents net
of short-term debt $ 331,402 $ 230,943 $ 398,966 $ 486,292 $ 494,396
Shareholders’ equity $ 526,149 $ 685,176 $ 844,524 $ 960,044 $ 997,708
The following selected historical information has been derived from audited nancial statements included in our annual reports for such years.
Accordingly, the table should be read in conjunction with the section titled “Management’s Discussion and Analysis of Financial Condition and Results
of Operations,” in our annual reports for Fiscal Years 2009 and 2008 and the section titled “Operating and Financial Review and Prospects,” in our
annual reports for Fiscal Years 2005 through 2007.
This document contains forward-looking statements, including the statements regarding a return to earnings growth for the second half of Fiscal Year
2010, Logitech’s ability to emerge stronger from the recession, the size and timing of expected savings from the restructuring and efforts to lower
variable expenses, evolving technology and market trends, growth opportunities in our product categories and our business strategies for Fiscal Year
2010 and beyond. The forward-looking statements involve risks and uncertainties that could cause Logitech’s actual results to differ materially from
that anticipated in these forward-looking statements. Factors that could cause actual results to differ materially include: our inability to predict the
depth and length of the deterioration of general economic conditions and its impact on our business, operating results and nancial condition; the
demand of our customers and our consumers for our products and our ability to accurately forecast it; Logitech’s ability to achieve expected cost
reductions within expected time frames; the effect of pricing, product, marketing and other initiatives by our competitors, and our reaction to them,
on our sales, gross margins and protability; if we fail to take advantage of long-term trends in the consumer electronics and personal computers
industries; if we fail to successfully innovate in our current and emerging product categories and identify new feature or product opportunities; the
sales mix among our lower- and higher-margin products and our geographic sales mix; as well as those additional factors set forth in our periodic
lings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the scal year ended March 31, 2009 and our
Quarterly Reports on Form 10-Q, available at www.sec.gov. Logitech does not undertake to update any forward-looking statements.
Selected Financial Highlights