Logitech 2013 Annual Report Download - page 138

LOGITECH INTERNATIONAL S.A.
QUARTERLY FINANCIAL DATA
(Unaudited)
The following table contains selected unaudited quarterly financial data for fiscal years 2013 and 2012 (in
thousands except per share amounts):
Year ended March 31, 2013 Year ended March 31, 2012
First(4) Second Third(2) Fourth(3)(4) First Second Third Fourth(1)
Net sales. . . . . . . . . . . . . . . . . . . . . $ 468,604 $ 547,693 $ 614,500 $469,087 $ 480,441 $ 589,204 $ 714,596 $ 531,962
Gross profit . . . . . . . . . . . . . . . . . . 144,252 195,995 210,098 156,958 125,607 198,421 258,674 193,887
Operating expenses:
Marketing and selling . . . . . . . 100,897 110,522 112,698 107,480 99,793 107,446 116,313 100,302
Research and development. . . . 38,928 38,019 40,393 36,582 39,981 39,491 41,911 40,948
General and administrative . . . 32,480 25,980 26,382 28,982 30,865 27,989 30,673 28,896
Impairment of goodwill and
other assets . . . . . . . . . . . . . — — 211,000 5,688 — — — —
Restructuring charges
(credits), net . . . . . . . . . . . . 31,227 (2,671) (358) 15,506 — — — —
Total operating expense . . . 203,532 171,850 390,115 194,238 170,639 174,926 188,897 170,146
Operating income (loss). . . . . . . . . (59,280) 24,145 (180,017) (37,280) (45,032) 23,495 69,777 23,741
Net income (loss) . . . . . . . . . . . . . . $ (52,145) $ 54,865 $(194,943) $ (35,914) $ (29,606) $ 17,445 $ 55,333 $ 28,286
Net income (loss) per share(5):
Basic . . . . . . . . . . . . . . . . . . . . . $ (0.32) $ 0.35 $ (1.24) $ (0.23) $ (0.17) $ 0.10 $ 0.32 $ 0.17
Diluted . . . . . . . . . . . . . . . . . . . $ (0.32) $ 0.35 $ (1.24) $ (0.23) $ (0.17) $ 0.10 $ 0.32 $ 0.17
Shares used to compute net
income (loss) per share:
Basic . . . . . . . . . . . . . . . . . . . . . 160,733 156,736 157,706 158,716 179,331 176,878 173,003 169,387
Diluted . . . . . . . . . . . . . . . . . . . 160,733 157,932 157,706 158,716 179,331 177,277 173,656 170,401
(1) Net income for the fourth quarter includes $5.7 million in pretax charges related to sales incentive allowances
from fiscal year 2010 and prior quarters in fiscal year 2011. The Company reviewed the accounting errors
utilizing SEC Staff Accounting Bulletin No. 99, Materiality and SEC Staff Accounting Bulletin No. 108,
Effects of Prior Year Misstatements on Current Year Financial Statements, and determined the impact of the
errors to be immaterial to any period presented.
(2) Impairment of goodwill and other assets during the third quarter of fiscal year 2013 was due to an estimated
$211.0 million goodwill impairment charge related to the video conferencing reporting unit.
(3) Impairment of goodwill and other assets during the fourth quarter of fiscal year 2013 was due to an additional
$3.5 million in goodwill impairment charge related to the video conferencing reporting unit and $2.2 million
in impairment charges related to the digital video security product line.
(4) During the first and fourth quarters of fiscal 2013, the Company announced restructuring plans intended align
the organization to its strategic priorities of increasing focus on mobility products, improving profitability in
PC-related product and enhancing global operational efficiencies.
(5) Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore,
the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings
per share.
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