Logitech International's CFO Presents At Morgan Stanley Technology, Media & Telecom Conference (Transcript)

Logitech International SA (USA) (LOGI)

Morgan Stanley Technology, Media & Telecom Conference Call

February 27, 2012 7:15 pm ET

Executives

Erik K. Bardman – Senior Vice President, Finance & Chief Financial Officer

Analysts

Francois Meunier – Morgan Stanley

Presentation

Francois Meunier – Morgan Stanley

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Okay. So, maybe we shall get started. I'm Francois. I'm covering European Hardware in London and we have Erik Bardman, CFO of Logitech today with us. So, maybe Erik, we had you with us not that long ago. Maybe the results were not as good as what could have been expected. So, maybe we could just come back to that and what happened to – with the earnings in the latest results?

Erik Bardman

Yes. So, there'd be a couple things I'd say. When you look at, so, we're three quarters into our fiscal year. We end our fiscal year on March 31. So, three quarters in there's a couple things I would point out in terms of not being exactly where we wanted to be.

In the first quarter, we had a large charge, non-cash charge that we took related to Google TV, a Logitech Revue product that we built. And unfortunately, it did not work out the way that we wanted. We also talked about, over the course of the beginning of the year, we had some channel issues that we needed to work through in our European region in terms of some channel and pricing programs that we rolled out that were not clear, not executed well, right, from that perspective. It took us a couple of quarters to work through that.

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