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Logitech International's CEO Discusses F1Q13 Earnings Results - Earnings Call Transcript

I want to specifically mention two highlights in the quarters. First, I was very encouraged with the growth we achieved in EMEA with sales up by 28% in local currency. We’re well positioned in EMEA for a significant improvement in sales and profitability during the remainder of the fiscal year compared to the prior year. I was also pleased with the double digit growth in both the desktop keyboard and the audio product categories. The strong initial sales of the new generations of products recently added to our portfolio were significant factors in the growth achieved in both categories.

I will now turn the call over to Bracken and I will return after him to comment on some elements of the proxy we filed earlier this week and on our strategy going forward.

Bracken P. Darrell

I want to comment briefly on the restructuring initiatives we announced in late April. As painful as the process of restructuring is for any organization I was really pleased with the speed and the quality of our execution. We moved aggressively, we moved with precision as we laid the foundation for a cost structure that will improve our profitability and support our future growth initiatives. We’re confident that the restructuring will result in the reduction of approximately $80 million in annual operating costs with the positive impact on our financials becoming fully visible in the second half of this fiscal year.

The vast majority of our restructuring actions are now behind us and we’re focused on improved performance. A critical element in our improvement efforts is the simplification of our organization and our product portfolio. There’s still much work to be done but let me update you on the progress. One example of our simplified organization involves marketing or our marketing function. We have completed the consolidation of our brand management and product portfolio management under the leadership of the business groups.

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