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On April 22, 2009, Logitech International S.A. (LOGI) posted a net loss of $35.08 million or $0.20 per share during Q4 FY09 compared to a profit of $60.34 million or $0.32 per share a year ago. Lower revenue and restructuring charges adversely affected the company's bottom-line. Excluding one-time items, net loss stood at $18.19 million or $0.11 per share, which missed the consensus earnings estimate of $0.06 per share.
Net sales decreased 32.1% to $407.95 million from $601.23 million in the previous year's quarter, led by weak consumer demand and unfavorable foreign exchange rates. Retail sales fell 32.0% to $358.42 million, with sales down in the Americas, Europe, the Middle East and Africa, (EMEA) and Asia by 33.0%, 36.0%, and 14.0%, respectively. At the same time, OEM sales were down 33.3% year-over-year to $49.53 million.
Operating expense decreased 1.7% to $145.29 million from $147.81 million a year earlier, which includes a restructuring charge of $20.55 million. In addition, net interest income plunged 70.9% to $1.09 million from $3.74 million.
Revenue for FY09 declined 6.8% to $2.21 billion from $2.37 billion the previous year. Consequently, earnings fell 53.7% to $107.03 million or $0.59 per share from $231.03 million or $1.23 per share.
Logitech expects its Q1 FY10 revenue to be in the range of $300.00 million to $320.00 million. In addition, it anticipates gross margin between 24.00% to 26.00%, and operating loss within the range of $40.00 million to $50.00 million.