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Logitech increases sales and profit

Logitech has diversified from mice into other computer-related products (Logitech)

Swiss-registered computer peripherals manufacturer Logitech has reported increased profit and sales in 2002.

In a statement on Wednesday, the company said operating income for the year had risen 27 per cent to $124 million (SFr170 million). Net income totalled $99 million.

Sales were up 17 per cent at $1.1 billion.

The figures were slightly better than expected. Analysts had forecast operating income of $122 million and net profit of $98 million.

The firm, which has its headquarters in California but is listed on the Swiss Stock Exchange, said its retail business was thriving and it expected sales for the current fiscal year to reach $1.21 billion.

"We are very pleased with these strong results during a difficult period for the technology industry," said Guerrino de Luca, Logitech president and CEO.

"Despite a generally sluggish market characterised by weakening consumer confidence, Logitech has consistently been able to sustain growth through the launch of innovative products and effective cost management."

Logitech was founded in 1981 as a supplier of mice to PC equipment manufacturers, but has recently diversified into the more profitable business of producing keyboards, webcams, gaming peripherals and PC audio products.

New products introduced in the last few years, such as cordless mice and keyboards, have helped improve the company's earnings.

swissinfo with agencies

Logitech

Logitech said operating income for 2002 rose 27 per cent to $124 million (SFr170 million).
Sales increased 17 per cent to $1.1 billion.
The company has its headquarters in California, but is listed on the Swiss stock exchange.
It was founded in 1981 as a supplier of mice to PC manufacturers, but has since branched out into other computer peripherals.
The company attributed its sustained growth to the launch of new products - such as the cordless mouse - and effective cost management.

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