Computer interface devices manufacturer Logitech International S.A. (LOGI) reported fourth quarter net income of $28 million or $0.17 per share, compared to $3 million or $0.02 per share in the prior year.
On average, 3 analysts polled by Thomson Reuters expected earnings of $0.07 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter were $532 million, down 3% from $548 million in the previous year. Excluding the unfavorable impact of exchange rates, sales decreased by 2 percent compared to the prior year. Wall Street expected revenues of $538.37 million for the quarter.
Separately, Logitech announced the eliminations of two executive management positions as part of its transformation strategy, which includes a plan to restructure the company, announced separately today
The position of executive vice president of the products group and president of Logitech Europe, held by Junien Labrousse and reporting to Logitech President Bracken Darrell, has been eliminated.
The leaders of the individual business groups, which formerly reported to Labrousse, now report directly to Darrell. Labrousse has assumed the role of senior vice president of the business group responsible for PCs, Macs and tablets.
The position of senior vice president of worldwide sales and marketing, held by Werner Heid and reporting to Bracken Darrell, has been eliminated. The leaders of each of Logitech's sales and marketing regions now report directly to Darrell. Due to the elimination of his position, Heid will be leaving Logitech effective May 15, 2012.
by RTT Staff Writer
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