By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Logitech International announced its financial results for the third quarter of its 2010 fiscal year.
Sales for the third quarter were $617 million, a decrease of 2 percent compared with $627 million in the same quarter last year. Excluding the favorable impact of exchange rate changes, sales decreased by 7 percent.
Operating income for Q3 grew by 37 percent, to $58 million, compared with $43 million in the same quarter a year ago. Operating income includes the impact of $5.8 million in one-time transaction costs related to the company's acquisition of LifeSize Communications in December 2009.
Net income for the quarter was $57 million, compared with net income of $40 million in the prior-year period. Gross margin for the third quarter was 33.9 percent, compared with the prior year's 29.9 percent.
Logitech's retail sales for Q3 were up 3 percent year over year, with sales up by 8 percent in the Americas and 6 percent in EMEA and down 17 percent in Asia. OEM sales were down by 38 percent.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.