Computer interface devices manufacturer Logitech International S.A. (LOGI: Quote) reported third quarter net loss of $195 million or $1.24 per share, compared to net income of $55 million or $0.32 per share in the year-ago quarter.
Excluding impairment charge, non-GAAP operating income would have been $31 million and non-GAAP net income would have been $16 million.
On average, 3 analysts polled by Thomson Reuters expected earnings of $0.31 per share for the quarter. Analysts’ estimates typically exclude special items.
Sales for the quarter were $615 million, down 14 percent from $715 million in the prior year quarter. Wall Street expected revenues of $667.87 million for the quarter.
The company stated that it plans to expand its presence in the growing tablet accessories category with the launch of a number of exciting new products later this quarter. The company also planned to discontinue other non-strategic products, such as speaker docks and console gaming peripherals, by the end of Calendar Year 2013.
Bracken Darrell, Logitech president and chief executive officer, stated “As we execute our plans over the coming quarters, we will reduce costs significantly across the company beyond the $80M annual cost savings (FY 2014 over FY 2012) resulting from the restructuring we announced last April. My goal is to get Logitech back to sustained profitability as quickly as possible.”
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by RTT Staff Writer
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