Logitech Announces New Share Buyback Program And Proposed FY20 Dividend
Company Also Announces New Group Management Team Member and Files Annual Report on Form 10-K
LAUSANNE, Switzerland & NEWARK, Calif.–(BUSINESS WIRE)– Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced a number of items, approved by its board of directors, including a new share buyback program, a proposed dividend for Fiscal Year 2020, and a new Group Management Team member and Executive Officer. The Company also announced that it filed its Annual Report on Form 10-K for Fiscal Year 2020.
The Company’s board of directors has approved a new, three-year share buyback program, which authorizes the Company to use up to $250 million to repurchase its shares. The new program is expected to begin following approval from the Swiss Takeover Board and replaces the Company’s prior buyback program that expired in April 2020.
Logitech’s board of directors has also approved a proposal for a Fiscal Year 2020 dividend, which would be approximately a 10 percent annual increase versus last year’s dividend. Together with the new share buyback program, this demonstrates the Company’s continued commitment to consistently return cash to shareholders.
Logitech’s board of directors has also designated Prakash Arunkundrum, head of global operations, as a new member of Logitech’s Group Management Team and determined that he will be an Executive Officer.
Lastly, Logitech announced that it filed its Annual Report on Form 10-K for Fiscal Year 2020 with the U.S. Securities and Exchange Commission. It is available on Logitech’s website at http://ir.logitech.com. Logitech expects to publish its annual report to shareholders, and its invitation and proxy statement for its 2020 annual general meeting, in July 2020.
Logitech designs products that have an everyday place in people’s lives, connecting them to the digital experiences they care about. More than 35 years ago, Logitech started connecting people through computers, and now it’s a multi-brand company designing products that bring people together through music, gaming, video, and computing. Brands of Logitech include Logitech, Logitech G, ASTRO Gaming, Streamlabs, Ultimate Ears, Jaybird and Blue Microphones. Founded in 1981, and headquartered in Lausanne, Switzerland, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find Logitech at www.logitech.com, the company blog or @Logitech.
This press release contains forward-looking statements within the meaning of the U.S. federal securities laws, including, without limitation, statements regarding a new share buyback program, the timing of the share buyback program, a proposed dividend for Fiscal Year 2020, returning cash to shareholders, proposals for the Company’s 2020 annual general meeting, and the timing of the Company’s annual report and invitation and proxy statement for its 2020 annual general meeting . The forward-looking statements in this release involve risks and uncertainties that could cause Logitech’s actual results and events to differ materially from those anticipated in these forward-looking statements, including, without limitation: if our product offerings, marketing activities and investment prioritization decisions do not result in the sales, profitability or profitability growth we expect, or when we expect it; if we fail to innovate and develop new products in a timely and cost-effective manner for our new and existing product categories; if we do not successfully execute on our growth opportunities or our growth opportunities are more limited than we expect; the effect of pricing, product, marketing and other initiatives by our competitors, and our reaction to them, on our sales, gross margins and profitability; if we are not able to maintain and enhance our brands; if our products and marketing strategies fail to separate our products from competitors’ products; the COVID-19 pandemic and its potential impact; if we do not fully realize our goals to lower our costs and improve our operating leverage; if there is a deterioration of business and economic conditions in one or more of our sales regions or product categories, or significant fluctuations in exchange rates; changes in trade policies and agreements and the imposition of tariffs that affect our products or operations and our ability to mitigate; risks associated with acquisitions; the effect of changes to our effective income tax rates. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in Logitech’s periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2020, available at www.sec.gov, under the caption Risk Factors and elsewhere. Logitech does not undertake any obligation to update any forward-looking statements to reflect new information or events or circumstances occurring after the date of this press release.
Logitech and other Logitech marks are trademarks or registered trademarks of Logitech Europe S.A. and/or its affiliates in the U.S. and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s website at www.logitech.com.