NEWARK, Calif. & LAUSANNE, Switzerland--(BUSINESS WIRE)--Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced, at its annual general meeting, that the Company’s shareholders approved a dividend of approximately CHF 0.51 per share1, nearly double that of the prior year, following a year of strong cash generation.
Logitech also offered Daniel Borel, Logitech co-founder, the role of Chairman Emeritus of the Company’s board of directors – a title he accepted. The position is honorary, without voting rights. It means that Daniel Borel will continue to interact with the board in addition to the numerous other roles he plays.
Additionally, at the meeting, Logitech’s shareholders elected to the board of directors Sue Gove, Lung Yeh and Edouard Bugnion. All other incumbent members of the board who stood for re-election were re-elected, and all other proposals at the AGM were approved.
Guerrino De Luca, Logitech’s chairman of the board, said: “It’s a real pleasure to welcome Sue, Lung and Edouard to the board. I’m also pleased to return so much value to our shareholders this year through our dividend. Finally, I’m delighted that our co-founder, Daniel Borel, will continue his participation with the Company in the strategic, honorary role of Chairman Emeritus. Bobo, as we call him, has made an immeasurable contribution to Logitech over the years and while this title doesn’t reflect the true scope of his achievements, it allows us to continue his formal association with the Company. He adds this title to his other roles of founder, friend, entrepreneur and mentor.”
Logitech expects the payment date for the dividend to be Sept. 22, 2015. The shares are expected to be traded ex-dividend on the Nasdaq Global Select Market starting on Sept. 17 and on the SIX Swiss Exchange on Sept. 18. Given the unaligned ex-dividend dates resulting from Logitech's dual listing, Nasdaq has informed the Company that it will temporarily halt trading in Logitech shares on its platform on Sept. 17, 2015, from the start of the trading session on the Nasdaq market until approximately the close of the trading session on the SIX Swiss Exchange at 11:30 a.m. Eastern Daylight Time. Shareholders will find more information about the dividend on the Logitech corporate website at http://ir.logitech.com.
Logitech designs products that have an everyday place in people's lives, connecting them to the digital experiences they care about. Over 30 years ago Logitech started connecting people through computers, and now it’s designing products that bring people together through music, gaming, video and computing. Founded in 1981, 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 federal securities laws, including, without limitation, statements regarding: dividends, share repurchases, the timing of dividend payments and ex-dividend dates, and the halting of trading of Logitech shares on the Nasdaq Global Select Market. 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; the demand of our customers and our consumers for our products and our ability to accurately forecast 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 in our new product categories or our growth opportunities are more limited than we expect; if sales of PC peripherals are less 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 our products and marketing strategies fail to separate our products from competitors’ products; 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 operating segments, or significant fluctuations in exchange rates; 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 Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2015 and our Annual Report on Form 10-K for the fiscal year ended March 31, 2015, 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, the Logitech logo, and other Logitech marks are registered in Switzerland 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 Web site at www.logitech.com.
1 Based on the number of shares outstanding as of September 9, 2015. The actual number may change as of the record date.