8-K

File Number: 0-29174

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report: July 21, 2008

(Date of earliest event reported)

LOGITECH INTERNATIONAL S.A.

(Exact name of registrant as specified in its charter)

Canton of Vaud, Switzerland	None
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

Logitech International S.A.

Apples, Switzerland

c/o Logitech Inc.

6505 Kaiser Drive

Fremont, California 94555

(Address of principal executive offices and zip code)

(510) 795-8500

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On July 21, 2008, Logitech International S.A. issued a press release regarding its financial results for the quarter ended June 30, 2008. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.

The information in this Current Report, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

The press release and the related conference call contain non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the press release.

Our management uses these non-GAAP measures in its financial and operational decision-making. Our management believes these non-GAAP measures, when considered in conjunction with the corresponding GAAP measures, facilitate better comparison by our investors of our current period results with corresponding prior periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for results prepared in accordance with GAAP.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

d) Exhibits.

The following exhibit is furnished with this report on Form 8-K:

99.1 Press release issued on July 21, 2008 including financial results for the quarter ended June 30, 2008.

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned, thereunto duly authorized.

Logitech International S.A.
	/s/ Gerald P. Quindlen
	Gerald P. Quindlen
	President and Chief
	Executive Officer
	/s/ Mark J. Hawkins
	Mark J. Hawkins
	Chief Financial Officer, and U.S. Representative

July 22, 2008

EX-99.1

Exhibit 99.1

For Immediate Release
Editorial Contacts:
Joe Greenhalgh, Vice President, Investor Relations – USA (510) 713-4430
Ben Starkie, Public Relations Manager – Europe +41-(0) 21-863-5195
Nancy Morrison, Vice President, Corporate Communications – USA (510) 713-4948

Logitech Announces Record Q1 Financial Results

Q1 Revenue Up 18%, Operating Income Up 24%

FREMONT, Calif., July 21, 2008 and ROMANEL-SUR-MORGES, Switzerland, July 22, 2008 — Logitech International (SWX: LOGN) (Nasdaq: LOGI) today announced financial results for the first quarter of Fiscal Year 2009. Sales for Q1 were $509 million, up 18 percent from $430 million in the same quarter last year. Operating income was $30 million, up 24 percent from $24 million for the same quarter a year ago. Net income was $29 million ($0.16 per share) compared to $26 million ($0.14 per share) in Q1 of FY 2008. Gross margin was 34.1 percent, compared to 33.7 percent in Q1 of FY 2008. Cash flow from operations was $44 million, up by more than three times compared to Q1 of FY 2008.

Logitech’s retail sales for Q1 grew by 19 percent year over year, increasing by 20 percent in EMEA, 10 percent in the Americas and 41 percent in Asia. Retail sales growth was fueled by strong performance of Harmony^® remotes (up 74%) and pointing devices (up 34%). Performance of the retail video business continued to rebound with sales up 21 percent. OEM sales grew by 15 percent, driven primarily by strong demand for microphones for console gaming.

“We’re very pleased that Logitech’s Fiscal 2009 is off to a solid start in sales and profitability,” said Gerald P. Quindlen, president and chief executive officer. “With strong demand for our products, we delivered double digit revenue growth across all regions and accelerated momentum in the video category. As we proceed into Q2, we look forward to continued market momentum driven by new products that will be introduced over the next few months.”

Outlook

The Company confirmed its financial targets of 15 percent growth in both sales and operating income for Fiscal Year 2009, ending March 31, 2009. FY 2009 gross margin is expected to be above the Company’s long-term target range of 32-34 percent. Logitech expects its effective tax rate for the year to be approximately 12 percent.

Earnings Teleconference

Logitech will hold an earnings teleconference on July 22, 2008 at 14:30 Central European Summer Time/8:30 a.m. Eastern Daylight Time/5:30 a.m. Pacific Daylight Time to discuss these results as well as the Company’s outlook. A live webcast and replay of the teleconference, including presentation slides, will be available on the Logitech corporate Web site at http://ir.logitech.com. Please visit the Web site at least 10 minutes early to register for the teleconference webcast.

About Logitech

Logitech is a world leader in personal peripherals, driving innovation in PC navigation, Internet communications, digital music, home-entertainment control, gaming and wireless devices. Founded in 1981, Logitech International is a Swiss public company listed on the SWX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI).

# # #

This press release contains forward-looking statements, including the statements regarding expected sales and operating income growth, gross margin and effective tax rate for Fiscal Year 2009, continued market momentum and the effect of new product introductions. The forward-looking statements in this release involve risks and uncertainties that could cause Logitech’s actual performance and results to differ materially from that anticipated in these forward-looking statements. Factors that could cause actual results to differ materially include if we fail to successfully innovate in our current and emerging product categories and identify new feature or product opportunities; consumer demand for our products, particularly our newly introduced products, and our ability to accurately forecast it; if we fail to introduce new products in a timely manner at the product cost 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; the sales mix among our lower- and higher-margin products and our geographic sales mix; as well as those additional factors set forth in our periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2008, available at www.sec.gov. Logitech does not undertake to update any forward-looking statements.

Logitech, the Logitech logo, and other Logitech marks are registered in the United States 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.

(LOGI – IR)

LOGITECH INTERNATIONAL S.A.

(In thousands, except per share amounts) - Unaudited

	Quarter Ended June 30,
CONSOLIDATED STATEMENTS OF INCOME	2008			2007
Net sales	$	508,711		$	429,537
Cost of goods sold		335,139			284,751
Gross profit		173,572			144,786
% of net sales		34.1	%		33.7	%
Operating expenses:
Marketing and selling		77,280			64,787
Research and development		33,259			28,765
General and administrative		33,309			27,322
Total operating expenses		143,848			120,874
Operating income		29,724			23,912
Interest income, net		2,552			3,538
Other income, net		561			1,319
Income before income taxes		32,837			28,769
Provision for income taxes		3,531			3,215
Net income	$	29,306		$	25,554
Shares used to compute net income per share:
Basic		179,046			181,802
Diluted		184,692			189,250
Net income per share:
Basic	$	0.16		$	0.14
Diluted	$	0.16		$	0.14

LOGITECH INTERNATIONAL S.A.

(In thousands) - Unaudited

CONSOLIDATED BALANCE SHEETS	June 30, 2008		March 31, 2008		June 30, 2007
Current assets
Cash and cash equivalents	$	481,020	$	482,352	$	227,545
Short term investments		3,364		3,940		138,975
Accounts receivable		338,493		373,619		303,384
Inventories		274,460		245,737		231,817
Other current assets		62,572		60,668		60,168
Total current assets		1,159,909		1,166,316		961,889
Property, plant and equipment		103,964		104,461		97,985
Intangible assets
Goodwill		194,383		194,383		182,255
Other intangible assets		20,125		21,730		17,702
Other assets		42,760		40,042		30,664
Total assets	$	1,521,141	$	1,526,932	$	1,290,495
Current liabilities
Accounts payable	$	299,701	$	287,001	$	210,987
Accrued liabilities		137,907		156,094		136,688
Total current liabilities		437,608		443,095		347,675
Other liabilities		125,421		123,793		93,445
Total liabilities		563,029		566,888		441,120
Shareholders’ equity		958,112		960,044		849,375
Total liabilities and shareholders’ equity	$	1,521,141	$	1,526,932	$	1,290,495

LOGITECH INTERNATIONAL S.A.

(In thousands) - Unaudited

SUPPLEMENTAL FINANCIAL INFORMATION	Quarter Ended
	June 30
Reconciliation of GAAP to non-GAAP Financial Measures	2008
GAAP net income	$	29,306
Adjustments:
Impairment loss on short-term investments		575
Non-GAAP net income	$	29,881
GAAP net income per share:
Basic	$	0.16
Diluted	$	0.16
Impairment loss on short-term investments
Basic	$	0.01
Diluted	$	0.00
Non-GAAP net income per share:
Basic	$	0.17
Diluted	$	0.16

We sometimes use information derived from consolidated financial information but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered "non-GAAP financial measures” under the U.S.Securities and Exchange Commission rules. The adjustments between the GAAP and non-GAAP financial measures presented above consist of the impact on Other Income of the impairment loss related to other-than-temporary declines in fair value of short-term investments during the three months ended June 30, 2008. Our management uses these non-GAAP measures in its financial and operational decision-making. Our management believes these non-GAAP measures, when considered in conjunction with the corresponding GAAP measures, facilitate better comparison by our investors of our current period results with corresponding prior periods.

LOGITECH INTERNATIONAL S.A.

(In thousands) - Unaudited

	Quarter Ended
	June 30
SUPPLEMENTAL FINANCIAL INFORMATION	2008			2007
Depreciation	$	10,595		$	8,826
Amortization of other acquisition-related intangibles		1,605			1,218
Operating income		29,724			23,912
Operating income before depreciation and amortization		41,924			33,956
Capital expenditures		10,628			19,972
Net sales by channel:
Retail	$	439,168		$	369,227
OEM		69,543			60,310
Total net sales	$	508,711		$	429,537
Net sales by product family:
Retail - Pointing Devices	$	147,379		$	109,653
Retail - Keyboards & Desktops		93,934			81,589
Retail - Audio		83,218			93,066
Retail - Video		57,188			47,275
Retail - Gaming		30,510			22,202
Retail - Remotes		26,939			15,442
OEM		69,543			60,310
Total net sales	$	508,711		$	429,537
	Quarter Ended
Stock-based Compensation Expense for	June 30
Employee Stock Options and Employee Stock Purchases	2008			2007
Cost of goods sold	$	731		$	704
Marketing and selling		1,849			1,946
Research and development		962			766
General and administration		2,346			2,028
Income tax benefit		(957	)		(969	)
Total stock-based compensation expense after income taxes	$	4,931		$	4,475
Stock-based compensation expense for employee stock options and employee stock purchases, net of tax, per share (diluted)	$	0.03		$	0.02