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Technology Stocks : Compaq -- Ignore unavailable to you. Want to Upgrade?

To: PCSS who wrote (89059)	1/23/2001 1:21:39 PM
From: Night Writer	Respond to of 97611

Logitech<LOGZn.S>has higher Q3, keeps outlook (adds details) ROMANEL-SUR-MORGES, Switzerland, Jan 23 (Reuters) - Computer peripherals group Logitech International SA <LOGZn.S> on Tuesday defied a pessimistic trend in the high-tech sector and reported higher sales and earnings for its third quarter to end-December. It said earnings per share had increased to $4.24 from $3.43 in the year-earlier quarter. President Guerrino de Luca said in a statement the company was maintaining full-year forecasts of being at the higher end of a range of a 20 to 25 percent sales increase and an operating income rise of 30 to 35 percent. The fiscal year runs to end-March. Third quarter net sales rose to $231.98 million from $185.42 million and operating income was up to $25.53 million from $20.47 million. The net income figure increased to $19.9 million from $14.9. "We are pleased with our continuing record-breaking results, which underscore the strength of our market position. "As we enter the final quarter of our fiscal year 2001, we remain optimistic about sustaining growth," he added. He said retail sales, which make up 80 percent of its business, increased by 31 percent over last year which reflected a strong performance in the Christmas holiday period. The rest of the sales are to computer makers like COMPAQ Computer Corp <CPQ.N> which incorporate Logitech peripherals such as keyboards, mice, webcams and others in their products. These sales were up five percent, in spite of an overall slowdown in the sale of new personal computers. Logitech said Greg Chambers, senior vice-president worlwide sales and marketing, was leaving the company to devote his time to a vineyard. Marcel Stolk, currently head of European sales, will succeed him. Nine-month net income rose to $34.25 million from $20.67 million. Last year the net figure was $30.04 million. Logitech shares have outperformed the broad Swiss SPI <.SSHI> index by 46.53 percent over the past year. On Tuesday, Logitech shares closed up 0.46 percent at 440 Swiss francs before the earnings figures were released. ((Zurich newsroom +41 1 631 7309, fax +41 1 251 0476, e-mail; zurich.newsroom@reuters.com)) REUTERS * end of story *