Logitech says audit committee investigating accounting matters
Logitech International SA said its audit committee is conducting an investigation into some of its accounting matters related to its earlier-stated results and the company may revise its fiscal year 2014 results.
The Switzerland-based computer accessories maker said the audit committee investigation also includes issues that are under scrutiny in an ongoing formal investigation by the U.S. Securities Exchange Commission (SEC).
The SEC investigation included the company’s revision of results concerning warranty accruals and amortization of intangible assets in an amendment to its annual filing for 2013 and a transaction with a distributor for 2007 to 2009.
Logitech added that it would delay filing its fiscal 2014 results report with the U.S. regulator due to an investigation of its accounting matters in the past.
The company, however, does not expect the investigation to result in any change in its previously provided 2015 outlook, adding that it could predict the outcome of the investigation at this time.
Logitech said in March it expected sales of $2.16 billion and adjusted operating income of $145 million in fiscal year 2014/15. (Reporting by Kanika Sikka and Sruthi Ramakrishnan in Bangalore; Editing by Lisa Shumaker)
Source: reuters
