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Revenue Up 14%; Operating Income Up 55%; Net Income Up 71%

FREMONT, Calif. and ROMANEL-SUR-MORGES, Switzerland, July 23

Retail sales grew by 16 percent and represent 81 percent of the total revenue in the quarter. Key retail growth drivers for the quarter were the Company's keyboard and desktop (mouse + keyboard) businesses, as well as retail video products, especially the dualcam category, which combines webcam communication with the functionality of a digital still camera. At the same time, sales to OEM customers grew by eight percent, outpacing the underlying growth of the PC market.

    Highlights for the first quarter included:
    -- Cash flow from operations at a positive $28.3 million, contributing to
       all-time high of $161 million in cash net of short-term debt.
    -- 84 percent growth in sales of cordless desktops.
    -- 61 percent growth in sales of dualcams.
    -- Continuing strong demand for the Z-series multimedia speakers, with
       well over 100,000 units shipped during the quarter.
    -- Successful launch of new products for the mobile market, including two
       PDA keyboards
    -- Launch of Logitech's first Bluetooth controller for the PC
    -- Introduction of a new ultra-small form factor for digital still
       cameras:  the Logitech(R) Pocket Digital(TM) Camera.

"We have delivered strong results in a quarter that is historically the low point in our yearly cycle, thanks to positive consumer response to our wide range of offerings and effective cost management," said Guerrino De Luca, president and chief executive officer. "Our business model continues to carry us through a period of tremendous market pressure, and allows us to pave the way for sustained growth in our core business and in a variety of new areas while continuing to improve our profit margins. We look forward with optimism to the coming holiday selling season as we introduce the broadest multi-platform product portfolio in the Company's history."

The Company announced that its Board of Directors approved a share repurchase program pursuant to which up to CHF 75 million (approximately $50 million) of the Company's outstanding registered shares may be repurchased from time to time over the next twelve months.

The Company confirmed its growth targets for fiscal year 2003, stating that it expects to reach $1.1 billion in revenue (an increase of 16 percent over fiscal 2002) and operating income of $120 million (an increase of 23 percent).

For the current quarter, the second quarter of fiscal year 2003, the Company expects revenue of around $250 million (an increase of approximately 15 percent over the same quarter last year), and operating income of around $23 million (an increase of approximately 25 percent).

There will be an earnings teleconference today at 9:00 A.M. Pacific Daylight Time/12:00 P.M. Eastern Daylight Time/18:00 Central European Time to discuss these results and the Company's outlook for the current quarter and Fiscal Year 2003. In addition, a live webcast of the teleconference will be accessible at http://www.logitech.com . A replay of this teleconference will be made available through August 3, 2002 on the Logitech corporate web site.

About Logitech: Founded in 1981, Logitech designs, manufactures and markets personal interface products that provide people with easy access to the digital world. The Company's product family includes Internet video cameras, mice and trackballs, keyboards, audio and telephony products, interactive gaming devices and 3D controllers.

With operational headquarters through its U.S. subsidiary in Fremont, California, and regional headquarters through local subsidiaries in Switzerland, Taiwan and Hong Kong, Logitech International is a Swiss public company traded in Switzerland on the Swiss Stock Exchange (LOGN and LOGZ) and in the U.S. on the Nasdaq National Market System (LOGI). The Company has manufacturing facilities in Asia and offices in major cities in North America, Europe and Asia Pacific.

This press release contains forward-looking statements with respect to future results, including statements regarding expected revenue and operating income for the second quarter and full FY2003, growth of the Company's business and future profit margins. These forward-looking statements involve risks and uncertainties. The Company's actual performance could differ materially from that anticipated in these forward-looking statements as a result of certain factors, including the timing of new product introductions by the Company and its competitors and their acceptance by the market, timely availability and pricing of products and components, the successful distribution of our products to customers, price protection charges and product returns from customers, the impact of competition on the Company's average selling prices and operating expenses, inventory management and exposures, the outcome of ongoing intellectual property disputes, technological changes and their acceptance by the market, fluctuations in exchange rates, general economic conditions, as well as generally those additional factors set forth in the Company's Annual Report on Form 20-F dated June 11, 2002, and subsequent filings available from the SEC, online from the Edgar database at www.sec.gov, or upon request from Logitech by calling (510) 713-4220. Logitech does not undertake to update any forward-looking statements.

NOTE: All 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.

    LOGITECH INTERNATIONAL S.A.

    (In thousands of U.S. dollars) - Unaudited

        SUPPLEMENTAL FINANCIAL AND OTHER INFORMATION


                                                      Quarter Ended June 30
    Income statement-related                         2002               2001

    Depreciation                                   $6,049             $6,232
    Amortization of other acquisition-
     related intangibles                            1,254                945
    Operating income                               12,615              8,161
    Operating income before depreciation
     and amortization                              19,918             15,338


    LOGITECH INTERNATIONAL S.A.

    (In thousands of U.S. dollars) - Unaudited


                                              June 30,    March 31,   June 30,
    CONSOLIDATED BALANCE SHEETS                 2002        2002        2001


    Current assets
         Cash and cash equivalents           $168,613    $143,101     $70,023
         Accounts receivable                  136,697     171,103     120,137
         Inventories                          112,743      85,124     106,537
         Other current assets                  37,395      33,486      29,268
         Total current assets                 455,448     432,814     325,965
    Investments                                 2,276       8,713      16,656
    Property, plant and equipment              38,701      32,086      38,899
    Intangible assets
         Goodwill                             108,615     102,017      95,197
         Other intangible assets               21,216      15,358      17,750
    Other assets                                8,094       4,756       8,834
    Total assets                             $634,350    $595,744    $503,301

    Current liabilities
         Short-term debt                       $7,251      $5,527      $6,156
         Accounts payable                      98,109      88,268      79,319
         Accrued liabilities                   76,293      73,309      51,463
         Total current liabilities            181,653     167,104     136,938
    Long term debt                            121,029     104,812      97,337
    Other liabilities                           3,449         811       6,560
    Total liabilities                         306,131     272,727     240,835

    Shareholders' equity                      328,219     323,017     262,466

    Total liabilities and shareholders'
     equity                                  $634,350    $595,744    $503,301


    LOGITECH INTERNATIONAL S.A.

    (In thousands of U.S. dollars, except
      share, per share and ADS amounts) - Unaudited


                                                       Quarter Ended June 30
    CONSOLIDATED STATEMENTS OF INCOME                 2002               2001

    Net sales                                     $195,064           $170,950
    Cost of goods sold                             128,752            117,391
    Gross profit                                    66,312             53,559
        % of net sales                               34.0%              31.3%

    Operating expenses:
        Marketing and selling                       30,272             26,652
        Research and development                    12,903             10,469
        General and administration                  10,522              8,277
    Total operating expenses                        53,697             45,398

    Operating income                                12,615              8,161

    Interest expense, net                             (212)            (1,168)
    Other income, net                                1,074                896

    Income before income taxes                      13,477              7,889
    Provision for income taxes                       2,695              1,570

    Net income                                     $10,782             $6,319


    Shares used to compute net income
     per share and ADS:
           Basic                                46,065,125         44,531,740
           Diluted                              52,542,417         48,446,270
    Net income per share and ADS:
           Basic                                     $0.23              $0.14
           Diluted                                   $0.22              $0.13

CONTACT: Joe Greenhalgh, Director, Investor Relations - USA, +1-510-713-4430, or Kristen Onken, Sr. Vice President & Chief Financial Officer - USA, +1-510-713-4430, or Garreth Hayes, Public Relations Manager - Europe +41-0-21-863-5111, or Betty Skov, Director, Corporate Public Relations - USA, +1-510-713-4463, all of Logitech International

SOURCE: Logitech International